Macedonian Stock Exchange

What Macedonian Stock Exchange does

The Macedonian Stock Exchange (Македонска берза АД Скопје) is the sole licensed securities exchange in North Macedonia, founded in 1996 and headquartered in Skopje. It operates a national market infrastructure for trading shares, bonds, government securities, and investment fund units, regulated by the Securities and Exchange Commission (SEC) of North Macedonia. Its core technology stack consists of the BEST (Berza Electronic Securities Trading) electronic trading system, the SEINet corporate disclosure network (jointly developed with the Sofia and Zagreb stock exchanges with EBRD support), and the BESTnet Analytics market-data distribution product. The exchange maintains the MBI10 equity index (10 most liquid listed companies) and the OMB bond index, and supports members via the eTrader desktop and mTrader mobile applications. The exchange also runs the MSE Training Centre, a Virtual Stock Exchange for students, and a Capital Market Quiz as investor-education initiatives.

MSE generates revenue through four streams defined in its Tariffbook: securities listing fees (transaction-based, varying by Official, Regular, or Free Market segment), annual membership fees from its 11 member brokerage houses and authorized banks, transaction-based trading fees on BEST-executed trades, and other exchange fees covering data distribution and ancillary services. The go-to-market is sales-led and operates on a two-sided B2B model: it onboards joint-stock issuers onto its listing segments to access capital markets, and licenses brokerage houses and banks as trading members. With 11-50 employees and a market capitalization of listed shares of 326 billion MKD but only 13.2 million MKD in single-day turnover, the exchange functions as a regulated market utility with high revenue predictability but limited absolute scale.

Recent strategic positioning includes the April 2026 listing of a 15-year government bond and the July 2026 launch of the EBRD-PwC Market-Based Financing Project, both aimed at deepening issuer participation. The exchange's competitive position is anchored by its statutory monopoly as North Macedonia's only regulated trading venue, supplemented by long-standing international partnerships (EBRD, Vienna Stock Exchange CAPMEX consortium, Sofia and Zagreb exchanges) and compliance frameworks including a Corporate Governance Code and ESG Reporting Guide developed with the SEC.

Name

Macedonian Stock Exchange

Legal name

Македонска берза АД Скопје

Website

https://mse.mk

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

11–50 employees

Short description

Macedonian Stock Exchange is the sole licensed securities exchange in North Macedonia, operating the BEST electronic trading system, listing segments, and MBI10/OMB indices for listed issuers, 11 member brokers and banks, and government bond issuers.

Ownership category

akta.pro rank

Product category

Securities Exchange Services

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (52321)

SIC

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

akta.pro primary industry

Algorithmic Trading & Execution Platforms (FSAFANAN)

akta.pro secondary industries

Corporate Bond Trading Platforms (FSAFACAB), Government Bond (Sovereign) Trading Platforms (FSAFACAA)

Keywords

• Securities exchange services
• Equity trading platform
• Market data distribution
• Capital market indices
• Investment fund data

Headquarters

HQ city

Skopje

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Others

Revenue model

1. Securities Listing Fees: Fees charged to companies for listing their securities (shares, bonds, and other securities) on the Official Market, Regular Market, or Free Market segments
2. Membership Fees: Fees charged to brokerage houses, authorized banks, and subsidiaries of foreign brokerage houses for membership in the Macedonian Stock Exchange
3. Trading Fees: Fees charged on securities transactions executed through the BEST trading system
4. Other Exchange Fees: Various other fees regulated by the MSE Tariffbook for services such as data distribution, products, and other exchange operations

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

The Macedonian Stock Exchange operates the national regulated securities market of North Macedonia, providing trading infrastructure for equities, bonds, and other securities. It runs the BEST Electronic Trading System, the SEINet information disclosure platform, and the eTrader and mTrader trading applications, while also publishing benchmark indices (MBI10, OMB) and distributing market data products to members and listed companies.

Product overview

The Macedonian Stock Exchange (Македонска берза АД Скопје) operates as North Macedonia's sole licensed securities exchange, providing a multi-product infrastructure for trading shares, bonds, government securities, and investment fund units. The product portfolio consists of the core BEST electronic trading system (accessed via desktop eTrader and mobile mTrader applications), supplemented by the SEINet corporate disclosures network, BESTnet Analytics data products, and two benchmark indices (MBI10 and OMB). The Exchange also provides a price list/daily list reporting tool, investment fund data distribution, and an MSE Training Centre offering structured capital market education. Supporting offerings include a capital market quiz, virtual stock exchange for students, and conference and annual awards programs. The exchange's data distribution products include downloadable statistical bulletins, index values, ticker data, and yield reports.

