JANUAR 2017 godina 10, broj 36 UdruženiUdruženi oko zajedničkogoko zajedničkog cilja cilja Addiko Bank AD Podgorica Atlas Banka AD Podgorica Crnogorska komercijalna banka AD Podgorica Erste Bank AD Podgorica Hipotekarna Banka AD Podgorica Invest Banka Montenegro AD Podgorica Komercijalna Banka AD Budva Lovćen banka AD NLB Banka Nova banka AD Podgorica Societe Generale Montenegro Prva banka Crne Gore 1901. Universal Capital Bank Zapad Banka AD Podgorica Ziraat Bank IMPRESUM

BANKAR Broj 36 / januar 2017.

IZDAVAČ Udruženje banaka Crne Gore Esad Zaimović Novaka Miloševa bb/3 Podgorica 2 I PORED VISOKOG NIVOA JAVNOG DUGA – DUGOROČNA STABILNOST Tel: +382 20 232-028 Regardless of High Level of Public Debt – Long-term Stability www.ubcg.info TIRAŽ: 600 primjeraka Gojko Maksimović Časopis izlazi kvartalno. 10 Obveznice i izračunavanje vrijednosti obveznica Bonds and Calculation of Bonds Value Rješenjem Ministarstva kulture, sporta i medija časopis Bankar je upisan u Evidenciju medija - štampani mediji 17. marta 2008, Bratislav Pejaković pod rednim brojem 641. 20 KVALITET PLUS Quality Plus REDAKCIJSKI ODBOR glavni i odgovorni urednik Mina Durutović mr Bratislav Pejaković 30 Šta ljudi rade i kako to rade? Prof. dr Aleksandar Živković, What Do People Do and How They Do That? dr Nikola Fabris, dr Saša Popović, Chris Aghabi mr Nebojša Đoković 36 BUDUĆNOST JE STIGLA urednik The Future is Here Peko Nikolić dizajn i prelom Radmila Gaćeša Nikola Latković 44 Inicijalna javna ponuda finalna priprema tekstova i korektura Initial Public Offering Marko Nikolić fotografije www.dreamstime.com i fotodokumentacija UBCG Novica Radović prevod 68 ZNAČAJNA ULOGA BANAKA Milena Ljumović, Maja Biljurić The Significant Role of Banks i Dragana Petronijević štampa Grafotisak, Grude, BIH Ivan Ćirković 74 Strateški ALM pre nego „reporting“ ALM Prilozi Strategic ALM rather than Reporting ALM - tekstovi se dostavljaju u elektronskom obliku na e-mail adrese: [email protected], [email protected], na disketi ili cd-u; Ana Rašović maksimalna dužina teksta 80 UPRAVLJANJE I ALCO KOMITET do 25.000 karaktera. The Management and ALCO - reklame po normativima UBCG na e-mail: [email protected] Miodrag Kirsanov 88 NOVČARSTVO ZETSKE DINASTIJE BALŠIĆ Monetary Industry of the Zeta in the Time of Balšić Dynasty

BANKAR Časopis Udruženja banaka Crne Gore Broj 36 / januar 2017. INTERVJU – ESAD ZAIMOVIĆ, PREDSJEDNIK UO UBCG januar 2017 | :Bankar I GLAVNI IZVRŠNI DIREKTOR HIPOTEKARNE BANKE AD PODGORICA

2 I PORED VISOKOG NIVOA JAVNOG DUGA – DUGOROČNA STABILNOST

Konkurencija u bankarskom sektoru je veoma izražena. Dodatni pritisak na banke za sniženjem kamata, moglo bi za posljedicu da ima gubitak interesovanja investitora za ulaganje u bankarski sektor. Treba stvoriti mogućnost za kvalitetnije rješavanje problema loših kredita. Kamatne stope na depozite u Crnoj Gori i dalje spadaju u red najviših stopa u okruženju. U Hipotekarnoj banci, očekivani profit za 2016. godinu će porasti otprilike 15 odsto u odnosu na 2015.

:B Kako ocjenjujete situaciju u bankarskom sektoru Crne Gore na kraju 2016. godine i šta je moguće da bankarski sektor uradi u cilju rasta crnogorske ekonomije u narednom periodu? :B Proteklu godinu su obilježile polemike na temu Bankarski sektor u Crnoj Gori je već par godina visine kamatnih stopa u našim bankama od strane šire stabilan i visoko likvidan. Nakon osnivanja nekoliko javnosti. Da li banke mogu ponuditi niže kamatne stope u banaka u prethodnim godinama konkurencija u kreditiranju i pojačati obim plasmana? bankarskom sektoru je veoma izražena. Pored novih Svjedoci smo da je proteklih par godina došlo do banaka postoji i jedan broj banaka koje dugo posluju sniženja kamatnih stopa, kako na kredite, tako i na na ovom tržištu i koje su se, nakon saniranja problema depozite. Činjenica je, takođe, da je opšti nivo kamat- iz prethodnog perioda, posvetile tržišnoj utakmici nih stopa u Crnoj Gori i dalje visok, ali nisam siguran pokušavajući da animiraju klijente raznovrsnom da postoji prostor za dodatno sniženje. Očekujem da ponudom proizvoda. Sve to upućuje na zaključak može doći do određenog snižavanja kamata kod nekih da će u narednom periodu ponuda banaka prema proizvoda koji su interesantni bankama i kod kojih klijentima biti sve kvalitetnija, što za rezultat može postoji izražena konkurencija u bankarskom sektoru. imati i rast crnogorske ekonomije. Tu prvenstveno mislim na kredite preduzećima koja su svrstana u kategoriju veoma bonitetnih klijenata (a takvih nema mnogo u Crnoj Gori), kao i kod proizvoda za građane koji ne predstavljaju veliki rizik za banke. S obzirom na sva ograničenja sa kojima se january 2017 | :Bankar AN INTERVIEW - ESAD ZAIMOVIĆ, PRESIDENT OF THE MANAGING BOARD OF THE ASSOCIATION OF MONTENEGRIN BANKS AND CEO OF HIPOTEKARNA BANKA PODGORICA 3

I PORED VISOKOG REGARDLESS NIVOA JAVNOG DUGA – OF HIGH LEVEL DUGOROČNA OF PUBLIC DEBT – STABILNOST LONG-TERM STABILITY

The competition in the banking sector is highly pronounced. An additional pressure on banks to reduce interest rates, might result in loss of interest of investors to invest in the banking sector. The possibilities will be created for more qualitative resolution of the issue of NPLs. Interest rates on deposits in Montenegro are still within the highest rates in the region. The expected profit of Hipotekarna banka for 2016 will increase by about 15% compared to 2015

:B How do you see the situation in the banking sector of Montenegro at end-2016? What might banking sector do for the growth of Montenegrin economy in the following period? Montenegrin banking sector has been stable for several years and highly liquid. After founding several banks :B Last year was marked by the controversies regarding in the previous years, the competition in the bank- the level of interest rates in our banks by public. Can banks ing sector is highly pronounced. In addition to new offer lower lending interest rates and increase the volume banks, there are also a number of banks that have of payments? been operating for long period in this market, and We witnessed lowering of both lending and deposit which have dedicated, after resolving problems from interest rates in the last several years. The fact is also the previous period, to market game trying to attract that general level of interest rates in Montenegro is clients with diversified offer of their products. It points still high, but I am not sure that there is a space for to the conclusion that the offer of the banks will be their additional decline. I expect that certain decline more qualitative in the following period, which may in interest rates may occur in some products that result in also in the growth of Montenegrin economy. are interesting for the banks and where there is an expressed competition in the banking sector. This primarily refers to loans to companies classified in the category of clients with good financial standing. (There are very few of them in Montenegro), as well as with products for households not representing INTERVJU – ESAD ZAIMOVIĆ, PREDSJEDNIK UO UBCG januar 2017 | :Bankar I GLAVNI IZVRŠNI DIREKTOR HIPOTEKARNE BANKE AD PODGORICA

4 suočavaju banke u svom poslovanju, kao i očekivanja imamo i konstantan rast depozita, kako domaćih, tako novih troškova koji će se evidentirati u bilansima i depozita iz inostranstva. U situaciji kada u Evropi banaka kroz implementaciju nove regulative, nije već imamo dosta banaka koje primjenjuju negativne realno očekivati da će se banke rado lišiti prihoda kamatne stope na depozite svojih klijenata, realno je koje ostvaruju kroz kreditno poslovanje. Svaka druga očekivati da će doći do dodatnog snižavanja, kako bi situacija koja bi podrazumijevala dodatni pritisak na banke i na taj način pokušale da snize svoje troškove. banke za sniženjem kamata, uz povećanje troškova Očekujem da ćemo na kraju 2016. godine imati poslovanja, mogla bi za posljedicu da ima gubitak dobre finansijske rezultate kod većih banaka, dok interesovanja investitora za ulaganje u bankarski će manje banke imati problema sa profiitabilnošću, sektor i podstakla bi njihovu želju za izlaskom sa obzirom na njihovu veličinu sa jedne strane i visoke ovog tržišta. troškove poslovanja sa druge strane. Očekujem da će se taj trend nastaviti i u narednim godinama, što zbog :B Nivo nekvalitetnih kredita ima trend opadanja. novih međunarodnih računovodstvenih standarda, Centralna banka CG predlaže korekcije u odlukama koji predviđaju dodatne troškove rezervacija za banke, koje se tiču kolaterala, čime pokušava da pospješi tzv. što zbog ograničenog potencijala tržišta u kontekstu Podgorički model i dobrovoljno restrukturiranje kredita relativno velikog broja banaka. koji nisu dali očekivane rezultate. Koje mogućnosti stoje Značajan pozitivan uticaj na poslovanje banaka u bankama na raspolaganju u smjeru implementacije ove narednim godinama će imati i očekivano učlanjenje inicijative, a da nijesu iskorištene do sada? u NATO, kao i brzina približavanja Evropskoj uniji. Smanjenje pokazatelja nekvalitetnih kredita u prethod- Cijenim da bi brže učlanjivanje u NATO stvorilo noj godini je prije svega rezultat bilateralnih aranžmana mogućnosti za veći priliv direktnih stranih investicija, između banaka i njihovih dužnika, moguće je da je dok bi eventualno odustajanje ili usporavanje na tom bilo i izmještanja ovih potraživanja iz bankarskih putu predstavljalo dodatni izazov za banke. bilansa, kroz prodaje potraživanja i slično, dok nije bilo slučajeva korišćenja Zakona o dobrovoljnom :B Kako ocjenjujete rad Hipotekarne banke u godini restrukturiranju kredita, poznatijeg kao Podgorički na izmaku i šta klijenti HB mogu novo očekivati u 2017. model. Imajući u vidu tu činjenicu, Centralna banka godini ? Crne Gore je pokrenula inicijativu za određene Kao i prethodnih deset godina, od momenta promjene izmjene Zakona koje bi dodatno unaprijedile posto- vlasničke strukture Hipotekarne banke, i ove godine jeća rješenja i motivisale banke da se korišćenjem ostvarićemo planirani rezultat, koji je po pravilu u tog Zakona dodatno angažuju na snižavanju nivoa svakoj godini veći u odnosu na prethodnu za 10 do nekvalitetnih kredita. 15 odsto. Tako će biti i ove godine. Očekivani profit Udruženje banaka Crne Gore je dalo svoj doprinos za 2016. godinu će porasti otprilike 15 odsto u odnosu u diskusijama vezanim za predložene izmjene, pa na 2015. Italijanski akcionari, koji su većinski vlasnici očekujemo da će se nakon usvajanja ovog Zakona u banke, zadovoljni su ostvarenim rezulatima, koji su Skupštini Crne Gore stvoriti mogućnost za kvalitetnije potvrdili njihova očekivanja da je isplativo investi- rješavanje problema loših kredita. rati u Crnu Goru. Menadžment i zaposleni u banci su takođe zadovoljni ostvarenim rezultatima, kao i :B Struktura depozitne baze, nivo pasivnih kamatnih atmosferom i entuzijazmom koji vlada u kolektivu, stopa i konkurencija na bankarskom tržištu, kao i koji je prije svega posvećen zadovoljenju potreba problemi u realnom sektoru, utiču na profitabilnost svojih klijenata. banaka. Koje akcije u regulatornom okruženju, i šta same Strategija Hipotekarne banke je usmjerena na kon- banke mogu uraditi u narednom periodu da rezultati budu tinuirane inovacije i praćenje potreba klijenata kako još kvalitetniji? bi zadržala poziciju u vrhu crnogorskog bankarskog Kamatne stope na depozite u Crnoj Gori i dalje spadaju sektora. I za ovu godinu smo pripremili dodatno una- u red najviših stopa u okruženju. Kao rezultat toga prjeđenje našeg kataloga proizvoda, kako u poslovanju january 2017 | :Bankar AN INTERVIEW - ESAD ZAIMOVIĆ, PRESIDENT OF THE MANAGING BOARD OF THE ASSOCIATION OF MONTENEGRIN BANKS AND CEO OF HIPOTEKARNA BANKA PODGORICA 5

