FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2012
MOLDOVA STOCK EXCHANGE
In 2011, fruitful work has been done in
modification of the existing legislation of
the capital market.
Dr. Corneliu Dodu
President
In 2011 the Moldova Stock Exchange indicators
were slightly lower than in 2010. The trading
volume decreased (in 2011 – US$ 20,6 millions)
compared to US$ 22 millions in 2010. The
number of shares traded was about 26 millions
compared to 28 millions in 2010.
HISTORY AND DEVELOPMENT
In 1993 the Law on securities circulation and
stock exchanges was enacted and from this
point in time the institutional infrastructure of
stock market in Moldova began to develop.
In December 1994 the non-profit institution,
Moldova Stock Exchange was established as
joint-stock close company. 34 promoters – the
securities market professional participants took
part in its establishment. The first transactions
were made on June 26, 1995, and this date is
accepted as the birthday of the Moldova Stock
Exchange.
In June 1998 the Moldova Stock Exchange
established the National Securities Depositary
and a new trading system were integrated with
the depositary system which allows transactions
to be carried out. According to the changes
made in the law «On Securities market» which
came into effect on January 1, 2008, Moldova
Stock Exchange has the right to own up to 75%
shares of National Securities Depositary.
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At the end of the 2011 on the Stock Exchange
were registered 1017 issuers: in Listing –
12 and in Non-listing – 1005. There are 21
accredited members.
In 2011 the most resulting period for the
Moldova Stock Exchange by volume was
September ($3,2 millions) and by number of
transactions – March (236 transactions). There
were 252 trading days.
At the moment Moldova Stock Exchange has 37
shareholders, of which 22 are the exchange’s
members. The members are legal entities that
own at least one share of the exchange (one
vote) and have the license for broker and / or
dealer activity.
In April 2000 Moldova Stock Exchange received
the status of a self-regulating non-commercial
organization. In July 2000 new Moldova Stock
Exchange’s Regulations were introduced
which qualitatively changed the mechanism of
transactions.
In July 2007 the Mega regulator – National
Commission of Financial Market was created.
According to the legislation the Mega regulator
regulates and determines state policy of the
nonbank financial market.
According to the new requirement of the law
«On Securities market» from January 1, 2009,
Moldova Stock Exchange is a public company,
a for profit organization.
Fruitful work has been done in modification of
the existing legislation of the capital market.
The modifications and additions have done
regarding the Law on the securities market
and the Law on Join-Stock Company. Were
approved new rules on preventing and
combating money laundering and terrorism
financing on the financial non-bank market.
At the present Moldova Stock Exchange is a
developing stock market, which continues to
cooperate with other stock exchanges and
financial organizations. MSE is a member
of FEAS from 1995 and in 2008 became the
member of International Association of the CIS
Exchanges, which has the aim to coordinate
the effort on development of organized financial
markets in accordance with international
standards.
FUTURE OUTLOOK
In the 2012 Moldova Stock Exchange will
continue to attain the objectives to which
aspires. The main directions of development
are the improving of the marketing effectiveness
and IT infrastructure, cooperation with
regional and international organizations and
diversification of financial instruments traded.
The MSE will also continue its efforts to attract
more listed companies.