FEAS Yearbook FEAS Yearbook 2008 | Page 58

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 PAGE 58