FEDERATION OF EURO-ASIAN STOCK EXCHANGES
SEMI ANNUAL REPORT OCTOBER 2008
MOLDOVAN STOCK EXCHANGE
As for dynamics of development, the year
2007 is characterized by the increase of the
exchange indicators.
Dr. Corneliu Dodu
President
Within the bounds of integration of the
Republic of Moldova in the European Union,
with the purpose of the implementation of new
instruments in order to attract investments in
the country and for market integration; fruitful
work has been completed in adopting new
laws and modifications of the existing
legislation on Stock Exchange Market in 2007.
A new law has been approved regarding the
National Commission of Financial Market (it’s
created the Megaregulator) and a new
member to the Administrative Board of the
financial market has been assigned. The code
of corporate governance has been
implemented. The new laws of audit and
accounting activities have been initialized, as
well as many normative and legislative acts in
this field. The essential modifications and
additions have been implemented regarding
the legislation of the securities market and
legislation of the join stock companies. Thus,
the basis of the further development of the
FUTURE OUTLOOK
Within the bounds of integration of The
Republic of Moldova in the European Union
with the purpose to implement of new
instruments for attracting investments in the
country and markets integration, in 2007 has
been done a fruitful work in adopting new laws
and modifications of the existing legislation on
Stock Exchange Market. It has been approved
a new law regarding the National Commission
of Financial Market (it’s created the Mega
regulator) and it has been assigned a new
membership of the Administrative Board of the
financial market. The code of corporate
securities market has been incorporated in the
Republic. Implementation of a new instruments
process has been developed with in the
financial market as corporate bonds,
sustained by government and all the country’s
financial institutions in order to attract foreign
investments.
As for dynamics of development, the year
2007 is characterized by the increase of the
exchange indicators. The volume of the
Exchange market constituted 84% (US$ 106
million) of general volume of secondary
securities market (regarding the OTC-
exchange volumes, only buy and sell
transactions are taken into consideration), this
appears to be a record for this indicator. One
of the most successful auctions of the year
was the auction of selling public property
shares in the amount of US$ 6.8 million where
the securities of 83 join stock companies of
different economic areas have been placed.
governance has been implemented. The new
laws of audit and accounting activities have
been initialized, as well as many normative and
legislative acts of this field. It has been
implemented the essential modifications and
additions in the legislation of securities market
and legislation regarding join stock companies.
Thus, the basis of the futher development of the
securities market is incorporated in the
Republic.It has been initialized the process of
implementation of new instruments of financial
market as corporate bonds, sustained by
government and all the financial institutions of
the country in order to attract foreign
investments. In present, all the open-end
The main factor in achieving the 2007 year
record indicator is transactions with banks
shares. The most important transactions were
executed through public offerings: the tender
offer with shares of commercial banks
“Mobiasbanca” to the amount of US$ 37.5
million, and “Unibank” to the amount of US$
21.4 million. The increased demand for banks’
securities has been reflected on their market
price.
In 2007, the process of reorganization of open-
end funds in the process of liquidation has
been finalized; nowadays they no longer exist
as professional participants of the financial
market.
The main reason for these modifications are
the development of a transparent and liquid
securities market, which will encourage
domestic and foreign investors to accelerate
their activity in the Moldovan Market.
founds created at the beginning of privatization
are in the process of liquidation, except 6
Investment Founds, which have been
reorganized in commercial enterprise with no
license for activity on financial market. They are
expecting the legislation regarding the holdings.
Thereby, it has been adopted the basis of
future development of Moldavan financial
market. Securities on Moldavan market still
presents a high interest for local investors as
well as for foreign investors, that leads to the
increasing volume of securities liquidity and
positive tendencies in the market development.
CONTACT INFORMATION
Contact Name Mr. Serghei Istrate
E-mail [email protected]
Website www.moldse.md
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