Montenegro Stock Exchange (Montenegroberza) was founded in June 1993 in accordance with permission of the Federal Ministry of Finance. On July 7, 1995 Montenegro Stock Exchange harmonised its business activities with Law on stock exchange, stock exchange activities and agents. It got founding licence from Federal Ministry of Finance, licence for trading with short term securities from Yugoslav Central Bank and licence for trading with long term securities from Federal Securities  Commission. Securities Commission of Montenegro was founded in 2000. and took over jurisdiction form Federal Commission, and gave the licence for business activities to Montenegro Stock Exchange on December 14, 2000.On  September 20, 2001, an additional stock exchange, New Securities Exchange of Montenegro (or NEX as it's better known), Joint Stock Company, was established. A significant activity on the exchanges started at the beginning of 2005 following privatisation of 
 

Thus there are at present two stock exchanges in Montenegro, Montenegro Stock Exhange and NEX (New Securities Exhange of Montenegro). There are over 30 brokerage houses, members of both stock exchanges in Montenegro. Shares of companies may be listed on just one or both stock exchanges. Each of the stock exchanges produces their own stock market indices. However, those indices include only securities traded on each of the exchanges separately. Therefore, until recently there were no single index representing performance of Montenegro's Capital Market. In 2007, Anglo Broker JSC, one of the stock brokers members of the both exchanges, unified trading data from both exchanges and launched unified indices of Montenegro's Capital Market (AMNEX20, AMNEXIF). AMNEX 20 is leading index of Anglo Broker JSC designed to represent the performance of twenty most representative companies listed on one or both Montengro's Stock Exchanges. AMNEX IF is Anglo Broker’s Montenegro’s Stock Market Investment Funds Index formerly known as Privatisation Investment Funds (PIF). As those indices show, it turns out that the performance of Montenegro's Capital Market has been extraordinary particularly in the last several years.
 
 

Total market capitalisation increased from 350 mil EUR at the end of 2003 to 4.24 billion EUR on 18.01.2008. That's more than twice of Montenegro's GDP. 

Source: Anglo Broker 21.09.2007