22nd Annual Conference of the Macedonian Stock Exchange

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PROGRAM FOR THE CONFERENCE
September 26, 2023 (Tuesday)
20:30 
Welcome reception - Hotel Bellevue Ohrid
September 27, 2023 (Wednesday)
08:30 - 09:30 
Registration of participants, Hotel Metropol Ohrid
09:30 - 10:00 

Introductory speeches

Fatmir Besimi
Minister of Finance of the Republic of North Macedonia

Nora Aliti
President, Securities and Exchange Commission of the Republic of North Macedonia

Ivan Shteriev
Chief Executive Officer, Macedonian Stock Exchange

 
Special presentation - The future of North Macedonia in the multipolar world
Supported by U.S. Embassy in North Macedonia  
10:00-10:30 

Marko Papic
Partner & Chief Strategist, Clocktower Group


10:30 - 10:45 
Coffee break
 
Panel 1: What has 2023 brought us?
10:45 - 12:00 

Panel Moderator
Ivan Shteriev

Chief Executive Officer, Macedonian Stock Exchange

Sasho Arsov
Full professor, Faculty of Economics, University 'St. Cyril and Methodius' in Skopje

Goce Hristov
CFO, GRANIT AD Skopje

Vilma Ucheta Duzlevska
Chairman of the Board of Directors, Triglav Insurance Croatia

Vasko Mitev
Executive Director, Ilirika Investments Skopje

Branko Greganovic
Chairman of the Management Board, NLB Bank Skopje

 
Successful projects of members of FEAS - ideas for future development of capital markets
12:00 - 12:20 

Konstantin Saroyan
Secretary General, Federation of Euro-Asian Stock Exchanges (FEAS)


 
How to further develop the Macedonian Stock Exchange
12:20 - 12:40 

György Dudás
Partner - Bourse Consult LLP, Велика Британија)


 
Report on monitoring the compliance of listed companies with the Corporate Governance Code
12:40 - 13:00 

Zorica Asenova
Legal advisor, Macedonian Stock Exchange


13:00 - 14:30 
Lunch
 
Panel 2: Digitization, Artificial Intelligence and Financial Services
14:30 - 15:45 

Panel Moderator
Alexandar Iljov
Director of Marketing and Sales, Halk Banka Skopje

Jacek Kubas
Head Of Digital Hub, EBRD

Daniel Danilovski
Manager of Professional Services, Nextsence, Skopje

Matko Maravic
CEO, InterCapital Securities Ltd, Хрватска

Jovanka Lukic
Team Lead, Central Risk Management - Model Validation - Innovations and Projects, ABN AMRO Bank, Холандија

Kiro Chadikovski
Director of the Directorate for bank cards and payment accounts, Komercijalna banka Skopje

 
Presentation of the Adria Digital Exchange project
15:45 - 16:05 

Tomislav Gračan
Zagreb Stock Exchange


 
Maximum efficiency and productivity: Digital transformation of operations with remote signing
16:05 - 16:25 

Suzana Tasevska
Director of the Directorate for Information Infrastructure and Telecommunications, KIBS Skopje


 
Covered bonds
16:25 - 16:45 

Nikolay Bebov
Managing Partner, Co-Head, FS Law at Tsvetkova Bebov & Partners, member of Eversheds Sutherland, Бугарија


 
Social event - supported by Lazar Winery  Logo Lazar
17:30 

Tasting of Macedonian wines and traditional products


 
 
19:30
Dinner
22:00
Party

Panel 1: What has 2023 brought us?

The current year 2023 was and is a year full of challenges for economies everywhere. Inflation, interest rate growth, implications of old and new public and private sector borrowings in the changed reality, fiscal adjustments and novelties in many jurisdictions, direct and indirect consequences of the pandemic and the war in Ukraine... In the domestic capital market, a new, less favorable tax treatment of capital gains from investing in securities began to be applied; the monetary policy is more restrictive - both in terms of determining interest rates, and in striving for greater capital adequacy of banks; announced the introduction of solidarity tax... What did 2023 bring us? - through the prism of the corporate and financial sector in R. N. Macedonia, i.e. academic analysis.

