“Perhaps it was not the right time…”. This is how the former head of the state owned stock exchange, which was closed a few years ago, Anila Fureraj, commented the licensing of the first private stock exchange in the country during a special interview for Albanian Free Press. Fureraj adds that “the time has come now” and that such incentive is being requested by the business sector and according to her, this is a good thing, because it serves to the market and the business sector, making it more transparent, competitive, but also more prestigious in the capital market…
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Mrs. Fureraj, I trust you have already heard about the licensing of the first private stock exchange in the country by the Oversight Financial Authority. How would you comment it?
This is without any doubt the best thing that can ever happen to the Albanian market. Secondly, this is being requested by the business sector. The fact that it’s being acted on what the market is demanding, is a very positive thing.
You say this although it is an incentive undertaken by the private sector, while the state’s incentive failed a few years ago?
Anything that is done for the market is a positive thing. This means that something that is required by time, must be done.
Do you expect this stock exchange to work, although you have led this institution before and saw that not many companies came to list themselves in it?
This is a novelty, because it is something that the market needs, although the previous stock exchange was closed because no companies came to be listed in it. So, given that it’s an institution that is required by the financial system in the country, both the state and the private sector may exploit it.
Why did Tirana Stock Exchange fail?
Perhaps it wasn’t the right moment. Now, time has come and the business sector is requesting it.
So, you think that the market is now aware of the fact that it should be listed in the stock exchange and that it needs such an institution?
Yes, by all means. The market requires it, time requires it.
How is the situation in the region as far as private stock exchanges are concerned?
Very good. Many neighboring countries in the region have their own stock exchanges and there’s cooperation between them. They have both state stock exchanges and private ones. For instance, Croatia’s stock exchange has been created as such and this has happened many years ago. Istanbul stock exchange is a very good example and it has offered its cooperation to Tirana Stock Exchange. I have signed the agreement for this cooperation and cooperation with other stock exchanges in the region.
It seems that Albanian business sector has become more aware that it needs a stock exchange and the neighboring countries to be listed in international markets.
Yes, it’s the business sector the one which is interested on this, to show that it’s truly transparent and has the opportunity to be present in the capital market, as it now feels competitive with the neighboring countries. Today, we have many large and prestigious companies which have emitted stocks, which are not sold in the stock exchange, as a stock exchange doesn’t exist. But, the fact that they have emitted these stocks, the credibility that they have offered, the potential that they have manifested shows that the market and the business sector is requesting such thing. So, why not give this sector such opportunity in order to have access in capital markets?
