Exchange floor is carried out every business day of the week. Firm stock bids are entered through the Electronic Trading System (ELEX) from 9:00 hours to 9:30 hours and trading goes on from 9:30 hours onwards until 13:30 hours. Finally between 13:30 and 14:00 hours only closing operations may be made.

Continous and closing operations may be carried out by voice on the floor itself or through the Electronic trading System (ELEX), in the case of spot transactions (purchase and sale of stock). Report Operations are carried out only through the Electronic Trading System - ELEX.

The securites which can be traded on the floor may be variable income stock or fixed income stock (obligations) Currently 100% of the securities traded on the floor are stocks, both common or work stock.

1. Stocks:
These are nominative securities which represent a share in the capital of stock companies and which offer variable income, determined by both the profits distributed in cash and/or in stock issued, and the profit (or loss) obtained by the increase or loss of value of the stock when priced on the stock market. This stock can be freely transferred.

• Common or capital stock:
  This type of stock is issued by stock companies and represent a cash contribution to the company's capital to carry out economic activity, they grant the right to the holder to receive profits and eventually part of the patrimony in case of liquidation of the company.

  Similarly, this stock allows the holder to become a partner in the business, entitled to participate in the decisions of the company through representation at the General Stockholders Meeting.

  
  
• Employee Stock :
  This kind of stock was created in 1977, under the name of labour shares, when the Labour Community Regimen was set up, in order to give each worker a share in the patrimony of the company.

  In October 1991, Law Decree N.677 was pubished, this law dissolved the Labour Community Regimen and modified the nature of the labour shares. The share in the company's patrimony granted to the worker remained however. At the same time, the labour shares were renamed employee stock and made equivalent to preferential shares without voting rights and with other rights similar to those of common stock, including the right to inscribe new stock in the case of capital increases.

  This type of stock entitles the holder to the same rights as the holders of common stock with respect to the distribution of profits.

  The difference between employee stock and common stock is that the former are not represented at the General Stockholders Assembly, however, in the case of company liquidation, the holders of employee stock have preference over common stock holders.
  

2. Preferential Subscription Certificates:
These represent the preferential rights of the stockholders of companies registered on the Exchange to purchase new stock in the case of capital increase through cash contributions. Although the purchase rights are shared by both work and capital stockholders, only the latter obtain this Certificate and are able to trade it and transfer their rights to third parties.

The number of shares which each stockholder is entitled to purchase depends on the relative holding of each one at the time the increase in capital is approved by the Stockholders General Assembly.

The Preferential Subscription Certificates are issued nominatively and are valid for a set period, within the inscription process of new stock.

3. Obligations:

These are fixed income securities which pay an interest set at the time of issue. There are two types of obligations: those issued by the State and the normal Bonds and Obligations.

These are documents issued for terms exceeding one year and represent an obligation contracted by the issuing company, financial institutional or governmental entity. The purchaser of the bond receives periodic interests and the nominal amount upon their maturity, while the issuer receives financial resources in cash at the time of placement.

B. Over the Counter
This mechanism was regulated by Resolution CONASEV No. 130-82, in October 1982. Over the Counter trading was set up in order to organise a segment of off the exchange floor, thereby facilitating transactions with stock not registered on the Exchange Floor.

One of the purposes of this mechanism is to provide said off the floor segment with formal market advantages, especially with respect to prices, market conditions, liquidity, reliability and transparency.

The schedule for these over the counter transactions is similar to that of the exchange Floor, firms bids with bonds and mortgage notes are entered between 9:00 and 9:30 am. Bonds, mortgage notes, short term instruments and report operations are carried out betweeen 9:30 to 13:30 pm. Closing opertaions with mortgage notes, report operations and short term instruments are made between 13:30 and 14:00 pm.

We should mention that Over the Counter operations are made entirely through the Electronic Trading System (ELEX).

The following securities are traded over the counter :

1. Bonds :

The Bonds currently traded on this market are:

- Treasury Bonds.

Securities issued in national currency by the Public Treasury, made out to the bearer and freely traded. They are issued to finance government operations.

- Financial Leasing Bonds

These are issued by a specialised bank or company in order to finance operations related to financial leasing. They are redeemable within a period not greater than three years.

- Subordinate Bonds

These are bonds issued by banks and financial institutions up to a limit of 30% of the paid up capital and reserves of the bank. Their redemption period is not less than four years and cannot be redeemed in advance. In the case of the bank or financial institution coming into receivership of the Banking Superintendency they are transformed into stock, provided the Central Reserve Bank approves the rehabilitation of the institution.

- Corporative Bonds

These are issued by companies to obtain funds which allow them to finance their operations and projects. They are issued at a nominal value, paid to the holder on their maturity date. Similarly, the value of the bond generates interest which may be paid periodically or on their maturity date.

2. Mortgage Drafts

These are financial instruments which may be issued by banking and financial entities which are duly authorised by the Banking Superintendency (SBS) in order to grant long term credits to fianance construction projects or housing purchases.

3. Tax Compensation Certificates (C.U.C.T.)

These securities are issued by the Public Treasury of the Ministry of Economy and Finances as compensation payment equivalent to 75% of the amount which corresponded to the export companies which signed tax stability agreements with the Government for each Certificate of Tax Return on Exportations (CERTEX).

4. Depository Certificates of the Central Reserve Bank

These are securities issued in national currency by the Central Reserve Bank of Peru (BCRP) to regulate money supply. They are issued to the bearer and freely negotiable, normally valid for four weeks. Their placement is through public auction in which financial and insurance institutions, banks, private pension funds (AFPs) and other entities are invited to participate by the BCRP.

5. Certificates of deposit

A document which covers an agreement whereby money is deposited in a financial institution, normally for a fixed term and generating interest. Generally long term and not redeemable until maturity. These are transferable and negotiable.

6. Bill of Exchange:

These are unconditional promises of payment through which the drawer promises to pay, through a third party, acceptor, the amount stated on the document, to the drawee , or the bearer of the bill on its maturity date.