Annual Report 2004 - Georgian Stock Exchange

History
The Georgian Stock Exchange (GSE) was established
on 5 January, 1999 on the initiative of distinguished
securities market professionals, leading Georgian
banks, investment and insurance companies, who
are widely represented in the Supervisory Board of
GSE. As a result of winning the open tender
announced by USAID, GSE received the technical
assistance within the framework of Georgia Securities
Market Development Project.
At the meeting of October 18, 1999 the Supervisory
Board of the GSE decided to establish an institution
for efficient and reliable clearing and settlement of
executed trades. Consequently the Georgian
Central Securities Depository (GCSD) was set up, initially
100%-owned by GSE.
CHRONOLOGY OF GSE AND GCSD DEVELOPMENT
1999
January 5 - Georgian Stock Exchange was established;
March - USAID announced the results of the tender
for revealing eligible entity for receiving technical
assistance in developing of organized trading in
securities in Georgia. The Consortium of the
Caucasian Exchange and the Georgian Stock
Exchange were named to be the winners;
October 18 - Georgia Securities Central Depository
was set up;
2001
June 20 - As per the decision of the GSE Supervisory
Board, the securities of the JSC Bank of Georgia, and
the JSC Industria Ivesti (brokerage company) were
admitted to the GSE listing tier;
2002
December 10 - the Specialized Privatization Auctions
started at the GSE as a result of close cooperation of
the GSE, the Commission and the Ministry of Property
Management of Georgia;
ANNUAL REPORT 2004
2000
January 14 - The National Securities Commission of
Georgia (the Commission) issued the license
#90001to the GSE to operate as a stock exchange in
Georgia;
January 18 - The NSCG recognized GSE as a self-regulatory
organization (SRO);
The NSCG issued the license # 80001 to the Georgian
Securities Central Depository (GCSD) and recognized
it as a SRO;
March 23 - The first trading session took place, which
marked the beginning of regular trades on the GSE;
September 15 - the GSE was admitted to the
Federation of Euro-Asian Exchanges (FEAS) as a full
member at its general assembly in Macedonia;
2004
February 24 - Treasury Bills of the Ministry of Finance of
Georgia were admitted to the GSE and trading with
this new financial instrument started;
March 19 - On March 19, 2004 the Memorandum on
Mutual Cooperation between the GSE and the
Thessalonici Stock Exchange Center for harmonization
of their trading platforms and clearing and settlement
systems was signed.
December 14-15 - The roundtable was held with participation
of the Armenian Stock Exchange and the
GSE in Yerevan (Armenia) where future cooperation
opportunities were identified.
December 22 - The GCSD became a founding member
of the Association of Central Depositories of the
Eurasian Countries.
6 Georgian Stock Exchange JSC
Georgian Central Securities Depository JSC