{"id":15818,"date":"2023-06-08T08:30:24","date_gmt":"2023-06-08T06:30:24","guid":{"rendered":"https:\/\/altax.al\/?p=15818"},"modified":"2023-06-12T08:48:24","modified_gmt":"2023-06-12T06:48:24","slug":"capital-market-in-the-era-of-postliberal-capitalism","status":"publish","type":"post","link":"https:\/\/altax.al\/en\/capital-market-in-the-era-of-postliberal-capitalism\/","title":{"rendered":"&#8230; capital market in the era of postliberal capitalism"},"content":{"rendered":"<p>The primary function of the capital market is to bring together investors who buy securities with those who sell them. The three main participants of the capital market are individuals (also known as investors), borrowers and shareholders<a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a>.<\/p>\n<p>Based on the already great need to expand the dimensions of the Albanian economy and with-it employment, the creation of the necessary funds for investments in infrastructure and the large front of public works, as well as the desire to invest risky abroad have strongly brought back the possibility of private bidding and the feasible aim for the stock exchange.<\/p>\n<p>But how possible is it now, and who would be some of the tasks that need to be accomplished in the meantime?<\/p>\n<p>The country faces numerous challenges in capital market development, such as insufficient market infrastructure<a href=\"#_ftn2\" name=\"_ftnref2\">[2]<\/a>, weak or inadequate regulation and supervision, and lack of reliable information on issuers. In addition, they also often face limited supply and demand.<\/p>\n<p>In terms of the first public offering, it seems as if the criteria for a market that will:<\/p>\n<ul>\n<li>grows rapidly to dimensions that can make the difference from today<\/li>\n<li>have opportunities to sell and buy through the creation of a formalized fiscal environment<\/li>\n<li>there will be guarantees and reliability in transparency and resilient risk tolerance<\/li>\n<\/ul>\n<p>Let&#8217;s start with the market operators<a href=\"#_ftn3\" name=\"_ftnref3\">[3]<\/a> who must guarantee the functionality of the infrastructure of the capital market as the most important part for the possibility that the first public offering does not remain for a long time without other offers in the Albanian financial market.<\/p>\n<p>The capital market industry in many countries that have already created a tradition (just as it is thought to be created in Albania) is no longer dominated by investment banks on the selling side and by fund managers on the buying side.\u00a0Instead, opportunities are being created for a new group of market operators, Capital Markets Infrastructure providers.<\/p>\n<p>In the current market conditions, all these segments of the service market (infrastructure) are provided with many reservations, but in fact without these services it cannot be claimed that you have created the right and necessary environment for the functioning of the capital market.<\/p>\n<p>Then, starting from the need to create an environment for the development of the capital market, referring to the political document<a href=\"#_ftn4\" name=\"_ftnref4\">[4]<\/a> that aims at this very approach, it is necessary to start from the organization of actions and regulatory measures, since time is the biggest challenge of all this refreshed policy related to the capital market.<\/p>\n<p>While the industry continues to evolve in the surrounding countries and in Albania&#8217;s economic and political partner countries, it is necessary to correctly follow the policy document and follow the appropriate steps to realize the possibility of inclusiveness through the mobilization of appropriate resources for their realization.<\/p>\n<p><em>First,<\/em> a complete, clear, and exhaustive program is needed to address the issues of informality, evasion and fiscal cleansing of business accounts that are expected to be part of the base of services in the capital market. This step needs to be linked to the roadmap of the policy document, with broad political consensus and similar to the judicial vetting process. This approach is already favored by the anti-corruption spirit and the expressed will of the new\/future political leadership. Meanwhile, this moment is suitable to start a national program, to use the investments in the fiscal infrastructure related to the tax reform and fiscal consolidation strategy. In the meantime, a clear political stance is needed regarding the political initiatives that are considered incompatible with the prevention of money laundering, the anti-mafia law and other laws and acts that include the spirit of anti-corruption and anti-tax evasion.<\/p>\n<p><em>Secondly<\/em>, it is necessary to continue with a program on analyzing, formatting the operating framework, and certifying the operators who will perform the market infrastructure services, as mentioned above. This step requires a significant level of responsibility and is the key to guaranteeing the credibility of investors in the future capital market.<\/p>\n<p><em>Thirdly<\/em>, it is necessary to address the objective of diversifying the market through the promotion of greater participation to expand the investor base. An initial step is to boost the buy-side services market by starting to build full incentive packages for operators and businesses that will be the part of the market that will have to deal with equity investors\/lenders, with borrowers\/businesses that will make offers for capital purchases (issuers of capital bonds), as well as ancillary services related to education, training, monitoring, certification and creation of capital deposit and mobility opportunities. If these three poles of the capital market do not interact with each other, then this directly affects the achievement of the main objective, the growth of income and the market, which, unless it becomes large and powerful, would not change significantly from today.<\/p>\n<p>Of course, all this potential future market cannot function without information, its orientation and market analysis, which is the main source of influence to make relevant decisions for each of the market participants.<\/p>\n<p>With the growth of the market, there is also a proportional increase in the demand for data and analytical analysis of the capital market and its trends (today, in Albania, a modest analysis is done only for the foreign exchange market).<\/p>\n<p>In the capital market, data is an indispensable resource, and it is not effective for decisions to invest in the market to be made individually, as we are dealing with complex data, and with the need for processing and analysis by professionals. As innovative technologies leveraging data and analytics continue to be brought to market, the industry is becoming much more innovative and efficient.