History

Central Securities Depository AD Skopje was established in 2001 by 10 brokerage companies, 14 banks and one insurance company.                      

Before the establishment of the Depositary, all securities issued in the Republic of Macedonia were in a material (hard copy) format, and for the issuers, the stock market, the brokers and holders it meant a complicated process of securities issuance, trading and registration of ownership.

After the establishment of the Depositary, at the end of November 2001, the process of dematerialization (conversion of securities from a material into an electronic format) was complited. After the demateralization, the Depositary assumed the role of a central database through which the holders of securities, investors, all relevant institutions and other stakeholders were provided a fast and simple way to gain access to the data required.                          

After the dematerialization of securities, the database of the CSD is the only valid information for the ownership of securities and any other restrictions in relation to the securities.

The dematerialization and the centralized access to records for all securities issued in R.Macedonia increased the protection of investors' rights and improved the credibility of the Macedonian capital market.                  

Since its establishment up to 31.12.2005, the Depositary worked on a not-for-profit basis.