high risk for the banks. Considering all restrictions Interest rates on deposits in Montenegro are still within the banks are facing with in their operations, as well the highest rates in the region. As a result, there is also a as expecting new expenses that will be reported in constant growth in both domestic and foreign deposits. the balance sheets of banks through the implementa- In the situation when Europe has a lot of banks that apply tion of new regulation, it is not realistic to expect that regulatory interest rates on deposits of their customers, the banks will gladly deprive of income they make it is realistic to expect that additional reduction will through lending activities. Any other situation that occur so the banks would try to reduce their expenses. would imply additional pressure on banks to reduce I expect that we will have good financial results in interest rates, with the increase of operating costs leading banks at end-2016, while smaller banks will might result in loss of interest of investors to invest have problems with profitability due to their size in the banking sector and instigate their desire to on one hand and high operating expenses on other exit this market. hand. I expect that this trend will continue also in the following years, both because of the international :B The level of non-performing loans has a declining accounting standards that envisage additional provi- trend. The Central Bank of Montenegro proposes sions for banks and limited potential of the market adjustments in the decisions regarding collateral, which with regard to relatively high number of banks. is trying to enhance Podgorica Approach and voluntary Significant positive impact on banks’ operations in restructuring of loans which did not give expected the following years will also have expected member- results. What are the possibilities for banks regarding ship to NATO and the velocity of joining the European the implementation of this initiative which have not been Union. I believe that faster membership to NATO would used so far? create possibilities for higher inflow of foreign direct Decline of the NPL ratio in last year primarily was the investments, while potential renouncing or decelerat- result of bilateral arrangements between the banks ing would represent additional challenge for banks. and their debtors. It is possible that the removal of these receivables from the balance sheets of banks :B How do you assess the operations of the Hipotekarna occurred through sales of receivables and the like, Banka in the last year? What new can customers of the while there were no cases that the Law on Voluntary Hipotekarna Banka may expect in 2017? Restructuring of Loans, known as Podgorica Approach, As in the previous ten years, since the moment of the was used. Bearing in mind the aforesaid, the Central change in ownership structure of Hipotekarna Banka, Bank of Montenegro initiated certain amendments to we will meet the planned result this year, which is, as the law, which would additionally improve the exist- a rule, higher each year by 10% to 15% compared to ing solutions and encourage the banks to engage in the previous year. The same will happen also this year. the reduction of the level of NPLs by using the law. The expected profit for 2016 will increase by about Association of Montenegrin Banks gave its con- 15% compared to 2015. Italian shareholders, which tribution in the discussions held with regard to the are majority owners of the bank, are satisfied with proposed amendments, so we expect that after the the results achieved. These results confirmed their adoption of this Law in the Parliament of Montenegro, expectation that is good to invest in Montenegro. the possibilities will be created for more qualitative Management and employees in the bank are also resolution of the issue of NPLs. satisfied with the expected results as well as with the atmosphere and enthusiasm in the team which is :B The structure of deposit base, the level of deposit primarily dedicated to satisfy the needs of their clients. interest rates and the competition in the banking market The strategy of Hipotekarna Bank is directed towards as well as problems in the real sector influence the continuous innovations and monitoring of the needs profitability of banks. What are the activities in regulatory of the customers in order to keep the position it has environment; what the banks can do in the following in the top of Montenegrin banking system. Thus, we period so that the results are more qualitative? have prepared for this year additional improvement INTERVJU – ESAD ZAIMOVIĆ, PREDSJEDNIK UO UBCG januar 2017 | :Bankar I GLAVNI IZVRŠNI DIREKTOR HIPOTEKARNE BANKE AD PODGORICA

6 sa građanima, tako i sa pravnim licima. Cilj nam je je u stranom vlasništvu, tako da smo svi uglavnom da zadržimo postojeću bazu klijenata a da ponudom upoznati sa izmjenama koje donosi implementacija novih, tehnološki inovativnih proizvoda, animiramo međunarodnih standarda. Kao i svaka promjena, nove klijente, prije svega mlađu populaciju. Koristim tako i ova donosi dodatne obaveze za banke, ali se priliku da najavim da ćemo biti prva banka u Crnoj istovremeno otvara prostor i za povećanje obima Gori koja će lansirati nove načine korišćenja bankar- poslovanja, saglasno brzini našeg pristupanja NATO skih usluga, što će dodatno podići kvalitet bankarske i EU integracijama. ponude u Crnoj Gori. Time nastavljamo tradiciju lansiranja inovativnih proizvoda kao što su bili prva :B Kakav poslovni ambijent u Crnoj Gori možemo beskontaktna kartica i stiker, mobilno bankarstvo, očekivati u narednoj godini i kako ocjenjujete situaciju u filijale koje rade 24 sata i slično. realnom sektoru? Planirali smo da ove godine dodatno razvijemo Makroekonomska situacija u Crnoj Gori je relativno poslove investicionog bankarstva, kroz kreiranje pro- povoljna. Visoka stopa rasta GDP-a, kao i projekcije izvoda za građane i privredu koji žele da investiraju kretanja osnovnih makroekonomskih pokazatelja u svoje viškove likvidnosti. Kao posljedicu sniženja narednom periodu nas ohrabruju i ulivaju povjere- kamatnih stopa na depozite možemo očekivati i nje da će Crna Gora uspjeti da se, i pored visokog smanjenje interesa građana i privrede za štednjom u nivoa javnog duga, izbori za dugoročnu stabilnost. bankama, što ih može podstaći na traženje alternativnih Potencijalnu opasnost može predstavljati prilično mogućnosti investiranja viškova likvidnosti. U tom komplikovana globalna politička situacija, kao i neki kontekstu očekujem dodatno interesovanje klijenata trendovi iz skorije prošlosti vezano za održivost i za ovu vrstu aranžmana. Već se može konstatovati da stabilnost Evropske unije. su odrađeni neki aranžmani vezani za investiranje u državne obveznice Crne Gore, koje nose dobru :B Koje promjene i novine ste predvidjeli u radu UBCG? kamatnu stopu od četiri odsto godišnje i za kojima Kao što je poznato javnost nedavno smo izabrali postaje sve izraženija tražnja na finansijskim tržištima. novog generalnog sekretara Uruženja banaka, gos- Takođe postoji i interesovanje za blagajničke zapise podina Bratislava Pejakovića, koji je predstavio plan države Crne Gore, a očekujem da će se tokom ove rada za naredne četiri godine, koji se može ocijeniti godine pojaviti u ponudi još jedna emisija obveznica kao ambiciozan. Moje lično očekivanje da će gospo- Hipotekarne banke. Podsjetiću čitaoce da je prva din Pejaković, u saradnji sa Nebojšom Đokovićem, emisija ovih obveznica u iznosu od 10 miliona EUR dugogodišnjim savjetnikom u Udruženju banaka, realizovana prije više od dvije godine, da je realizo- uz moguća dodatna kadrovska pojačanja, uspjeti da vana prije dvije godine i da i dalje predstavlja jednu realizuje te planove i da od Udruženja banaka Crne od najtraženijih hartija na Montenegroberzi. Gore stvorimo jednu jaku, stručno priznatu instituciju, koja će biti uvaženi partner svim domaćim i među- :B Naredna godina će biti izazovna, Regulator priprema narodnim institucijama i koja će na najbolji način novi Zakon o bankama i podzakonsku regulativu. Kakva artikulisati interes bankarskog sektora. Napomenuću su očekivanja bankara u tom pravcu? da to ponekad i neće biti jednostavno, imajući u vidu Naredna godina će biti izazovna, to je tačno. Ja sam strukturu bankarskog sektora u Crnoj Gori, gdje nisu na poziciji direktora Hipotekarne banke već skoro 10 uvijek identični interesi banaka različite veličine. godina i moram priznati da je svaka od prethodnih Za kvalitetniji način funkcionisanja Udruženja godina u tom periodu bila izazovna, ali smo uspjeli neophodna je podrška svih banaka, kako se njihovo da se prilagodimo datim okolnostima i pronađemo učešće ne bi svodilo samo na prisustvo sjednicama model održivog poslovanja. Očekujem da će tako Udruženja i ne bi zavisio samo od agilnosti general- biti i naredne godine. Svi smo svjesni nastupajućih nog sekretara i njegovih saradnika. Mislim da postoji promjena koje donosi usklađivanje naše regulative potreba i da se inovira Statut Udruženja, kako bi se sa EU standardima. Većina banaka u Crnoj Gori stvorili uslovi za efikasniji i kvalitetniji rad. january 2017 | :Bankar AN INTERVIEW - ESAD ZAIMOVIĆ, PRESIDENT OF THE MANAGING BOARD OF THE ASSOCIATION OF MONTENEGRIN BANKS AND CEO OF HIPOTEKARNA BANKA PODGORICA 7

of our catalogue of products, both in the retail and is foreign owned. Therefore, this one also brings corporate sectors. Our objective is to keep the existing additional obligations for banks but simultaneously customer base and by offering new technologically opens the space also for the increase in the volume of innovative products attract new customers, primar- operations pursuant to the velocity of our accession ily the youth. I would like to take this opportunity to to NATO and EU integrations. announce that we will be the first bank in Montenegro that will launch new methods of using banking ser- :B What business environment in Montenegro can be vices, which will additionally increase the quality of expected in the following year? How do you assess the the banking offer in Montenegro. This will continue situation in real sector? the tradition of launching innovative products like it Macroeconomic situation in Montenegro is relatively was first contactless card and sticker, mobile banking, favourable. High growth rate of GDP and projections branches open 24/7 and the like. of development of main macroeconomic indicators in Our plan for this year is to develop additionally the following period encourage us and reassure that investment banking through the creation of products Montenegro will manage, regardless of high level of for households and the economy that want to invest public debt, to cope with long-term stability. Potential their surpluses of liquidity. As a consequence of the danger can be rather complexed global political situ- reduction in deposit interest rate, we may expect also ation and some trends from the recent past regarding the reduction of interest of households and corporate sustainability and stability of the European Union. sector for savings in banks, which can be instigated for searching alternative possibilities of investing of :B What changes and innovations have you anticipated surpluses of liquidity. To that end, I expect additional in the work of the Association of Montenegrin Banks? interest of clients for this type of arrangements. It can be As the public has been aware, we have recently appointed noted that certain arrangements regarding investments new Secretary General of the Banking Association, in government bonds of Montenegro that bear good Bratislav Pejaković, who presented the Action Plan interest rate of four percent annually were done and for for the following 4 years, which can be assessed which there is more pronounced demand in financial as ambitious. My personal expectation is that Mr. markets. In addition, there is an interest expressed for Pejaković will realise, in cooperation with Nebojša T-Bills of Montenegro, and I expect that another issue Djoković, a long-year advisor in the Association of of bonds of the Hipotekarna Bank will be offered this Montenegrin Banks, with potential additional staff year. To remind the readers, the first issue of these bonds improvement, these plans and develop the Association of 10 million euros was realized more than two years of Montenegrin Bank as one strong, professionally ago, and it still represents one of the most requested recognized institution which will be a reputable part- securities on the Montenegro Stock Exchange. ner to all domestic and international institutions and which will pronounce in the best possible manner the :B The following year will be challenging. The regulator has interest of the banking sector. Just to mention that been preparing new Banking Law and secondary legislation. this will not be easy bearing in mind the structure What are the expectations of bankers in that area? of the banking sector in Montenegro, where interest It is correct that the following year will be challenging. of banks of different size are not always identical. I have been CEO of Hipotekarna Banka for almost 10 Support of all banks is needed for more qualitative years and I have to admit that each of the previous manner of the functioning of the Association, so that years in this period was challenging but we managed their participation would not be only their presence to adjust to given circumstances and find a model of at the meetings of the Association and would not sustainable operations. I expect that the following depend only on the activity of the Secretary General years will be the same. We are aware of the coming and his team. I believe that there is a need to amend changes that bring adjustment of our regulation with the Statute of the Association to create the conditions the EU standards. Majority of banks in Montenegro for more efficient and qualitative work.

