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While the Malta Stock Exchange [MSE] is still a relatively young financial institution, however,
since it was set up in late 1990, it has carved out an important niche for itself within the local
financial sector.
The MSE provides the opportunity for admission to listing and trading of both local and
overseas companies. The MSE admits companies and financial instruments to several
recognised lists through simple and flexible admission rules; a fast admission process and
very competitive fees. In particular, the MSE provides for the Alternative Companies list
geared towards small and start-up companies with little or no trading record.
Furthermore, the MSE operates a screen-based, regulated and transparent regulated market
for various financial instruments including shares, fixed interest instruments and treasury bills,
it provides clearing and settlement services through MaltaClear, offering delivery-versuspayment
clearing and settlement of market trades and a dematerialised registration system
through its central securities depository. The linkage between all these systems provides
straight through processing with all the advantages of increased efficiency and speed. The
MSE also operates an extensive Surveillance System, fully integrated with its trading, clearing
and settlement and registration systems.
Investors transacting in securities listed on the MSE also enjoy a number of fiscal advantages
-no stamp duty is applicable on market transactions and, furthermore, gains on market
transactions are free of capital gains tax.
There are no restrictions on foreigners dealing in financial instruments listed and traded on
the MSE.
Since its inception, the MSE has operated within internationally recognised legislative and
regulatory standards. It is a Member of the World Federation of Exchange; the Federation of
European Securities Exchange; the European Central Securities Depositories Association;
the International Organisation of Securities Commission and is also the National Numbering
Agency in respect of the assignment of ISIN Nos. to financial Instruments and is also a full
member of the Association of National Numbering Agencies. In November 2006 the MSE also
became a signatory to the European Code on Clearing and Settlement. The MSE is very
active on various task forces of these organisation particularly with regard to the
implementation of MiFID and clearing and settlement.
During the last few years the MSE has concentrated on widening the scope of its activities
and the services it provides through continual upgrading to its systems and ensuring that it
will be in a position to comply with all EU Directives due for implementation during 2007. The
MSE, particularly during the last two years has also focused its strategy on attracting more
Issuers to approach the market for financing as the MSE feels that it is only through an
increase in the number and diversity of financial instruments available on its recognised lists
that it can continue to develop.
The MSE remains committed to Malta's drive to become a major international financial centre.
Garrison Chapel, Castille Place, Valletta CMR 01, Malta. Tel: (00356) 21244051. Fax: (00356) 25696316.
E-mail: borza@borzamalta.com.mt website: www.borzamalta.com.mt
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