This monograph deals with the genesis of the Prague Stock Exchange during the period of 1990 till 1992. At the beginning of the 90ties, the process of setting up the Czechoslovak capital market was started as an important part of the economic transformation. There are important reasons for an analysis of this first period. One of the main reasons is the fact that a Stock Exchange is still recognized as a symbol of market economics. From the long-term view, the existence of a national Stock Exchange – a top institution of any capital market – was considered to be a very important task for all governments of the former so called socialist countries setting up a stock exchange in transition period wasexpected to be a base for a successful long-term capital market development. An objective description of economic and political conditions under which the Prague Stock Exchange was created (“from scratch”) and a true characteristic of the unsolved problems represents a starting point of the Prague Stock Exchange analysis, and – at the same time - the analysis of the Czech capital market during the 90ties as well. From the very beginning, the fight for setting up the Prague Stock Exchange was, at the same time, a fight for setting up a base for an effectively working standard capital market – corresponding to capital markets in all developed countries with a market economy.