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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 SARAJEVO STOCK EXCHANGE Almir Mirica Acting Director In year 2002 when the Sarajevo Stock Exchange (SASE) started operating no one thought we could make it. Today after three years of operations and the SASE’s continuous development of an efficient capital market that offers security to investors, we can proudly say in some market segments we are the leader in the region. During the past year the SASE has accomplished exceptional results. Four new brokerage houses were accepted for membership and the total number of the SASE members is now 17. The Official Market was created and 11 Privatization Investment Funds were listed there. The implementation of continuous trading, under HISTORY AND DEVELOPMENT The Sarajevo Stock Exchange (SASE) was founded in September of 2001 by eight brokerage houses and commenced trading on April 12 of 2002. The SASE is a central marketplace for securities trading in the Federation of Bosnia and Herzegovina. The SASE is a joint-stock company which, originally had eight founding members. According to the Securities Law, the SASE members can only be legal entities i.e. brokerage houses with headquarters in the Federation of Bosnia and Herzegovina whose sole activity is trading in securities. The SASE currently has 17 members, whose headquarters are spread around the Federation of Bosnia and Herzegovina, the majority being in the capital, Sarajevo. All members of SASE must be licensed for trading in securities by the Securities Commission of the Federation of Bosnia and Herzegovina. Only those brokers authorized by the SASE members, who have passed a broker’s exam, which tests their expertise in dealing in securities, are allowed to trade. The Securities Commission defines the manner and conditions for taking the exam and for revoking the license. A broker is required to hold a valid license issued by the Commission. Trading on the SASE is performed electronically through an order driven electronic trading system BTS (Stock Exchange System). BTS is a computer assisted information and trading system, PAGE 120 With combined and coordinated efforts, the SASE is contributing to further development of the capital market and of Bosnia and Herzegovina as a whole. the name of Multi Fixing Trading Schedule (MFTS), was introduced in the first quarter of 2004 for most liquid securities. All these factors together with the increasing of the trading days from two to four and enabling investors to monitor trading in real time over the Internet contributed to the SASE’s market capitalization increase of almost 400% while Bosnian Investment Funds Index (BIFX) grew over 150% during the same period. The SASE is not achieving this growth alone. The reforms that the Council of Ministers is implementing; reconstruction of the business environment under the initiative of the Office of the High Representative, activities of the Capital Markets Council under the coordination of the Central Bank of Bosnia which enables remote entry, modification, halt and removal of orders, automated matching of orders and concluding trades, supervision of orders and trades, as well as survey of information on trading and on listed securities. In 2003 SASE joined the Stock Exchange Monitor, which is an informational platform of the Stock Exchanges in South Eastern Europe. At the moment, there are 8 participating exchanges, which operate markets with more than 2,190 securities and more than 170 brokerage houses. At the beginning of 2004, trading at the SASE Official Market started and all 11 Privatization Investment Funds were listed there. The Official Market is a higher level market where only securities that meet special conditions and are approved by the Securities Commission and SASE’s addition board can be listed there. Also in 2004, after two years of trading with only call auction trading system, continuous trading has been introduced at the SASE under the name Multi Fixing Trading Schedule (MFTS). Only the most liquid securities on the SASE have been transferred to MFTS. In conclusion, after only two years of operations market capitalization of SASE has reached over US$ 2.6 billion. and Herzegovina, and continuous cooperation with all capital market participants is of crucial importance for development of stable securities markets. With combined and coordinated efforts, the SASE is contributing to further development of the capital market and of Bosnia and Herzegovina as a whole. FUTURE OUTLOOK The SASE finished 2004 with excellent results. This trend is expected to continue in 2005 together with grater market efficiency and better market transparency. SASE’s vision for 2005 is as follows: • introduction of first Investment Funds together with transformation of all Privatization Investment Funds into Investment Funds; • issue government securities by the Bosnian Central Bank which will activate trading platform for bonds on SASE; • list additional companies currently under privatization process; • enact new legislation by the Parliament enabling Net Settlement which will permit “day trading”; • create a portal to allow investors easier access to annual statements and other financial data of all companies listed on the SASE; • commence negotiation with companies and offer them listing privileges under the SASE Official Market; and • create the SASE’s Top 15 Companies Index.
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 SARAJEVO STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ Millions # Shares Millions Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume Stocks Jan-05 24.5 1.5 6.9 0.43 Feb-05 27.2 1.8 6.4 0.43 Mar-05 39.5 2.3 7.8 0.46 Apr-05 20.4 1.2 4.6 0.27 May-05 15.9 1.0 3.0 0.19 Jun-05 18.4 1.0 4.9 0.27 TOTAL 145.9 1.5 33.6 0.34 Bonds Jan-05 n/a n/a n/a n/a Feb-05 n/a n/a n/a n/a Mar-05 n/a n/a n/a n/a Apr-05 n/a n/a n/a n/a May-05 n/a n/a n/a n/a Jun-05 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Other Jan-05 n/a n/a n/a n/a Feb-05 n/a n/a n/a n/a Mar-05 n/a n/a n/a n/a Apr-05 n/a n/a n/a n/a May-05 n/a n/a n/a n/a Jun-05 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Market Capitalization US$ Millions Index Jan-05 3,542.0 3,928.8 Feb-05 4,012.0 4,615.6 Mar-05 4,349.7 5,288.5 Apr-05 3,800.3 4,757.9 May-05 3,434.9 4,722.0 Jun-05 3,343.5 4,441.8 CONTACT INFORMATION MONTHLY STOCK VOLUME VS INDEX (US$ Millions) 40 35 30 25 20 15 10 5 0 Stocks Index Contact Name Mr. Goran Kahvedzic E-mail goran.kahvedzic@sase.ba Website www.sase.ba MONTHLY MARKET CAPITALIZATION (US$ Millions) 6,000 4,500 5,000 4,000 3,500 4,000 3,000 3,000 2,500 2,000 2,000 1,500 1,000 1,000 500 0 0 Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun * Please refer to page 56 for the Bosnia and Herzegovina country report. PAGE 121
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