Differentiator

Problem solved

Functional benefit

Brands

• BEST: The electronic trading system of the Macedonian Stock Exchange
• MBI10
• OMB
• SEINET
• eTrader
• mTrader
• MSE Training Centre

Products and services

• BEST Electronic Trading System The core electronic trading platform used by member brokerage houses and banks to execute securities transactions on the Macedonian Stock Exchange.
• eTrader (eTrader Desktop Application) Desktop trading application provided to members and investors for accessing the BEST trading system and managing orders on the Macedonian Stock Exchange.
• mTrader Mobile Application Mobile trading application that enables users to access the Macedonian Stock Exchange and manage orders through smartphones and tablets.
• SEINet Information Disclosure System Regulatory information disclosure platform used by listed companies and members to publish material information, filings, and disclosures in compliance with Macedonian securities regulations.
• MBI10 Index The official benchmark index of the Macedonian Stock Exchange, tracking the performance of the top 10 listed companies by market capitalization and free float.
• OMB Index (Official Market Bond Index) Bond market index tracking the performance of bonds listed on the Macedonian Stock Exchange.
• BESTnet Analytics Market data analytics platform providing detailed trading analytics, historical data, and market insights on the Macedonian capital market.
• Official Price List (Daily List) Daily publication of official closing prices and trading statistics for all securities listed on the Macedonian Stock Exchange.
• Investment Funds Data Distribution of investment fund data and statistics for investment funds operating in North Macedonia.
• MSE Training Centre Educational platform operated by the Macedonian Stock Exchange providing training and educational programs on capital markets and securities trading.
• Virtual Stock Exchange Virtual trading simulator allowing students and aspiring investors to practice securities trading using simulated market conditions.
• Capital Market Quiz (Kviz) Educational quiz competition designed to test and improve knowledge of capital markets and securities trading among students and the public.

Quantifiable outcome

• Market capitalization of 326+ billion MKD of listed shares
• +2 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Five partnerships are on record, tiered core and flagship.

• Vienna Stock Exchange (through CAPMEX Consortium)coreTechnology or Integration · 1 October 2012The MSE Training Center was implemented with support from EBRD, with consultants from the Vienna Stock Exchange CAPMEX consortium involved in concrete implementation. The project aimed to strengthen capacities of market participants in securities trading and financial topics.
• Sofia Stock ExchangeflagshipTechnology or IntegrationJoint development of the SEINet (Stock Exchange Information Network) project for publishing regulated information by listed companies, supported by EBRD.
• Zagreb Stock ExchangeflagshipTechnology or IntegrationJoint development of the SEINet (Stock Exchange Information Network) project for publishing regulated information by listed companies, supported by EBRD.
• PwC North MacedoniacoreImplementation/ SI/ Consulting PartnerPwC North Macedonia collaborates with MSE on training programs (Legal Obligations, Tax Regulation courses) and was part of the 2026 Project for Market-Based Financing presentation.
• Securities and Exchange Commission (SEC) of North MacedoniacoreOthersRegulatory oversight body for the securities market. SEC works with MSE on the Corporate Governance Code for listed companies and approves various exchange rules and regulations.

Scale indicators11 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Budapest Stock Exchange: Established CEE exchange with cash equities, derivatives, and indices; broader incumbent in the same regional product category as MSE.
• Bucharest Stock Exchange: Larger CEE incumbent operating equity, bond, and derivatives markets; comparable exchange operator business model but with materially greater scale and product breadth.
• Vienna Stock Exchange: Major CEE/SEE exchange operator and CAPMEX consortium member that helped implement MSE's Training Centre; serves as the regional incumbent and indirect strategic partner.

Direct peers

• Sofia Stock Exchange: Bulgarian national securities exchange and SEINet co-development partner; runs parallel BEST-style electronic trading and listed-equity/bond markets comparable to MSE.
• Belgrade Stock Exchange: National securities exchange of Serbia operating a similar equity and bond trading model in the same Western Balkan region. Most directly comparable to MSE in size, regulatory model, and product mix.
• Sarajevo Stock Exchange: Bosnia and Herzegovina national exchange with a similar small-market, multi-segment (Official/Free) structure and listed equity/bond product set.
• Ljubljana Stock Exchange: Slovenian national exchange operating a comparable electronic trading platform with equity, bond, and fund listings; serves as a slightly larger regional benchmark.
• Zagreb Stock Exchange: Croatian national exchange and SEINet co-development partner with MSE; operates equivalent equity/bond/indices infrastructure and serves as a regional technology and governance reference point.
• Montenegro Stock Exchange (MNSE): Small Balkan national exchange with equity listings and electronic trading; closely comparable scale and regulatory environment to MSE.

Others

• EBRD (Capital Markets Development): Long-standing strategic partner of MSE providing funding, technical assistance, and co-investment for the SEINet platform, Training Centre, and Market-Based Financing project; not a peer in product terms but a key ecosystem enabler.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/macedonian-stock-exchange

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 Macedonian Stock Exchange