Our Identity
WHO WE ARE
The Albanian Securities Exchange ALSE sh.a. is the first privately owned securities exchange operating in the Republic of Albania. The ALSE Exchange facilitates trading in all types of financial instruments recognized under Law No. 9879, dated 21 February 2008, “On Securities” (as amended), provided that they meet the listing or quotation criteria set out in the relevant ALSE regulations.
Our Journey
From the Albanian financial system and the journey of the Tirana Stock Exchange, to the establishment and licensing of the Albanian Securities Exchange (ALSE) — the story of building the first private capital market in Albania.
VISION
ALSE’s vision is to establish a national securities market that becomes a key component of the domestic financial market and an important link with foreign markets, enabling Albanian businesses to gain easier and faster access to available sources of financing. This vision would position ALSE not only as a trusted market in the eyes of domestic businesses and investors, but also as a serious and reliable partner for foreign investors and international peer institutions within the securities industry.
MISSION
ALSE’s mission is to establish a functional and centralized market that will facilitate the matching of supply and demand for securities in the domestic market. In addition, ALSE aims to organize securities trading in a cost-efficient environment, with low intermediation costs, a transparent and impartial market, and standards that ensure the protection of portfolio investors.
ALSE
GOVERNING BODIES
The Albanian Securities Exchange ALSE sh.a. is a joint-stock company with a two-tier management structure, established in accordance with the law.
Empower financial
Empower financial freedom through innovative digital solutions that enhance user experience and accessibility.
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The Financial System in Albania
Albania has a financial system that has developed asymmetrically, with a well-developed banking sector pillar and a non-banking sector that has developed only modestly.
Thus, as part of the non-bank financial sector, Albania has a market where the capital market is almost absent, even though many market operators are licensed (brokerage firms, custodians, investment funds, pension funds, life insurance, etc). On the other hand, despite a clear presence of collective savings schemes (investment funds and pension funds, life insurance schemes) over the past 10 years, their further development has been rigorously hindered by the lack of a domestic capital and alternative investment market.
Tirana Stock Exchange
For years, the Tirana Stock Exchange (TSE) was the only stock exchange ever established in Albania. Initially, it was created as a department of the Bank of Albania (BoA), with the intention of separating after a certain period of time. The main activity of the TSE included organizing the primary and secondary market for short-term government debt securities (treasury bills).
The TSE was finally separated from the BoA in July 2002, to be established and thereafter operate as an independent joint-stock company with state capital.
The TSE received the final license from the Securities Commission (today the FSA) to operate as a regulated securities market in 2003 and renewed it again in 2005. However, the TSE, for a variety of reasons, never managed to become a trusted partner for Albanian businesses, remaining merely a legal concept.
For this reason, in April 2015, the FSA decided to suspend this market's license in the Republic of Albania, in accordance with shareholder decision no. 16 dated 07.04.2015.
Albanian Securities Exchange
The Albanian Securities Exchange ALSE sh.a. began in 2014 as an ambitious project with the support of Credins Bank, with a team of experts specialized in securities and capital markets, with the aim of creating a privately-owned electronic trading platform that would enable matching supply and demand for securities in Albania.
This electronic platform would fill the gap of an organized market (exchange), where domestic businesses could raise capital in a way alternative to the banking sector. The project was lobbied to interested parties (financial institutions both within and outside the country) with the aim of securing financial support. This was followed by market research, identification of electronic trading systems, and preparation of the regulations and license file with the Financial Supervisory Authority (FSA).
Seeing the high development potential of this project as well as the favorable conditions for the development of the domestic capital market, in 2016 two other financial institutions joined this initiative: AK Invest and the American Bank of Investments.
Licensing of ALSE
With its decision no. 88, dated 03.07.2017, the FSA Board licensed the company "Albanian Securities Exchange ALSE" sh.a., as the first Albanian exchange with private capital licensed in the country.
The FSA Board's decision came after an assessment, in compliance with legal requirements, of all documentation related to the company's scope of activity, capital, governing bodies, and the infrastructure and technological systems necessary to carry out its activity.
Official trading of Government Debt Securities (Treasury Bills and Treasury Bonds) on the ALSE Exchange began for the first time in February 2018.