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Macedonian Stock Exchange (MSE)

posted onOctober 3, 2018

The Macedonian Stock Exchange (MSE) is the principal stock exchange in the Republic of Macedonia and is based in Skopje.

The MSE was established in 1995 as a joint stock company operat­ing on a non-profit basis, with a founding capital of one million deutschmarks.The total number of the initial founders of the MSE was 19 (13 banks, 3 insur­ance companies and 3 saving houses).

These founders simultaneously became first Exchange members with right to trade in securities. The first trading occurred in 1996. In the beginning the Exchange was open for trading twice a week, on Tuesdays and Thursdays.  

In 2001 the Exchange increased the number of trading days in a week, from two to three trading days. The trading on the stock exchange floor stopped and the electronic trading of securities started using the new "Bourse Electronic System of Trading" (BEST).

The same year, the MSE was transformed into a for profit joint-stock company. The first official stock exchange index - the Macedonian Bourse Index (MBI) was promoted. The long-awaited process of complete dematerialisation of shares in more than 670 companies in the country and the operation of the Central Securities Deposi­tory had begun. 

In 2002, the number of trading days was increased to four days of the week, Monday to Thursday. In 2003  the regional platform SEE Link was promoted, of which the Macedonian Stock Exchange was one of the main initiators. In 2004 the MBI 10 (Macedonian Blue Chip Index)was introduced. In 2007 the MSE realised a record turnover of 682 million euros and the MBI 10 index achieved its biggest value breaking the barrier of 10.000 index points. 

In 2013, a new market sub-segment was introduced on the official market of the MSE - "Mandatory listing".  At the end of 2013, 116 joint stock companies were listed on the official market of the MSE, whose market capitalisation reached 1.6 million euros. 

In 2016, the SEE Link order routing system became fully operational. SEE Link is a project started by Macedonian, Bulgarian and Croatian stock exchanges with the objective of creating a regional infrastructure for trading of securities listed on those markets.  

The MSE has signed Memorandums of Understanding with the stock exchanges in  Ljubljana (in 2001), Athens (in 2002), Belgrade, Zagreb and Sofia (in 2003) and a Memorandum of Cooperation with Wiener Bourse (in 2006). In 2007, the MSE signed a Memorandum of partnership between the exchanges of Belgrade, Zagreb and Ljubljana. 

The MSE is a member of the Yerevan-based Federation of Euro-Asian Stock Exchanges and the Brussels-based Federation of Euro­pean Stock Exchanges (FESE).  

Ivan Steriev CEO MSE

Key people:
Ivan Steriev  (CEO)
Mr Steriev serves as Chief Executive Officer of Macedonian Stock Exchange since 2005. Prior to that he was part of the teams who worked on the establishment of the Exchange and consequently served as a Floor Manager and Director of the Securities Trading Department. He started his career in 1994 at the Bank Rehabilitation Agency of the Republic of Macedonia.

Phone: +389 2 3122 055 
Fax: +389 2 3122 069 
E-mail: mse[at] 
Address: Orce Nikolov 75, 1000 Skopje, Republic of North Macedonia

(Last updated on 03/06/2019)

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