Podgorica (MINA-BUSINESS) – Trading company shares in Montenegro seems to be taking place outside the two officially registered stock exchanges, but buyers and sellers expose themselves to high risk because there is no one to guarantee cash payment for the shares. According to the Law on Securities and on Activities of Licensed Brokerages, company shares can be bought or sold only at the stock exchange with the mediation of a brokerage. But advertisements in the media which offer or seek shares of Montenegrin companies signal that citizens are prone to bypassing the law. So far, the most wanted shares have been of the most lucrative Montenegrin companies and as a reference price one usually uses the values at which transactions have been concluded at the official market. Shares of the power company Elektroprivreda Crne Gore, Bauxite Mines and Podgorica-based Zetatrans are among the most wanted shares. Owners are ready to sell them at a face value, but buyers offer market prices. In practice, one share of Telekom Crna Gora has a face value of 6.0 euros but on the market the stock trades at 1.0 euro. In practice, cash payments for the shares are rare. Buyers prefer to offer payment in kind, with property on the Montenegrin territory. Transfer of ownership is possible with a special contract determining the property as a gift to the seller. At the official market, the Central Depository Agency (CDA) is in charge of guaranteeing cash payment for the shares and of transferring shares from a seller to a buyer. Brokers say bypassing the official market is possible if one pays a tax to the CDA to register the transfer of shares and issue a report on a market transaction. Brokers believe that foreign consultants may launch an initiative to clamp down on the abuses.