Montenegroberza AD Podgorica

What Montenegroberza AD Podgorica does

Montenegroberza AD Podgorica is the sole regulated securities exchange in Montenegro, organized as a public joint-stock company (ticker: MOBE) and headquartered in Podgorica. Founded in 1993 and consolidated into a unified market through the 2011 merger with NEX Montenegro, it operates multiple market segments including the regulated Berzansko tržište (Prime/Standard), Slobodno tržište (Free Market), multilateral trading facilities (MTP ME with SUSTAINABLE, PROFIT, and BANKRUPTCY sub-segments; MTP GROW), a money market, and a privatization share market. Its core technology is the BTS (Berza Trading System) v2.6, a Windows-based electronic trading platform supporting the FIX 4.4 standard with 400 requests/second capacity on standard Intel hardware.

The exchange serves listed issuers across telecom (Crnogorski Telekom), energy (Elektroprivreda Crne Gore, CGES), banking (NLB Banka, Addiko Bank), transportation (Port of Adria), and agriculture (13 Jul - Plantaže); 15 brokerage and bank exchange members executing trades; custody banks for settlement; and institutional and retail investors. It generates revenue from transaction-based commissions on securities trades, listing fees across regulated market and MTP segments, and subscription-based market surveillance and data services (Observer Station, WAP, RSS, CSV feeds). Borsa Istanbul holds a 24.38% strategic stake acquired in December 2013, and the State of Montenegro retains a ~10.97% position. Total share capital consists of 3,401 shares with a diverse shareholder base including Atlas Mont (19.67%) and CG Broker-Diler (17.26%).

Name

Montenegroberza AD Podgorica

Legal name

Montenegroberza AD Podgorica

Website

https://mnse.me

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

1–10 employees

Short description

Montenegroberza AD Podgorica is Montenegro's sole regulated stock exchange, operating multi-segment equity, bond, and money markets via its BTS electronic trading platform for listed issuers, 15 brokerage/bank members, custody banks, and institutional/retail investors.

Ownership category

akta.pro rank

Product category

Securities Exchange / Capital Markets Infrastructure

NAICS

Securities and Commodity Exchanges (5232), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Money Markets & Repo Trading Platforms (FSAFANAG)

akta.pro secondary industry

Commercial Paper (CP) & Money Market Issuance (FSACABAH)

Keywords

• Securities exchange operations
• Regulated market trading
• Listing services
• Capital markets infrastructure
• Equity and bond trading

Headquarters

HQ city

Podgorica

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Trading Commission: The exchange charges commission fees on securities transactions executed on its markets. Fee structure is defined in the exchange's price list (cjenovnik).
2. Listing Fees: Fees charged to issuers for inclusion of financial instruments on regulated market, MTP ME market, and MTP GROW market segments.
3. Market Surveillance Services: Monitoring services including Observer Station, WAP, RSS feeds, and CSV data distribution for market participants.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Montenegroberza AD Podgorica operates Montenegro's sole securities exchange, providing regulated market infrastructure for trading in shares, corporate and government bonds, investment fund units, and money market instruments. It organizes the Berzansko tržište (regulated market with Prime and Standard tiers), Slobodno tržište (Free Market), MTP ME multilateral trading facility, and MTP GROW development market, serving listed companies, exchange member brokers, custody banks, and institutional investors.

Product overview

Montenegroberza AD Podgorica operates as Montenegro's sole securities exchange, organized as a multi-market platform comprising regulated markets (Berzansko tržište with Prime and Standard segments), a Free Market (Slobodno tržište), and multilateral trading facilities (MTP ME and MTP GROW markets). The exchange facilitates trading in shares, corporate and government bonds, investment fund units, and money market instruments. Core products include the MNSE10 and MONEX indices, market bulletins in various frequencies, and monitoring services (WAP, RSS, CSV). Educational offerings encompass a virtual trading platform (Moja berza), weekly stock market school, and investor guides. The exchange also manages government share privatization and operates a money market segment.

Differentiator

Problem solved

Functional benefit

Brands

• MNSE10: Main stock exchange index of Montenegro representing the 10 most liquid stocks on the regulated market
• MONEX

Products and services

• Berzansko tržište (Official Stock Exchange Market) The primary regulated market segment for equity securities trading, divided into Prime (further subdivided into Prime prestige and Prime classic tiers) and Standard sub-segments, representing the most demanding listing segment on the Montenegrin exchange.
• Slobodno tržište (Free Market) A regulated market segment with lower listing requirements than the Berzansko tržište, offering trading in shares, investment fund units, government bonds, corporate bonds, short-term debt securities, and auction-based securities.
• MTP ME tržište (Multilateral Trading Facility - Montenegro) A multilateral trading platform subdivided into MTP ME SUSTAINABLE (for sustainable companies), MTP ME BANKRUPTCY (for companies in bankruptcy proceedings), and MTP ME PROFIT segments, for financial instruments that do not meet conditions for regulated market listing.
• MTP GROW tržište A development market platform for newly established joint-stock companies that do not meet two or more conditions for inclusion in the Free Market segment.
• Tržište državnih akcija iz plana privatizacije Market segment dedicated to government shares from the privatization plan, facilitating the trading of state-owned share stakes.
• Tržište novca (Money Market) Market for money market instruments including participants, instruments, announcements, statistics, and applicable regulations.
• Monitoring - Opserverska stanica (Observer Station) Real-time trading observation station providing live market data and trade monitoring capabilities for market participants and surveillance purposes.
• Monitoring - WAP Wireless Application Protocol service for accessing market data via mobile devices, enabling mobile monitoring of exchange activity.
• Monitoring - RSS Real-time Simple Syndication feed for market news and updates from the exchange.
• Monitoring - CSV Comma-separated values data export service providing market information in machine-readable format.
• MNSE10 Index The main stock market index of Montenegroberza tracking the top 10 listed companies by market capitalization and liquidity on the regulated market.
• MONEX Index Broader composite market index encompassing a wider range of securities listed on Montenegroberza.
• Bilteni (Market Bulletins) Market publications available in monthly, quarterly, semi-annual, and annual formats providing statistical reports and market analysis.
• Moja berza - Virtuelna Trgovina Virtual trading platform for educational purposes, allowing users to practice trading with simulated market conditions.