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Bulevar Džordža Vašingtona 56/I Tel: +382 (0)20 205 410 81000 Podgorica Fax: +382 (0)20 205 411 www.lovcenbanka.me [email protected] FINANSIJSKI INTRUMENTI januar 2017 | :Bankar 10 Obveznice i izračunavanje vrijednosti obveznica Finansijski intrumenti se u osnovi mogu podijeliti mr Gojko Maksimović, CFA na: vlasničke, dužničke, derivatne i izvedene hartije Izvršni direktor Montenegroberze od vrijednosti. Dužničke hartije od vrijednosti predstavljaju hartije od vrijednosti koje vlasnicima isplaćuju na dan dospijeća iznos duga zajedno bveznice predstavljaju sigurniji sa propisanom kamatom. Shodno roku na koji se Ovid investiranja, manje rizične emituju mogu se podijeliti na kratkoročne (trezorske hartije od vrijednosti u odnosu na i komercijalne zapise, čiji je rok dospijeća do godinu vlasničke hartije od vrijednosti. dana) i dugoročne - obveznice (čiji je rok dospijeća Naime, u slučaju da kompanija preko godinu dana) upadne u problem sa dugovanjima, prvo se naplaćuju povjerioci, kao što su vlasnici obveznica a zatim u slučaju da je ostalo imovine dolazi do podjele na akcionare. Kao emitent diskonta predstavlja kamatu koja reinvestiranja - da novac dobijen dužničkih hartija od vrijednosti se plaća za pozajmljena sredstva). od isplate kupona neće moći da mogu se javiti: države - državne Svaka obveznica sadrži sledeće ele- investira po istoj kamatnoj stopi; obveznice, lokalne samouprave - mente: emitenta, dospijeće, nominalnu rizik likvidnosti - nemogućnost brze opštinske obveznice, kompanije vrijednost, iznos kupona i raspored prodaje na sekundarnom tržištu. - kada je riječ o korporativnih isplate kupona. Na osnovu rasporeda Prihod koji vlasnici obveznica ostva- obveznicama. Ako bi posmatrali isplate kupona, možemo reći da obve- ruju sastoji se od prihoda po osnovu strukturu i način kreiranja obveznica znica ima jasno definisani tok novca kamata i prihoda od rasta cijene možemo razlikovati: koji vlasnik može očekivati u budućem obveznice. Na toj osnovi potrebno ■■ kuponske obveznice (mjesečna, periodu. Važna karakteristika svake je prilikom sagledavanja isplativosti kvartalna, polugodišnja ili godišnja obveznice je i njen duration. Navedeni investicija u obveznice posmatrati isplate kamate - kupona, dok se pokazatelj pokazuje koliko je godina obije navedene kategorije prihoda. glavnica isplaćuje jednokratno po potrebno da se trenutna cijena obve- Kao investitori u državne obve- roku dospijeća obveznice); znice isplati kroz dobijanje budućih znice mogu se javiti: banke, osigu- ■■ amortizujuće obveznice (mje- novčanih tokova. ravajuća društva, ostali privredni sečna, kvartalna, polugodišnja Rizici sa kojima je suočen vlasnik subjekti i stanovništvo. Kao kupci ili godišnja isplata kupona koji obveznica su: kreditni rizik - da neće državnih obveznica mogu se javiti pored plaćanja kamate sadrži i moći da isplati u predviđenom roku i centralne banke samih država, dio glavnice); dugovanje; rizik kamatne stope - da koji na taj način vrši operacije na ■■ diskontne obveznice (prodaju se će doći do izmjene kamatne stope otvorenom tržištu. Kroz kupovinu po diskontnoj vrijednosti a iznos nakon što je uložio sredstva; rizik državnih obveznica centralne banke january 2017 | :Bankar FINANCIAL INSTRUMENTS 11 Bonds and Calculation of Bonds Value Gojko Maksimović, M.Sc., CFA Financial instruments can be basically divided into equity, debt, CEO of Montenegroberza and derivative securities. Debt securities represent securities which are paid to the owners at maturity together with the amount of interest. Pursuant to their maturity they can be divided into short-term (treasury and commercial T-bills with onds represent more secure the maturity up to a year) and long-term – bonds (with the Btype of investment, less risky maturity over a year) securities compared to equity secu- rities. In case that the company fails to pay debts, creditors, such as bond holders, will be paid first and if the assets remain, it will be divided between the shareholders. Issuers of securities can be: gov- ernments – government bonds, elements: issuer, maturity, nomi- fast sale on the secondary market. local self-governments – municipal nal value, amount of coupon and Income which the bond holder bonds, companies – corporate bonds. repayment schedule of the coupon. makes consists of interest income With regard to the structure and Based on the repayment schedule and income from the growth in the manner of their creation, the of coupon, bond has clearly defined bond prices. This will be the basis following bonds differ: cash flow which the owner can expect for reviewing both income categories ■■ Coupon bonds (monthly, quar- in the future period. The important when reviewing cost-effectiveness terly, semi-annual or annual feature of each bod is its duration. of investments in bonds. payment of interest – coupon, The mentioned indicator shows the The following can be investors in while the principal is paid one-off period needed that the current price government bonds: banks, insurance at maturity of bond); of bond is paid through obtaining companies, other companies and ■■ Depreciating bonds (monthly, future cash flows. citizens. As buyers of government quarterly, semi-annual or annual Risks the bond holder is facing are bonds can be also central banks of payment of coupon which in addi- the following: credit risk – the debt the originating states which perform tion to the interest payment con- cannot be repaid in the prescribed open market operations. Data that tains also a portion of principal); period, interest rate risk – interest I have at my disposal show that the ■■ Discount bonds (they are sold at a rate will change after it has invested Central Bank of Montenegro did not discount amount and the amount funds, investment risk – money perform open market operations. of discount represent interest to obtained from the coupon payment Reasons for investing vary with dif- be paid for the borrowed funds). cannot be invested at the same inter- ferent entities. Investing in bonds is Every bond contains the following est rate, liquidity risk – inability of attractive primarily to investors that FINANSIJSKI INTRUMENTI januar 2017 | :Bankar

povećavaju iznos monetarne mase u Obveznice se po pravilu trguju u pro- Navedeni zadatak ćemo riješiti na 12 zemlji. Podaci sa kojima raspolažem centnim vrijednostima u odnosnu način što je potrebno da sve buduće govore da Centralna banka Crne na nominalnu vrijednost. Prilikom novčane tokove diskontujemo na Gore nije vršila navedene operacije primarne emisije obveznice se pro- sadašnju vrijednost i sumiramo. na otvorenom tržištu. daju po vrijednostima koja je veća Navedena obveznica ima 5 nov- Kod ostalih subjekata različiti su ili manja od nominalne vrijedno- čanih tokova. Prvih četiri godine razlozi za ulaganje. Investiranje u sti, ukoliko je veća obveznice su obveznica isplaćuje vrijednost od obveznice je atraktivno prevashodno se prodavale uz premiju, a ako je 4 na osnovu kamate a na kraju pete investitorima koji su manje skloni vrijednost manja, onda uz diskont. godine pored isplate kamate od 4 riziku i kojima je privlačna stabilnost Za izračunavanje prinosa koji inve- isplaćuje i vrijednost glavnice u cijene obveznice i definisani novčani stitor ostvaruje prilikom ulaganja u iznosu od 100, pa je ukupna vrijed- tokovi. Stanovništvo prevashodno u obveznice mogu se koristiti sledeći nost za isplatu na kraju pete godine ovom vidu ulaganja vidi mogućnost pokazatelji: trenutni prinos i prinos 104. Ove vrijednosti diskontujemo za ostvarivanje više zarade u odnosnu do dospijeća. sa stopom od 6% odnosno izračuna- na štednju u komercijalnim bankama. ■■ Trenutni prinos je količnik kupona vamo sadašnju vrijednost obveznice Na navedenoj osnovi prihvata rizik za i trenutne cijene obveznice. na sledeći način: potencijalno ostvarivanje veće stope Ukoliko se obveznica trguje uz prinosa. Prednost za investiranje premiju, trenutni prinos je manji za sektor stanovništva predstavlja od kamate stope kupona i obratno. sekundarno tržište, gdje mogu uko- ■■ Prinos do dospijeća, yield to Na osnovu navedene formule, liko se jave potrebe za likvidnošću, maturity, je interna stopa pri- trenutna vrijednost obveznice je: navedene hartije da prodaju. Za nosa očekivanih novčanih tokova 91,575% te možemo reći da se nave- razliku štednje u bankama prilikom obveznice. Prinos do dospijeća dena obveznica trguje po diskontnoj razročenja prije roka dospijeća, gdje je diskontna stopa čijim se dis- vrijednosti. Ukoliko bi diskontna gube dio zarađene kamate, prilikom kontovanjem budućih novčanih stopa bila manja od kamatne, onda prodaje obveznica na sekundarnom tokova dobija trenutna vrijed- bi dobili vrijednost obveznice koja tržištu investitor dobija pripada- nost obveznice. Navedena stopa je veća od 100%, pa bi se obveznica jući - zarađenu kamatu. Ulaganje predstavlja godišnji prinos koji će prodavala uz premiju. Različite vri- u obveznice privlačno je i investi- investitora ostvariti ukoliko kupi jednosti diskontne stope su poslje- torima koji imaju duže vremenske obveznicu po trenutnoj cijeni i dica promjene u makroekonomskom horizonte investiranja (poput osi- drži je do dospijeća. ambijenta tokom života - roka dos- guravajućim društvima). Kao glavni pijeća obveznice. Ukoliko dolazi kupci državnih obveznica javljaju se Uzimajući u obzir karakteristike do poboljšanja makroekonomskog i banke. Njihovi motivi za ulaganje obveznice da predstavljaju finansijski ambijenta, doći će do pada kamatnih može biti želja za ostvarivanjem instrument sa jasno definisanim stopa a time i do pada diskontne izloženosti plasmana prema državi novčanim tokovima, za izračuna- stope, pa će vrijednost obveznice a takođe i „skladištenje“ obveznica vanje vrijednosti koriste se metode rasti a njen efektivni prinos opasti. za obavljanje funkcije dilera tokom određivanja neto sadašnjih vrijed- Obrnuto, u periodu kada vlada roka dospijeća obveznice. Emisije nosti (NPV) i interne stope prinosa makroekonomska nestabilnost obveznica posebno mogu biti intere- (IRR). dolazi do rasta kamatnih stopa pa santne za „male“ banke, koje nemaju će investitori odrediti veće diskon- dovoljno jaku pregovaračku moć za Primjer 1:Emitent X je emitovao tne stope, koje će dovesti do pada mogućnost direktnog zaključenja obveznicu koja ima rok dospijeća vrijednosti obveznica. kreditnih aranžmana sa državom. od pet godina i godišnje isplaćuje Prinos do dospijeća izračunavamo Kroz kupovine obveznica u manjim kamatu u iznosu od 4%. Potrebno na isti način kao kod određivanja iznosima oni agregiraju ukupnu je da se izračuna sadašnja vrijednost interne stope prinosa - IRR. Kod tražnju, ostvaruju izloženost i utiču obveznice, ukoliko imamo podatak izračunavanja navedenog prinosa na ukupno zaključenje emisije. da je diskontna stopa 6%. potrebno je da su zadovoljene sledeće january 2017 | :Bankar FINANCIAL INSTRUMENTS 13 are less prone to risk and to which current yield and yield to maturity. Based on the formula above, pre- stability of bond price is attractive ■■ Current yield is the ratio of coupon sent value of the bond is 91.575%. and cash flows are defined. Citizens and current bond price. If the Therefore, it can be said that this see in this type of investments pri- bond is traded with premium, bond is traded at discounted marily the possibility for making current return is smaller than value. If the discounted value were more money compared to savings the interest rate of coupon and lower than the interest amount, in commercial banks. Based on this, vice versa. the value of bond obtained would risk is taken for potential accom- ■■ Yield to maturity is interest rate be higher than 100%. In this case plishment of higher rate of return. of return of expected cash flows the bond would be sold with the Secondary market represents the of the bond. Yield to maturity is premium. Different values of advantage to households sector for discounted rate which results in discounted rate result from the investing where these securities can current value of bond by disco- change in macroeconomic envi- be sold if liquidity needs arise. As unting future cash flows. This rate ronment during the life – maturity opposed to savings in banks during represents annual yield which of the bond. If the macroeconomic cancellation of deposit agreement, will be made by the investor if it environment improves, interest where certain portion of interest purchase bond at current price rate will decline and thus the is lost during the sale of bonds in and holds it till maturity. discounted rate. The value of the the secondary market, the investor Taking into account that the featu- bond in this case will grow and obtains added – earned interest. res of the bond represent financial its effective yield will decline. Investment in bonds is attractive instrument with clearly defined cash Conversely, if macroeconomic also to investors which have long flows, methods of determining net instability occurs, interest rate horizons of investment (like insur- present values (NPV) and internal will grow and the investors will ance companies). Banks also appear rate of return (IRR) are used for determine higher discounted rates as the main buyers of government calculating the value. that will result in the decline in bonds. Their motives for investing the value of bonds. can be desire for making exposure of Example 1: Issuer X has issued a Yield to maturity is calculated placement towards the government bond with 5-year maturity and it the same as with determining and keeping bonds for perform- pays annual interest of 4%. Current interest rate of return. When the ing the function of dealer during value of bond should be calculated said return is calculated, the fol- maturity of bond. Bonds issue can if the data exists that the discounted lowing assumptions should be be particularly interesting for small rate is 6%. met: the investor has the intention bank which do not have sufficiently This task will be resolved by dis- to hold the bond until maturity, strong negotiating power for the counting all future cash flows to the issuer will made all planned possibility of direct conclusion of current value and sum them up. payments of coupon and princi- credit arrangement with the state. This bond has 5 cash flows. The pal; the investor will be able to They aggregate total demand by pur- bond pays value of 4 for the first reinvest the funds obtained under chasing bonds in smaller amounts four years based on interest and at the same rate. When calculating and create exposure and influence the end of the fifth year, in addition yield to maturity, the following the conclusion of the issue. to the interest payment of 4 it pays data are needed: current price As a rule, bonds are traded in also the principal amount of 100. of bond, amounts and schedule percent values compared to nominal Thus, total value for the payment of coupon. value. During the primary issue, at the end of the fifth year is 104. bonds were sold with the premium These values are discounted with Example 2: Present value of bonds and if the value is smaller, they are the rate of 6%, i.e. the present value of the issuer X is 105% in the stock sold at a discount. For calculating of the bond is calculated as follows: exchange. Maturity of the bond return which the investor makes is 4 years and it bears a coupon during the investment in bonds, the at interest rate of 5%. Yield to following indicators can be used: maturity should be calculated. FINANSIJSKI INTRUMENTI januar 2017 | :Bankar

