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Trading

 MSE trading is trading with instruments which, in accordance with the Securities Law, are defined as , listed securities, i.e. registered at some MSE markets according to the legislation and MSE acts, and for which trading the MSE provides appropriate systematic and organizational support. The MSE may, by agreement with certain subjects, organize trading using other exchange material, with prior consent from the Securities Exchange Commission.

There is no securities trading at the MSE in cases when:

  • there is no legal exchange of the securities ownership;
  • the transfer of the securities ownership is the result of issuing new securities which is in progress.

MSE members may fulfill orders for buying and selling listed securities , i.e. securities that are accepted for trading on the MSE markets only via the BEST system.  All brokers are electronically connected from their premises to the central MSE server located at its headquarters. The BEST system shall be open for MSE members for the purpose of dealing with the trade orders (entry, changes, retaining, activating retained orders, withdrawing orders) each trading day (Monday, Tuesday, Wednesday, Thursday and Friday) during the trading phases. The BEST system is based on the order system, in accordance with the continuous bidding model and application of the computer matching method of  the securities prices.

Prices of securities traded on the MSE should be announced for 1 (one) lot and may be expressed as follows:

  • for shares: in denars without decimal places ;
  • for bonds:  as a percentage of the face value or of the principal that is not yet paid (annuity bonds), without accrued interest. The percentage is expressed using two decimal places.


When trading bonds, except for the price expressed as a percentage of the face value or of the bond principal that is not yet paid, the buyer of the bonds is obliged to pay the seller interest that is accrued, but not charged yet. Calculation of the accrued interest shall be performed by the licensed depositary.

The official daily average price of a certain security is the weighted arithmetic mean of all prices of all transactions involving that security at any given trading day. The quantity of securities in each transaction is considered as weight. The official daily average price is formed at the end of the trading day. The official daily average price of a certain security is published on the official daily list of the MSE.

TRADING HOURS
MONDAY TO FRIDAY
09:00  -  14:00 (starting from September 3, 2018)

TRADING
TRADING IN THE BEST SYSTEM 
The BEST system provides securities to be traded in the continuous trading regime or in the auction trading regime. (Depending on the liquidity of the security) 

  • CONTINOUS TRADING REGIME
    •     Pre—trading phase, and 
    •     Main trading phase. 
  • AUCTION TRADING REGIME

    Trading in auctions where all transactions are concluded at the same time and same price. Securities in this trading regime are divided into 3 groups depending on the time of conclusion of transactions.

BLOCK TRANSACTIONS

Reported block trades, executed by entering the transaction by the Exchange, out of regular trading in the BEST system, with prior application of the transaction by members of the Stock Exchange, or 
Negotiated (system) block trades, executed by entering block orders in the BEST system by a member of the Stock Exchange during the regular trading hours . 

PUBLIC AUCTIONS

Public auction using trading model “all or none” refers to the auction model where the offered shares are traded only in package in a single transaction; and
Public auction using trading model “Sell on parts” refers to the auction model where shares are traded in quantities smaller that the whole offered quantity, through number of transactions.

PUBLIC OFFERINGS OF SECURITIES

The Macedonian Stock Exchange offers realization of public offerings of primary issuance of securities, on a special market segment.

PUBLIC AUCTION FOR SELLING LARGE PACKAGES OF SHARES 

The Macedonian Stock Exchange, on a special market segment in the BEST trading system, offers selling of large packages of issued shares, thorough two models:  

Model “All or none”, or
Model “Sell on parts”. 

 

CLEARING ANS SETTLEMENT

The clearing (calculation of mutual liabilities of authorised 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 authorised 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 + 2) after the day the transaction is concluded.
 
The MSE shall submit data on the concluded exchange transactions to the authorised 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) as dictated by the MSE.