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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BANJA LUKA STOCK EXCHANGEMilan BozicCEOIn 2007 total market capitalizationamounted to EUR 4 billion, which is anincrease of 3.86% compared to the end of2006.The capital markets of the Republic of Srpska(RS) were very dynamic in 2007. The stronggrowth in the first four months was followed bythe significant decrease of prices in thesecond part of 2007. It should be noted thatthis downward trend occurred after the sixyearof consecutive growth. The turnoveramounted to EUR 380 million, which is almostdouble as compared to the previous year. Forthe first time, the BLSE index (BIRS) recordeda decrease of 11.1%, ending at 2,564 points.Total market capitalization amounted to EUR 4billion, which is an increase of 3.86% ascompared to the end of 2006.The general understanding about the strongrelationship between the capital market andthe real economy performance has beenconsiderably improved. At the same time,significant improvements in the developmentof the official market have been achievedresulting in an increase in number ofcompanies and funds being listed on thismarket segment (40). For the first time twobank bonds were listed on the official market.2007 saw the transformation of 13 privatizationinvestment funds into close-ended investmentfunds. The total market capitalization of thesefunds reached EUR 240 million. Furthermore,the first open ended fund has beenestablished in the RS, signaling a plausibleturning point in the development of the fundindustry. Corporate disclosure has beensignificantly improved and for all companieslisted on the Banja Luka Stock Exchange(BLSE) markets, semi-annual financial reportsare available on the BLSE web page and forcompanies listed on the official marketquarterly reports are disseminated as well.In 2008, the first municipal and significantissues of government bonds should be listedon the BLSE markets. The launch of pensionsystem reforms will have a strong positiveimpact on the RS capital market development.Announced adoption of the Law on ReservePension Fund and the Law on Third PillarPension Funds should contribute to thestrengthening of domestic institutional demandon the Exchange. Through active participationin various regional projects the BLSE will striveto increase visibility of the RS capital markets.The planed introduction of FIX protocol in thesecond part of 2008 will improve accessibilityof the domestic markets to foreign investors.Finally, 2008 will see the first limited liabilitycompanies to raise capital on the Exchange.FUTURE OUTLOOKIn 2008 the BLSE plans to:• foster implementation of national corporategovernance standards;• introduce new market instruments on thetrading, such as long term government andmunicipal bonds;• encourage listings of successful limitedliability companies on the stock exchangemarket;• further develop relations with the issuerslisted on the stock exchange and promotebenefits of listing on higher market segments;• support to the development of open endedfunds through education and promotion of theirroles on the capital market• increase visibility of the BLSE market byproviding data-feed to the world knownVendors;• promote cooperation with the stockexchanges from the region and other part of theWorld;• continue with educational and promotionalactivities (International Conference of the BanjaLuka Stock Exchange);• introduce upgraded version of trading systemwhich will further improve flexibility of tradingand• launch fix protocol.CONTACT INFORMATIONContact Name Mr. Nebojsa VukovicE-mail blberza@blic.netWebsite www.blberza.comPAGE 38
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BANJA LUKA STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 9.83 0.58 14.13 0.83Feb-08 9.45 0.45 25.78 1.23Mar-08 8.25 0.39 16.88 0.80Apr-08 7.62 0.38 39.59 1.98May-08 6.86 0.40 12.19 0.72Jun-08 10.08 0.48 21.14 1.01TOTAL 52.09 0.45 129.70 1.09BondsJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.66 0.03 1.13 0.05TOTAL 0.11 0.01 0.19 0.01OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 5,846.01 5,411.40 5,150.98 5,262.59 4,601.23 4,365.43Index 1,862.71 1,682.58 1,688.05 1,579.73 1,460.06 1,397.31PRACTICES & PROCEDURESTradingDaysMonday to FridayHours 8:30-13:00Market segmentationOfficial and Free marketSystemAutomated, remote access, data dissemination, WANMechanismsContinuous Trading and Call auctions (single price auction), BanjaLuka auctionsMarket-maker/ Specialists NoInstrumentsStocks, BondsCurrencyLocalReal time informationBrokerage Houses, Banks, Privatization Investment Funds, SEM-ON.net users (freely accessible), private and legal entities,VendorsClearing & SettlementCentral DepositoryCentral Registry of SecuritiesPeriod T+3RegisteredYesSettlementBook entry, multilateral nettingClearingTransaction by transactionDVPfull DVPClearing InstitutionCentral Registry of SecuritiesRisk SharingYesMargin/LendingNoCustodiansCentral Registry of Securities, Custodian BanksTaxesCash DividendsInterest IncomeCapital GainsStructure & RegulationsLegalRegulationNatural (physical) persons both residents and not residents donot pay any taxes on dividend and capital gain. Legal entities(both resident and not resident) do not pay taxes on capital gainand dividend but capital gain and dividend are included in totalrevenue, and income is taxed at 10%. There are also deductibleitems in taxation.See aboveSee aboveSpecial status withing the law. Private shareholding company. Canpay up to 50% of profit as dividend. Divided membership fromownership.The operation of stock exchange is regulated by the Law onCapital Market, Statute and Stock Exchange Rules. The Authorityrecognizes the self-regulatory responsibility of the exchange. TheExchange maintains arbitration facilities for disputes amongmembers.Securities market regulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationThe securities markets are regulated bythree main laws. The by-laws are jointlydeveloped by Securities Commission, theExchange and the authorized marketparticipants.. The Securities Commissionregulates by adopting rules and regulationwhich deal with specific issues in moredetail.The trading rules of the stock exchangeregulates listing requirements, stockexchange membership, trading in securitiesand surveillance over stock exchangemembers In case members do not complywith the rules issues by the exchange, theexchange imposes disciplinary actions suchas fines, suspension of membership and/orexclusion from membership.The exchange monitors members tradingactivities regarding compliance withexchange rules.Centralized (Central Depository managessplits and subscriptions). Stock Exchangepublishes corporate actions on its webpages.Yes, ban on trading and Suspension ofofficial listingYes, the investor can apply forcompensation through the discretionarypower of the scheme. The scheme isfunded by annual contributions according totrading activities. Market participants arecompulsory insured against claims frominvestors for malpractice.A foreign investor has equal rights to anative investor concerning rights andliabilities and legal status in an enterprise.For more detail refer to our member pageon www.feas.orgNo limitations.No Restrictions.PAGE 39
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