FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT 2015
MONTENEGRO
Country Facts
key CAPITAL MARKETS INFORMATION
Montenegro Legal Joint Stock Company
Capital Podgorica Special statues within the law Self
Area (km 2 ) 13,812 Regulation Securities Commission of Montenegro
Population (million) 0.621 Securities market regulations Securities Commission of Montenegro
GDP (USD billion) 4.126 Trading rules Prescribed by the Rulebook of the Montenegro Stock Exchange
(approved by SEC)
Currency Euro (EUR)
Country
Surveillance Law and Rulebook of the Montenegro Stock Exchange (approved by SEC)
Exchange rate (1 USD) 1.216 Corporate actions According to laws
Time zone CET+1 Trading halts regulations Rulebook of the Montenegro Stock Exchange (approved by SEC)
Calling code +382 Investor protection According to laws
key economıc data
GDP ANNUAL GROWTH (%)
12
10
8
6
4
2
0
-2
-4
-6
INFLATION (%)
DEBT TO GDP (%)
30 60
25 55
50
20
45
15
40
10
35
5
30
20
0
2002 2004 2006 2008 2010 2012 2014
2000
2005
2010
2015
GOVERNMENT AND CORPORATE
BONDS put on the Montenegrin regulations as well as the
experience and the importance of the application
of the EU legislation on capital markets.
The successfully implemented issuance of
government bonds stands out as one of the
activities special attention was paid to and which
had the greatest impact on the overall Montenegro
Stock Exchange operating. About USD 52 million
turnover was realized during the auction for the
mentioned issuance, and for entire 2014 turnover
that was realised in both government and corporate
bonds amounts approximately USD 70 million. PROMOTIONAL ACTIVITIES
CONFERENCE
MNSE hosted a regional conference on capital
market entitled “Regional cooperation and
integration for a more successful capital market” in
mid-October. The conference was attended by 150
most eminent figures of the capital market from
Montenegro and the region, as well as many experts
from the European financial market. The business
part of the Conference was divided into two
panels with more different but equally interesting
topics. During the first panel, the participants had
the opportunity to listen about the modalities of
networking, the development of the capital market
and the networking of stock exchange markets at
the regional level. In the second part, the focus was
32
The CEO of the Montenegro Stock Exchange, Mr.
Gojko Maksimovic, together with the delegation of
the Ministry of Finance, headed by the Minister Mr.
Radoje Zugic and the President of the Securities
Commission of Montenegro Mr. Zoran Djikanovic,
participated in Montenegro Investment Day held in
Istanbul, where the participants from Montenegro
presented investment activities and products from
the capital market (local government bonds) to
Turkish investors.
The Montenegro Stock Exchange actively promoted
Montenegrin capital market also by participating
in Investment Road Show in London, held in early
April under the direction of FEAS and HSBC Bank.
In front of many UK investors, Chairman of the
Board of Directors, Mr. Djordje Djurdjic and CEO
Mr. Gojko Maksimovic, presented the investment
opportunities of the Montenegrin market and
informed the audience about the characteristics of
the main financial instruments.
Chairman of the Board, Mr. Djordje Djurdjic,
participated in the work of the symposium
2006
2008
2010
2012
“Improving trade and economic relations between
Turkey and Montenegro”, organized by the
Foundation for Economic Research from Turkey.
At the mentioned symposium, Mr. Djurdjic had
a work entitled “Borsa Istanbul - partner of the
Montenegrin capital market”.
“
partnership between
Montenegro Stock
Exchange and Borsa
Istanbul is an important
positive sign on the
Montenegrin capital
market.
”
FULL MEMBERS