Development Perspectives Of Securities Secondary Market In Republic Of Moldova

Itâ€(tm)s an urgent necessity to determine the specific problems of the securities market in Republic of Moldova, in the context of policies and strategies of accession to the European and International activity standards, performance and quality, along with the implication and effects of the international financial crisis. Identification of the influence factors with negative on the secondary market will enable the formulation of recommendations, proposals, improvement and refreshing techniques for the capital market as a whole. The analysis of the secondary market indicators allowed concluding on a high degree of uncertainty and predictability of its evolution. Legislative and regulatory issues on the securities secondary market activity of professional participants, admit the interpretation duality of provisions concerned. National Commission of Financial Market activity as a mega-regulator of the financial market, although involving a increased complexity of activities concerning supervision, control and regulation of the financial (non-banking) sector, do not enjoy great efficiency in terms of stabilization and promotion of the financial sector. The appearance of a stock institution as an alternative to the existing one, after 20 years of experience of the latter, theoretically opens new market opportunities, although in practical terms, at this moment of time, the market participants are reserved and undecided on the future development trend of the secondary market. The study is based on statistical data contained in annual reports of the National Financial Market Commission and published on the official website of JSC „Stock Exchange of Moldova†, analysis of legislative and regulatory provisions and international practices. The statistics cover the whole period of operation of the secondary market in Republic of Moldova, that is from 1995 to 2012, as much as the stock market segment and the counter. The research methodology was based on content analysis, scientific observations, classification, and graphic representation of the investigated phenomena. The paper will contribute to the identification of the secondary market problematic issues and will present a variety of solutions, which will help to review the secondary market development strategies, in particular, and of state policies on financial markets in general.