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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 TIRANA STOCK EXCHANGE Dr. Elvin Meka General Manager The most important event for 2004 was the TSE’s development of a securities market strategy, drafted by TSE’s staff and based upon the development plan for the securities market in Albania, prepared by GMA Capital Markets Ltd. During 2004, Tirana Stock Exchange (TSE) emerged, as a well-regulated institution, capable of ensuring reasonable levels of protection for various groups of interest, which may consider and choose to use the securities market as an investment or financing alternative. The most important event for 2004 was the TSE’s development of a securities market strategy, drafted by the TSE’s staff and based upon the development plan for the securities market in Albania, prepared by GMA Capital Markets Ltd. By being aware of the special role, the securities market plays within the financial system, we aimed, since the TSE’s inception, to obtain quality foreign assistance to draw up this baseline document for the development and functioning of the entire securities industry in Albania. We are proud to declare the TSE as the first institution, within Albanian financial system, to possess a detailed development strategy since its commencement. On the other hand, we managed to offer to the political factor a complete, formal and integral document, with clear strategic alternatives, which will serve as a key transforming mechanism of different endeavors into tangible results and contributions, regarding the country’s rapid economic growth, financial & economic reforms. It should be noted that this plan is fully integrated with the government program for financial transparency and reduction of the informal economy. We have already deepened cooperation and relations with the business community. Business listing interest has just begun to leave the empirical phase and is turning to a real one, mainly driven by the imperative needs for substantial fresh funds out of traditional banking channels, consolidation of market positions, and required respective reforms within the framework of free trade agreements. Following this interest, the TSE, in close cooperation with the Chamber of Commerce, organized several promotional & training seminars and workshops, aimed at unfurling the capital market as a financing alternative. On the other hand, we continued to attract membership interest within the TSE, by adding a new member for 2004, thus establishing grounds for a complete institutional framework of securities market with relevant participants. To close, I want to thank all private and government entities, academic circles, general public and media for their kind understanding, support, encouragement in our persisting attempts toward creating the securities market in Albania and believe that, during 2005, we will accomplish our main objective of transforming the TSE in a real securities market. HISTORY AND DEVELOPMENT The Securities Act was approved by the Parliament on 1 March 1996, paving the way for the establishment of the Albanian Securities Commission (ASC) on 16 April and the Tirana Stock Exchange (TSE) on 2 May 1996. Once the law was approved, the necessary rules and regulations of the ASC and the TSE were prepared and adopted. The TSE opened officially on 2 May 1996, as the first exchange in Albania’a financial history. The TSE was originally established as a department of the Bank of Albania with the goal of spinning off as a separate institution after a transition period of several years. At the beginning, trading sessions were held every Monday and Thursday. By October 1997, the sessions were increased to every business day, and 3- and 6-month maturity T-bills were added to the existing instruments traded. Primary auctions for T-bills were conducted by the TSE until 1 August 1998. The major change in the legal framework of the TSE was the approval by the Parliament of some revisions to the actual Securities Law, which came into force in March 2001. Under these new changes, the Ministry of Finance took all practical steps to develop and institutionalize the capital market in Albania during 2002. In this way, the TSE was finally established for the first time, in March 2002, as an independent institution (joint-stock company), with the sole owner the Ministry of Finance. The TSE obtained its full license on 1 July 2003, thus becoming the first licensed securities market in Albania. This license was renewed on July 2005 and is valid until July 2007. Currently, TSE counts five full members. FUTURE OUTLOOK The main priorities and objectives of the TSE for 2006 are as follows: • cooperation with respective government structures in reference to implementing the new Tirana Stock Exchange & Securities Market Development Strategy, including partial privatization of strategic and non-strategic state owned enterprises through initial public offering; • cooperation and assistance of domestic businesses in order to prepare the first initial public offering, • preparation of the facilities for possible primary auctions of long-term Government securities within the TSE, as well as secondary auctions for T-Bills and corporate stocks, • continued public education & information campaigning to promote both the TSE & capital market, as well as to attract domestic business at TSE listing, by making them aware of advantages the securities market may offer them; and • improvement of information technology, at the TSE including the implementation of the Electronic Trading System for securities. 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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 TIRANA STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jan-06 n/a n/a n/a n/a Feb-06 n/a n/a n/a n/a Mar-06 n/a n/a n/a n/a Apr-06 n/a n/a n/a n/a May-06 n/a n/a n/a n/a Jun-06 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Bonds Jan-06 n/a n/a n/a n/a Feb-06 n/a n/a n/a n/a Mar-06 n/a n/a n/a n/a Apr-06 n/a n/a n/a n/a May-06 n/a n/a n/a n/a Jun-06 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Other Jan-06 n/a n/a n/a n/a Feb-06 n/a n/a n/a n/a Mar-06 n/a n/a n/a n/a Apr-06 n/a n/a n/a n/a May-06 n/a n/a n/a n/a Jun-06 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a * The TSE is trading debt instruments only at this time, but there is no volume to-date. Market Capitalization (US$ millions) Index 5-YEAR CURRENCY EXCHANGE (US$ millions) MONTHLY CURRENCY EXCHANGE (US$ millions) Jan-06 n/a n/a Feb-06 n/a n/a Mar-06 n/a n/a Apr-06 n/a n/a May-06 n/a n/a Jun-06 n/a n/a 140 120 100 80 60 40 20 120 100 80 60 40 20 0 2002 2003 2004 2005 YTD 2006 0 Jan Feb Mar Apr May Jun CONTACT INFORMATION Contact Name Ms. Anila Fureraj E-mail afureraj@tse.com.al Website www.tse.com.al PAGE 133
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