FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2013
MACEDONIAN CENTRAL SECURITIES DEPOSITORY
In 2014, Macedonian Central Securities
Depository will focus on establishing
electronic services for issuers, investors
and institutions via web services.
Elena Jakimovska Patrovska
Acting CEO
Potential strategic segments and objectives
for development of Macedonian capital market
as well as Macedonian Central Securities
Depository are:
• Proper positioning of the CSD in processes
of regional and global connectivity of the
capital markets, especially establishing
General Information
The purpose of The Macedonian Central
Securities Depository is to establish central
securities register comprising all active shares,
bonds and other financial instruments in
Republic of Macedonia. This will lead to better
access and distribution of information about the
issuers and securities to:
• Investors
• Issuers
• Brokers
• Macedonian Stock Exchange
• Holders of restrictive rights
• Pledge Register
• Other authorized institutions in accordance
with the law.
Brief History
The Central Securities Depository Skopje AD
was established as the sole central depository
facility for Macedonia under the Securities
Law enacted by Parliament in July 2000. The
CSD was established as a non-profit, private
shareholding company and under the Securities
Law was the only institution in the country that
was legally empowered to act as a Central
Securities Depository.
Beginning of operation was at November 2001
and during the first 5 months of operation the
CSD received data for the shareholding books of
650 joint-stock companies. During this process,
200,000 securities accounts were opened for the
owners of securities. In successfully completing
this operation, registration of securities
instruments was concentrated at the CSD as
one central database.
forms of collaboration and connections with
other depository institutions in region
• Improvement of the services offered by
the Depositary to all participants in the
securities market, according to their needs
and development of new services;
• Infrastructure development of the Depository
for the purpose of achieving its basic goals;
During last twelve years, 35 banks and
brokerage houses were participants in CSD,
with total turnover of 3.838.000.000 USD from
405.444 trade transactions.
Central Securities Depository Skopje settles
trade transactions concluded on Macedonian
Stock Exchange from the beginning of operation
in 2001, and started to settle OTC transactions
from 2005.
Regulatory Environment
Macedonian CSD is a Self Regulatory
Organisation under the authority of the
Securities and Exchange Commission of the
Republic of Macedonia.
The Law on securities, the CSD Rules of
Operation, CSD Instructions and other relevant
legislation are the components of the CSD legal
framework.
Participants
At present time, there are 12 participants, banks
and brokerage houses.
Services Provided
The Macedonian CSD is providing the following
services to the participants in the operations,
issuers and holders of securities:
• maintenance of the securities registry
in Macedonia- registration of issuance
of securities and securities transfers, as
electronic records;
• providing the International Securities
Identification Number for all issues of
• securities;
• registration of owners of securities;
• settlement of trades on the delivery versus
payment (DVP) principle;
• execution of non-trade transfers;
• facilitation of securities borrowing;
• Technical and normative development
of the functionalities of the Depositary,
the upgrading of existing technical,
technological and communication solutions;
• Effective and sustainable management of
operating expenses of the Depositary, taking
into account the minimization of operational
risk;
• monitoring of the financial position of its
members for the purpose of managing
• settlement risk; and
• provision of additional services for securities
issuers.
Form of Securities
All the securities in Republic of Macedonia are
registered and dematerialised.
Future outlook 2014
The general goals for Macedonian CSD for 2014
period are the following:
• foster the development of fair, efficient,
dynamic and competitive securities markets
that will provide investment opportunities
and access to capital
• maintain reliable, efficient, effective and
responsive CSD organization in providing
services to our clients
• regular and timely fulfillment of obligations
regarding registration, clearing and
settlement of securities, as well as executing
non-trade transfers of securities.
In 2014, Macedonian Central Securities
Depository will focus on establishing electronic
services for issuers, investors and institutions
via web services.
As support to its plans for development,
Macedonian CSD is in process of reconstruction
of IT center and obtaining new IT equipment.
In area of compliance with international
standards, Macedonian CSD as National
Numbering Agency will implement new ISO
standard for Financial Instrument Short
Name (FISN 18774) with continuation of
implementation of other standards (ISIN -ISO
6166 and CFI code- ISO 10962).
* Please refer to page XXX for the Macedonia country report.
CONTACT INFORMATION
Contact Name Ms. Sofija Vidovic
PAGE 102
E-mail [email protected]
Website www.cdhv.org.mk