TALLINN STOCK EXCHANGE

ANNOUNCEMENT

 

TSE AND ECDS COMPLETE RESTRUCTURING

 

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 Väärtpaberibörs) - 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 

Väärtpaberite Keskdepositoorium) - 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

 

Hansapank	       19.09%

Eesti Ühispank 	       16.97%

LHV	               13.18%

Optiva Pank	       10.15%

Cresco Securities	6.06%

Central Bank of Estonia	5.15%

Ministry of Finance	5.15%

Hüvitusfond	        3.64%

Merita Bank 	        3.64%

Preatoni Pank 	        3.33%

Eesti Krediidipank	1.52%

ICI Trust 	        1.52%

Kawe Kapital	        1.52%

Sthenos Grupp 	        1.52%

Suprema Securities	1.52%

Svenska Handelsbanken 	1.52%

Traader 	        1.52%

Trigon Securities 	1.52%

Väärtpaberiparisnikud 	1.52%

 

 

Additional information:

 

Eva Palu

Head of Investor Relations Dept.

Tel: +372 6 408 840

E-mail: e.palu@tse.ee