good one

Topics: Stock market, Stock, Stock exchange Pages: 4 (951 words) Published: May 19, 2014
Structure and Functionpdf print preview send to friend
The Ghana Stock Exchange as a public company limited by guarantee has no owners or shareholders as such, but members are either corporate bodies or individuals.

There are three categories of members, namely Licensed Dealing Members, Associate Members and Government Securities Dealers (PDs). An LDM is a corporate body licensed by the Exchange to deal in all securities. An Associate member is an individual or corporate body which has satisfied the Exchange's membership requirements but is not licensed to deal in securities. A PD is a corporate body, which is approved by the Bank of Ghana and registered by the Exchange to deal only in government securities. Regulatory Framework:

GSE operates within a set of Rules, including membership, listing, trading, clearing & settlement and depository. These are collectively referred to as the GSE Rule Book.

Membership Rules:
These deal with the criteria for membership of the GSE, code of conduct or ethics for members, among others.

Listing Rules:
These prescribe, among others, criteria for listing securities (local and external), continued obligations of the listed companies as well as Take-over and merger procedures.

GSE Automated Trading (GATS) Rules:
These govern electronic trading done by the brokers whether on the Floor, from Dealers offices or through the secured internet.

Clearing and Settlement House Rules:
These are to ensure timely clearing and settlement of trades electronically.

Trading Method:
GSE uses an electronic trading platform called the GSE Automated Trading System (GATS).

Trading Days:
Trading takes place every working day.

Trading Hours:
Pre-opening period: 9:30 to 10:00 hrs (GMT)
Market opens for continuous trading: 10.00 hrs to 15.00 hrs (GMT).

Clearing & Settlement:
Settlement of trades is done electronically using a web based application. Settlement occurs three business days (T+3) after the...
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