FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT 2015
CENTRAL SECURITIES DEPOSITORY (CSD) - MACEDONIA
Central Securities Depository AD Skopje (CSD) is a company that
has been one of the institutional pillars of the capital market in
the Republic of Macedonia for more than a decade, and it provides
ongoing contribution to the capital market stability and development.
Elena Jakimovska Petrovska
CEO
CSD activities in year 2015 are organized to provide:
• Efficient, safe, timely and effective execution of
our core services: registration of issuances and
transfers of securities issued in the Republic of
Macedonia in electronic form, settlement of
trade transactions according to the “delivery
versus payment” principle and other core
services. Furthermore, we will dedicate ourselves
to increase the IT standards in our work and to
the development of risk-management framework
for comprehensively managing risks.
General Information
Central Securities Depository AD Skopje (CSD) is
a company that has been one of the institutional
pillars of the capital market in the Republic of
Macedonia for more than a decade, and it provides
ongoing contribution to the capital market stability
and development.
CSD is a joint stock company, 100% privately owned
by financial institutions, established as a company
for maintaining a register of securities and holders
of securities, settlement of trade transactions and
execution of non-trade transfers of securities.
Presently, CSD is the only depository institution for
securities operating in the Republic of Macedonia,
on the basis of a license issued by the Securities
and Exchange Commission of the Republic of
Macedonia.
CSD has a sophisticated software that supports the
performance of its functions as specified in the
law. This software is owned by the Depositary, and
its maintenance and upgrades are regularly carried
out by a team of dedicated professionals employed
by CSD.
• Improvement of services offered to its target
user groups by introduction of new methods and
techniques in the work processes:
• Development of electronic data distribution
system
• For issuers
• For owners of securities
• Improvement of client services
• Technical improvements
• New services and products • U
ndertaking activities aimed at capital market
development:
• Compliance with international standards
• Catching up with international trends
• Effective cooperation with international
associations, participation in initiatives related
to the field of development of systems for
settlement of securities.
Under the Law on Securities, only banks, brokerage
houses, insurance companies or investment funds
can be Depositary’s shareholders. • N
on-discrimination: equal treatment of all
groups of participants in the work of the
depository;
• Innovation: application of new methods and
techniques in the processes in order to increase
the quality of the processes and to tailor
Depository’s services to customers’ needs;
• High operational standards: acceptance and
application of international standards and
practices in the post-trading activities with
securities;
• Development of the capital market: undertaking
activities aimed at capital market development
through individual activities, as well as
undertaking activities in cooperation with other
institutions and bodies;
• Reliability: continuous development of risk
management systems;
• Institutional development: Promotion of
international cooperation and improvement of
the depository’s visibility, on a national, as well
as on a regional and international level.
CSD acts as a self-regulating organization in
accordance with the law and adopts rules that are
mandatory for its members. Members of the CSD
can be brokerage houses, banks or subsidiaries
of a foreign brokerage house, with permission
to work given by SEC. The CSD adopts Rules of
Conduct and Discipline, which closely regulate
the implementation of the Depository acts by its
members. The Rules of Conduct and Discipline set
grounds for the authorities of the Depositary to
take measures and/or temporarily or permanently
suspend the right of Depositary’s members to take
part in the work if the member fails to comply with
the regulations or fails to meet the obligations
arising from the securities transactions.
The mission of the CSD is to provide, through
constant improvement of services offered to its
target user groups:
• S tability: safe and effective services that support
and stimulate domestic and foreign investors to
invest on the Macedonian capital market;
ABOUT CENTRAL SECURITIES DEPOSITORY (CSD) - MACEDONIA
Established: 2001
CEO: Elena Jakimovska Petrovska
Address: Josifovski Pitu bb, Skopje, Republic of
Macedonia
Contact name: Sofija Vidovic
E: [email protected]
W: www.cdhv.mk
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AFFILIATE MEMBERS