FEDERATION OF EURO-ASIAN STOCK EXCHANGES
SEMI ANNUAL REPORT OCTOBER 2008
TIRANA STOCK EXCHANGE
The year 2006 was characterized by
developments which improved the
procedural and legal infrastructure for the
development of the TSE.
Anila Fureraj
General Manager
The year 2006 was characterized by
developments which improved the procedural
and legal infrastructure for the development of
the Tirana Stock Exchange (TSE). The political
changes, taking place in our country, have
opened new opportunities for the improvement
of the economical climate, encouragement of
the local and the foreign investment and the
war against informality; these factors will work
towards bringing about encouragement of
development in the capital markets in Albania.
During this year the management and
administrative arms of the TSE were
reorganized. In this aspect, at the beginning of
this year, new members of TSE Supervisory
Board were appointed by Minister of Finance,
as the only shareholder of the company. The
Supervisory Board has also appointed a new
General Manager. The reorganization was
followed by the changing of the organization
FUTURE OUTLOOK
Activating the securities market as a common
trading platform for several financial
instruments, will be the strategic objective of
the TSE during 2008. Achievement of such an
important goal shall be carried out through
practical implementation of the strategic
alternatives pointed out within the TSE
Development Strategy. The activity of the TSE
during 2008 will be mainly focused in:
• The approval of the TSE Development
Strategy in the Government’s Economic Policy
Committee as well as the implementation of the
Action Plan as an integral part of this strategy;
• Working closely with and assisting in the
continuance of domestic top level businesses,
the TSE members, etc. to make them aware of
advantages the securities market may offer
scheme of the functioning of the Exchange
and the adaptation personnel numbers to be
in line with its actual development conditions.
All these changes were done for a better
management of the work and to create better
conditions to transforming TSE in a real
securities market
The purpose of our work has been the
broadening of the ways for the development of
the TSE and the taking of the further secure
steps so as to transform the Tirana SE into an
active Exchange. For this reason, the TSE
started the work of reviewing the strategy of
the development of the TSE in accordance
with the actual conditions of market
developments and in the setting of the 2005-
2009 Government Program. These strategies
aim is to transform the TSE into a real
securities market. At the same time, statistical
analyses were done in connection with the
them as well as providing these stockholders
with necessary information, in order to be listed
at the TSE,
• Bilateral negotiations with Albanian
Government towards the inclusion of the TSE in
the privatization process of the state-owned
enterprises (SOEs). These negotiations will
cover identification of potential strategic and
non-strategic state owned companies, which
can be privatized through IPO,
• Negotiations both with the Albanian
Government and the Ministry of Finance
towards the assignment of the TSE, by MoF, as
Government’s agent in organizing primary
auction for long-term public debt securities,
• Negotiation and cooperation with both, MoF
and Albanian Financial Supervisory Authority
towards the compilation of legal and fiscal
incentives, which are deemed necessary to
volume of transactions made in the informal
market of stocks from anonymous companies.
Through this analysis it was shown that the
possibility of channeling these transactions
from the informal market towards the
organized market of valuable papers, as
necessary step, for the reduction of informality
in the economy and the activation of the TSE,
was essential.
We have also undertaken many other different
projects with the various groups of interest
aiming not only at their susceptibility but also
offering our legal and technical assistance.
During 2006 the complete internal regulatory
base of the functioning of the TSE has been
improved, leaning on the guidelines given by
the FEAS according to the Book of Rules and
recommendations given by the consulting
group, GMA Company.
encourage private companies to raise their
capital through IPOs and TSE listing,
• Performance of a marketing campaign, in full
compliance with the marketing program
compiled by the TSE with a final objective to
attract domestic business at exchange listing;
• In cooperation with AFS, carrying out of a
continued public education & information
campaign regarding the securities market and
advantages that provides its use;
• Improvement of information technology at the
TSE in order to make possible providing of this
market with an appropriate Electronic Trading
System for securities;
• Keeping fruitful cooperation with institutions in
the region, regarding the exchange of
experiences and staff training, targeting further
improvement of human resources capacity
within the filed of securities market.
CONTACT INFORMATION
Contact Name Ms. Anila Fureraj
E-mail [email protected]
Website www.tse.com.al
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