Instruction COSOB No. 09-01 of July 12, 2009, Setting the Conditions for Over-the-Counter Trading of Listed Bonds

Instruction COSOB No. 09-01 of July 12, 2009, Setting the Conditions for Over-the-Counter Trading of Listed Bonds  Having regard to Legislative Decree No. 93-10 of May 23, 1993, as amended and supplemented, concerning the securities exchange, particularly Article 5 thereof;  Having regard to Ordinance No. 96-10 of January 10, 1996, amending and supplementing Legislative Decree No. 93-10 of May 23, 1993, as amended and supplemented, concerning the securities exchange;  Having regard to COSOB Regulation No. 04-02 of November 10, 2004, concerning the conditions for over-the-counter trading of listed bonds;  Having regard to COSOB Instruction No. 05-01 of May 24, 2005, setting certain conditions for over-the-counter trading of listed bonds.
Article 1. — Pursuant to Article 3 of COSOB Regulation No. 04-02 of November 10, 2004, concerning the conditions for over-the-counter trading of listed bonds, this instruction aims to set the minimum amount for over-the-counter trading of listed bonds, as well as the maximum rate of variation of their price relative to the exchange price.
Art. 2. — Over-the-counter trading of listed bonds must involve a minimum amount set at five times the normal block size, defined in number of securities by the SGBV in accordance with Article 105 of COSOB Regulation No. 97-03 of November 18, 1997, concerning the general regulations of the securities exchange. Art. 3. — Over-the-counter trading of listed bond securities covers those issued by the State, other public law entities, as well as joint-stock companies. Art. 4. — Over-the-counter trading of listed bonds is conducted between stock exchange intermediaries, banks, and financial institutions, which are the only entities authorized to negotiate these bonds over-the-counter, at the last quoted price increased or decreased by a maximum rate set at one-fifth of one percent (0.2%). Art. 5. — Stock exchange intermediaries, banks, and financial institutions are required to transmit monthly to COSOB and SGBV a report detailing all over-the-counter transactions. Art. 6. — COSOB Instruction No. 05-01 of May 24, 2005, is hereby repealed. Art. 7. — This instruction shall enter into force on the date of its signature. Done in Algiers on July 12, 2009. The President Noureddine ISMAIL. COSOB Regulation Instruction No. 09-01