pretpostavke: investitor ima namjeru cijene obveznice dolazi do rasta prinosa do dospijeća koristi XIRR for- 14 da drži obveznicu do dospijeća, emi- prinosa do dospijeća. mula. Navedena formula izračunava tent će izvršiti sve planirane isplate Za izračunavanje vrijednosti godišnju stopu prinosa očekivanih kupona i glavnice, investitor će moći obveznica i određivanje prinosa novčanih tokova obveznice za jasno da reinvestira dobijena sredstva prilikom zaključivanja transakcija definisane datume isplate kupona. pod istoj stopi. Kod izračunavanja na sekundarnom tržištu od važnosti Primjer 3: Obveznica X se emito- prinosa do dospijeća potrebni su je definisanje pojmova pripadajuće vala 15.11.2016. godine. Obveznica nam sljedeći podaci: trenutna cijena kamate, čiste i pune (prljave) cijene. ima sljedeće elemente: rok dospi- obveznice, iznosi i raspored kupona. Naime, sa zaključivanjem transak- jeća 4 godine, odnosno 16.11.2020. cija na sekundarnom tržištu kupac godine. Obveznica je kuponska, Primjer 2:Trenutna cijena obve- obveznica plaća prodavcu i dio koji nominalna vrijednost jedne obve- znica emitenta X na berzi je 105%. se odnosi na pripadajuću kamatu, znice je 10.000,00€, a iznos kupona Dospijeće navedene obveznice je odnosno kamatu zarađenu u periodu je 4%. Dana 29.11.2016. došlo je do četiri godine i ona nosi kupon po „držanja“ obveznice (od poslednje zaključenja transakcije u iznosu kamatnoj stopi od 5%. Potrebno je isplate kupona do dana saldiranja od 4 obveznice na sekundarnom da se izračuna prinos do dospijeća. transakcije). Na taj način prodavcu je tržištu po cijeni od 100,40%. Kupac Prinos do dospijeća izračunavamo omogućeno da ukoliko ima potreba navedenih obveznica pored plaćanja po sledećoj formuli: za likvidnošću može obveznice da cijene plaća prodavcu i pripadajuću i iznosi 3,634%. Kako se obveznica proda a da dobije kamatu za period kamatu za period od 14 dana, odno- držanja. Takođe, kroz razvoj sekun- sno iznos od 61,37 €. Ukupno odliv darnog tržišta obveznica omogućeno novčani tok se sastoji od iznosa cijene je da investitor ostvaruje izloženost koji je kupac platio za četiri obve- trenutno prodaje uz premiju, prinos prema državi u kratkom roku. Na toj znice i iznosa pripadajuće kamate. do dospijeća je manji od iznosa osnovi čista cijena predstavlja cijenu Prilivi po osnovu novčanih tokova kamate koju nosi kupon. same transakcije, dok puna cijena je se sastoje od dobijanja kupona i Važno je napomenuti da na osnovu cijena transakcije uvećana za iznos na kraju četvrte godine kupona i izloženog možemo zaključiti da pripadajuće kamate po obveznici. glavnice. Važno je upisati datume je vrijednost obveznice obrnuto Za izračunavanje vrijednosti obve- novčanih tokova putem funcije srazmjerna prinosu koji se ostva- znica i određivanje prinosa do dospi- „date“, pa ih obilježiti sa iznosima ruje. Odnosno sa rastom cijene jeća kao koristan alat može poslužiti novčanih tokova i putem funkcije obveznice dolazi do pada prinosa Microsoft Excel program. U tom XIRR dobićemo vrijednost prinosa do dospijeća i obrnuto sa padom slučaju se prilikom izračunavanja do dospijeća. january 2017 | :Bankar FINANCIAL INSTRUMENTS 15

Yield to maturity is calculated using interest for the holding period. In amount of 61.37€. Total cash outflow the following formula: addition, through the development consists of the amount of price the of secondary market, the investor buyer paid for 4 bonds and amount may be exposed to the government of interest accrued. Cash inflows in short-term. Therefore, pure price consist of obtaining coupon and at and it amounts to 3.634%. Since the represents the price of the transac- the end of the fourth year coupon bond is currently sold with premium, tion itself, while the full price is the and principal. Dates of cash flows yield to maturity is lower than the price of transaction increased by the should be entered by pressing the interest of the coupon. amount of accrued interest. function “date” and marked them The conclusion can be drawn from Microsoft Excel can be used to with the amounts of cash flows and the aforesaid that the value of bond calculate the value of the bonds function XIRR the value of yield to is inversely proportional to the yield and determine yield to maturity. In maturity is obtained. it makes. Yield to maturity declines such a case, XIRR formula is used Bonds Accounting when the bond price increases and to calculate yield to maturity. This An important item in the bonds vice versa, when bond price declines formula calculates annual rate of investment by institutional inves- yield to maturity increases. return of expected cash flows of the tors and companies is accounting The following terms should be bond for clearly defined payment of bonds. Basically we may differ defined in order to calculate bond dates of the coupon. two ways of bonds booking: value and determine return when Example 3: Bond X was issued on ■■ Bonds held to maturity; concluding the transactions in the 15 November 2016. Bond has the ■■ Bonds available for trading; secondary market: interest added, following elements: 4-year maturity, pure and full (dirty) price. To wit, i.e. it matures on 16 November 2020. Bonds the investor has the intention when the transaction is concluded Bond is coupon, nominal value of to hold to maturity in its balance in the secondary market, the buyer one bond is 10.000.00€, and the sheets from the moment of buying of the bond pays to the seller also for amount of coupon is 4%. On 29 are booked as financial placements the portion referring to the accrued November 2016, the transaction and accounted for in the balance interest, i.e. interest earned in the was concluded in the amount of 4 sheet at the purchase price. This period of holding a bond from the bonds in the secondary market at price may be higher or lower than last payment of coupon until the a rate of 100.40%. In addition, to the nominal value depending day transaction is netted). In this the payment of price, the buyer of whether the bond was purchased way, the seller may sell bonds if it these bonds pays to the seller interest with premium or a discount. Since has liquidity problems and obtains accrued for period of 14 days, i.e. the the investor has the intention to hold FINANSIJSKI INTRUMENTI januar 2017 | :Bankar

