ANNUAL REPORT JUNE 2010
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
MONTENEGRO STOCK EXCHANGE
Continuous development of our market is
the basis of the future of the MSE, a future
in which the MSE strongly believes.
Dejana Suskavcevic, MA
CEO
Actual events that marked the previous year
such as the global financial crisis, showed
that the strongest economy, at first
developed and stable market can be
unpredictable and directly affected by
unforeseeable repercussions that are
progressive, breakneck speed reflect on all
branches of the economy including the
securities market. The key to success of any
activity, in our case, recovery of financial
markets lies in the synergy of all
stakeholders who participate in it, and
synchronized activities restore confidence of
domestic and foreign investors. Continued
implementation and further development of
legislation pursuant EU and developed
HISTORY AND DEVELOPMENT
The MSE was set up in June 1993 pursuant
to the Act on Money and Capital Markets
(1989). The first founding members were the
four Montenegrin banks: Montenegrobanka
a.d. Podgorica, Pljevaljska banka a.d.
Pljevlja, Beranska banka a.d. Berane,
Hipotekarna banka a.d. Podgorica, and the
Republic of Montenegro, i.e. Montenegrin
Agency for Economic Restructuring and
Foreign Investments.
During the constitutional meeting held on
7 July 1997, the MSE harmonized its
operations with the Exchange through the
exchange operations and exchange
intermediaries Act. Another three banks and
two insurance companies joined the
founding–members of the Exchange:
Podgoriaka banka a.d. Podgorica,
Jugobanka a.d. Podgorica, Niksicka banka
a.d. Niksic, Lovcen osiguranje a.d.
Podgorica and Swiss osiguranje a.d.
Podgorica.
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markets through further tax relief and
benefits for participants in the financial
markets, particularly in the area of fund
groups (pension and investment funds), the
constant promotion of the domestic market
as the individual performances, and within
region will choose back investors. The period
of stagnation stock activity should certainly
be used in the further implementation and
construction of corporate culture within the
company and market introduction of new
materials, derivatives and short-term
securities, which will be the first and crucial
step in the return of foreign investors in our
market. The period of recovery is not, and
will not be easy and fast, but according to
In order to increase its capital share, the
MSE issued additional shares, upon the
approval of the Federal Commission for
Securities and Financial Markets. The shares
were subscribed and paid for by several
Yugoslav banks, as well as the Federal
Government.
In order to comply with The Law on
Securities of the Republic of Montenegro,
the MSE issued a third issue of shares. The
importance of this issue which was sold
successfully with 100% subscription was
instrumental in the further development of
the capital market of Montenegro because
with the sale of this issue 10 new
shareholders emerged as owners of the
MSE from banking sector, insurance
companies and private companies from all
spheres of economy. As of today, the MSE
has 23 shareholders.
The MSE moved to its new premises in the
new business district of the city.
earlier experience, a proven, that after each
rain, the sun again in sight. From this crisis
should draw lessons not to repeat mistakes,
and take as long as possible with a positive
balance. The market will always exist, traders
also, long-term or short-term securities,
futures options, swaps, market and other
material.
Montenegro Stock Exchange will continue to
be a locomotive for further development of
the Montenegrian securities market, its
promoter, and active participant of
international integration.
FUTURE OUTLOOK
In 2010, Montenegro Stock Exchange has
following Plans:
• To get first short term securities issued by
companies;
• To start with implementation of Project
involving Derivative securities on
Montenegrian stock market;
• To organize the Third Annual Conference,
• To organize several Training Programme
related to the Corporate Governance Code,
together with IFC;
• Following the Decision of the General
Shareholders meeting, the MNSE will merge
with another Montenegrin exchange.