Montenegro Stock Exchange was established in June 1993, pursuant to the Law on Money and the Capital Market. The first shareholders of the Stock Exchange were the Republic of Montenegro and four banks from Montenegro. In the period from 1994 to 2000,the Montenegro Stock Exchange traded mostly gyro money and short-term securities, as it was allowed by the existing legislation. The first brokerage houses in Montenegro were established in 1996. The transfer of authority of regulating securities markets from the Former Republic of Yugoslavia to its member states required the adoption of the Montenegrin Law on Securities, which did not regulate the issue of short-term securities or trading with them. In this manner, following the adoption of the aforementioned Law, in Montenegro Stock Exchange are trading long-term debt and equity securities. On 20 September 2001, six Montenegrin financial institutions and Brokers Business Association founded the New Securities Exchange of Montenegro. In this period, the activities on the Montenegro Stock Exchange were running very low (due to the failure to meet the legal requirements for trade in securities). Montenegro Stock Exchange completed the final harmonization with the Law on Securities Montenegro in 2004, which led to a situation in which, until the end of 2010, there were two stock exchanges operating. The start of operations of the New Securities Exchange of Montenegro is significant because for the first time in Montenegro capital market transaction were executing by electronic trading system. In the beginning of 2011, the two Montenegrin stock exchanges were integrated, through the merge of the New Securities Exchange of Montenegro to the Montenegro Stock Exchange. The first working day on the single Montenegro Stock Exchange was 10 of January 2011. In December 2013, Borsa İstanbul became a shareholder of Montenegro Stock Exchange by acquiring 24.38% of its capital.