Knjiženje obveznica držanja obveznice. Isplatom kupona mišljenje posmatrali u pogledu novca 16 Važna stavka prilikom investiranja navedeno potraživanje se zatvara. kao robe, došli bi do pogrešnog obveznica od strane intitucionalnih Promjene vrijednosti obveznice na zaključka koji bi glasio: ograničite investitora i privrednih subjekata tržištu nemaju efekte na bilansnim potrošnju robe za određenu kate- predstavlja računovodstveno knji- pozicijama. goriju, kako bi ostale kategorije ženje obveznica. U osnovi možemo Obveznice koje su raspoložive za mogli da je koriste. Kad bi navedeno razlikovati dva načina knjiženja trgovanje predstavljaju finansijske predstavili kroz prizmu ostalih roba obveznica: instrumente sa kojima preduzeće to bi izgledalo ovako: Nemojte pro- ■■ Obveznice koje se drže do ima namjeru da obavlja transak- davati automobile državi (primjer dospijeća; cije u budućem periodu. One se u Uprava policije kao možda najveći ■■ Obveznice koje su raspoložive bilansima vode po „fer“ vrijednosti, potrošač navedene robe), jer ako za trgovanje vrijednosti sa tržišta. Tokom obra- prodate automobile državni, pri- Obveznice koje investitor ima čunskog perioda preduzeće mora vreda ili stanovništvo neće moći namjeru da od momenta kupo- da posmatra ostvarene vrijednosti da ih kupi. Ili možda drugi pri- vine do dospijeća drži u svojim na kraju periodu, napravi ispravku mjer: Nemojte prodavati električnu bilansima, u bilansu stanja se evi- vrijednosti u bilansu stanja na tre- energiju državi, jer ako država troši dentiraju kao finansijski plasmani nutnu tržišnu vrijednost a svaka navedenu robu u velikom iznosu i unose se u bilansne knjige po promjena cijene na tržištu istovre- neće je biti dovoljno za privredu i kupovnoj cijeni. Navedena cijena meno ostavlja efekte na finansijski stanovništvo. U današnjem svijetu, može biti veća ili manja u odnosnu rezultat preduzeća. Naime, ukoliko ukoliko na nekom tržištu postoji na nominalnu vrijednost u zavisno- je u posmatranom periodu došlo do veća tražnja za određenom robom, sti da li se obveznica kupovala uz rasta cijene obveznica na tržištu, ili će doći po povećanja proizvodnje premiju ili diskont. Kako investitor preduzeće će u aktivi povećati vri- (ukoliko se radi o domaćem proi- ima namjeru da navedenu hartiju jednost obveznice na novu tržišnu zvodu) ili će doći do povećanja uvoza od vrijednosti drži do dospijeća, vrijednost i istovremeno razliku u robe (ukoliko se roba proizvodi u iznos premije ili diskonta se tokom cijeni između krajnje i početne vri- inostranstvu). roka važenja obveznice amortizuje. jednosti zabilježiti u okviru bilansa Isto je i sa novcem. Ukoliko na Ukoliko je obveznica kupljena po uspjeha. nekom tržištu (nacionalnoj ekono- diskontu (plaćena je manja vri- miji), postoji veća tražnja za robom jednost od nominalne), obveznica Bez razvoja finansijskog - novcem, ili će doći do proizvodnje nosi veći prinos od kamate te iznos tržišta nema ni ekonomskog (štampanja novca) ili do uvoza novca diskonta uvećava prihod od kamate. razvoja države (povlačenja sredstava iz inostran- Istovremeno dolazi do srazmjernog Jedna od najvećih zabluda koju stva). Kako Centralna Banka Crne povećanja vrijednosti obveznice u možemo čuti je da se prilikom kredi- Gore nema emisionu funkciju, naša aktivi, kako bi se na dan dospijeća tiranja Države ili kupovine državnih Država ne može proizvoditi novac ona izjednačila sa iznosom nomi- obveznica, od strane komercijalnih već smo upućeni na „uvoz“ novca, nale. U slučaju kada je obveznica banaka ograničava kreditni potenci- ukoliko dođe do povećanja tražnje. kupljena uz premiju (plaćena je veća jal bankarskog sistema. Zagovornici U osnovi naš ekonomski sistem je vrijednost od nominalne), obveznica navedenog mišljenja smatraju da formiran na liberalnim osnovama i nosi manji prinos od kamate te iznos sredstva - novac, koji su banke principima slobodnog tržišta. Na taj premije smanjuje prihod od kamate. plasirale u kupovinu obveznica način kroz „sprečavanje“ kreditira- Istovremeno dolazi do srazmjernog ograničava pristup kreditiranju nja i ulaganja u državne dužničke umanjenja vrijednosti obveznice privredi i stanovništvu, te na taj hartije ni na jedan način ne možete u aktivi, kako bi se na dan dospi- način stopira privredne tokove i povećati kreditne plasmane privredi jeća ona izjednačila sa iznosnom razvoj u jednoj državi. i stanovništvu. Kreditne aktivnosti nominalne. U toku obračunskog Treba krenuti od početka i same banaka su ugovoreni odnosi te ne perioda bilježi se potraživanje i definicije novca. Novac predstav- možete jednu stranu (banku) pri- prihod na kamatu shodno broju dana lja robu, te ako bi gore navedeno morati na zaključenje ugovorenog january 2017 | :Bankar FINANCIAL INSTRUMENTS 17 Without development of the financial market, the economic development in the country is impossible One of the largest mistakes that we can hear is that when the Government borrows or commercial banks pur- chase T-Bills, the lending potential of the banking system is limited. Advocates of this opinion believe that the funds – money which the banks have placed in the purchase of the bonds limits access to lend- ing the corporate and retail sectors, thus preventing economic flows and developments in a country. One should start from the begin- ning and the definition of money. Money represents goods, and if the above opinion with regard to the money as goods is observed, the following incorrect conclusion to maturity this bond, the amount settled by payment of the coupon. would be drawn: limit the consump- of premium or discount is depreci- Changes in the value of the bond in tion of goods for a specific category ated during the maturity of bond. If the market do not have the effects so the remaining categories could the bond is purchased at a discount on the balance sheet positions. use it. If this is presented through (lower value is paid than the nominal Bonds available for trading are the prism of other goods it would value), the bond bears higher return financial instruments which the com- look like this: Do not sell cars to the from interest and the amount of dis- pany has the intention to perform state (the example might be Police count increases the interest income. transactions in the future period. Administration as maybe the largest Simultaneously, the value of bond They are accounted for at fair value in consumer of this goods), since as you is proportionately increased on the the balance sheets, at the value from sell cars to the state, corporate and asset side so that it is equalised with the market. During the accounting retail sectors will not be able to buy the amount of nominal value at the period, a company must observe them. Nowadays, if there is higher maturity date. If the bond is pur- values accomplished at the end of demand in some market for specific chased with premium (higher value the period, make value adjustments goods, the production will increase than nominal value is paid), bond in the balance sheet to the present (if it is domestic period) or import bears lower return from income and market value. Every change in the of goods will increase (if the goods the amount of premium decreases price in the market leaves simultane- are produced abroad). interest income. Simultaneously, ously effects on the financial result The same happens with the money. the bond value proportionately is of the company. Namely, if the bond If higher demand for goods as money decreased on the asset side so that price has increased in the observed is in some market (national economy) it is equalised at maturity with the period, a company will increase in the production will occur (print- amount of nominal value. During the assets side the value of the bond ing of money) or money will be the accounting period, receivable to the new market value and book imported (withdrawing funds from and interest income is accounted the difference in price between the abroad). Since the Central Bank of pursuant to the number of days final and initial value within the Montenegro does not have issuing of bond holding. The receivable is income statement. function, our Government cannot FINANSIJSKI INTRUMENTI januar 2017 | :Bankar

odnosa ukoliko ona ne vjeruje da proces realizacije, te bitan segment i elementi transakcije (količina, 18 će se on ispoštovati. predstavlja cijena, odnosno prinos cijena - prinos) dogovore putem Empirijski podaci sa tržišta nam koji želi da ostvari, te rok u kojem elektronske komunikacije, ista se takođe govore u prilog navedenoj želi da Državi „pozajmi“ sredstva. „proknjižava“ nakon dva dana u konstataciji. U slučajevima kada Samo mjesto realizacije (tržište) Euroclear kompaniji. Ona je dužna se Država opredijelila za emisiju i ko je prodavac nije relevantan da vodi podatke o vlasništvu i da eurobondova ona je kroz Prospekt podatak za kupca. na osnovu ugovorenih transak- stavljala ograničenja da se pri pri- Ukoliko se transakcija realizuje cija izvrši promjene na vlasništvu. marnoj emisiji subjekti iz Crne Gore na primarnom tržištu, prodavac je Prilikom zaključenja transakcije ne mogu javiti na stani kupca. U država, pa novac dobijen od prodaje na sekundarnom tržištu klijenti tom pogledu težilo se sprečava- ide direktno državi. Time dolazi do iz Crne Gore se obračaju lokalnoj nju plasiranja - ulaganja domaćih uspješnog prikupljana nedostajućih kastodi banci koja mrežom svojih subjekata, a u cilju „očuvanja“ kre- sredstava neophodnih za nesmetano poslovnih partnera se dalje obraća ditnog potencijala za crnogorsko funkcionisanje budžeta. globalnim bankama koje u svoj- stanovništvo i privredu. Navedene Ukoliko se transakcija realizuje na stvu dilera nude cijenu. Kako je u odredbe Prospekta važe prilikom sekundarnom tržištu, kao prodavač navednom lancu prisutno dva do tri primarne prodaje dok na sekundar- se javlja postojeći vlasnik, pa novac posrednika, svi vodeći se logikom nom međunarodnom tržištu Država od prodaje ide njemu i država nema dobavljača maržiraju cijenu te ona nema mehanizme ograničavanja apsolutno nikakvog efekta od reali- krajnjem kupcu u Crnoj Gori bude kupovine. Na toj osnovi imali smo zacije navedene transakcije. Kupac je veća za iznos navedenih marži. situaciju da su se komercijalne banke zadovoljio svoju investicionu odluku Na taj način imamo situaciju da iz Crne Gore u navedenom periodu a novčani tok je ostao bez efekta po lokalni subjekti koji žele da ulažu javljale kao kupci na sekundarnom državnu kasu. Nažalost nemamo u državne obveznice moraju da se tržištu eurobondova. Time su napra- zvaničnih podataka, ali može se obraćaju globalnim bankama koji vile svoju izloženost prema Državi procijeniti da su na realizacije tran- na svaku transakciju ostvaruju te sami mehanizmi zaštite koji su sakcija na sekundarnom eurobond određenu maržu a pri tome se postavljeni unutar Prospekta nisu tržištu kupci iz Crne Gore u proteke svaka transakcija „proknjižava“ imali efekta. tri do četiri godine potrošili skoro u Belgiji. Ako bi se vratili paraleli Nažalost, moram konstatovati da 200 miliona eura. Možemo zaključiti sa domaćom proizvodnjom, slična Država prilikom realizacije kupov- da bi navedeni iznos mogao pred- situacija bi bila da recimo kupci nih naloga crnogorskih privrednih stavljati dobar osnov za finansiranje crnogorskog vina Vranac, ukoliko subjekata i stanovništva na sekun- državnog budžeta. žele da ga konzumiraju mogu da ga darnom tržištu eurobonda samo Treba napomenuti da eurobond kupe „on line“ na eBay platformi ima negativne tokove. Naime, kod predstavlja vanberzanski instru- od strane dobavljača, velikog ita- sekundarne trgovine prodavac je ment, te se ne trguje na organizo- lijanskog lanca distributera vina postojeći vlasnik eurobonda pa vanom tržištu već putem razgra- iz Italije. prodajom on dobija sredstva koja nate mreže dilera i brokera. Njih Pored navedenog važno je istaći i je uložio u naše državne hartije od možemo posmatrati kao dobavljače da je unutrašnji dug lakše kontrolisati vrijednosti. Kupac bilo da je banka, u klasičnim trgovinskim razmje- u odnosnu na spoljašnji dug. Emisije privredni subjekt ili stanovništvo nama. Naime njihov zadatak je da obveznica na lokalnom tržištu mogu prilikom ulaganja u državne duž- kupe robu - državnu crnogorsku ostaviti i mnoge druge multiplika- ničke hartije od vrijednosti vje- obveznicu od vlasnika i da je uz tivne efekte od kojih koristi imaju ruje u Državu i ocjenjuje da će ona određenu maržu prodaju kup- sve institucije prisutne na tržištu. biti „sposobna“ da u narednom cima bez preuzimanja bilo kakvog Bez razvoja finansijskog tržišta nema periodu plaća kamatu definisanu rizika. Uvijek su tu spremni da ni ekonomskog razvoja države, a Prospektom i vrati iznos duga - ponude cijenu / prinos za kupo- kreiranje finansijskih instrumenata glavnice. Sa stanovišta kupca nakon vinu ili prodaju navedenog instru- i širenje ponude na tržištu dovodi donošenja investicione odluke ide menta. Nakon što se transakcija do razvoja tržišta kapitala. january 2017 | :Bankar FINANCIAL INSTRUMENTS 19 produce money, but it has to import Government and assesses that it is purchase or sale of this instrument. it if demand increases. capable to pay interest in the following After the transaction and element Basically, our economic system period defined in the Prospectus and of transactions (quantity, price – was established on liberal basis and return the amount of debt – principal. return) are agreed through electronic principles of free market. Therefore, With regard to the buyer, after passing communication, the transaction is through preventing of lending and investment decision, the process of accounted for two days in Euroclear investing in sovereign debt securities realisation begins and important part Company. It is obliged to keep data lending to corporate and retail sec- is the price, i.e. return to be made, on ownership and based on the tors cannot be increased in any way. deadline in which the Government agreed transactions makes changes Lending activities of banks are agreed wants to borrow funds. The place of in the ownership. When entering into arrangements - one side (bank) cannot realisation (market) and the seller transaction in the secondary market, be forced to enter into agreement if it are not relevant data for the buyer. clients from Montenegro address the does not believe that it can honour it. If the transaction is realised in the local custody bank, which further Empiric data from the market go primary market, the seller is the state addresses global banks through the along with the above mentioned state- and the money obtained from the network of its business partners as ment. In cases when the government sale goes directly to the state. This a dealer offers a price. Since in this opted for the issue of Eurobonds, it results in a successful gathering of chain two or three intermediaries put limits through the prospectus missing funds needed for undisturbed are present, all of them put margin that entities from Montenegro cannot functioning of the budget. on the price and it becomes higher appear as buyers in the primary issue. If the transaction is realised in the for the final buyer in Montenegro Therefore, domestic entities were secondary market, the existing owner by the amount of these margins. prevented to place – invest in order to appears as a seller and the money This creates a situation that local keep lending potential for households goes to him and the government has entities that want to invest in gov- and the economy. The provisions of absolutely no effects from the reali- ernment bonds must address global hate prospectus are valid during the sation of the transaction. The buyer banks which realise certain margin primary sale, while in the secondary satisfied its investment decision and on each transaction and therefore each international market, the govern- cash flow remained without effect transaction is booked in Belgium. If ment has no mechanisms to limit for the state budget. Unfortunately, we go back to the comparison with the trade. We had a situation that the we do not have official data, but it the domestic production, similar commercial banks from Montenegro can be estimated that buyers from situation would be, for example, were buyers in the secondary market Montenegro spent almost 200 million that buyers of Montenegrin wine of Eurobonds. They made exposure euros on the realisation of the trans- “Vranac”, if they want to try it, they to the Government, and the mecha- actions in the secondary Eurobond may purchase it online on eBay from nisms of protection placed under the market. It can be concluded that this supplier, a large Italian chain of wine Prospectus did not have any effect. amount might represent a good basis distributers from Italy. Unfortunately I have to make a for financing the state budget. In addition, it is worth mentioning statement that when realising pur- It is worth mentioning that that internal debt is much easier to chase orders from Montenegrin Eurobond is over-the-counter instru- control compared to the external companies and households in the ment as it is not traded in an organised debt. Bond issued in the local market secondary market of Eurobonds the market but through a widespread can leave many other multiplicative Government has only negative flows. network of dealers and brokers. They effects from which all institutions To wit, in the secondary trade, the can be observed as suppliers in clas- in the market will benefit. Without seller is current owner of Eurobond, sical trade exchanges. Their task is to development of the financial market, and through the sale, it obtain funds buy goods – government Montenegrin the economic development in the invested on our government securities. bonds from owners and sell it with country is impossible, and creating A buyer, whether a bank, company certain margin to buyers without financial instruments and spread- or household, when investing in gov- taking any risk. They are always ing offer in the market leads to the ernment Eurobonds, believes in the ready to offer price / return for the development of capital market. FAKTORING januar 2017 | :Bankar

