Capital market

The story of the Macedonian Stock-Exchange began in 1995. The total number of the initial founders of the Macedonian Stock Exchange was 19 (13 banks, 3 insur¬ance companies and 3 saving houses). These founders simultaneously became first Exchange members with right to trade in securities.

The Capital market in the Republic of Macedonia is consisted of three markets:

1.    Official market

2.    Regular market

  a.    Market of publicly held companies
  b.    Free market

At Official Market  listing of securities is a procedure for the admission of securities to the Official Stock Exchange Market according to the criteria prescribed by the Stock Exchange as well as disclosure of price-sensitive materials and financial information to the public on a regular basis. High-rated trade companies with extraordinary performances and strictly defined development goals, which prefer raising additional capital and public wide-spread holdings, are listed on the Official Market of the Stock Exchange.  

The decision for listing on the Official Market sends a clear signal to potential investors that the company management is willing to run the company transparently. By listing on the Official Market the company is obliged, regularly and continuously, to inform the public of all relevant activities that are undertaken by the company and to give a fair view of the company’s financial position. This constitutes a clear disclosure of the company’s performance to the public.
 
Benefits for Companies that are Listed on the Official Market:

-    Raising new capital by issuing new securities
-    Higher rating and reputation
-    Increasing liquidity and setting market value of stock prices
-    Increasing the value of companies and daily evaluation of the Company’s NAV
-    More efficient protection of investors, issuers and minor shareholders
-    More efficient implementation of the corporate governance principles
-    Parallel listings on the foreign stock exchange


  Market of publicly held companies is a market segment of the “Regular market” on which the unlisted securities, issued by companies that are entered in the Register of the Securities and Exchange Commission of the Republic of Macedonia (SEC), are traded.

Companies that are traded on the Market of publicly held companies have disclosure obligations the public according  to the Securities Law and the acts of the SEC and are recorded in the special Register of the SEC.

MSE enters the securities from the SEC’s Register of the joint stock companies and assigns them with a trading code. After the registration, MSE informs the public about the List of companies that will be traded on the Market of publicly held companies. The listing requirements are not be applicable for the registration on the Market of publicly held companies.

Free market is the market segment where all securities, other than those traded on the Official Market and the Market of publicly held companies, are traded.



Clearing and settlement

The clearing (calculation of mutual liabilities of authorized market participants on the basis of concluded transactions) is performed by the Stock Exchange and settlement of the concluded transactions, due to law provisions, shall be carried by the authorized depositary.  The manner and procedure of clearing and settlement are described in the acts of the authorized depositary.
 
Liabilities referring to the transfer of securities from the concluded exchange transactions shall be carried out by simultaneous payment of the realized price for those securities on the MSE (principle “delivery versus payment”).
 
The settlement of the securities transactions on all MSE markets shall be carried out on the third business day (T + 3) after the day the transaction is concluded.
 
The MSE shall submit data on the concluded exchange transactions to the authorized depositary in electronic form on the day the transactions are concluded.
 
If members of the Stock Exchange mutually agree, settlement of securities transactions on all exchange markets may be executed within a period shorter than the third business day after the transaction is concluded , with a special settlement day (T+1; T+2) as dictated by the MSE.


Special conditions for listing of shares

For the Super listing, the issuer has to meet the following conditions:

For the Stock Exchange listing, the issuer has to meet the following conditions:

For listing of the bonds, the issuer must meet the following conditions: