FEAS Yearbook FEAS Yearbook 2013 | Page 67

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. PAGE 65