ALSE will increase safety following digitalization: Gjergji

The Albanian market of securities has been continuously exposed to fraud risk due to the limited development during all these years.

Director of the first private Securities Exchange in Albania Artan Gjergji says the market has been driven by physical securities, which can be easily subject to counterfeiting.

“There is a phenomenon of forgery of securities or all physical means of payment, namely tangible physical assets including banknotes or securities printed under certain security conditions. They are always exposed to the risk of counterfeiting by various falsifiers,” said Gjergji .

Gjergji added that establishing the stock exchange, together with the modernization of state institutions, will guide the market towards full digitalization, eliminating any risk of falsification.

“The licensing of the securities exchange is in the framework of completing all this scheme, this financial market architecture. We had a financial market architecture focused solely on the banking sector. Now, step by step, the responsible institutions such as the Financial Supervisory Authority and the Bank of Albania are supporting the development of the capital market and the development of those financial institutions that deal with the securities industry. The first step was the licensing of the securities Exchange. I believe that very soon in the autumn of this year this securities institution will be licensed, which will hold in electronic form all the other titles of other forms,” Artan Gjergji said.

In July this year, the Financial Supervisory Authority licensed the first Albanian Stock Exchange.

ALSE is the first securities exchange that comes as a private entrepreneur initiative and is expected to be operational in the coming weeks.

SCAN

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