Even though more than a decade has passed, the Stock Exchange Market in Albania is still not functional. The Tirana Stock Exchange is still expecting its first company to be listed. The question that arises toward the Albanian economy and its financial system is: Will it ever be possible for the stock exchange and more specifically the capital markets to be functional in Albania? The objective of this study is to perform an analysis of the factors that assist or impede the development of the stock exchange in Albania and further more to give answers to the three main questions related to the functionality of the stock exchange: WHAT, WHY and HOW should the stock exchange be designed, in order to have it, by the end, functional. The conclusion and recommendation: The Tirana Stock Exchange as a multifunctional platform for financial instruments and non financial products is the most optimal model for a functional long term and permanent stock exchange in Albania.
