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World Exchange Congress 2010
22 March 2010 - 25 March 2010
Barcelona, Spain
The 5th annual World Exchange Congress is designed to address and answer all of these questions as it brings together 250 CEO and industry leaders over 4 days and 27 panel discussions. Visit http://www.worldexchangecongress.com for more details.
http://www.worldexchangecongress.com
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 Banja Luka Stock Exchange
The capital markets of the Republic of Srpska (RS) were very dynamic in 2007. The strong growth in the first four months was followed by the significant decrease of prices in the second part of 2007. It should be noted that this downward trend occurred after the six-year consecutive growth. The turnover amounted to EUR 380 millions, which almost doubled, compared to the previous year. For the first time, the BLSE index (BIRS) recorded decrease of 11.1%, ending at 2,564 points. Total market capitalization amounted to EUR 4 billions, which is an increase of 3.86% compared to the end of 2006.
The general understanding about strong relation between the capital market and real economy performance has been considerably improved. At the same time, the significant improvements in the development of official market have been achieved resulting in the increase of number of companies and funds being listed on this market segment (40). For the first time two bank bonds were listed on the official market. 2007 saw transformation of 13 privatization investment funds into close-ended investment funds. The total market capitalization of these funds reached EUR 240 millions. Furthermore, the first open ended fund has been established in the Republic of Srpska signaling plausible turning point in the development of fund industry. The corporate disclosure has been significantly improved and for all companies listed on the BLSE markets semi-annual financial reports are available on the BLSE web page and for companies listed on the official market quarterly reports are disseminated as well.
In 2008, the first municipal and significant issues of government bonds should be listed on the BLSE markets. The launch of pension system reforms will have strong positive impact on the Republic of Srpska capital market development. Announced adoption of Law on Reserve Pension Fund and Law on Third Pillar Pension Funds should contribute to the strengthening of domestic institutional demand on the Stock Exchange. Through active participation in various regional projects the BLSE will strive to increase visibility of RS capital markets. The planed introduction of FIX protocol in the second part of 2008 will improve accessibility of the domestic markets to foreign investors. The important task in 2008 remains the building of confidence in the RS capital markets. The previous years of strong growth raised expectations of domestic investors and thus created new challenges for the stock exchange to develop sustainable environment and promote expectations based on the working of real economy and the role of capital markets in economy. Therefore, the BLSE plans educational activities in 2008, aiming toward important target groups. Special attention shall be paid to the introduction of practical courses on capital markets in secondary schools and universities in Republic of Srspka. The BLSE plans to organize seminars and workshops for the local authorities on the benefits and procedures in the issues of municipal bonds. The implementation of Corporate Governance Codes adopted by the Securities Commission Republic of Srspka still remains great challenge and top priority for all participants on the RS capital markets. The BLSE decided to allow listing on the official market only for those companies that had already adopted these Codes. Protection of shareholders rights by companies should be further strengthened through the increase of their awareness about possibilities to raise capital on the Stock Exchange as well as larger knowledge on the shareholders rights. Continual education of court judges has resulted in the progress of companies treatment in court procedures what should increase the overall confidence in the capital markets. Finally, 2008 should see the first limited liability companies to raise the capital on the stock exchange.
CEO
Milan Bozic
Banja Luka SE page on FEAS Website »
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