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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008SARAJEVO STOCK EXCHANGEZlatan DedicGeneral ManagerIn its sixth year of operation the Sarajevo StockExchange (SASE) has accomplished excellentresults in trading of shares. There are severalexamples that confirm this, but the mostillustrative one is the total turnover in 2007EUR 651 million which is more than theturnover in 2006 and 2005 combined.In 2007, we have analyzed all investor’sobstacles and started removing them. Aboveall we wanted to adequately show investorsthat our capital market is worthy for them andoffers substantial returns on their investments.The access to more information was enabledwith new data available on the new CapitalMarket of the Federation of Bosnia andIn 2007, we have analyzed all investor’sobstacles and started removing them.Above all we wanted to adequately showinvestors that our capital market is worthyfor them and offers substation returns ontheir investments.Herzegovina web portal, a joint project of theSASE, Securities Commission and CentralRegistry. Our openness to investors drew theirattention and gave incentive and confidence tothe capital market in the Federation of Bosniaand Herzegovina.There were 4 mutual funds founded in 2007,with several others currently in preparation.Also we expect the pension reform to bringadditional demand to the market. We hopethat the adoption of the new Security MarketLaw expected for 2008 will give the marketmore options for further expansion. One morereason for greater investor’s interest in capitalmarket in the Federation of Bosnia andHerzegovina is the announcement ofinfrastructure projects especially in energy,telecommunication and road constructionsectors, and announcement for privatization ofcompanies who are the pillars of the Bosnianeconomy. All these factors will ensure successfrom 2007 will continue into 2008 where theSASE will again exceed all expectations.FUTURE OUTLOOKThe SASE expects the excellent results from2007 to continue into the next year togetherwith the accomplishment of greater efficiencyand transparency of the Capital Market in theFederation of Bosnia and Herzegovina. TheSASE future outlook for 2008 includes followingactivities:• Continuation of privatization of the Stateowned capital through the SASE.• Creation of the joint index of the SASE andBanja Luka Stock Exchange.• Issuance of the government bonds whichwould activate SASE trading platform for bonds.• Continuing to list strategic companiescurrently on the SASE Free Market to the SASEOfficial Market.• Creation of the SASE Official Market index.• Introduction of free-float methodology for allstock exchange indicators and statistics.• Development of a corporate governancecode with assistance from International FinanceCorporation (IFC) with the intent to increasecorporate culture of local issuers.• Attract new issuers through Initial PublicOffers.• Issuance of new publication titled InvestorsGuideCONTACT INFORMATIONContact Name Mr. Goran KahvedzicE-mail goran.kahvedzic@sase.baWebsite www.sase.baPAGE 76
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008SARAJEVO STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 21.39 1.02 1.59 0.08Feb-08 25.40 1.21 1.28 0.06Mar-08 13.82 0.69 0.96 0.05Apr-08 22.71 1.03 1.39 0.06May-08 13.99 0.70 1.16 0.06Jun-08 21.37 1.02 1.43 0.07TOTAL 118.68 0.94 7.80 0.06BondsJan-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 0.00OtherJan-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) 10,727.60 10,598.62 9,318.32 9,626.29 10,172.10 9,225.64Index 5,568.79 5,336.38 4,259.39 4,499.06 4,656.10 4,171.97PRACTICES & PROCEDURESTradingDaysMonday thru ThursdayHours Monday thru Friday 9:00 -1:00Market segmentation The Free Market (OTC) lists 476 companiesOfficial Market lists 11 investment funds and 3companiesSystemElectronic trading system with remote access withfault tolerance and back-up facilities (Up to 2 secondresponse time), real time communication with backoffice, remote access, link with Central Depository,Dial Up, Leased Line and ISDNMechanismsCall Auction and Continuous TradingMarket-maker/Specialists NoInstrumentsStocksCurrencyLocalReal time information Best bid/ask, Last Price, Last Volume, Total Volume,Order BookClearing & SettlementCentral Depository YesPeriod T+3RegisteredYesSettlementBook entryClearingTransaction by transactionDVPFull DVPClearing Institution Central RegistryRisk SharingNoMargin/LendingNoCustodiansCentral Registry and Brokerage HousesTaxesCash DividendsInterest IncomeCapital GainsStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationNoNoNoJoint Stock Company with SpecialStatusSelfRegulatory Institution(s) without theparticipation of the Exchange andby the Exchange, with theRegulatory Institution(s) approvalExchangeYes, electronic and continuousCentralizedBan on trading, Suspension ofofficial listingCompensation through legal orcontractual rightNo restrictionsNo limitationsNo restrictionsPAGE 77
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