Named customers7 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Eight partnerships are on record, tiered major, core and minor.

• Sarajevo Stock Exchange (Sarejvska berza)majorStrategic or Co-development Partner · 1 April 2021Business-technical cooperation established between Montenegroberza and Sarajevo Stock Exchange to facilitate joint activities and market development.
• NEX Montenegro (Nova berza hartija od vrijednosti Crne Gore)coreStrategic or Co-development Partner · 1 January 2011In early 2011, the two Montenegrin stock exchanges (Montenegroberza and NEX Montenegro) integrated through merger, with NEX Montenegro being absorbed into Montenegroberza. First working day of unified exchange was January 10, 2011. NEX Montenegro had been established September 20, 2001.
• Vienna Stock Exchange (Bečka berza)majorStrategic or Co-development Partner · 1 June 2008Memorandum of understanding established between Montenegroberza and Vienna Stock Exchange. Activities included study tours, joint programs, and exposure to Austrian capital market institutions including banking, custody, and supervisory bodies.
• Belgrade, Zagreb, Ljubljana, and Macedonian Stock ExchangesmajorStrategic or Co-development Partner · 1 February 2008Montenegroberza joined the regional stock exchange partnership memorandum signed in Ljubljana. The partnership envisioned joint market presentation, international roadshows, and creation of a unified regional index.
• World Federation of Exchanges (WFE)majorStrategic or Co-development Partner · 1 February 2008Montenegroberza became member of WFE in February 2008 in Cairo. WFE Board noted the Montenegrin market as growing with significant opportunities and potential despite being young.
• International Finance Corporation (IFC) / World BankmajorStrategic or Co-development Partner · 1 November 2007Memorandum of understanding signed for introduction of Corporate Governance Code in Montenegro. IFC provided technical expertise through working group of domestic and international experts.
• Federation of European Stock Exchanges (FESE)majorStrategic or Co-development Partner · 1 June 2007Montenegroberza admitted to FESE membership at XI General Assembly in Brussels in June 2007, joining the major European stock exchange family.
• Zagreb Stock Exchange AcademyminorStrategic or Co-development PartnerEducational partnership providing access to Zagreb Stock Exchange Academy programs for investor education and professional development.

Scale indicators4 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Macedonian Stock Exchange: North Macedonia's national stock exchange; a directly comparable Western Balkan exchange with similar emerging-market positioning and a co-participant in the regional partnership and joint data distribution via QuoteStation.
• Zagreb Stock Exchange: Croatia's national stock exchange; a near-identical regional peer in size, segment structure, and Western Balkan positioning, and active educational partner via the Zagreb Stock Exchange Academy.
• Banja Luka Stock Exchange: Bosnia's Republika Srpska-based exchange; a small regional peer also integrated into the TENFore QuoteStation regional data feed alongside Montenegroberza.
• Ljubljana Stock Exchange: Slovenia's national stock exchange and a regional partner of similar size; co-signatory of the 2008 regional partnership memorandum and host of cross-border market development initiatives.
• Borsa Istanbul: Istanbul Stock Exchange is both a strategic shareholder (24.38%) and a directly comparable emerging-market exchange operator serving a single national market with similar regulatory, listing, and trading infrastructure functions.
• Belgrade Stock Exchange: Serbia's national stock exchange and a regional peer of comparable scale; co-signatory of the 2008 Ljubljana regional stock exchange partnership aimed at joint market presentation and a unified index.
• Sarajevo Stock Exchange: Bosnia's Sarajevo Stock Exchange; a directly comparable regional peer with a formal business-technical cooperation agreement (2021) covering joint market development activities.

Broad incumbents

• Cboe Global Markets: Global exchange operator running multiple regulated equities and derivatives venues; comparable as a broad-incumbent exchange infrastructure provider, though it operates at vastly greater scale and with a different product mix.
• Vienna Stock Exchange: Established Western European incumbent exchange operator with a multi-segment structure; larger and more diversified, but active MoU partner and reference model for Montenegroberza's corporate governance and capital market development.
• Euronext: Pan-European multi-country exchange operator with comparable regulated market, growth market (Euronext Growth), and free market segments — a broader incumbent reference point for product diversification and cross-border integration.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/montenegroberza
• Facebookfacebook.com/MontenegroStockExchange
• LinkedInlinkedin.com/company/montenegro-stock-exchange-ad

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Montenegroberza AD Podgorica