FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2013
BANJA LUKA STOCK EXCHANGE
The BLSE market in 2012 was marked
by the further shift of investors’ interest
towards bonds.
Milan Bozic
CEO
Markets
The BLSE market in 2012 was marked by the
further shift of investors’ interest towards bonds.
The total turnover of 261 million BAM was lower
by 38.67% compared to the previous year as a
result of decrease in the primary bond market.
On the other hand, it was recorded the increase
in regular turnover (+10.42%) and the number
of transactions (+4.16%). The movement of
the general index (BIRS: -7.89%) was mainly
influenced by the fall in prices of the shares of
10 companies from electricity sector (ERS10:
-14.7%), that participate in the index with 50%,
and an increase in shares of Telekom Srpske
(+5.48%) that represents 25% of the index.
HISTORY AND DEVELOPMENT
• 15.07.1998 The adoption of the Law on
Securities provided the necessary legal
framework to establish the capital market of
the Republic of Srpska.
• 09.05.2001 Eight banks and one company
trading in securities signed the Contract that
established the Banja Luka Stock Exchange.
• 14.03.2002 The first trading session took
place.
• 20.08.2003 The first auction for state owned
capital took a place on the BLSE.
• 03.05.2004 BIRS - The Stock Exchange
Index of Republic of Srpska established.
• 01.08.2004 FIRS - The Investment Fund
Index of Republic of Srpska established.
• 17.09.2004 Full membership to FEAS.
• 20.03.2006 Introduction of continuous
trading in shares which fulfill the liquidity
criteria.
Closed-end investment funds shares have
increased on average by 3.56% as a result of
price increase of four largest funds, whereas
the price of the remaining 10 funds recorded a
significant decrease.
Bonds participated with 46.6% in ordinary
turnover. This market had a significant increase
in prices, particularly bonds that are issued
on the basis of war damage which increased
on average by 30%. The first trades with the
Republic of Srpska T-Bills took place on the
secondary market participating with 16.9% in
ordinary turnover.
• 18-19.05.2006 First International Conference
of the BLSE.
• 07.03.2008 The first government bonds were
listed on the BLSE
• 24.06.2008 The BLSE real-time data started
to be distributed by the Bloomberg.
• 19.12.2008 First IPO in the history of BIH.
• 09.3.2009 New trading system (BST 2.4) that
supports FIX protocol was implemented.
• 11.05.2011 The first auction for the Republic
of Srpska T-Bills took place on the BLSE.
• 16.11.2011 Auction for the first public issue
of the Republic of Srpska bonds on the
BLSE
• 17.12.2013 BLSE adopted Money Market
Rules and released Money Market trading
system.
Development Projects
The most important development activities were:
• adoption of the new Stock Exchange Rules,
• implementation of the new trading system,
• further development of the BLSE’s
software for brokerage houses and its
implementation at the brokerage houses in
Montenegro,
• development of the money market trading
platform,
• development of the multilateral offsetting
system,
• educational programs for the high schools,
• investments in the IT and telecommunication
equipments.
FUTURE OUTLOOK
In 2014 the BLSE plans to:
• Attract new members and increase liquidity
in the Money Market that is organized by the
BLSE
• Work with private companies to go public
and list on the stock exchange
• Cooperate with the stock exchanges from
the region on enabling cross-border trading
• Promote good practices of corporate
governance in state-owned companies
• Start the project of establishing commodity
(agricultural products) exchange
• Provide assistance in changing high school
curriculum in order to introduce personal
finance course in all high schools in the
Republic of Srpska
• Organize national competition in financial
markets of high school students,
• Increase international visibility of the BLSE by
broadening the number of the international
data vendors.
CONTACT INFORMATION
Contact Name Mr. Nebojsa Vukovic E-mail [email protected], [email protected] Website www.blberza.com
* Please refer to page 77 for the Bosnia and Herzegovina country report.
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