 

Panel Moderator:
Ivan_Steriev

Ivan Shteriev

Chief Executive Officer, Macedonian Stock Exchange

 


Speakers:
Saso_Arsov

Sasho Arsov

Full professor, Faculty of Economics, University 'St. Cyril and Methodius' in Skopje

Sasho Arsov was born in 1971 in Skopje. He graduated and mastered at the Faculty of Economics, UKIM in Skopje, and received his doctorate at the same faculty in 2003. In 2009, he obtained the title of Certified Financial Analyst (CFA). He has been working at the Faculty of Economics since 1997, and since 2013 he has been a full-time professor. He also taught at the Graduate Center for Public Policy and Management 'Macedonia', University of Pittsburgh, USA, program in Skopje (2005/6). He worked on several projects for the needs of the World Bank, UNDP, the European Commission and other private and state users. In the period 2008-2015, he was a member of the Council of the National Bank of the Republic of Macedonia. He completed study stays at BCID - the Center for International Development in Bradford, WB, Fontis University in Eindhoven, the Netherlands, the University of Reykjavík, Iceland, etc. His scientific interest includes: corporate finance, financial markets, international finance, public projects, project management etc. He is the author of textbooks on Financial Management and Investment Management (co-author).

Goce_Hristov

Goce Hristov

CFO, GRANIT AD SKOPJE

Goce Hristov was born 1976 in Skopje. Ha has graduated and mastered at the Faculty of Economics in Skopje in the area of financial-accounting management and accounting and auditing. In the period 1998 till 2020, he has worked in the audit firm Moore Stephens LTD Skopje, in which he has passed all the professional levels and starting from 2004 he has been acting successfully as Audit Partner till 2020. From 2020 till today, he is on position as CFO at the Construction Company GRANIT AD Skopje where he is responsible for day-to-day financial and accounting activities of the largest construction company in Republic of North Macedonia with more than 1000 employees. He owns license for certified auditor as well license for certified accountant. In several occasions he has been member of the Audit Committee of several banks in Macedonia, as well as member of the Supervisory Board of Sava Pension Fund in Skopje. He is a member of the Institute of certified auditors of Republic of North Macedonia and currently he is a President of the Quality Control Committee within the Institute. He has participated or lectured on seminars, trainings and conferences in the country or abroad in the area of finances, accounting and auditing.

Vilma_Uceta_Duzleska

Vilma Ucheta Duzlevska

Chairman of the Board of Directors, Triglav Insurance Croatia

Vilma Ucheta Duzlevska graduated from the Faculty of Economics in Skopje at the University of St. Cyril and Methodius. She has been a member of the Insurance Board of the Macedonian Chamber of Commerce since 2012 and a member of the Professional Business World of the American College Skopje since 2014. The executive director, after spending two terms as Chief Executive Officer in Croatia Insurance - Life AD Skopje, and one year in Croatia Insurance - Non-Life Insurance Company AD Skopje, continues her engagement in Triglav Insurance AD Skopje. After about fifteen years spent in the insurance sector in the country, 12 of which in a leading position, the Supervisory Board of Triglav, based in the Republic of Croatia, appointed Duzlevska as the chairman of the Management Board.

Vasko_Mitev

Vasko Mitev

Executive Director, Ilirika Investments Skopje

Vasko Mitev is the President of the Board of Directors of Vega Funds AD Skopje. He has been performing this function since the establishment of the Company. He is an expert in the brokerage industry, he started his professional career as a broker in Komercijalna Banka. From 2008 until today, he has been working as the Executive Director of Ilirika Investment AD Skopje. He attended numerous regional seminars and conferences and attended and completed various trainings in the countries of Southeast Europe on Investment Banking, Corporate Finance, M&A and due diligence. He is a participant and lecturer at several seminars and conferences organized by the SEC, the Macedonian Stock Exchange and the Chamber of Commerce, where he has obtained a certificate for working with securities, a certificate and an international license for an investment advisor. He is a graduate economist, majoring in financial management.

