Lietuvos Nacionalinės vertybinių popierių biržos ateities perspektyvų analizė Baltijos šalių biržų kontekste

LTStraipsnyje nagrinėjamos Lietuvos Nacionalinės vertybinių popierių biržos (NVPB) vystymo galimybės bendradarbiavimo su Baltijos šalių biržomis (Rygos ir Talino) bei integracijos į kitų šalių vertybinių popierių biržas aspektu. Bandoma įvertinti įvairias įmanomas Lietuvos NVPB bendradarbiavimo ar prisijungimo prie kitų biržų ar jų aljansų alternatyvas. Įvertinus pagrindinius panašumus ir skirtumus biržų prekybos ir atsiskaitymo sistemose, listingavimo bei narystės reikalavimuose, taip pat įvairių galimų NVPB bendradarbiavimo ar susijungimo su kitomis biržomis alternatyvų privalumus ir trūkumus, pateikiamos išvados apie Lietuvos NVPB prisijungimo prie Norex aljanso tikslingumą ir tolesnio Baltijos šalių biržų bendradarbiavimo perspektyvas bei kryptis. [Iš leidinio]Reikšminiai žodžiai: Nacionalinė vertybinių popierių birža; Baltijos šalių biržos; Norex aljansas; National stock exchange of Lithuania; Baltic states exchanges; Norex alliance.

ENArticle focuses on the future development possibilities of the National Stock Exchange of Lithuania (NSEL) in the light of integration with the Baltic States securities markets as well as with the other securities markets and their alliances. With the help of European Union (EU) barriers are being abolished and the conditions are created for reaching of the Global Capital Markets. Until now, for more than 30 of securities stock exchanges existing beyond of the EU, it was only dream, because many of them have had different securities trading rules and regulations.After the introduction of the single currency Euro, integration of the stock exchanges in Europe is gaining momentum. A European stock market with the single electronic trading system, common clearing settlement and harmonized legal regulation is being created. Which position in the rapid integration and globalization processes will be given to the young perspective EU candidates, still very young and going on the formation process? Which alternatives of the future development are acceptable and proper for those markets? Today these are the open questions that are argued fiercely. Small and iliquid Stock Exchange in Lithuania needs to answer those questions to. The possible alternatives of co-operation and integration for Lithuanian securities market were proposed and disscuseed in this article. Authors had analysed five different alternatives, otgoing advantages and diadvantages of each of them. After evaluation of the main differencies and likenesses of the trading and clearing, listing and membership requirements between selected exchanges, different merging alternatives for NSEL was raised. After the analysis of all of these alternatives, it's argued that the most purposeful is to join the NOREX alliance in member status.It's suggested also to develop in line the mutual co-operation of the Exchanges of Lithuania, Latvia and Estonia in terms of creating common trading and clearing Rules and Regulations, presenting standardized information to investors, calculating the common index of the Baltic Stock Exchanges. In that way Lithuanian, Latvian and Estonian Stock Exchanges would be able to reorganize to the regional stock exchanges in the future. [From the publication]