Börse Lissabon

Auszug aus den Börsenusancen

Bitte beachten Sie, dass die angeführten Börsenusancen nur einen Auszug darstellen und sich ändern können. Die vollständigen Börsenusancen liegen direkt bei der Börse auf. Jegliche Haftung unsererseits im Zusammenhang mit den angeführten Börsenusancen ist ausgeschlossen.
 

Allgemeine Informationen
Börsenname Lisbon Stock Exchange
Börsensitzung 9:00 Uhr bis 17:30 Uhr Ortszeit
Versammlungsart Parkettbörse (Präsenzbörse)
Börsenart geregelte Finanzbörse
Kursnotiz Stück- und Prozentnotiz
Börsenwährung Euro
Limitarten Betrag
Bestens
Mögliche Limitzusätze Stop Market
Stop Limit
Mögliche Gültigkeiten bis max. 90 Tage
Valuta Schlusstag + 3 Werktage

Börsenfeiertage

An folgenden Tagen findet kein Börsenhandel statt. Bitte beachten Sie, dass sich manche Feiertage vom Datum her verschieben können.
 

Datum Feiertag
1. Jänner New Year's Day
30. März Daylight Savings Begins
18. April Good Friday
21. April Easter Monday
1. Mai Labour Day
26. Oktober Daylight Savings Ends
24. Dezember Christmas Eve - Early Closing 2:00 pm cet
25. Dezember Christmas Day
26. Dezember Boxing Day

Bitte beachten Sie auch die Orderrichtlinien!

MARKET:
Bolsa de Valores de Lisboa e Porto
(Lisbon & Oporto Stock Exchange)
Edificio da Bolsa
Rua Soeiro Pereira Gomes
1600 Lisboa, Portugal
Telephone: 351 1 790 9904
Fax: 351 1 795 2021

HOURS:
9:30am to 4:25pm Monday to Friday.
8:30am to 9:30am pre-opening
9:30am to 1:00pm open out-cry
1:00pm to 4:30pm Automated system

TRADING SYSTEM:
The stocks traded on the Lisbon exchange are divided into three groups. The Official Market was created on July 23, 1991. Securities listed on this market are traded through TRADIS, a computer-linked system. The Second Market was created in January, 1992 for smaller companies which do not meet the requirements for admission to the Official Market. The Unofficial Market is intended for securities which do not meet requirements for the Official or Second Market.
Two different trading systems are used on the Exchange. Roll-call system is the traditional system where stock quotations are established by stockbroking and dealer companies who act as intermediaries between buyers and sellers. The quotation is the result of all the buying and selling offers that may exist. One price is fixed for each security. Under continuous trading, deals are executed through an order-driven process which establishes bids and offers ar changing prices throughout the trading session. Quotations can be established under different systems. With the open-outcry system, transactions are conducted through the auction method in which bids and offers are established on the trading floor. The TRADIS computerized trading system provides automatic execution of orders and continuous trading. In the open-outcry and automated system, the price is determined through a combination of automated and open-outcry presentation of bids and offers.

SETTLEMENT & TRANSFER:
Central de Valores Mobiliarios (CENTRAL) is the clearing organization responsible for the settlement of securities. Physical settlement and financial settlement take place three days after the transaction (T+3).
The address for Central de Valores Mobiliarios is:
Rua Pinheiro Manso,471
4100 Porto
phone: 351 2 6103031
fax: 351 2 6103029

TYPES OF SECURITIES:
Registered shares, bearer shares, bonds, participation bonds, unit trusts, bond scrips, share scrips, subscription rights, incorporation bonds and participation bond scrips are traded on the exchange. Shares are usually bearer although some companies have issued registered shares. Banks and other credit institutions may only issue registered shares.

LISTING REQUIREMENTS:
To be listed on the Lisbon Stock Exchange a company must file a prospectus. Other information required includes balance sheets for the past 3 years, description of the company and its activities, profitability and financial structure, and details about the shares to be listed. An equity issue must have a potential market capitalization of 25% of the share capital.

REPORTING REQUIREMENTS:
Companies listed on the Exchange must publish an annual and interim report.

COMMISSION ON SECURITY SALES:
For exchange transactions in equities commission rates are .5% up to Esc 5 million, .4% from Esc 5 million to Esc 20 million, and .25% on Esc 20 million plus. For transactions in excess of Esc 50 million, the fee is negotiable. OTC transactions on any non-listed shares are charged .6% up to Esc 5 million, .55% from Esc 5 million to Esc 20 million and .5% on Esc 20 million plus.

TAX IMPLICATIONS:
Dividends are subject to a 25% withholding tax. However, the tax rate is only applicable to 50% of the dividend, resulting in an effective rate of 12.5%. For capital gains, resident IRS tax payers are subject to a special 10% rate not withheld at source. They are, however, exempt from tax on capital gains resulting from the sale of shares held for over 12 months. Non-residents are exempt from tax on capital gains.

IMPLICATIONS FOR FOREIGN INVESTORS:
Foreign investment is regulated by Investimentos Comercio e Turismo de Portugal (ICEP). There are no general restrictions on foreign holdings and presently foreign investment is subject only to a simple notification for statistical purposes to the ICEP within 30 days following the transaction.

INDICES:
The BVL General Index has been the official index since February 18, 1991 and includes all listed shares on the Lisbon Stock Exchange Official Market. On January 11, 1993, the Exchange began calculating the BVL30, which is made up of 30 shares of companies listed on the main market and weighs their market capitalization and liquidity.

GENERAL INFORMATION:
The Lisbon Stock Exchange dates back to January 1, 1769. The Traders' Assembly, as the chamber of brokers was known, began meeting regularly in the eastern tower of the Praca de Comercio to settle their accounts. It wasn't until 1994 that the Exchange moved to its new location in the modern part of town. In 1992, the Lisbon Stock Exchange was privatized and is now under the managaement of the Lisbon Stock Exchange Association.