FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2012
MACEDONIAN CENTRAL SECURITIES DEPOSITORY
Macedonian Central Securities Depository
will focus on introducing new financial
instruments in Macedonian Capital Market.
Darinka Damjanovic
Acting CEO
In years to come, Macedonian Central
Securities Depository will focus on introducing
new financial instruments in Macedonian
Capital Market.
The primary objective of introducing new
financial instruments such as municipal bonds
is enabling more efficient financing of budget
needs of municipalities and in other hand to
give new trading material to capital market
which is essential in this time of reduced
turnover at Macedonian Stock Exchange.
FUTURE OUTLOOK 2012
The following general goals have guided the
Macedonian CSD in the fulfilment of its purpose.
It is proposed that they remain unchanged in
the 2012 plan period:
• Sustain protection of investors, especially
small shareholders, from fraudulent,
abusive, and unfair practices in Macedonian
securities markets.
• foster the development of fair, efficient,
dynamic and competitive securities markets
that will provide investment opportunities
and access to capital for the benefit of
Macedonians in all sectors.
• maintain an efficient, effective, responsive
and enforceable regulatory framework that
serves and protects market participants in
all jurisdictions of Macedonia and balances
national harmonization with regional
flexibility.
• ensure that Macedonia will participate
actively and effectively in international
regulatory arrangements and organizations
The beginning of the year was marked by
first successful Initial Public Offer under
new by-laws issued by Securities Exchange
Commission. In November 2011 another
successful Initial Public Offer took place and
another one is in preparation. funds for purpose of failed transactions.
From 2011 new account types were introduced,
such as omnibus account. Most of foreign
investors are using services of custodian
banks, and are opening custodian accounts at
CSD.
Since 1 January 2011, the New Guaranty Fund
was established according latest changes
in Securities Law, in which 20 members of
Macedonian Central Securities Depository
contribute with its own assets. Fortunately
during 2011 there was no need to activate Macedonian Central Securities Depository will
investigate possibilities for integration with other
depositories from the region, particularly in the
field of cross border settlement with domestic
securities which shall be traded on other
markets from the region.
The primary thrusts in fulfilment of these goals
have been largely focused on building both
legal framework and technological systems.
Progress has been achieved in developing
common rules, policies, approaches and
systems covering of the following issues:
• safety and efficiency;
• right of everybody that has submitted
a request and is eligible according to
the prescribed requirements to become
participant in the Depository operations;
• equality and parity of the participants in the
Depository operations and beneficiaries of
its services;
• regular notification of the participants in
the operations of the Depository and the
beneficiaries of its services;
• solving the disputes between the Depository
and the participants, issuers and holders,
as well as between the participants in an
efficient manner and by agreement.
* Please refer to page 83 for the Macedonia country report.
CONTACT INFORMATION
Contact Name Ms. Sofija Vidovic
E-mail [email protected]
Website www.cdhv.org.mk
PAGE 125