Branko_Greganovic

Branko Greganovic

Chairman of the Management Board, NLB Bank Skopje

Branko Greganović is the chairman of the Management Board of NLB Banka Skopje. Greganović has a degree in economics and two defended master's theses, one in economics at the Faculty of Economics in Ljubljana, the other in management at the London Business School, and more than 30 years of regional and international experience in the banking, corporate and public sectors. The beginnings of his career are tied to work in state institutions, in the central bank of Slovenia, and later in the Ministry of Finance, where from the position of state undersecretary he is also in charge of managing public debts and state guarantees. Towards the end of the 90s, Greganović moved into the private sector. After years spent in leading positions at Societe Generale Bank Slovenija, Hippo Alpe-Adria Banka in Austria, the Droga Kolinska Group, but also as an independent advisor in the field of corporate finance, mergers and acquisitions and financial restructuring, in 2014 Greganović became the head of NLB Bank in Belgrade, where he held the position of Chairman of the Management Board for seven years. Under his leadership, NLB Bank Belgrade, from a bank with unprofitable operations, grew into a profitable and recognized financial institution with an accelerated annual growth of 15 to 20 percent. Such results of NLB Group on the Serbian market pave the way for the acquisition of one of the leading Serbian banks - Komercijalna banka Belgrade, in December 2020.

Special presentation

 

Is EU membership a possible mission?


Speaker:
Marko_Papic

Marko Papic

Partner & Chief Strategist
Clocktower Group

Marko is a Partner and Chief Strategist at Clocktower Group, an alternative investment asset management firm based in Santa Monica, California. He leads the firm’s Strategy Team, providing bespoke research to clients and partners on geopolitics, macroeconomics, and markets.

Prior to joining the firm, Marko founded BCA Research’s Geopolitical Strategy practice (GPS) in 2012, the financial industry’s first dedicated political analysis investment strategy. The GPS service generated geopolitical alpha by identifying gaps between the market’s political expectations and the firm’s forecasts. Marko was a Senior Vice President and the firm’s Chief Geopolitical Strategist.

Marko began his career as a Senior Analyst at Stratfor, a global intelligence agency where he contributed to the firm’s global geopolitical strategy as well as its analyst recruitment and training program. In his academic work, he helped create the Center for European Union Studies at the University of Texas at Austin. Marko holds an MA in Political Science from the University of Texas at Austin and an MA from the University of British Columbia.

He is the author of Geopolitical Alpha: An Investment Framework for Predicting the Future, a book that introduces his constraints-based framework to investors. Born in Belgrade, Serbia, he has lived in Iraq, Jordan, Switzerland, Canada, and the U.S. When he isn’t writing research, you can find him coaching his kids’ basketball games or playing with locals on the neighborhood court.

Presentation

 

Successful projects of members of FEAS - ideas for future development of capital markets


Speaker :
Konstantin_Saroyan

Konstantin Saroyan

Secretary General, Federation of Euro-Asian Stock Exchanges (FEAS)

Dr. Konstantin Saroyan is a Secretary General of the Federation of Euro-Asian Stock exchanges, where he manages multi-cultural environment of a variety of member stock exchanges and central securities depositories covering Europe, Asia and Mediterranean Basin. As a Board Member of Armenian Institute of Directors Konstantin is contributing his energy and knowledge for the development of corporate governance in the region. Konstantin is a Co-Founder of Investment Bankers Club in Armenia and Board Member of the Fund for Rural Economic Development of Armenia. Konstantin holds Doctor of Economics degree and is an adjunct Professor at the French University of Armenia Foundation.

