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Transcript 
LINKING OF REGIONAL STOCK EXCHANGES
IN BALKAN
Dr.Tarik Kurbegović
Sarajevo Stock Exchange
Contact phone: +387 33 251 460
Contact e-mail: [email protected]
THE NUMBER OF POPULATION, GDP PER CAPITA,
ECONOMIC JUSTIFICATION OF STOCK EXCHANGE OR
ECONOMIC SUSTAINABILITY
Population
GDP per capita
(EUR)
Sarajevo stock Exchange
&
Banjaluka Stock Exchange
3.531.159
3.704
Zagreb Stock Exchange
4.284.889
Belgrade Stock Exchange
Stock Exchanges
Montenegro Stock
Exchange
Macedonian Stock
Exchange
Ljubljana Stock Exchange
Total
Annual turnover 2016 (EUR)
% Share turnover
386.133.667
18,49%
319.638.567
15,31%
10.338
522.217.044
25,01%
7.131.787
4.760
361.994.482
17,34%
625.266
4.348
115.174.714
5,51%
2.114.550
3.926
48.452.753
2,32%
2.061.085
17.445
333.675.000
15,98%
19.748.736
2.087.286.227
Regional forum on market, investment and statistics – MIS (SARAJEVO, April 2017)
2
STOCK EXCHANGE AS FINANCIAL INSTITUTION I
•
HISTORY– TRANSITION BUM
•
CERTIFICATES – SHAREHOLDERS SECURITIES
•
DEBT SECURITIES AS ALTERNATIVE SORCE OF FINANCING
•
DEVELOPED STOCK EXCHANGES TODAY HAVE COMPLETE
INFRASTRUCTURE REQUIRED FOR OPERATING THE PROCES OF
CONNECTING SUPPLY AND DEMAND OF SECURITIES: BANK, RVP,
CCP, SPECIALIZED STOCK EXCHANGES.
Regional forum on market, investment and statistics – MIS (SARAJEVO, April 2017)
3
STOCK EXCHAGE AS FINANCIAL INSTITUTION II
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STOCKS / ACTIONS
EXCHANGE TRADED FUNDS - ETF
WARRANTS
STATE LIABILITIES
TREZORS 'RECORDS
RECEIVED INDEXED LIABILITIES
EUROBONDS
CENTRAL BANK LICENSE BONDERS
CORPORATE LIABILITIES
BANK HOLDERS
ASSET-BACKED SECURITIES
REPO/REVERSE REPO TRANSACTIONS
DERIVATIVES: FUTURES, FORWARDS, OPTIONS, SWOPS
STRUKTURIRANI PROIZVODI
STRUCTURED PRODUCTS
RIGHT OF ENROLLMENT
IPO’S
MONEY MARKET
Regional forum on market, investment and statistics – MIS (SARAJEVO, April 2017)
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ASPECTS TO CONNECTING
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COALITIONS
JOINING
ASOCIATIONS
FEDERATIONS
UNIONS
INTEGRATIONS
E-TRADING LINK
JOINT PLATFORM FOR TRADING
Regional forum on market, investment and statistics – MIS (SARAJEVO, April 2017)
5
WHAT IS THE BENEFIT – ADD VALUE
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EFFICIENT AND COMPETITIVE MARKET
INCREASE IN THE TRADE RULE
OPTIMAL PORTFOLIO CREATION
APPROACH TO THE MAXIMUM NUMBER OF INVESTORS FOR
EMITTERS
INCREASE OF LIQUIDITY
ATRACTIVITY OF PLATFORM FOR INVESTITORS
SMALLER COSTS AND LARGER REFUNDS
EXCHANGE OF EXPERIENCE AND DEVELOPMENT
SINERGY EFFECT
NEW INVESTMENTS AND POSSIBILITY OF DIVERSIFICATION
Regional forum on market, investment and statistics – MIS (SARAJEVO, April 2017)
6
TRADE PHASE– PHASE I
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WILL
KNOWLEDGE
STAFF
FINANCE
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AGREEMENT ON ESTABLISHING COMMON PLATFORM FOR
TRADING(SEE LINK platform)
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IS IT SUFFICIENT FOR ESTABLISHING QUALITY PLATFORM?
IT IS NOT.
Regional forum on market, investment and statistics – MIS (SARAJEVO, April 2017)
7
SEE LINK platform
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FOUNDERS: Macedonian, Zagreb and Bulgarian Stock Exchange
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New members: Belgrade Stock Exchange, Ljubljana Stock Exchange ,
Montenegro Stock Exchange, Banjaluka Stock Exchange, Sarajevo
Stock Exchange, Athens Stock Exchange
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The idea behind this cross-border initiative is to integrate regional
markets without merging or corporate integration, using only
technology that will allow investors easier and more efficient access
to these markets through a local broker
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SEE LINK system became fully operational in March last year
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SEE Link indexi ‒ SEE LinX and SEE LinX EWI
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The project is funded by the EBRD (http://www.see-link.net)
Regional forum on market, investment and statistics – MIS (SARAJEVO, April 2017)
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Regional forum on market, investment and statistics – MIS (SARAJEVO, April 2017)
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POST TRADE PHASE – PHASE II
• CONSOLIDATION AND SUPPORT OF ALL CAPITAL AND OTHER INSTITUTIONS
PARTICIPANTS
• RVP: CALCULATION AND ALIGNMENT
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CONNECTION & IT
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LAW & REGULATIONS
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MEMBERS AND MUTUAL COMMUNICATION
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COMMISSION FOR SECURITIES: HARMONIZATION OF RULES
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CBBH: LAW ON BUSINESS OPERATIONS
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REGIONAL BANK - PARTICIPANT IN PROCESS OF CALCULATION AND
ALIGNMENT IN REGIONAL MARKET
Regional forum on market, investment and statistics – MIS (SARAJEVO, April 2017)
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Thank You for
Your attention
dr.Tarik Kurbegović
Sarajevo Stock Exchange
Contact phone: +387 33 251 460
Contact e-mail: [email protected]
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