NYSE Holdings LLC


Tel: 1 212 656 3000

Fax: 1 212 656 5725



Chairman of the Board : Mr. Jan Michiel Hessels

Chief Executive Officer : Mr. Duncan Niederauer



Types of Securities Traded



Warrants and certificates
Exchange Traded Funds (ETFs)

Universal Trading Platform



9:30 – 16:00 (US- EST)

9h00-17h00 (Europe- CET)














Supervisory Body

College of regulators composed by AMF, FCA, FSMA, CMVM and AFM

Securities and Exchange Commission (SEC)


Name of Clearing & Settlement Organization

Europe: ICE Clear and LCH Clearnet

US: Depository Trust and Clearing Corporation (DTCC)


Settlement Cycle



Name of Central Securities Depository

InterBolsa (Portugal) Euroclear (France, Netherlands and Belgium) and Depository Trust and Clearing Corporation (US)


Commissions on Transactions levied by Exchange

US: https://usequities.nyx.com/sites/usequities.nyx.com/files/nyse_price_list_7_3_13.pdf



Taxes on Dividends, Interests

United States:

US Citizens & Residents :

Dividends, interest and short term assets (assets held less than 12 months). Capital gains are taxed as ordinary income (up to a 39.6 % marginal rate).

Long term capital gains are taxed up to a 20 % marginal rate. State and local authorities may impose additional income taxes.

Non-Resident Aliens :

Dividend and interest income is subject to a 30 % withholding tax. This tax may be reduced of eliminated if the non-resident is entitled to the benefit of a tax treaty. Capital gains generally are not subject to income tax.


Capital gains generally are  subject to corporate tax at the standard rate. The standard corporate income tax  rate is 33.33%. Small or new businesses may benefit from lower rates. Ordinary losses may be carried  forward indefinitely, but may be offset against  taxable profit of a given year only up to an  amount equal to EUR 1 million, plus 50% of  the taxable result for the fiscal year. Losses  may be carried one year back but only up to  an amount of EUR 1 million, under certain  conditions. Additional limitations apply to the  deduction of capital losses on the sale of  shares between related parties. A 3.3% social surcharge applies to  the standard corporate income tax liability  that exceeds EUR 763,000. A 5% temporary surtax applies to the  standard corporate income tax liability for  large companies with turnover exceeding  EUR 250 million, resulting in an overall  effective corporate tax rate of 35%, or  36.10% for largest companies when subject  to the 3.3% social surcharge. A participation  exemption on dividends applies where the  recipient owns at least 5% of the shares  (both by vote and value) of the distributing  entity and retains the shares for at least 24  months. If the participation exemption  applies, the dividends are 95% exempt,  resulting in a maximum effective rate of 1.8%  (5% x 36.10%). However, if an entity is  merged shortly after making a distribution  and the merger is within two years of its  acquisition, the parent company must choose  between having the distribution within the scope of the participation exemption and  taking a deduction for the loss on the shares  of the distributing entity. A participation exemption also applies to  capital gains arising from the sales of shares that form part of a substantial investment if  the shares have been held for 24 months. The gain is 88% exempt, resulting in a  maximum effective rate of 4.33%.

Dividends paid by a French corporation to a nonresident shareholder are  subject to a 30% withholding tax calculated  on the gross dividends, unless a tax treaty  provides for a lower rate or the EU parent subsidiary directive applies. Under the  directive, dividends paid by a French  corporation to a qualifying EU parent  company are exempt from withholding tax  A 3% surtax is levied on dividends  distributions and deemed dividends paid by  French entities subject to corporate income  tax for distributions made as from 18 August  2012.

Interest paid by a French company  to a nonresident lender generally is not  subject to withholding tax.


Under the  dividends received deduction, 95% of  dividends received by a Belgian company,  whether from a domestic or foreign company,  is exempt from tax. The remaining 5% is  subject to tax at the normal rate. To qualify  for the dividends received deduction, the  following requirements must be met: (1) the  shareholder must hold at least 10% of the  share capital of the payer company or the  participation must have an acquisition value  of at least EUR 2.5 million; (2) the company  distributing the dividends must be subject to  corporate income tax on the profits out of  which the distribution is made (“subject to  tax” requirement); and (3) the shareholder  must continuously have (or have had) full  ownership of the qualifying shares for an  uninterrupted period of at least one year.