20 KVALITET PLUS Jedan od projekata koji banci daje kvalitet plus u ponudi usluga jeste razvoj faktoring usluge, kako izvozno orjentisanim preduzećima tako i onima koja posluju isključivo na crnogorskom tržištu. Banka, kao finansijska institucija sa mr Bratislav Pejaković karakteristikama poslovanja koje omogućava širok uvid u Generalni sekretar stanje boniteta klijenata, kroz uslugu faktoringa može da koristi Udruženja banaka Crne Gore ovu institucionalnu prednost. Smatram da je ovaj segment usluge nedovoljno iskorišten u Crnoj Gori, iako je prisutan kao aktoring usluga posebno je bitna ponuda, kako preko određenih banaka, tako i preko IRF-a. Fu rješavanju pitanja likvidnosti Ovdje se ne govori o faktoringu kao otkupu loših potraživanja, firme koja može imati takve pro- jer taj segment je izveden i daleko od osnovne funkcije razvoja bleme iako ima kvalitetan proizvod, a faktoring usluge. Šansa je i u animiranju firmi koje ne rade time istovremeno ublažava nelikvid- preko konkretne banke i da uz ovakvu uslugu otpočnu saradnju nosti na nivou privrednog sistema. sa njom uz benefite konkretne usluge Doprinosi se rastu proizvodnje, a time i kapaciteta, gdje imamo lakše poslovanje, omogućavanje veće konkurentnosti, a time i mogućnost na odgovarajućem kvalitativnom uz dobru evaluaciju boniteta kupca, izvoza. Faktoring kao usluga kvali- nivou, odnosno gdje je glavna stavka da samostalno snose rizik. tetna je za velike firme, ali posebno bonitet kupca. Sa druge strane može Prednost ovog programa jeste da za mala i srednja preduzeća koja se ostvariti saradnja sa klijentima se njegovom primjenom ne podra- mogu imati otežan pristup bankar- (glavni dužnik po potraživanju) zumjeva uzimanje imovine u cilju skim kreditima uslijed pokazatelja koji inače ne bi bili spremni raditi obezbjeđenja potraživanja. Bitan poslovanja koji su otežavajući u sa određenom (posebno malom) je kvalitet samog potraživanja po evaluaciji boniteta u totalu. bankom; omogućava veću fleksibil- osnovu fakture, tako da je preduzeće Faktoring predstavlja jednu od nost na relaciji banka - klijent, uz u mogućnosti da obezbijedi obrtni mogućnosti finansiranja preduzeća, akcentiranje situacije kada se dolazi kapital bez dodatnih napora oko a bazira se na otkupu (prepuštanju) do problema prekoračenja limita. obezbjeđenja kolaterala. Neke druge nenaplaćenih potraživanja. Ova Treba stalno naglašavati da fakto- prednosti su: preduzeće može ponu- potraživanja se zasnivaju na isporu- ring predstavlja kvalitetno rješenje za diti konkurentnije uslove plaćanja čenoj robi koja je primljena od strane prevazilaženje problema likvidnosti kupcima; vrši pretvaranje potraži- kupca u skladu sa ugovorom, kako po preduzeća. Faktoring predstavlja vanja u gotovinu i time unaprjeđuje kvalitetu i kvantitetu tako i u skladu finansiranje na bazi potraživanja za svoj gotovinski tok; proširuje tržište sa predviđenim rokom. Faktoring je prodatu i isporučenu robu, tj. otkup nudeći povoljnije uslove plaćanja. za banke i druge finansijske organi- potraživanja za prodatu i isporučenu Cijena za faktoring obuhvata zacije interesantan sa dva aspekta: robu na kreditnoj osnovi. proviziju i diskont. Provizija je omogućava rad sa klijentima, sa Dugovanja koja su predmet administrativni trošak koji se obra- kojima u principu ne bi radili, a faktoringa mogu da se pokrivaju čunava u procentu od iznosa otku- zasniva se na bazi preuzimanja rizika polisom kreditnog osiguranja od pljenih potraživanja, dok se diskont određenog klijenta čiji bonitet nije neplaćanja kupca, a banke mogu, obračunava na iznos otkupljenog january 2017 | :Bankar FACTORING 21

Bratislav Pejaković, MSc Secretary General of Association of Montenegrin Banks QUALITY PLUS One of the projects which gives the bank advantage in the offer of services is the development of factoring services to both export- oriented companies and local companies operating exclusively in Montenegrin market. Bank, as the financial institution having operations that enable it a wide insight in the creditworthiness of customers, can use this through factoring service as institutional advantage. I believe that this service has not been sufficiently used in Montenegro, although as an offer was present in certain banks actoring is important for resolving and in Investment and Development Fund. This paper does not Fliquidity problems of a particular discuss factoring as a service for repurchasing non-performing company that has good product, and loans, since this part is derived and is far away from main function also for mitigating illiquidity of eco- of development of factoring service. The chance lies also in nomic system. It contributes to the encouraging companies that do not perform their activities with growth in production and capacities specific bank to start cooperation with the banks by using this which results in facilitation in opera- service and make benefits of specific service tions, enabling higher competitiveness and possibility of exports. Factoring is qualitative service for big companies and for small and medium companies be accomplished (main debtor), who additional efforts made to provide the in particular as they may have difficult otherwise would not be ready to work collateral. Some other advantages are: access to banking loans due to operat- with specific (particularly small) bank; a company may offer more specific ing indicators which are difficult in it enables higher flexibility in the rela- conditions for payment to clients; debt evaluating creditworthiness. tionship bank – client, highlighting the is converted into cash, thus improving Factoring is one of the possibilities situation when the limits are exceeded. cash flow; market is expanded, offering of financing a company and it is based Factoring is qualitative solution for more favourable repayment conditions. on repurchase of outstanding receiva- resolving liquidity problems in a com- The price for factoring covers fee bles. These receivables are based on pany. It is financing based on receiva- and discount. Fee is an administrative delivered goods that is received by the bles for sold and delivered goods, i.e. expense calculated as a percentage of buyer in accordance with the contract repurchase of receivables for sold and the amount of repurchased receiva- with regard to the quality, quantity and delivered goods on credit basis. bles, while discount is calculated for deadline. Factoring is interesting for Debts subject to factoring may be the amount of repurchased receivable banks and other financial organisations covered by credit insurance policy from applying interest rate usually in the from two aspects: it enables the work client, and banks may take risk if credit amount of LIBOR + fixed portion from with clients, with which basically they capacity of the client is well-assessed. the moment of the use of funds until did not work and it is based on risk The advantage of this programme is executed collection from the buyer. assumption from certain client whose that it does not imply taking over of The interest is adjusted to the market credit capacity does not correspond to property in order to secure the claim. developments, business policy of the the qualitative level which main item is The quality of the receivable is important bank and credit standing of the client. credit capacity of the buyer. On the other based on invoice, so that the company is The practice is that companies finance hand, the cooperation with clients may able to provide working capital without up to 80% of the invoice value at the time FAKTORING januar 2017 | :Bankar

