This decision was influenced by the results of the visit of the FESE representatives in Lithuania, when the degree of the EU rapprochement of the national capital markets legislation as well as the NSEL compliance with the principle criteria for the FESE Associate Membership were assessed.
"We highly appreciate the decision of the General Assembly to grant Associate Membership of the FESE to the National Stock Exchange of Lithuania," said Mr. Rimantas Busila, President of the Exchange. "Not only does it demonstrate recognition of our achievements in developing a sound, transparent and safe securities market, but also calls for our continuous commitment to the high standards of EU capital markets advocated by the FESE. We very much look forward to becoming a dedicated member of the FESE family."
By becoming an associate member of the FESE, the NSEL will acquire a right to delegate its representatives to the working committees of the FESE and to participate in creation of the legislation regulating EU capital market. This will provide the NSEL with more possibilities to participate in the EU integration processes and will allow it to prepare for the changes that await the Lithuanian capital market after Lithuanian's accession to the EU better.
The FESE currently counts 31 Full Members as well as 8 Associate Members (see attached list) and 4 Corresponding Members. Associate Membership is open to Exchanges from those countries that are in accession negotiations with the EU. Candidates must fulfil a number of criteria set up by the FESE, and the legislative and regulatory framework in these countries must follow the contents of EU financial markets legislation.
Since 1995 the NSEL has been a member of the European Stock Exchange Forum of the FESE, and a Correspondent Member of the FESE since June 2000. The NSEL holds trading in shares, bonds, and Government securities. Currently shares of 47 companies are listed at the NSEL. During ten months of 2002, the total NSEL turnover stood at LTL 1.6bn (Euro 463.8m). The total market capitalisation as of 14 November 2002 comprised LTL12.72 bn (Euro 3.69 bn). The dynamics of the securities market are reflected by the official NSEL indices LITIN-10, LITIN, and LITIN-G
