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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT MAY 2005 MOLDOVAN STOCK EXCHANGE Dr. Corneliu Dodu President 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 European Union 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 European Union. 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. 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 June1995, 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 (238,000 lei). In 1998 capital adequacy increased from US$ 29,697 (392,000 lei) and is now US$ 37,879 (500,000 lei). The equity capital sufficiency norms of US$ 75,758 (1.0 mil lei), and guaranty fund adequacy norms of 30% of the authorized capital as set by the legislation are currently in practice. PAGE 98 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. A major objective for the coming year is to continue the reorganization of investment funds. One way to achieve this goal is through the establishment of holdings. The volume of transactions registered in 2004 was US$ 54 million compared to US$ 34.5 million in 2003. In 2004, transactions in 254 trading sessions with trading in 5.1 million stocks belonging to 387 joint-stock companies were achieved. The transaction of the year was the public offering of the stocks of the meat factory "Carmez", which brought to the market a tender offer of 92.5 on a volume of US$ 1.5 million or 7% of total market volume. 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. The Dow Jones index is worked out in real time using the results of the New York Stock Exchange auctions. In June 2003, the MSE celebrated its eighth anniversary. During the period of its development, the MSE underwent a difficult evolution. But thorough changes have taken place, which have had a great influence on the activities of all participants of the stock market, including the Exchange itself. Also in 2004, a series of restrictions were implemented in the legislature. These restrictions changed not only settlement of transactions, but also their structure. Buying and selling transactions amounted to 68% of total volume, SWAP transactions were 1%, REPO transactions were 4% of the total volume, tender - 15% of total volume auctions - 1% and auctions with equal share holdings - 11% of total volume. The number of registered companies as of 31 December was 1076, including 24 listed companies. FUTURE OUTLOOK Below are the MSE’s plans for 2005: • improve technologies to high-speed networks that will increase capacity; • introduce a module for electronic settlement with banks; • trade in public securities and introduce derivative products; and • introduce a “remote broker” system, which is currently underway.
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT MAY 2005 MOLDOVAN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ Millions # Shares Millions Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume Stocks July-04 2.1 0.10 3.1 0.14 Aug-04 2.5 0.13 6.0 0.30 Sep-04 0.55 0.02 2.5 0.11 Oct-04 0.87 0.04 3.3 0.16 Nov-04 2.1 0.10 6.5 0.29 Dec-04 34.6 1.5 0.4 0.02 TOTAL 42.8 0.31 21.8 0.17 Bonds July-04 n/a n/a n/a n/a Aug-04 n/a n/a n/a n/a Sep-04 n/a n/a n/a n/a Oct-04 n/a n/a n/a n/a Nov-04 n/a n/a n/a n/a Dec-04 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Other July-04 0.0 0.0 0.0 0.0 Aug-04 0.0 0.0 0.0 0.0 Sep-04 0.0 0.0 0.0 0.0 Oct-04 0.0 0.0 0.0 0.0 Nov-04 0.0 0.0 0.0 0.0 Dec-04 0.0 0.0 0.0 0.0 TOTAL 0.0 0.0 0.0 0.0 Market Capitalization * US$ Millions Index July-04 639.46 n/a Aug-04 0.0 n/a Sep-04 0.0 n/a Oct-04 0.0 n/a Nov-04 0.0 n/a Dec-04 573.92 n/a * MSE restating its market cap. The calculation for Aug-Nov was not available. CONTACT INFORMATION MONTHLY STOCK VOLUME (US$ Millions) 35 30 25 20 15 10 5 0 July Aug Sep Oct Nov Dec Contact Name Mrs. Silvia Haidarli E-mail silvia@moldse.md Website www.moldse.md 5-YEAR STOCK VOLUME (US$ Millions) 60 50 40 30 20 10 0 2000 2001 2002 2003 2004 PAGE 99
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