Presentation

 

How to further develop the Macedonian Stock Exchange


Speaker :
György_Dudás

György Dudás

Partner - Bourse Consult LLP

György has more than two decades of experience in financial market infrastructures. He worked for KELER, the Hungarian CSD and CCP for 22 years and was CEO for 14 years. György was a Vice-Chair of ECSDA (European CSD Association, 2006-2017) and he has been involved in the development of the EU regulatory and infrastructure regime for post trade infrastructures. György held executive and non-executive positions during and after his KELER years. He left KELER Group in Q2 2017 and since then he acts as consultant specialized to post trade infrastructures. He joined Bourse Consult as a partner in 2019. György holds an MA degree in Finance from the Corvinus University of Budapest. He is currently a member of the Hungarian Economic Association and is a member of the curatory body of a local NGO foundation which promotes civil society development.

Presentation

 

Report on monitoring the compliance of listed companies with the Corporate Governance Code


Speaker :
Zorica_Asenova

Zorica Asenova

Legal advisor, Macedonian Stock Exchange

Zorica Asenova, LLM, is a Legal Advisor at the Macedonian Stock Exchange AD Skopje, starting from April 2018, and she started and built her professional career working in the Securities and Exchange Commission of the Republic of North Macedonia since 2004. She graduated and received her master's degree on the Faculty of Law 'Justinijan Prvi' at the University of 'St. Kiril i Metodij' in Skopje, has passed the Judicial exam, the exam for working with securities and the exam for investment advisors, and has also attended numerous domestic and foreign trainings and conferences in the field of corporate governance, takeovers of joint stock companies, issuance and trading of financial instruments, investment funds as well as other trainings in the field of administrative, business and financial law. Through participation in the work of the working groups for drafting of laws in the area of capital markets and of the working groups for the preparation of the National Programme for Adoption of the Acquis Communautaire, she acquires a broad knowledge of EU legislation in the area of financial services and with the opportunity to participate in the process of its transposition into the Macedonian legislation. She had the opportunity to transfer her practical and theoretical knowledge to students, as well as to the wider professional public, lecturing at numerous trainings and conferences in the country and abroad.

Panel 2: Digitization, Artificial Intelligence and Financial Services

The financial sector has historically been one of the pioneers in the application of digitization. It is the financial intermediaries and stock exchanges in the world that have often been the bearers of technological innovations. Modern financial services are unthinkable without their complete or partial digitization. The arrival of new generations Y and Z on the scene reinforces or will strengthen these trends even more. In addition, the rapid exponential development of AI-based technologies in the recent period is causing a significant new impact in the financial sector and represents a fundamental innovation, with all the feedback implications that are expected and/or predicted because of this. It is clear that technological breakthroughs in the field of machine learning and support learning algorithms are enabling computers and systems to perform tasks that until now were usually associated with human intelligence. What does all this mean for the present and future of financial services?

 

Panel Moderator :
Aleksandar_Iljov

Alexandar Iljov

Director of Marketing and Sales, Halk Banka Skopje

 


Speakers :
Jacek_Kubas

Jacek Kubas

Head Of Digital – EBRD

Jacek Kubas is a Principal at the London office of the European Bank for Reconstruction and Development, in the EBRD’s Local Currency and Capital Markets Team (LC2). Jacek specialises in covered bonds, securitisation, derivatives and market infrastructure. During his time at EBRD, Jacek has also worked as an Adviser to the President of EBRD with a strong focus on strategy and business development. Recently, Jacek in cooperation with SEE Stock Exchanges has created the SEE Link, a trading platform integrating exchanges in the Western Balkans. Prior to joining EBRD, Jacek worked in the Financial Law Division of the European Central Bank, Frankfurt; Germany, providing legal advice on monetary policy implementation and crisis related measures, and at the Warsaw office of Allen & Overy LLP. Jacek graduated from the University Of Gdansk School Of Law, obtained an LL.M. in Financial Services from Chicago Kent College of Law and a postgraduate law degree in International Trade from the European Institute of University Studies in Turin, Italy.

