TSE and ECDS complete restructuring

08.09.2000 TLN

Tallinn Stock Exchange (TSE) and Estonian Central Depository for Securities (ECDS) have completed the restructuring of the two Estonian securities market infrastructure companies, and formed a group under single strategic management.

According to the new structure, the group will consist of three companies:
– Tallinn Stock Exchange (AS Tallinna Börs) – parent company, whose tasks include group strategic management, listing of securities, market supervision, public relations, strategic and technological development;
– Estonian Central Depository for Securities (AS Eesti Väärtpaberikeskus) – fully-owned subsidiary of TSE, whose task is to keep the Estonian central registry for securities;
– Clearing house (AS Arvelduskoda) – fully-owned subsidiary of TSE, whose core business is clearing and settlement of securities transactions, and risk management. Legal procedures for establishment of the clearing house are scheduled to be completed by the beginning of year 2001.

The group was formed through acquisition of all ECDS shares by TSE. For this purpose, TSE issued new shares to ECDS shareholders in equal amount with the currently outstanding ones, i.e. 50% of increased share capital amount. TSE share capital amount was increased to EEK 6.6 million.

The group’s strategic management is handled by the TSE Supervisory Board, chaired by Kalev Tanner (Balti Cresco Investeerimisgrupp). Other members of TSE Supervisory Board are Arvo Juhkami (Optiva Pank), Sven Kunsing (Eesti Ühispank), Andres Lipstok (Member of Parliament), Rain Lõhmus (LHV), Allan Martinson (Microlink), Helo Meigas, Priit Põldoja (Hansapank) and Peeter Saks (Suprema Securities). TSE Management Board consists of Gert Tiivas (chairman), Jaanus Erlemann and Tarmo Amer.

"Consolidation of Estonian securities market infrastructure organisations under single management is a positive event, which enables more effective and better co-ordinated development of the Estonian market," TSE Management Board chairman Gert Tiivas said.

TSE shareholders structure as of 08.09.2000

Additional information:

Eva Palu
Head of Investor Relations Dpt
Tallinn Stock Exchange
Tel: +372 64 08 840
e-mail: