Registration for the 27th ACI Macedonia Annual Assembly







When:    May 27th- May 29th, 2022

Where:  Hotel Laki & Spa, Ohrid  (

Registrations are closed for this event

NoteThe Registration fee for the event is EUR 35,00. Booking of a single room costs EUR 45,00 and double room costs EUR 70,00.


Please register no later than May 16th, 2022.


For any information concerning the event, please contact:

Bojan Cvetanovski     T: +389 78 300 784    e-mail:

Saso Radevski           T: +389 23 295 108    e-mail:

Jane Nastoski             T: +389 25 100 889    e-mail: 

Marjan Ristov             T: +389 70 368 509   e-mail:


C U there!

* * * SAVE THE DATE * * * 27th Annual Assembly of ACI Macedonia FMA, 27 May– 29 May 2022


We look forward to welcoming you

To ancient city of OHRID (Laki Hotel & Spa ) on a unique Lake of Ohrid

 Online registration soon will be available on our website

In case you would need further information please do not hesitate to contact:

Bojan Cvetanovski (tel. +389 78 300 874 ; e-mail:

Saso Radevski (tel.+389 2 3295 108; e-mail:

Jane Nastoski  (tel. +389 2 5100 889 e-mail:



Trading with financial instruments by use of electronic platforms


Author: Daniela Naumova

In the past years, we have witnessed more and more increased internet trading with financial instruments at the stock exchange by use of relevant software applications. The history of internet trading is a fascinating and revolutionary story, which develops explosively along with the telecommunication technology development. The manner of working and functioning of the stock exchange, and of the financial markets, including the internet trading, is subject to legislative of a relevant country aimed to protect the investors and its participants. In the EU, the trading with the financial instruments is regulated by the European Securities and Market Authority (ESMA), which is an independent body of EU and contributes to the protection of stability of the financial system by enforcing the protection of investors and promotion of stable and regulated financial markets.

At the stock trading, where as participants historically we have large corporations, banks, institutions, there is an interesting fact that a new investment profile emerges lately: private/small investors, which purchase and sell shares of companies or trade with another financial instruments by use of electronic platforms. Thereby, we can number out as most attractive financial markets for trading to be FOREX, shares trading, trading with oil, noble metals, crypto currencies.

Why is internet trading for small investors is becoming more and more current and attractive lately?

Continue reading “Trading with financial instruments by use of electronic platforms”

Investing under terms of higher inflation


Author: Dragan Ilkoski

Most expected announcements of the capital markets for several quarters already are those related to the inflation measuring, although it is already evident to everyone at the global level. These data, following the publishing by the central banks (now higher than the projections that the central banks had for year 2021), have serious impact on global markets and determine the investment strategies of all participants. Thus, in the first half of year 2021 we witnessed the tremendous growth of major part of the raw materials, partially caused by speculation motives followed by their large correction, as well as evident repositioning of the global portfolios toward investing into companies with longer history of positive results, excellent market positioning, stable dividend policies and major and valuable brands. These companies, largely part of the still active bull market cycle, were at the margins, on the account of generally young technological companies which were projected to have huge annual growths (in terms of income, market penetration, technological achievements, etc.) in early phase of development with extremely high capital needs and negative financial results. Although the reasons for this “growth to value” rotation could also be identified at many other places, expectations for pacing up the inflation rates and consequent expectations for interest rates growth, which would contribute to lower values of the future discounted cash flows, are surely to be one among the major ones.

During this entire period the largest central banks diligently defended their expansive monetary policies, identifying the growth of the price levels as transitory, mostly caused by the distorted production and distributive chain supplemented by speculative market movements, as well as the increased current consumption as a result of abolishment of the quarantine measures around the world, the vaccination and in general, more free functioning of the entire world population. Despite of the assurances of the central banks, as well as part of the investment world which support the thesis by the central banks for the transitory nature of the inflation (a thesis that the world due to their level of technological advancement and huge labor productivity is in naturally deflator state), the price of the bonds noted certain decline and increase of the interest rate level (e.g. interest rate of the 10 year bonds issued by the USA raised from below 1% at the beginning of 2021, to the level of 1,6% at the moment).

Continue reading “Investing under terms of higher inflation”