potraživanja primjenjujući kamatnu administrativnih poslova za račun svoga 22 stopu obično u visini LIBOR-a + fiksni engleskog klijenta, između ostalog i dio, od momenta korišćenja sredstava naplatom potraživanja od kupaca u do izvršene naplate od kupca. Kamata ime i za račun svog komitenta. Na se prilagođava kretanju na tržištu, ovaj način su ti agenti postali fakto- poslovnoj politici banke i bonitetu rinzi, odnosno specijalizovane orga- kupca. nizacije za faktoring poslove koje su Praksa je da se preduzeća finansi- kasnije prihvatile i banke. U evropskim raju do 80% od vrijednosti fakture u zemljama faktoring se počeo jače razvi- trenutku podnošenja dokumenata o jati šezdesetih godina 20. vijeka, pri izvršenoj isporuci (kod izvoza JCI, čemu je godišnji rast faktoring poslova izjava kupca da je roba u skladu sa rastao u opsegu od 15-20%. Danas u ugovorenim, fakture i ugovor o signa- razvijenim zemljama postoje veoma ciji), a ostalih 20% prilikom naplate razvijene mreže faktoring firmi koje potraživanja od kupca. se često povezuju u multinacionalne Potraživanje se prenosi na banku kompanije za faktoring uključujući u cesijom, tj. ugovorom kojim cedent sebe banke, osiguravajuća društva i (ovdje preduzeće) prenosi svoju traž- druge finansijske organizacije. binu od dužnika (kupca) – cesusa na novog cesionara (na banku). PRAVNI ASPEKT FAKTORING USLUGE Za ugovore o faktoringu je karakteri- ISTORIJA FAKTORINGA stično odsustvo normi u nacionalnim usluga i praktikuje. Faktoring je jedan od najstarijih oblika pravima. Na ugovor kao tvorevinu Primjer iz regiona koji sa pravnog finansiranja trgovine. Neki istraživači autonomnog trgovinskog prava pri- aspekta može biti osnov pravca razmi- njegovo porijeklo dovode u vezu sa mjenjuju se opšti uslovi poslovanja, šljanja jeste Srbija. U Srbiji su se tokom Rimskom imperijom, a ima mišljenja tipski i formularni ugovori faktoring 2003. god. pojavile prve faktoring firme. da se ova usluga javila još za vrijeme kompanije kao i dispozitivni propisi Firma koja je ove poslove obavljala kako Hamurabija, četiri hiljade godina ranije. ugovornog prava, te sudska i arbi- u Srbiji tako i na teritoriji Crne Gore Izraz faktor potiče od latinskog glagola tražna praksa. Potrebama i zahtjevu bila je SMECA (Serbia and Montenegro facio, koji znači – onaj koji čini. Imamo za jednim minimumom uniformnih Export Credit Agency). Pored nesum- i druga tumačenja gdje korijen riječi pravila udovoljeno je donošenjem njivih prednosti i potrebi privrede, faktoring potiče od engleske riječi Konvencije Unidroit o međunarodnom ovaj vid finansiranja trebao je vrijeme factor koja se može tumačiti kao: agent, faktoringu u Otavi 1998. god. da bi se nametnuo kao alternativa komisionar, posrednik. Smatra se da je Faktoring kao usluga je zaživjela na postojećim finansijskim mehanizmima. ugovor o faktoringu razvijen tokom 14. Balkanu, međutim, zakonska regulativa Razlog leži u nepoznavanju prirode vijeka, gdje se razvio jačanjem indu- se oslanja generalno na zakone koji ovog instrumenta, kao i u zakonskoj strije vune. Glavni posao faktora bio je regulišu devizno poslovanje, Uredbu o regulativi koja nije stvorila ambijent za da bude agent u prodaji ili komisioni bližim uslovima i načinu prenosa potra- njegovu primjenu. Danas u Srbiji ima trgovac za tekstilna vlakna. Nakon toga živanja nastalim po spoljnotrgovinskim više faktoring kuća, gdje se po kapitalu se raširio i na ostale grane djelatnosti poslovima rezidenata, Uredbe o bližim izdvaja AOFI (Agencija za osiguranje i imao sve veću primjenu. Nastavak uslovima i načinu naplate, odnosno i finansiranje izvoza) sa kapitalom od priče ide u 19. vijek i trgovinu između plaćanjima po tekućim i kapitalnim oko 60 miliona eura, a kvalitet usluge Engleske i Amerike. Engleski izvoznici poslovima itd. Osim Rumunije gdje je unapređuje se kroz konkurenciju Marfin su u tom periodu počeli da prodaju zaživio faktoring posao i Albanije koja Faktora, osnivača iz Grčke i banaka kao robu preko agenata na bazi komisio- je usvojila zakon o faktoring poslova- što su Raiffeisen bank i Agrobanka, nog posla. Vremenom su ovi agenti nju, do prije pet godina nismo imali koje su pokrenule ovaj vid usluge kao počeli da se bave ispitivanjem kreditne primjera da su usvojeni zakoni o fak- dopunu bankarskoj usluzi, jer je pre- sposobnosti kupaca i obavljanjem niza toringu u svim zemljama gdje se ova poznat potencijal i tržišna niša. Pravni january 2017 | :Bankar FACTORING 23 is believed that the legislation. General operating condi- factoring contract tions, standard contracts, formulary was developed contracts of factoring company are during 14th cen- applied to the contract as the crea- tury together with tion of commercial law, as well as dis- the strengthening positive rules of contract law, judicial of the wool indus- and arbitrage practices. The Undiroit try. The main Convention on International Factoring, activity of a factor which was passed in Ottawa in 1998 was to be sales satisfied needs and requirements for agent or com- a minimum of uniform rules. mission trader Factoring as a service was launched for textile fab- in the Balkans. However, the legislation rics. It expanded is based on the general laws governing to other industries the foreign exchange operations, the after that and it Decree on terms and conditions and had higher appli- the manner of transfer of receivables cation. The story based on foreign trade activities of resi- goes further in dents, the Decree on detailed conditions 19th century and and manner of payment, or payments trade between on current and capital transactions of filing of documents on the completed England and Amerika. English export- and so on. Except in Romania, where delivery (for export JCI statement of the ers started selling their goods through factoring came to life and in Albania buyer that the goods in accordance with agents based on agency deal. Over which adopted factoring law, we did the contract, invoices and assignment time, these agents started dealing with not have any examples five years ago agreement), and the remaining 20% in assessing credit capacity of buyers and of laws adopted in the countries where collection of receivables from a customer. performing a series of administrative factoring is being practiced. The receivables are transferred to operations for English clients collect- The example of Serbia can be an the bank through cession (assignment ing, inter alia, receivables from buyers example from the region with regard of rights), i.e. a contract that assignor for the account and on behalf of its to the legal aspect of this issue. The (company) transfers its claim on the client. The agents became factoring, i.e. first factoring companies emerged in debtor (customer) – cesus to the new specialised organisations for factoring Serbia in 2003. The company, which assignee (the bank). which was later accepted by banks. As performed activities both in Serbia and for the European countries, factoring in Montenegro was SMECA (Serbia and HISTORY OF FACTORING was developed in 1960s, whereby annual Montenegro Export Credit Agency). Factoring is one of the oldest forms growth of factoring ranged between In addition to undoubted advantages of trade financing. Some researchers 15-20%. Nowadays, there are developed and needs of the economy, this type of connect its origin with Roman Empire, networks of factoring companies in financing needed time to be imposed as while others believe that this service developed countries which are often an alternative to the existing financial originated in period of Hammurabi, connected into multinational companies mechanisms. The reason lies in the four thousand years ago. The expres- for factoring including banks, insur- ignorance of the nature of the instru- sion factor originates from a Latin verb ance companies and other financial ment, as well as in the legislation that facio, which means – the one who acts. organisations. has not created an atmosphere for its There are also other interpretations implementation. Nowadays, there are believing that the root of the work LEGAL ASPECTS OF many factoring companies in Serbia. factoring originates from the English FACTORING SERVICE According to amount of capital, the fol- word factor which may be interpreted Factoring agreements are character- lowing factoring companies stand out: as agent, commission, intermediator. It ised by absence of rules in national AOFI (Agency for Export Insurance and FAKTORING januar 2017 | :Bankar

okvir kojim se reguliše poslovanje onda rizik neplaćanja otkupljenog nivou domaće banke, odnosno 24 faktoring firmi u Srbiji je sljedeći: potraživanja pada na faktora, mada agencije za osiguranje rizika, bolje Zakon o obligacionim odnosima; i ovdje dio neisplaćenog avansa razumiju i procjenjuju nivo mogućih Zakon o deviznom poslovanju i dvije može da bude rezerva opreznosti za problema sa određenom firmom, Uredbe - Uredba o bližim uslovima faktoring firmu i korisnika usluge. što važi kada govorimo o izvoznom i načinu naplate, odnosno plaćanja Usluge faktoring firmi naročito faktoringu. i drugom nerezidentu po tekućem i koriste mala i srednja preduzeća, kapitalnom poslu i Uredba o bližim ali servisiraju se i velika predu- ODNOS FAKTORA I KLIJENTA uslovima i načinu prenosa potraži- zeća. Ugovorom o faktoringu može Učesnici u faktoring poslu su ugo- vanja i dugovanja nastalih po spolj- se ugovoriti da faktoring firma: vorne strane: a) faktor; b) isporu- notrgovinskim poslovima rezidenata; prihvata cesiju potraživanja svog čilac-klijent; i c) dužnik. Faktor Nacrt Zakona o faktoringu je čekao komitenta na faktoring firmu, pri je banka, ili druga organizacija skupštinsku proceduru, a onda i čemu faktoring firma isplaćuje koja u vršenju djelatnosti kupuje usvojen 2013. god. cedirana potraživanja komitentu ili preuzima potraživanje klijenta Potpunija definicija označava fak- uz diskont; prihvata naplatu potra- (isporučioca). Isporučilac ili klijent toring kao ugovor kojim se preduzeće živanja komitenta u svoje ime i za faktora (povjerilac-cedent) koji pre- povjerilac (cedent) obavezuje da njegov račun uz odobrenje kredita nosi na faktora postojeća i buduća ustupi drugom preduzeću (faktoru) komitentu; prihvata ispitivanje kre- potraživanja nastala iz poslovanja sva potraživanja, postojeća i buduća ditnog boniteta kupaca komitenata; (potraživanja iz prodaje robe i vrše- iz svog poslovanja, a faktor prihvata prihvata marketing istraživanja za nja usluga trećem licu - dužniku). potraživanja sa preuzimanjem rizika račun komitenta i može da prihvati Dužnik koji je preuzeo robu, ili za insolventnost dužnika (pro soluto) vođenje knjigovodstva komitenta. koristio usluge stipulisane ugovorom ili samo za naplatu (pro solvendo). Naravno, ugovorom se mogu sa faktorovim klijentom, odnosno Ustupanje se vrši po nominalnoj ugovoriti i samo neki od pomenu- dužnik je klijentov kupac robe ili vrijednosti potraživanja umanjeno tih poslova. Ugovori su u principu usluge, što i predstavlja predpostavku za proviziju faktoru za aktivno- dugoročni (do 10 godina), pri čemu za nastanak faktoring posla. sti (vođenje računa, naplatu itd.) faktoring organizacija, u principu, Odnosi između faktora i klijenta i preuzeti rizik. Faktor preuzima ne prihvata male ugovore (terito- uređuju se detaljnim faktoring ugo- rizik samo za poslove od kada je rijalno smo mali pa se ovaj iskaz vorom1, posebno sa uslovima pod potpisan ugovor o faktoring usluzi mora fleksibilnije tumačiti) jer joj kojima faktor preuzima, tj. otkupljuje i to za preduzeća gdje se utvrdio samo veliki ugovori omogućavaju potraživanje klijenta (prema dužniku pozitivan bonitet kupaca. da njene naknade za učinjene usluge -onom koji isporučuje robu odno- Sa svojim osobinama ugovor se budu relativno niske i time kon- sno vrši usluge). Da bi obezbijedili javlja kao neimenovan i mješovit kurentne (kurentne) u odnosu na recipročnu korist ugovora, prije (sa elementima ugovora o cesiji, druge faktoring firme. zaključenja ugovora strane prego- o kreditu i o garanciji). Ugovor je Faktoring, kao finansijski instru- varaju. Faktor naročito ocjenjuje formalan, dvostrano obavezan i ment, preporučuje se na područjima prosječnu finansijsku sposobnost teretan, trajan i pravnički rečeno bivše Jugoslavije i uopšte regiona dužnika, uslove isporuka, opštu intuitu personae. Klijent mora isti- Balkana. Ova preporuka ima uporište praksu plaćanja, verifikovane insol- nito da prikaže svoje poslovanje i u nivou tzv. country rizika, koji na ventnosti, sektorske rizike i sl. Na informacije o konkretnom poslu, međunarodnom nivou ima svoju bazi ovih elemenata određuje se i odnosno raspoložive informacije klasifikaciju u skladu sa dogovorom provizija faktoru. o klijentima. Ukoliko je namjerno tzv. Bernske unije, dok na lokalnom Strane ugovaraju transfer zatajio te informacije, naravno da odgovara za takav svoj postupak. 1 Faktoring kompanije imaju, po pravilu, svoje opšte uslove poslovanja kojima se uređuje,predmet ugovora - koje usluge pruža faktor, vrste i karakter potraživanja - domen primjene ugovora, ekskluzivnost faktoringa, prenos Ukoliko je izvoznik obavio svoje potraživanja, naplata (postupak, vođenje računa i računovodstva, doznačavanje) kreditiranje (uslovi i rokovi) obaveze u skladu sa ugovorom, naknada faktoru, trajanje i prestanak ugovora i sl. Potpisom opštih uslova od strane kupca, oni postaju sastavni dio ugovora o faktoringu. Međutim, s obzirom na poseban značaj ugovora i trajnost odnosa koji se zasniva, faktor a potpisan je ugovor bez regresa, i klijent u praksi odnose često uređuju drugačije od onog što je predviđeno opštim uslovima. Komplikovano? Jednostavno. Zapad Banka AKCIONARSKO DRUŠTVO - PODGORICA january 2017 | :Bankar FACTORING 27 Financing) with a capital of about 60 elements of the cession agreement, the more competitive (current) that those million euros, and the quality of service loan and warranty). The contract is a of other factoring companies. is improved through the competition of formal, binding and charging for both Factoring, as a financial instrument, is Marfin Factor, a founder from Greece parties, permanent and intuitu personae. recommended in the territory of former and banks such as Raiffeisen Bank and The client must truthfully display their Yugoslavia and the Balkans in general. Agrobanka, which launched this type business information on a specific job, This recommendation is supported by of service as a complement to the bank- and/or available information about country risk, which at the international ing services, since the potential and clients. If he deliberately withheld this level has its own classification in accord- market niche was recognised. The legal information, he has to answer for his ance with the agreement of so called framework governing the operations of actions. If the exporter has performed Berne Union, while local domestic factoring companies in Serbia is fol- its obligations under the contract, and banks and/or agencies for risk insurance lowing: Law on Contracts and Torts; a contract was signed without recourse, better understand and assess the level Law on Foreign Currency Operations the default risk of purchased receivables of possible problems with a particular and the two Regulations - Regulation bears the factor, although the unpaid company, which is true when it comes on detailed conditions and manner of part of the prepayment may be a cau- to factoring amount. collection, or payment to some other tion for factoring company and user non-resident under current or capital of the service. RELATIONSHIP BETWEEN transaction and Regulation on detailed Services of factoring companies use FACTORS AND CLIENTS conditions and manner of transfer of particularly small and medium enter- The participants in the factoring are receivables and payables originating from prises, but are serviced also by large Contracting Parties: a) factor; b) the residents’ foreign trade activities; Draft enterprises. The factoring company supplier-customer; and c) the debtor. Law on Factoring waited parliamentary may agree in the factoring agreement Factor is a bank or other organisation procedure, and then adopted in 2013. to do the following: accept the assign- that buys or assumes a claim from the A more complete definition of fac- ment of receivables of its customer to a client (the supplier). The supplier or toring means a contract which the factoring company, while the factoring client of the factor (creditor-cedant) company creditor (assignor) under- company pays receivables ceded to the transfers to factor the existing and future takes to grant to another company customer at a discount; accept the col- receivables resulting from operations (factor) all receivables, present and lection of receivables of the customer in (receivables from the sale of goods and future from its business, and factor its own name and for his account with provision of services to a third party - accepts receivables with risk-taking the approval of loans to customer; accept the debtor). The debtor who has taken for the insolvency of the debtor (pro the assessment of creditworthiness of over the goods or services used services soluto) or just collection (pro solvendo). the customers' buyers; accept marketing stipulated in the contract with factor's Assignment is done at nominal value research for the account of the client and client, i.e. the debtor is the client's buyer of receivable, net of commission to a can accept the customer's bookkeeping. of goods or services, which represents factor for activity (account manage- Surely, the contract can arrange some the assumption for the occurrence of ment, collection, etc.) and assumed of these activities. The contracts are gen- factoring business. risk. The factor assumes the risk for erally long-term (up to 10 years), while The relationship between the factors the activities of the contract from the factoring organisations, in principle, do and the client are governed by detailed moment of concluding the factoring not accept small contracts (although factoring agreement or contract1, in par- agreement for the companies with a our territory is small, this statement ticular with the conditions under which positive creditworthiness of customers. must be interpreted more flexibly) as the factor takes over, purchases the claim With regard to its features, agreement only big contracts allow relatively low of the client (against the debtor-the one appears as unnamed and mixed (with fees for services rendered and thus that delivers goods or performs services). In order to provide reciprocal benefit of 1 Factoring companies have a rule, their general terms and conditions governing the subject of the contract-services that provides the contract the parties negotiate before factor, type and character of receivables-domain implementation of the contract, the exclusivity of factoring, the transfer of receivables, collections (process, account management and accounting, remittance), lending (terms and conditions) compensation the conclusion of the contract. Factor factor, duration and termination of contracts and the like. by signing the general conditions of the customer, they become an assesses average financial capacity of integral part of factoring agreements. However, given the special importance of the contract and the permanence of relationship based, factor and client relationships in practice often govern differently from what is provided in general terms. the debtor, the conditions of delivery, FAKTORING januar 2017 | :Bankar

