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Ultra-Poster
Anegeregt durch ein Politikforum Topic, hier das ganze auf Englisch:
Bosnia's two bourses show economic policy divide
Traders point to two key laws on the capital market passed by the Serb Republic, regulating the status and operation of the securities market and of privatisation-investment funds (PIFs). These funds were set up before 2000 to collect and invest voucher-like certificates issued to citizens to make up for lost pension and social security payments during the war.
The new legislation turned the PIFs into real investment funds allowed to hold majority stakes in companies, making them more attractive. These same laws are blocked in the Parliament of the Muslim-Croat Federation, and PIF transactions fell 50 percent there this year.
The complex, canton-based structure of the Muslim-Croat federation, in which the Muslim and Croat ethnic groups often have conflicting economic interests, is a big obstacle to pushing reforms through.
"The biggest problem is that few people here recognise how much the capital market can contribute to the overall economic growth," said Zlatan Dedic, President and CEO of the Sarajevo Stock Exchange.
Market analyst Drazen Simic said that a key advantage of Banja Luka over Sarajevo was transparency: the securities registrar in the Muslim-Croat federation declines to publish shareholder lists and information on firms' financial situation.
"Everything is a business secret," Simic said. "Of 650 shareholding associations in the federation, at least 50 are solid. But how can we know which ones, without this information?"
And while the Banja Luka Stock Exchange controls the securities registrar and has access to company information required by its clients, in the Muslim-Croat federation the registrar must get clearance from the securities commission before disclosing information.
"There is too much formality in the regulators' approach. The interests of market and investors are not the priority," Dedic, of the Sarajevo Stock Exchange, said.
Their different approaches aside, both bourse directors hope business will boom further with the reform of state pension funds and the selloff of larger companies via their bourses.
Ultimately, they see their future in the integration of a regional stock market with the Vienna Stock Exchange. Western officials have also warned that the country must unify its economies to eventually proceed towards EU membership.
"The region is too small to be further divided," the Banja Luka exchange's Bozic said. "Only a unified and harmonised system can be attractive for investors."
Die Börsen und das damit verbundene Wirtschaftswachstum überraschen.
Vor allem die Börse in Banjaluka ist überraschend stark und zieht ausländisches Geld stark an.
Wirklich krass. Man scheint banjaluka was die freien investitionen betrifft mehr zu Vertrauen als der Föderation.
hier noch der Link:
Reuters Quelle
Bosnia's two bourses show economic policy divide
Traders point to two key laws on the capital market passed by the Serb Republic, regulating the status and operation of the securities market and of privatisation-investment funds (PIFs). These funds were set up before 2000 to collect and invest voucher-like certificates issued to citizens to make up for lost pension and social security payments during the war.
The new legislation turned the PIFs into real investment funds allowed to hold majority stakes in companies, making them more attractive. These same laws are blocked in the Parliament of the Muslim-Croat Federation, and PIF transactions fell 50 percent there this year.
The complex, canton-based structure of the Muslim-Croat federation, in which the Muslim and Croat ethnic groups often have conflicting economic interests, is a big obstacle to pushing reforms through.
"The biggest problem is that few people here recognise how much the capital market can contribute to the overall economic growth," said Zlatan Dedic, President and CEO of the Sarajevo Stock Exchange.
Market analyst Drazen Simic said that a key advantage of Banja Luka over Sarajevo was transparency: the securities registrar in the Muslim-Croat federation declines to publish shareholder lists and information on firms' financial situation.
"Everything is a business secret," Simic said. "Of 650 shareholding associations in the federation, at least 50 are solid. But how can we know which ones, without this information?"
And while the Banja Luka Stock Exchange controls the securities registrar and has access to company information required by its clients, in the Muslim-Croat federation the registrar must get clearance from the securities commission before disclosing information.
"There is too much formality in the regulators' approach. The interests of market and investors are not the priority," Dedic, of the Sarajevo Stock Exchange, said.
Their different approaches aside, both bourse directors hope business will boom further with the reform of state pension funds and the selloff of larger companies via their bourses.
Ultimately, they see their future in the integration of a regional stock market with the Vienna Stock Exchange. Western officials have also warned that the country must unify its economies to eventually proceed towards EU membership.
"The region is too small to be further divided," the Banja Luka exchange's Bozic said. "Only a unified and harmonised system can be attractive for investors."
Die Börsen und das damit verbundene Wirtschaftswachstum überraschen.
Vor allem die Börse in Banjaluka ist überraschend stark und zieht ausländisches Geld stark an.
Wirklich krass. Man scheint banjaluka was die freien investitionen betrifft mehr zu Vertrauen als der Föderation.
hier noch der Link:
Reuters Quelle
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