Capital gains derived by a  corporation on the disposal of tangible and  intangible assets are regarded as business  income and subject to tax at the ordinary  corporate tax rate. Tax deferral is possible  subject to certain conditions. Gains derived  from shareholdings in other companies are  exempt if (1) the shares meet the subject tax requirement for application of the  dividends received deduction; and (2) have  been held for an uninterrupted period of at  least one year. No participation requirement  applies. Shares sold within the one-year  period are taxed at a rate of 25.75%  (including the surtax). The net amount of fully  exempt capital gains derived from  shareholdings in other companies is subject  to a 0.412% separate tax (including the  surtax).

Losses may be carried forward  indefinitely for corporate tax purposes, but  may not be carried back. Restrictions apply in  the case of a tax-free reorganization (e.g.  merger, demerger or contribution) or a

change in control that is not justified by  legitimate financial and economic needs. The concept of control (i.e. legal control, factual  control or joint control) is defined under  Belgian company law.

The general rate of corporate income tax is 33%. Small and medium-sized  companies (SMEs) with income of less than  EUR 322,500 are subject to a reduced rate if  certain conditions are satisfied.

A surcharge of 3% is imposed on  the adjusted corporate income tax liability,

Under Belgium’s implementation of the EU parent-subsidiary  directive, no tax is withheld on dividends paid  to a company established in Belgium or  another EU member state that holds at least  10% of the company paying the dividends,  provided the participation is held for an  uninterrupted period of at least one year. The  same rule applies to dividends paid to  shareholders resident in a country that has  concluded a tax treaty with Belgium where  the treaty contains an exchange of  information clause. Where no exemption or reduced rate (under a tax treaty) applies, the default rate is  25% (or 15% for dividends from residential  real estate investment companies and 10%  for liquidation dividends). Interest paid to a nonresident generally is subject to a 25% withholding tax  (or 15% for interest from certain specific  government bonds and interest from  regulated savings deposits exceeding certain  thresholds), unless reduced under a tax  treaty or exempt under the EU interest and  royalties directive or domestic law. Interest  paid by finance companies and holding  companies, interest paid to financial  institutions in treaty countries and certain  other forms of interest are not subject to withholding tax under Belgian domestic law  under certain conditions.


The tax rate applicable to interest and dividend payments made to beneficial owners who are individuals, whether resident or not in Portugal for tax purposes, and who have disclosed their identity and holdings is of 28%.

The withholding tax rates applicable as of 1 January 2013 are as follows:

  • 25% for disclosed beneficial owners that are legal entities (resident or non-resident);
  • 28% for disclosed beneficial owners that are individuals (resident or non-resident);
  • 35% for undisclosed positions and for beneficial owners that are resident in tax-haven countries;
  • 0%/reduced rate for certified beneficial owners based on Portuguese domestic legislation or applicable treaty rates.

Operating losses incurred by resident companies, or by a branch of a non-resident  company, may be carried forward to set off against taxable profits for five years.  However, companies are only allowed to deduct tax losses up to 75% of the taxable  profits in any given period. No deduction is allowed in the following two situations:

(a) where the nature of the activity has changed substantially compared to when  the losses were incurred

(b) the ownership of 50% or more of the share capital has changed, compared to  the year in which the losses were incurred.

United Kingdom

Basic rate taxpayers – Dividend income at or below £34,370 is payable at 10%

Higher rate taxpayers – Dividend income at or below the £150,000 is payable at 32.5%

Additional rate taxpayers – Dividend income above £150,000 is payable at 42.5%

United Kingdom

No distinction is made between capital gains and other income for corporations . For 2013, the standard corporate tax rate is 25%. A tax rate of 20% applies to the first €200,000 of taxable income.  In certain cases, capital gains are exempt or a rollover is available based on case law or under the reinvestment reserve.

The standard withholding tax rate for dividends is 15%. However, several exemptions and reductions, can apply. Under the extensive Dutch treaty network, the Dutch dividend withholding tax rate is typically reduced to a rate as low as 0%. Under the participation exemption or within a Dutch fiscal unity, dividends paid by resident companies to other resident companies are usually exempt from dividend withholding tax.


2013 Share ownership thresholds (%)


Short selling (Yes / No)



Short selling conditions (if any)

Europe: Short Selling Regulation and ESMA Guidelines on Short selling

As stipulated by SEC Regulation SHO.


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This page was last updated on: 11/14/2014 - 16:39