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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 MOLDOVAN STOCK EXCHANGE Dr. Corneliu DODU President With the country's goal to become integrated into the European Union as well as a globally recognized developed stock market, foreign policy has become the priority. The securities market is an integral part of the overall financial market and its activity reflects the state of affairs of the Republic. With the country's goal to become integrated into the EU as well as a globally recognized developed stock market, foreign policy has become the priority. As mentioned before the main priority for the Moldovan Stock Exchange (MSE) is foreign policy as Moldova is striving for integration into the EU. Therefore development has been aimed at creating a civilized and developed securities market with the perspective of integrating into the world market capital through gradual transition. A major objective for 2005 is to continue the reorganization of investment funds and to hike market liquidity. One way to achieve this goal is through the establishment of holdings and to introduce marker makers, a new status for MSE members. The volume of transactions registered in 2005 semi-annual period was US$ 11.62 million, compared to US$ 11.84 million in 2004. During the same period, 194 equities transactions took place, the total number of transactions was 870, a little less comparatively with the analogical period of the previous year, which was 972 transactions and 261 issuer's equities respectively. The number of registered companies as of June 30, 2005 was 1061, including 26 listed companies. Also in six months a series of modifications and innovations were implemented. The most important of the modifications was in the Law on Securities Market and in the Law on Joint Stock Companies, the Conception of Transaction's Optimization at Secondary Market (adopted by the National Securities Commission). The main reason these modifications were implemented is development of transparent and liquid securities market, which will encourage domestic and foreign investors to accelerate their activity at Moldovan market. This newly established environment is expected to have a positive impact on the securities market. HISTORY AND DEVELOPMENT In December 1994, the MSE, a closed company, was established under the law on Securities Circulation and Stock Exchanges. Originally, 34 securities market professionals participated in trading. The first transactions were held on 26 June 1995, which is considered the date of the founding of the MSE. Due to the assistance of the USAID, the Exchange is equipped with advanced technology for stock auctions. In 1998 the MSE established the National Securities Depository (NSD), a non-commercial jointstock company. At the initial stage of the MSE's development, the authorized capital adequacy standards were set as an authorized capital of US$ 18,030 (MDL 238,000). In 1998 capital adequacy increased from US$ 29,697 (MDL 392,000) and is now US$ 37,879 (MDL 500,000). The equity capital sufficiency norms of US$ 75,758 (MDL 1.0 million), and guaranty fund adequacy norms of 30% of the authorized capital as set by the legislation are currently in practice. In April 2000, the MSE received the status of a self-regulating non-commercial organization. At the beginning of 2002, the National Commission introduced the CNVM-32 index. The world famous index, Dow Jones, serves as a basis for the calculation of the CNVM-32. In June 2005, the MSE celebrated its tenth anniversary. During the period of its development, the MSE underwent a difficult evolution. But the changes that have taken place have had a positive effect on the activities of all participants of the stock market, including the Exchange itself. FUTURE OUTLOOK Below are the MSE’s plans for 2006: • implementation of two organized market segments: I- listing (Platforms A and B); II- non-listing; • introduce a “remote broker” system, which is currently underway; • introduce a module for electronic settlement with banks; and • improve technology system through highspeed networks that will increase capacity. PAGE 102
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 MOLDOVAN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jan-06 0.17 0.01 0.12 0.01 Feb-06 1.6 0.09 4.0 0.22 Mar-06 10.3 0.47 1.5 0.07 Apr-06 0.72 0.04 1.0 0.05 May-06 0.71 0.04 1.1 0.05 Jun-06 6.5 0.30 3.8 0.17 TOTAL 20.0 0.16 11.6 0.10 Bonds Jan-06 0.0 0.0 0.0 0.0 Feb-06 0.0 0.0 0.0 0.0 Mar-06 0.0 0.0 0.0 0.0 Apr-06 0.0 0.0 0.0 0.0 May-06 0.0 0.0 0.0 0.0 Jun-06 0.0 0.0 0.0 0.0 TOTAL 0.0 0.0 0.0 0.0 Other Jan-06 0.0 0.0 0.0 0.0 Feb-06 0.0 0.0 0.0 0.0 Mar-06 0.0 0.0 0.0 0.0 Apr-06 0.0 0.0 0.0 0.0 May-06 0.0 0.0 0.0 0.0 Jun-06 0.0 0.0 0.0 0.0 TOTAL 0.0 0.0 0.0 0.0 Market Capitalization* (US$ millions) Index MONTHLY STOCK VOLUME (US$ millions) 5-YEAR STOCK VOLUME (US$ millions) Jan-06 0.0 n/a Feb-06 0.0 n/a Mar-06 0.0 n/a Apr-06 0.0 n/a May-06 0.0 n/a Jun-06 0.0 n/a * MSE recalculated its market cap. data is not available 12 10 8 6 4 2 60 50 40 30 20 10 0 Jan Feb Mar Apr May Jun 0 2002 2003 2004 2005 YTD 2006 CONTACT INFORMATION Contact Name Mrs. Silvia Haidarli E-mail silvia@moldse.md Website www.moldse.md PAGE 103
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