The Moldova Stock Exchange (MSE) is a closed-end joint stock company. Members of the MSE are its shareholders. They are licensed for broker-dealer and/or market activities, and have to comply with requirements on solvency, organisation of operations and employees. The trading takes place on First Market, divided into level 1 and level 2, and Second Market. Official Trading Hours: 10:00-15:00 Main Indices: CNVM-32 Index Instruments Traded: Ordinary registered shares, preference registered shares, subscription rights, government securities, corporate bonds.