<\/p>\n<p>It is precisely a preliminary commitment\/task for operators and regulators to assess and manage risk for the investor and the borrower in terms of the rapid creation of a new activity in our economy, the profession of market analysts.<\/p>\n<p>The most effective way to manage investment risk is through regular risk assessment and diversification. Although diversification will not ensure profits or guarantees against losses, it does provide the potential to improve returns based on your goals and target level of risk. Finding the right balance between risk and return helps investors and business managers achieve their financial goals through investments they can be most satisfied with.<\/p>\n<p>As the market grows and expands, it will be clear that it has happened as we will see increased partnerships with fintech companies<a href=\"#_ftn5\" name=\"_ftnref5\">[5]<\/a> to improve customer care and to provide services that a vendor can no longer provide.<\/p>\n<p>But another recent activity that must be developed is financial education, which must first be supported by state budget funds, since the lack of financial education is noticed not only among current investors, but also among the potential issuers of tomorrow. According to the policy document, it is emphasized that &#8220;<em>not fully understanding the risk and benefits that new financing alternatives bring through the issuance of shares or bonds, companies refuse to consider this form, as they see it as a distribution of ownership to foreign persons. Many businesses that want to list on a stock exchange may be afraid of increasing reporting requirements, as well as handing over control of their company to outside investors.&#8221;<\/em><\/p>\n<p>An effective risk and that should have a lot of attention from the main regulator (Financial Supervisory Authority &#8211; FSA) and other institutions (GDT, ML, economic crime agency, etc.) regarding the continuous monitoring, analysis and investigation of the risks that may come from company fraud emitting. In an environment with high informality, with informal money and the circulation of money outside the bank in high values, of course one should also start thinking about risk premiums to keep investments in businesses that issue shares, but with a high trend, secured to commit fraud. In the meantime, the fiscal institutions must cooperate with the regulator, so that just as there is a regulatory framework for reporting suspicious transactions for dirty money, it should also be in the case of businesses that may commit fraud. Also, the result is not driven by a correlation of the propensity to commit fraud with other systematic risk factors known in the asset pricing literature.<\/p>\n<p>In today&#8217;s reality, all of the above are still far from reality, since in countries with a developed capital market these occur when all the necessary parts are functionally in place: wholesale investors, certified borrowers (investment funds, pension funds, companies privatized public companies) informality halved compared to today, informal money much less than today and a market that has reached the final stage to be transformed as the stock market.<\/p>\n<p>If the first financial swallow, which came out with a modest public offering in the last days of May 2023, will be followed by many others, then the public should also feel more confident that the market has already reached the size for them to feel the real benefits that conveys a capital market in the era of postliberal capitalism.<\/p>\n<p><a href=\"#_ftnref1\" name=\"_ftn1\"><em>[1]<\/em><\/a><em> A shareholder is anyone who buys shares in a company that issues shares. More importantly, a shareholder holds shares in the company. An investor can invest money in a company without the need to issue shares. Also, investors can choose to invest in any type of business structure, including a sole proprietorship, a partnership, etc. It is quite common for investors to put money into start-ups to help them grow and develop.<\/em><br \/>\n<em><a href=\"#_ftnref2\" name=\"_ftn2\">[2]<\/a> If we imagine the global financial markets as a vast network, with money in various forms in constant movement, then the capital markets infrastructure (eng. CMI) consists of all the components that make this flow possible.<\/em><br \/>\n<em><a href=\"#_ftnref3\" name=\"_ftn3\">[3]<\/a> trading platforms, brokers, information and technology service providers, securities depositories, and service activities<\/em><br \/>\n<em><a href=\"#_ftnref4\" name=\"_ftn4\">[4]<\/a> <a href=\"https:\/\/amf.gov.al\/pdf\/dokumenti_politik.pdf\">https:\/\/amf.gov.al\/pdf\/dokumenti_politik.pdf<\/a><\/em><br \/>\n<em><a href=\"#_ftnref5\" name=\"_ftn5\"><strong>[5]<\/strong><\/a> FinTech (financial technology) is a term that refers to software, mobile applications and other technologies designed to improve and automate traditional forms of finance for businesses and consumers alike.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The primary function of the capital market is to bring together investors who buy securities with those who sell them. The three main participants of the capital market are individuals [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":15890,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[9756],"tags":[11524,11989,11991,11993,8566,11135,9827,11992,8420,10726,11244,11990,8313,10242],"class_list":["post-15818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-capital-market","tag-cmip","tag-financial-supervisory","tag-fintech-en","tag-funds","tag-informalitet-en","tag-informality-en-2","tag-infrastructure-of-market","tag-investor","tag-money-laundering","tag-pension-funds","tag-shareholder","tag-shares","tag-stock-exchange-en-2"],"featured_image_src":{"landsacpe":["https:\/\/altax.al\/wp-content\/uploads\/2023\/06\/capitalmarket.jpg",826,400,false],"list":["https:\/\/altax.al\/wp-content\/uploads\/2023\/06\/capitalmarket-463x348.jpg",463,348,true],"medium":["https:\/\/altax.al\/wp-content\/uploads\/2023\/06\/capitalmarket-300x145.jpg",300,145,true],"full":["https:\/\/altax.al\/wp-content\/uploads\/2023\/06\/capitalmarket.jpg",826,400,false]},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>... capital market in the era of postliberal capitalism - ALTAX<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/altax.al\/en\/capital-market-in-the-era-of-postliberal-capitalism\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"... capital market in the era of postliberal capitalism - ALTAX\" \/>\n<meta property=\"og:description\" content=\"The primary function of the capital market is to bring together investors who buy securities with those who sell them. 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