Börse Prag

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 Prag Stock Exchange
Börsensitzung 09:15 Uhr bis 16:20 Uhr Ortszeit
Versammlungsart Parkettbörse (Präsenzbörse)
Börsenart Wertpapierbörse
Kursnotiz Stück- und Prozentnotiz
Börsenwährung Kronen
Limitarten Betrag
Bestens
Mögliche Limitzusätze -
Mögliche Gültigkeiten bis max. Jahresultimo
Valuta Schlusstag + 2 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
21. April Easter Monday
1. Mai International Labour Day
8. Mai Liberations Day
28. Oktober Independence Day
24. Dezember Christmas Eve
25. Dezember Christmas Day
26. Dezember Christmas Holiday

Bitte beachten Sie auch die Orderrichtlinien!

HOURS:
Prague Stock Exchange (PSE) 7:30am to 2:00pm Monday to Friday. For international
Rybna 14 times on the Bloomberg, type IC (GO). Type CDR CZ
110 00 Prague 1 (GO) for Czech Holiday Schedule.
The Czech Republic
Telephone: 42 2 2183 1111
Fax: 42 2 2183 3040

RM-System (Electronic Market) 10:00am to 4:00pm
Telephone: 420 2 6619 8581

TRADING SYSTEM:
The PSE is a modern electronic exchange. On September 1. 1995 the exchange replaced ist quoting and unquoting markets with a three-tier system consisting of the Main, Secondary, and Free Markets. In summary the following basic types of trades can be affected at the PSE: trading at a fixed price, continuous trading, direct trades in blocks of securities, automated trades in blocks of securites, and continuous trading at a variable price.

Trading at a fixed price is based on automated processing (Automated Trading System - ATS) of market orders for the sale and purchase of securities. Exchange members have to gather the buying and selling orders and, on the basis of such orders, they prepare their own orders. The ATS matches the input orders and fixed price other trades can also be effected at the set price. The purpose of this is to balance an excess which may occur on bide or ask side, and once the equilibrium has been created, to effect other trades at the fixes price.


The Continual Trading System of the Exchange (KOBOS) was introduced in March 1996. Trades in KOBOS are carried out on the basis of comparison and matching of orders input into the system by stock dealers in real time. These trades are follow-ups to the trading at fixed prices. The opening KOBOS price is that resulting from the fixed session.

An off-exchange system, the RM-System (RM-S) was designed for smaller investor. The RM-S was established in 1993 to provide a market for securities which could serve as an alternative to the traditional exchange. The key feature of the RM-S is that it makes possible for share traders to enter the market without an intermediary. Regulations prohibit small shareholders from direct access to the normal exchange. However the RM-S is not appreciated not only by small shareholders but in particular by large clients who can access the market directly, on-line and in real-time.

SETTLEMENT & TRANSFER:
The KOBOS sellment is T+3, the SPAD with duty is T+3, SPAD without duty is T+1 through 15* Block trades is T+1 through 15*. The settlement is bases in the delivery versus payment principle.

TYPES OF SECURITIES:
Shares, bonds, unit, trusts, and investment trusts are traded on the Prague Stock Exchange.

LISTENING REQUIREMENTS:
The PSE Listening Comittee can admit or reject applications for admission to the Main Market. For securities issued by corporation and banks, a regulated crucial requirement is that securities of up to CZK 200 million are subject to public offer. For securities of investment trusts and unit trusts, it is a requirement that the minimum limit of registered capital value is CZK 500 million. The percentage of the part of an issue released through pubic offer has to represent at least 20% of the total value of the issue. The company must also have existed for at least two years.

For securities issued by corporations and banks, the basic requirement for admission to the Secondary Marked is for it to be subject to public offer, if the securities are valued up to CZK 100 million. In cases where the securities are issued by investment trusts and unit trusts, issues to a minimum limit of CZK 250 million of registered capital must be subject to public offer. There must also be a minimum 15% of shares issued as a public offer and the company must have existed for at least two years.

Registration of securities on the Free Market can be granted after an application of received, premission of the Ministry of Finance of the Czech Republic to publicity trade securities is granted an ISIN code has been logged. The PSE General Secretary is the decision-maker on the registration and cancellation to Free Market securities.

REPORTING REQUIREMENTS:
Admission of a security to the Main or Secondary Market of the Exchange implies certain duties and obligations for issuer, among them the information disclosure obligation. Companies listed on the Main or Secondary market must report on their business and financial results on a quarterly basis. All the information received by the exchange from these companies are published in the official Bulletin if the Exchange. Registration for the Free Market implies no duties in respect of information disclosure. Neither the exchange assumes any obligation nor is it liable for any loses which may result from issuer´s failure to provide any information.

COMMISSION ON SECURITY SALES:
A trader pays the exchange. 25 percent for the purchase or sale of an unquoted/unlisted stock, while the charge for quoted shares and bonds is on half of that. 125 percent.

TAX IMPLICATIONS:
Earnings from the holding of securities, which includes dividends and interest are taxed at a rate of 25%. Capital gains earned by private investors on the sale of securities held for less than a year are exempt from taxation. Capital gains earned on the sale of securities held for more than one year are subject to an income tax ranging from 20% to 47%.

IMPLICATIONS FOR FOREIGN INVESTORS:
The greatest direct significance to foreign investors is the Commercial Code which guarantees equal treatment under the law for non-residents. Under this code, foreign persons can conduct business in the Czech republic in the same conditions and to the same extent as Czech residents, unless there is a conflict with the national interests.

INDICES:
The PX50 is the official PSE Index. It comprises th e50 most-traded shares in the exchange and weights companies according to market capitalisation. The PXL index covers all companies registered on the Main and secondary Markets. The PX-GLOB Index covers all companies registered on the PSE.

GENEREL INFORMATION:
The establishment of the Prague Stock Exchange dates back to March 23, 1871. There was a serious interruption to trading during the Communist regime. But the exchange in ist rebirth has been rapidly making up lost time. After the interruption of almost half a century, the first trading session took place on the floor on April 6, 1993.