Daniel_Danilovski

Daniel Danilovski

Manager of Professional Services, Nextsence, Skopje

Daniel Danilovski holds a B.Sc. degree in electrical engineering, with 25+ years of professional experience and expertise in developing system infrastructure for complex digital transformation solutions and trust services.

Daniel is Manager of Professional Services of Nextsense and trust services expert. His dedication to development of advanced technologies for improvement of organizations’ performance and their digital transformation, resulted in introducing Nextsense’s innovative solutions and products for digital signing and working with e-documents. With Daniel’s significant contribution, Nextsense developed the digital signing portfolio of products and services – Nextsense Signing Suite.

His proven expert capabilities are reflected in numerous, successfully implemented digital signing solutions, digitalization and business processes automation, positioning Daniel as an expert for complete secure solutions for providing e-identification services, authentication and integrity, in compliance with the European regulation eIDAS.

His proven professionalism and dedication to new technologies, enriched Nextsense with international awards, including the prestigious – Microsoft Partner of the Year.

Matko_Maravic

Matko Maravic

CEO, InterCapital Securities Ltd, Хрватска

Matko Maravic graduated in finance from the University of Michigan, Stephen M. Ross in the USA and an MA in Financial Law from the Goethe University (Institute of Law and Finance) in Germany. He started his professional career in 2008 at Agrokor d.d. in the strategy and capital markets department, where he primarily worked on the group's long-term financing. In 2010, Maravic joined Intercapital Securities d.o.o. as an associate in the investment banking sector, in which he managed projects for the financing of the Croatian capital market and business mergers and acquisitions. At the beginning of 2016, he assumed the position of chairman of the management board, within which he is primarily responsible for his own trading, analysis department and investment banking. Matko Maravic is an authorized broker and investment advisor, and he also teaches as an external associate at the Zagreb School of Economics and Management.

Jovanka_Lukic

Jovanka Lukic

Team Lead, Central Risk Management - Model Validation - Innovations and Projects, ABN AMRO Bank

Jovanka Lukic is the team lead of Innovation&Projects Model Validation within ABN AMRO Bank, Netherlands. The team is responsible for validation of the AI models used within the bank, climate risk, as well as IFRS9 models. The team is also involved in setting up governance for all new type of models and initiatives within the bank. Jovanka joined ABN AMRO in 2012 working in the market risk field. Before joining ABN AMRO, Jovanka worked in the energy section. She studied physics and obtained a PhD in statistical mechanics from University of Rome “La Sapienza”. She worked several years as a researcher by collaborating with different universities in France, Germany and Spain.

Kiro_Cadikovski

Kiro Chadikovski

Director of the Directorate for bank cards and payment accounts, Komercijalna banka Skopje

 

Presentation

 

Presentation of the Adria Digital Exchange project

Tomislav_Gracan

Tomislav Gračan

Zagreb Stock Exchange

Tomislav Gračan has been a member of the Management Board of the Zagreb Stock Exchange since 2010. Work experience before that includes leading positions in several companies (Zagrebačka banka d.d., Dioki d.d., HVB Leasing Croatia d.o.o., UniCredit leasing Croatia d.o.o., Hypo-Leasing Kroatien d.o.o.), in jobs related to providing legal advisory support to management and in the domain of organizational and cost restructuring. He started his career in 1998 as an intern at the Municipal Court in Đurđevac, where after passing the bar exam he continued to work as a court advisor. He completed the Executive MBA program at Cotrugli Business School. He wrote two books as well as several professional works in the field of law and finance.

