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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011
MOLDOVA STOCK EXCHANGE
For 2010 the stock exchange volume
amounted to 22.04 million USD, twice
exceeding the volume in 2009.
Dr. Corneliu Dodu
President
Last year was significant for the Moldova
Stock Exchange, because this year we
celebrated 15 years since were held first
transactions.
In the past 2010 on the stock market
observed an increase of exchange
parameters in comparison with the crisis
year 2009, but the average of the pre-crisis
period was not achieved.
For 2010 the stock exchange volume
amounted to 22.04 million USD, twice
exceeding the volume in 2009. A
characteristic of 2010 is that renewed the
public property auction. This year, the Public
Property Agency held three auctions on the
stock exchange with total sales of 4.42
million USD. Thus, were sold the packages
of the 28 stock companies.
From the brief review of the performance of
exchange transactions can be noted that
during the year was 208 trading sessions.
The most resulting period for the Moldova
Stock Exchange by number of deals was
June (381 transaction) and by volume was
February (3.35 million USD).
At the end of the year in the Listing were 12
companies and in the Non-listing – 1008
companies. The total number of accredited
members of the exchange is 22.
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.
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 noncommercial
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.
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
The priority directions of the Moldova Stock
Exchange for 2011 are:
• The increase of trading volumes.
• Introducing new trading instruments.
• Attraction of more companies in listing.
• Development of the IT infrastructure and
modernizing the
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