FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2013
MOLDOVA STOCK EXCHANGE
The trading volume increased in 2012
($51,67 millions) compared to 2011
($20,6 millions).
Dr. Corneliu Dodu
President
In 2012 the Moldova Stock Exchange indicators
were higher than in 2011. The trading volume
increased in 2012 ($51,67 millions) compared
to 2011 ($20,6 millions).
At the end of the 2012 on the Moldova Stock
Exchange were registered 1010 issuers: in
Listing - 11 and in Non-listing - 999. There are
21 accredited members. The most resulting
period of the year by volume and by number
HISTORY AND DEVELOPMENT
In 1993 the Law on securities circulation and
stock exchanges was enacted and from this
point in time the institutional infrastructure of
stock market in Moldova began to develop.
In December 1994 the non-profit institution,
Moldova Stock Exchange was established as
joint-stock close company. 34 promoters - the
securities market professional participants took
part in its establishment. The first transactions
were made on June 26, 1995, and this date is
accepted as the birthday of the Moldova Stock
Exchange.
In June 1998 the Moldova Stock Exchange
established the National Securities Depositary
and a new trading system were integrated with
the depositary system which allows transactions
to be carried out. According to the changes
made in the law «On Securities market» which
came into force on January 1, 2008, Moldova
Stock Exchange has the right to own up to 75%
shares of National Securities Depositary.
At the moment Moldova Stock Exchange has 36
shareholders, of which 21 are the exchange’s
members. The members are legal entities that
own at least one share of the exchange (one
vote) and have the license for broker and / or
dealer activity.
of transactions was August ($19,8 millions and
236 transactions).
In 2012 the settlement system of the National
Securities Depositary of Moldova was
integrated in the Automated Interbank Payment
System of the National Bank of Moldova.
In 2012 the Parliament of Moldova approved
the Law of the capital market, which was
In April 2000 Moldova Stock Exchange received
the status of a self-regulating non-commercial
organization. In July 2000 new Moldova Stock
Exchange’s Regulations were introduced which
improved the mechanism of transactions.
In July 2007 the Mega regulator - National
Commission of Financial Market was created.
According to the legislation the Mega regulator
determines and regulates the state policy of the
nonbank financial market.
elaborated in accordance with the EU directives
and which provides a number of reforms in this
field. The law of the capital market will enter into
force in September, 2013.
In the next 2 years it is planed to elaborate,
approve and implement the legal framework
under the legislation.
FUTURE OUTLOOK
For 2013 Moldova Stock Exchange has the
following main goals: the increase of trading
volumes especially through the diversification
of the traded financial instruments, the foreign
collaboration. Also MSE will continue to develop
the IT infrastructure and upgrade the website.
Since 2008, due to the change of the securities
market legislation the MSE lost its status of
a non-commercial organization, becoming a
commercial one and therefore losing its status
of a self-regulating organization.
At the present Moldova Stock Exchange is a
developing stock market, which continues to
cooperate with other stock exchanges and
financial organizations. MSE is a member
of FEAS from 1995 and in 2008 became the
member of International Association of the CIS
Exchanges.
In 2011-2012 were introduced the International
Financial Reporting Standards (IFRS). So, since
January 1st, 2012 the listed companies must do
their accounts according to the IFRS.
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