Stock exchanges
Number of listed companies
Domestic market capitalization
million US$

Macedonian Stock Exchange

Name Macedonian Stock Exchange
Country North Macedonia
Number of listed companies 368
Domestic market capitalization 32470 million US$
SSE Partner Exchange Yes
Has annual sustainability report No

ESG reporting required as a listing rule No

Has written guidance on ESG reporting Yes

Offers ESG related training No

Market covered by sustainability-related index No

Has sustainability bond listing segment No

Has SME listing platform Yes

  • Within the official market of the MSE, there are special sub segments for listing of small joint stock companies.

Women on boards mandatory minimum rule No

Additional information
Organizational model of stock exchange
  • The MSE is organized as a joint-stock company, governed by a Board of Directors composed of one executive member, Chief Executive Director – and seven non-executive directors (one-tier management system), operating on a for profit basis. MSE is not listed on the Official Listing tier, although its shares are traded on the Free Market sub-segment of its Regular Market.

Regulatory bodies

Regulatory model
  • SEC’s supervision authority legally prescribes SRO functions for the MSE (limited SRO) The SEC is the primary regulatory authority for the capital market in Macedonia. The SEC regulates, supervises and monitors enforcement of the Law on Capital Market, Takeover Law and Law on Investment Funds. The SEC’s main responsibilities in regulating the stock exchange operations are to supervise the legality of the stock exchange organization and proper conduct of stock exchange trading, operations and membership. Rules of the MSE that regulate membership, trading, listing and business conduct are subject to the SEC’s approval, hence the limited self-regulatory powers of the Macedonian Stock Exchange. The SRO status of the MSE is regulated in the Law on Securities, art. 82, which stipulates that MSE as a self-regulatory organization adopted conduct rules for its members regarding implementation of the MSE’s regulations and the Law on Securities. Under the positive legislation, MSE determines listing criteria for the companies in its listing rules, although this concept will be changed once the MIFID II is introduced into domestic legislation.

About the stock exchange
Location: Skopje, former Yugoslav Republic of Macedonia Macedonian stock exchange was founded in 1995.

  • On September 13 the inaugural meeting of the MSE took place. This is the official date of the establishment of the first organized securities exchange in the history of the Republic of Macedonia considering that the country had never before had a stock exchange. The total number of initial founders of the MSE was 19 (13 banks. 3 insurance companies and 3 savings houses). These founders simultaneously became the first exchange members with right to trade securities. MSE started trading on March 28, 1996. Today, MSE is a modern and regulated market operator which operates the only securities exchange in the country. Currently, MSE has 11 members (4 brokerage houses and 7 banks). It organizes trading in financial instruments in a fair, efficient and transparent manner. Additional services include data vending, index development and specialized educational seminars and training courses.

Criteria for Stock Exchange Database

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.


Criteria Considered

Country Country of primary residence or registration
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
Regulatory model

The extent to which exchanges have regulatory authority in their market. This may include:

  • Limited exchange SRO
  • Strong exchange SRO
  • Independent member SRO
  • Government (Statutory)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.