The national stock exchange of Lithuania (NSEL)

The main price indicators of the securities market .......................................................................... 12
The information system of the NSEL .............................................................................................. 12
Official Listing at the NSEL ............................................................................................................ 12
Summary .......................................................................................................................................... 14
Vocabulary ....................................................................................................................................... 15
THE INTRODUCTION TO THE STOCK EXCHANGE AND A BRIEF SURVEY OF ITS DEVELOPMENT AND ACHIEVEMENTS
The first Lithuanian exchange opened in Klaipėda in 1775 and served as a trading place for export goods, such as grain, linen, and timber until 1945. During 1923 – 1940 an exchange in Kaunas ran trading in foreign currencies and state – issued securities. The Vilnius Stock Exchange was working from 1926 until 1936. After World War II the Lithuanian securities market was moribund for half a century.
After the restoration of independence in 1990, Lithuania started implementing radical economic reforms driven by mass privatization. It was decisive that an efficient framework be created so that the shareholders would have a possibility to transact their shares. Hence, economic reforms primarily mass privatization and issuance of securities impelled the reestablishment of the National Stock Exchange of Lithuania ( NSEL ). During the initial stage of privatization (the period between 1991-1996 ), over 5700 state enterprises were privatized for 3400 million litas. During this process a great number of securities – mostly ordinary registered shares – were issued. These shares were subscribed by over 1,5 million residents of Lithuania. Another 2963 large and middle-sized enterprises were sold through public auctions.
Due to sky-high inflation it was essential to establish a centralized securities market in order to ensure a rational distribution of financial resources, help determine a fair market price of the enterprises, and create favourable conditions for investors to trade shares as well as protect the rights of minority shareholders. Since ownership was initially evidenced, only by temporary shareholders’ certificates, the Government of Lithuania decided to implement a model of dematerialized securities market.
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