Presentation

 

Maximum efficiency and productivity: Digital transformation of operations with remote signing

Suzana_Tasevska

Suzana Tasevska

Director of the Directorate for Information Infrastructure and Telecommunications, KIBS Skopje

IT professional with a bachelor’s degree from the Faculty of Electrical Engineering and Information Technologies, University 'Ss. Cyril and Methodius' Skopje.

Currently in the position of Director of ICT Department in KIBS AD Skopje.

Extensive experience in ICT areas such as systems engineering, management of IT services and databases, information security and data protection, digital certificates and Public Key Infrastructure (PKI).

Participation in projects related to digitization of working processes, payment systems and payment services, trusted services provider for certificates for electronic signatures, e-seals and time-stamps.

Presentation

 

Covered bonds

Nikolay_Bebov Nikolay Bebov

 

Managing Partner, Co-Head, FS Law at Tsvetkova Bebov & Partners, member of Eversheds Sutherland, Bulgaria

Nikolay is responsible for the Bulgarian legal aspects of some of Bulgaria's largest capital markets transactions and M&A transactions in the financial sector. He also regularly advises clients on M&A transactions in the financial sector, as well as projects in North Macedonia, where Nikolay works alongside experienced local qualified lawyers. Nikolay regularly participates as an author in specialized publications such as International Law and Regulation of Securities (for Bulgaria), International Banking Law and Regulation (for Bulgaria and North Macedonia), Review of Practice in Securities Disputes (Bulgaria), Review of Law for mergers and acquisitions (Bulgaria), as well as many others. Nikolay also has considerable experience in the preparation of legislative acts - in Bulgaria and North Macedonia. Nikolay is a member of the International Bar Association, the American Bar Association, the New York State Bar Association, the New York City Bar Association, and the Federal Bar Association.

PARTICIPATION DETAILS
  • The conference will be held bilingually, in Macedonian and English.
  • The organizer provides simultaneous translation throughout the conference.
  • The conference will be held at hotel Metropol Ohrid.


Registration fee for participation

Registration fee for participation in the conference: 6,900 + VAT
The registration fee includes:
participation in the conference, conference materials, coffee break, cocktail.
The registration fee does not include:
accommodation and transportation to Ohrid and other expenses.


Discounts for groups

- If 3 people from the same company/institution apply: -10%

- If 4 or 5 people from the same company/institution apply: -20%

- If more than 5 people from the same company/institution apply: -30%


Payment details:

Macedonian Stock Exchange AD Skopje
Account number for payment of the registration fee: 300-0000032408-06 Komercijalna banka AD Skopje;


Organized accommodation of the participants:

For the accommodation of the participants, Macedonian Stock Exchange AD Skopje made reservations of single and double/triple rooms in Hotel Metropol Ohrid and Hotel Bellevue Ohrid, under the following conditions:

Prices based on bed and breakfast

  Single room Double/triple room
Hotel Metropol and Hotel Bellevue 56 EUR per person per day 80 EUR per person per day
 

Prices based on half-board

  Single room Double/triple room
Hotel Metropol and Hotel Bellevue 62 EUR per person per day 92 EUR per person per day


 

Prices are per room, per day, including tourist tax and VAT

For just one night, the price increases by €5 per person



Payment for hotel accommodation is made by the participants of the conference. When registering at the hotel, please indicate the type of accommodation you will use (bed and breakfast or half board). Payment is in Denar equivalent. The price includes VAT.

RESERVATION OF HOTEL ACCOMMODATION IS MADE DIRECTLY AT HOTEL METROPOL AND HOTEL BELLEVUE WITH THE EMPHASIS THAT IT IS ABOUT THE ANNUAL CONFERENCE OF THE MACEDONIAN STOCK EXCHANGE



Warning:

The number of conference participants is limited. For cancellations received as of September 15, 2023, 50% of the registration fee will be refunded. For cancellations received after September 15, 2023, the registration fee will not be refunded. Macedonian Stock Exchange reserves the right to change the program without notice.