FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2013
MOLDOVA STOCK EXCHANGE
In 2013 the Moldova Stock Exchange
recorded an ascending trend.
Dr. Corneliu Dodu
President
2013 was a remarkable year for the non-
banking financial market of Republic of
Moldova as a result of the entering into force of
the Law on the capital market, which changes
the infrastructure of the market and sets new
rules of the “game”.
This year the stock exchange recorded an
ascending trend. Therefore, during 2013 on
the Moldova Stock Exchange were carried out
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 founders, 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.
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.
1258 transactions with the securities of 158
issuers. The total volume for the year is US$
63 million, which increased with US$ 15 million
since 2012 and is the 3rd year in the annual
volume dynamics after 2007 and 2008. 2013
may be considered a year of activation of the
transactions with the shares of commercial
banks from the Moldova Stock Exchange
Listing. This transactions represent 81% of the
annual volume. At the end of 2013 at the Moldova Stock
Exchange were registered 980 issuers, 9
of them in the Listing. The number of the
accredited members of the Stock Exchange at
the end of the year were 22 companies.
In July 2007 the Mega regulator - National
Commission of Financial Market was created.
According to the legislation the Mega regulator
determines and regulates the state policy of the
nonbank financial market. FUTURE OUTLOOK
Since 2008, due to the change of the securities
market legislation the MSE lost its status of
a non-commercial organization, becoming a
commercial one and therefore losing its status
of a self-regulating organization.
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.
In 2012 the settlement system of the National
Securities Depositary of Moldova was integrated
in the Automated Interbank Payment System of
the National Bank of Moldova.
The objectives of the Moldova Stock Exchange
for the 2014 are:
• Modification of the legal documents on
exchange activity considering the entering
into force of the Law on the capital market.
• Market liberalization by eliminating the
restrictions on direct transactions.
• Besides the existing T+3 settlement cycle
to introduce T+0 settlement for securities
transaction.
• Improvement of the listing procedures.
• Trading of government securities on the
Moldova Stock Exchange.
• Development of the products and services
provided by Moldova Stock Exchange
through the improvement of the quality of the
information technologies.
In 2013 entered into force the Law on the capital
market.
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
improved the mechanism of transactions.
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