LINKING OF REGIONAL STOCK EXCHANGES IN BALKAN

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Presentation transcript:

LINKING OF REGIONAL STOCK EXCHANGES IN BALKAN Dr.Tarik Kurbegović Sarajevo Stock Exchange Contact phone: +387 33 251 460 Contact e-mail: tarik.kurbegovic@sase.ba

THE NUMBER OF POPULATION, GDP PER CAPITA, ECONOMIC JUSTIFICATION OF STOCK EXCHANGE OR ECONOMIC SUSTAINABILITY Stock Exchanges Population GDP per capita (EUR) Annual turnover 2016 (EUR) % Share turnover Sarajevo stock Exchange & Banjaluka Stock Exchange 3.531.159 3.704 386.133.667 18,49% 319.638.567 15,31% Zagreb Stock Exchange 4.284.889 10.338 522.217.044 25,01% Belgrade Stock Exchange 7.131.787 4.760 361.994.482 17,34% Montenegro Stock Exchange 625.266 4.348 115.174.714 5,51% Macedonian Stock Exchange 2.114.550 3.926 48.452.753 2,32% Ljubljana Stock Exchange 2.061.085 17.445 333.675.000 15,98% Total 19.748.736 2.087.286.227 Regional forum on market, investment and statistics – MIS (SARAJEVO, April 2017)

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)

STOCK EXCHAGE AS FINANCIAL INSTITUTION II STOCKS / ACTIONS X EXCHANGE TRADED FUNDS - ETF WARRANTS STATE LIABILITIES X 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 X MONEY MARKET Regional forum on market, investment and statistics – MIS (SARAJEVO, April 2017)

ASPECTS TO CONNECTING COALITIONS JOINING ASOCIATIONS FEDERATIONS UNIONS INTEGRATIONS E-TRADING LINK JOINT PLATFORM FOR TRADING Regional forum on market, investment and statistics – MIS (SARAJEVO, April 2017)

WHAT IS THE BENEFIT – ADD VALUE 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)

TRADE PHASE– PHASE I WILL KNOWLEDGE STAFF FINANCE AGREEMENT ON ESTABLISHING COMMON PLATFORM FOR TRADING(SEE LINK platform) IS IT SUFFICIENT FOR ESTABLISHING QUALITY PLATFORM? IT IS NOT. Regional forum on market, investment and statistics – MIS (SARAJEVO, April 2017)

SEE LINK platform FOUNDERS: Macedonian, Zagreb and Bulgarian Stock Exchange New members: Belgrade Stock Exchange, Ljubljana Stock Exchange , Montenegro Stock Exchange, Banjaluka Stock Exchange, Sarajevo Stock Exchange, Athens Stock Exchange 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 SEE LINK system became fully operational in March last year SEE Link indexi ‒ SEE LinX and SEE LinX EWI The project is funded by the EBRD (http://www.see-link.net) Regional forum on market, investment and statistics – MIS (SARAJEVO, April 2017)

Regional forum on market, investment and statistics – MIS (SARAJEVO, April 2017)

POST TRADE PHASE – PHASE II CONSOLIDATION AND SUPPORT OF ALL CAPITAL AND OTHER INSTITUTIONS PARTICIPANTS RVP: CALCULATION AND ALIGNMENT CONNECTION & IT LAW & REGULATIONS MEMBERS AND MUTUAL COMMUNICATION COMMISSION FOR SECURITIES: HARMONIZATION OF RULES CBBH: LAW ON BUSINESS OPERATIONS REGIONAL BANK - PARTICIPANT IN PROCESS OF CALCULATION AND ALIGNMENT IN REGIONAL MARKET Regional forum on market, investment and statistics – MIS (SARAJEVO, April 2017)

Thank You for Your attention dr.Tarik Kurbegović Sarajevo Stock Exchange Contact phone: +387 33 251 460 Contact e-mail: tarik.kurbegovic@sase.ba