FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT APRIL 2009
MACEDONIAN STOCK EXCHANGE
Ivan Steriev
CEO
Despite the complex situation, during 2008
the MSE continued to upgrade all
operations, rules and procedures to provide
adequate service to market participants,
Exchange members and investors.
The year 2008 for the Macedonian, as for all
the regional and world stock exchanges was
the year when after the several successful
years of continuous growth of prices and
turnover, a drastic negative overturn
happened. Very soon after its escalation the
global financial crisis overflowed into the
Macedonian Stock Exchange and resulted
with the reduced total turnover of 70%
compared with 2007, a decrease of the main
index MBI-10 for 73% and reduced market
capitalization of 69.5%. Despite the complex
situation, during 2008 the MSE continued to
upgrade all operations, rules and procedures
to provide adequate service to market
participants, Exchange members and
investors. MSE also implemented a few
changes and amendments in the Listing Rules by which new higher standards for disclosure
for the companies on the Exchange Listings
were introduced. In February the new
redesigned web site of the Exchange was
promoted. It is based on an advanced
technology such as, ASP.Net and RSS. Within
the framework of the Memorandum of
Partnership signed between the exchanges in
Southeast Europe during the 2008 two road
shows took place in Zagreb and in Vienna
where the top issuers and the capital markets
from the region were promoted in order to
increase the visibility of the regional capital
markets and to attract international investors.
HISTORY AND DEVELOPMENT MSE currently has 27 members - 20 brokerage
houses and 7 banks. Starting from June 20,
2001 (with the amendments of the Securities
Law), MSE started to operate on a for-profit
basis, with a founding capital of 500,000
EUROs. MSE shareholders may be any legal
and private domestic and foreign entity.
Shareholdings per entity is limited up to 10% of
the MSE outstanding shares.
The Macedonian Stock Exchange was founded
on September 13, 1995 and commenced
trading on March 28, 1996, as a central
marketplace for trading in securities and the
first organized stock exchange in the history of
the Republic of Macedonia.
The MSE was founded as a not-for-profit joint
stock company with founding capital of
500,000 EURO. According to the legislation
that was in force in 1996 the only eligible
founders of the MSE were banks and other
financial institutions (saving houses and
insurance companies). MSE initially had 19
members: 13 banks, 3 saving houses and 3
insurance companies.
All MSE members must be licensed for trading
in securities by the Macedonian SEC. Only
brokers, authorized by the MSE members may
trade in securities at MSE.
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Currently MSE has 27 shareholders (10
brokerage houses, 8 banks, 2 legal entities and
7 private investors).
FUTURE OUTLOOK
The plans of the Macedonian Stock Exchange
for 2009 are:
• To introduce a few changes in the Listing
Rules in the field of reporting of the listed
companies;
• To promote a new application for electronic
reporting from the listed companies;
• Development of the existing indexes and
introduction of new ones;
• Implementation of a disaster recovery
system;
• To explore possibilities for introducing new
trading instruments;
• To increase visibility of the Macedonian
Stock Exchange by providing data-feed to
renowned data Vendors;
• To work on promotion and education of
issuers in the field of the corporate
governance;
• Through various forms of cooperation with
other regional exchanges MSE will be involved
in the processes of promotion of regional
markets and international promotion of issuers
and products in order to attract international as
well as regional investors.