Podgorica, (Montena-business) - The Commission for Securities refused the demand of Montenegroberza Stock Exchange for annulment of the working permission to the new Stock Exchange, with explanation that it is not the Commission#s job to decide on that. The Commission gave the working permission to NEX Montenegro Stock Exchange, in accordance with the Law on Securities, which says that it is possible to found more than one stock exchange for trading with securities, if all legal conditions are fulfilled. The possibility of having more than one stock exchange should develop competition between the stock exchanges, which would work better and offer their services at cheaper prices, says the announcement. The new stock exchange fulfilled all conditions according to the Law on Securities, and it has a capital of DEM 340,000. DEM 210,000 of that sum is in form of money and DEM 130,000 in equipment. The Stock Exchange also has hardware for implementation of the electronic system of trading with securities, says the announcement. At the meeting, it was also concluded that the capital and technical equipment of Montenegroberza didn#t provide a complete security for the capital market, in case only one stock exchange would exist. The Commission gave working permission to the new stock exchange because of economical reasons, which is development of securities# market. At 18 January this year, the Commission evidenced the emissions of shares that converted a debt of the Fenix a.d. Company from Pljevlja, which was DEM 104,000, into shares capital, and a debt of Napredak a.d. Company from Pljevlja, which was DEM 268,000, into shares capital, it is said at the announcement. The 8th emission of Beranska Banka#s shares, the amount of DEM 800,000, was proclaimed as successful, while the second emission of shares in Jugobanka a.d. Bank in Podgorica, amount of DEM 1,5 million, and the emission of shares in HLT a.d. Management Company, amount of DEM 390,000, both were unsuccessful and therefore were annulled. It was agreed that it would soon be possible to perform electronic trade with shares after the process of MVP ended. The Commission for Securities claimed that share trading in Montenegro was completely free, during selling and buying shares and during forming the prices of shares as well. The brokers will trade with shares and inform shareholders and buyers of shares about the most favourable ways of buying and selling the shares. It will assure transparency and prevent malpractice, says the announcement. dc/bd