JUNE 2013 - FEAS

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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013 MACEDONIAN STOCK EXCHANGE greenfield investment in the country - a EUR 35 million plant in the free zone of Kavadarci that will manufacture electronic installations and cables for the car industry. A week before, in the industrial zone in Bitola, construction began on another significant German investment - a EUR 20 million plant that will also produce automotive parts. Major reinvestments by companies from the United Kingdom and United States are also under way in the car electronics and catalytic convertors industries. 9. Restructuring of the railways sector is ongoing. The institutional mechanisms for the introduction of public service obligation contracts and access charges are under development. Over the past year the government provided financial guarantees for an IFI-funded loan to the national rail operator, Makedonski Zeleznicki Transport. The funds will be used to modernize the freight and passenger fleet in order to improve the company’s operational efficiency. Under the umbrella of the project, technical assistance will be sought for the development of a Business Segmentation Strategy, which should result in a split of the freight and passenger service into two separate legal entities by 2017. In parallel, ambitious plans for energy efficiency improvements have been envisaged with both the national rail operator and the infrastructure management company. 10. Overall the financial sector remains less competitive than in neighboring countries, but pension fund assets have increased. The three largest banks (Komercijalna Banka, Stopanska Banka and NLB Tutunska Banka) still control 64 per cent of the market while the top five banks account for 77 per cent of the total market. The market is dominated by foreign banks, which account for over 90 per cent of total banking assets. However, banks have relied primarily on domestic deposits to fund lending, so they were not as exposed as those in regional peers to deleveraging pressures during the crisis. Non-performing loans have recently started to increase again, reaching 10 per cent of total loans in 2012, although they are more than 100 per cent provisioned. One of the three largest banks - Stopanska Banka - is a subsidiary of a Greek bank while NLB Tutunska Banka is Slovenian owned. Spillover risks are limited, however, because the bank has largely relied on domestic deposits rather than parent bank capital to finance lending. 11. Pension fund assets have risen sharply. Past reforms in the pension system included the setting up of a mandatory defined-contributions pillar managed by private pension funds. Along with the introduction of two voluntary funds, this has led over the past year to a substantial increase in pension fund assets, which have reached over 3 per cent of GDP (up from 1.2 per cent in 2008). Highlights of the past year and key priorities for 2013 • Efforts to improve the business environment and attract foreign investment have been stepped up. FYR Macedonia’s latest ranking on the 2012 World Bank’s Doing Business scores is impressive, and some major investors are showing interest, but important business climate issues such as judicial reform and corruption remain to be fully addressed. • Macroeconomic stability has been preserved. Growth in 2011 was close to 3 per cent and inflation and the government deficit were kept at low levels, but a clear slow-down is evident in 2012. • Reforms should be pushed forward in the context of the new high-level dialogue with the European Commission. This dialogue offers an opportunity for the country to advance on an EU-oriented reform path even while formal accession talks cannot proceed because of the name dispute. • The provision of financial services should be enhanced. Competition in the banking sector is less vigorous than in some regional peers, and there is scope to develop a greater range of financial services than presently available. Key Information Contacts Central Securities Depository www.cdhv.org.mk Securities & Exchange Commission www.sec.gov.mk National Bank of the Republic of Macedonia www.nbrm.gov.mk Ministry of Finance www.fin.gov.mk PAGE 64
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013 MOLDOVA STOCK EXCHANGE The trading volume increased in 2012 ($51,67 millions) compared to 2011 ($20,6 millions). Dr. Corneliu Dodu President In 2012 the Moldova Stock Exchange indicators were higher than in 2011. The trading volume increased in 2012 ($51,67 millions) compared to 2011 ($20,6 millions). At the end of the 2012 on the Moldova Stock Exchange were registered 1010 issuers: in Listing - 11 and in Non-listing - 999. There are 21 accredited members. The most resulting period of the year by volume and by number of transactions was August ($19,8 millions and 236 transactions). 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. In 2012 the Parliament of Moldova approved the Law of the capital market, which was elaborated in accordance with the EU directives and which provides a number of reforms in this field. The law of the capital market will enter into force in September, 2013. In the next 2 years it is planed to elaborate, approve and implement the legal framework under the legislation. 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 force on January 1, 2008, Moldova Stock Exchange has the right to own up to 75% shares of National Securities Depositary. At the moment Moldova Stock Exchange has 36 shareholders, of which 21 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 improved the mechanism of transactions. 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. 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 2011-2012 were introduced the International Financial Reporting Standards (IFRS). So, since January 1st, 2012 the listed companies must do their accounts according to the IFRS. FUTURE OUTLOOK For 2013 Moldova Stock Exchange has the following main goals: the increase of trading volumes especially through the diversification of the traded financial instruments, the foreign collaboration. Also MSE will continue to develop the IT infrastructure and upgrade the website. PAGE 65
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JUNE 2013 - FEAS

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