potraživanja (uključujući buduća) dokumentacijom npr. o isporukama, od strane isporučioca). Isto tako, 28 putem tzv. globalne cesije, ali mogu osiguranju, carinjenju i sl.) Od kli- dužnik može istaći i prigovor pre- predvidjeti da se ugovorom prenesu jenta se zahtijeva (u ugovorima o bijanja svojih potraživanja prema tačno specificirana potraživanja, faktoringu) da u fakturama unese isporučiocu pod uslovom da su odnosno ograničiti cesiju teritori- klauzule o cesiji, kojim se dužnik postojali u vrijeme kad mu je dato jalno, sektorski itd. Saglasnost duž- poziva da plaćanje izvrši dirketno pismeno obavještenje o izvršenoj nika na cesiju se ne traži, međutim, faktoru, a između klijenta i faktora cesiji (čl.9) Neizvršenje, ili nepot- cesija ima dejstvo prema dužniku se uspostavlja kontokorentni odnos. puno ili kasno izvršenje ugovora samo ako je obaviješten. Ovaj prenos Faktor se pojavljuje kao cesionar o prodaji robe neće samim tim prema Konvenciji o međunarod- postojećih i budućih potraživanja, dati pravo dužniku da od faktora nom faktoringu proizvodi dejstvo preuzimajući rizik za neplaćanje u zahtijeva povraćaj plaćenog iznosa, u odnosu na faktora bez obzira na roku, odnosno insolventnosti duž- ako dužnik ima pravo da isti iznos bilo koji sporazum između isporu- nika. svih ili samo određenih potra- traži od isporučioca. (čl.10 stav 1). čioca i dužnika kojim se zabranjuje živanja, što je esencijalna faza kod Prema Konvenciji, dužnik, koji ima prenos (čl.6.1) prenosa potraživanja. Potraživanja pravo da od isporučioca traži iznos Strane u praksi predviđaju klau- koja je faktor spreman da kupi, bez plaćen faktoru u odnosu na prenijeto zulu o ekskluzivnosti gdje se klijent prava na regres (on a non-recourse potraživanje, moći će taj iznos da obavezuje da ne zasniva faktoring basis) označavaju se kao odobrena traži od faktora pod uslovom: a) odnos sa drugim faktorima. potraživanja (approved receivables). da se faktor nije oslobodio obaveze U odnosu na buduća potraži- To su potraživanja koja nastaju iz plaćanja isporučiocu po tom potra- vanja, prenos na faktora se vrši transakcija posebno odobrenih od živanju, ili b) da je faktor izvršio prema Konvenciji o međunarod- faktora, ili spadaju u okvir limita plaćanje isporučiocu u vrijeme kad nom faktoringu kada potraživanja koji je faktor odobrio za određenog je znao da isporučilac nije izvršio nastanu (poseban ugovor o cesiji dužnika. Neodobrena potraživanja ili je nepotpuno ili kasno izvršio za svako pojedinačno potraživanje (unapproved receivables) su takođe isporuku roba koje se odnose na se ne traži – s tim što se ugovorne otkupljena od faktora, ali sa pravom dužnikovo plaćanje (čl.10 stav 2) strane mogu drugačije dogovoriti na regres u slučaju nemogućnosti (čl.5 i 7)2. U Konvenciji prihvaćeno naplate od dužnika. Kao zaključak, možemo pojedno- rješenje engleskog prava (equitable U opštim uslovima poslovanja stavljeno objasniti da firme imaju assignement) tako da sva potraživa- predviđaju se slučajevi kada faktor mogućnost korištenjem usluge fak- nja, koja nijesu posebno isključena može ograničiti odnosno isključiti toringa da preko avansne uplate od u ugovoru o faktoringu se automat- svoju odgovornost u slučaju pre- strane faktora, od ugovorenog iznosa ski prenose na faktora u momentu uzetog rizika (npr. nepostojanje sredstava sa kupcem, u vrlo kratkom nastanka. potraživanja, neizvršenje, ili neu- roku, značajno poboljšaju likvid- U praksi, transfer potraživanja redno izvršenje obaveza klijenta itd.) nost. Na taj način se omogućava da i odnos faktora i klijenta odvija firma ranije izmiruje obaveze prema se opšte uzevši prema pravilima Konvencija o međunarodnom fakto- dobavljačima i tako dolazi u poziciju (formalnostima) određenim u ringu predviđa da prilikom zahtjeva da iskoristi popuste koje dobavljači ugovoru o faktoringu. Klijent po faktora za plaćanje potraživanja iz daju za pravovremena plaćanja. Kao pravilu podnosi sukcesivno faktoru ugovora o prodaji robe dužnika druga pogodnost firme naglašava svu dokumentaciju za pojedinačne ima pravo da upotrijebi sva sred- se da pretvaranjem kratkoročnih ugovore (ugovore zaključene sa stva odbrane koja proizilaze iz tog potraživanja u likvidna sredstva, dužnikom sa fakturama i ostalom ugovora (npr. da je zahtjev učinjen faktoring kao način finansiranja ne opterećuje bilans firme. Sve ove prednosti daje faktoring usluga koju 2 U literaturi nalazimo po ovom pitanju dva shvatanja - po jednom postoji samo jedna cesija budućih potraživanja sa automatskim prenosom na faktora u momentu nastanka. Po drugom, prema kom do transfera dolazi ne može da razvije svaka banka i time automatski već sukcesivno u vremenu kako nastaju potraživanja- s obzirom da prema ugovorima o faktoringu proširi lepezu usluga. faktor uvijek rezerviše pravo da odluči za koje će potraživanje preuzeti rizik, odnosno odredi plafon likvidnosti pojedinog dužnika. january 2017 | :Bankar FACTORING 29 the general practice of payment, veri- documentation for individual contracts the debtor may also assert against the fied insolvency, sectoral risks and the (the ones concluded with the debtor factor any right of set-off in respect of like. The factor's fee is determined on with invoices and other documentation, receivables existing against the sup- the basis of these elements. e.g. on deliveries, insurance, customs, plier in whose favour the receivable The parties agree on the transfer etc.). The client is required (in factor- arose and available to the debtor at the of receivables (including the future ing contracts) to enter in the invoices time a notice in writing of assignment receivables) through global cession, but clauses on cession, which the borrower was given to the debtor (Article 9). they may prescribe in the contract the is invited to pay directly to the factor, Non-performance or defective or late transfer of exactly specified receivable and current account is opened between performance of the contract of sale of or limit the cession for specific territory, the client and the factor. goods shall not by itself entitle the debtor sector and the like. The consent of the Factor appears as the assignee of to recover a sum paid by the debtor debtor is not required. However, the receivables present and future, assuming to the factor if the debtor has a right assignment has the effect to the debtor the risk of default, or for the insolvency to recover that sum from the supplier only if he is informed. This transfer of the debtor of all or only some receiva- (Article 10, paragraph 1). According to under the Convention on International bles, which is an essential phase for the Convention, the debtor who has such Factoring gives effect in relation to the the transfer of receivables. Receivables a right to recover from the supplier a factors regardless of any agreement that the factor is willing to buy on a sum paid to the factor in respect of a between the supplier and the debtor non-recourse basis shall be marked as receivable shall nevertheless be entitled prohibiting transfer (Article 6.1). approved receivables. These are receiva- to recover that sum from the factor to In practice, contracting parties envis- bles arising from transactions that are the extent that: a) the factor has not age a clause on exclusivity where the specifically approved by the factors, or discharged an obligation to make pay- client obliges not to enter into factoring fall within the limit the factor approved ment to the supplier in respect of that relationship with other factors. for certain debtors. Unapproved receiva- receivable; or b) the factor made such With respect to future receivables, their bles were also purchased from factors, payment at a time when it knew of the transfer to the factors is carried out under but on recourse basis in case of inability supplier's non-performance or defec- the Convention on International Factoring to collect from debtors. tive or late performance as regards the when receivables incur (special agree- Cases when the factor may limit or goods to which the debtor's payment ment on assignment for each individual exclude its liability in the event of risk relates (Article 10, paragraph 2) claim is not required - except that the taken are prescribed in general terms contracting parties may respond differ- and conditions (e.g. the absence of To conclude, we can simply explain that ently (Articles 5 and 7)2. The Convention receivables, non-execution or incor- the companies have the opportunity to accepted the solution of British Law (the rect execution of obligations by the improve significantly in very short time institute "equitable assignment”) so that client, etc.) their liquidity using factoring services all receivables, which are not specifically offered through the prepayment by the excluded from the factoring contract are The Convention on International factor of the agreed amount of funds automatically transferred to the factor at Factoring provides that in a claim by from customers. This allows com- the moment of its occurrence. the factor against the debtor for payment pany to early settle accounts payable In practice, transfer of receivables of a receivable arising under a contract and also comes in a position to take and relationship between the factor of sale of goods the debtor may set up advantage of discounts that suppliers and client takes place according to against the factor all defenses arising provide for timely payments. Another the rules (formalities) specified in the under that contract of which the debtor benefit of the company stresses that factoring contract. Client, as a rule, could have availed itself if such claim by converting short-term receivables submits successively to the factor all the had been made by the supplier. Also, in liquid assets, factoring as a way of financing that does not burden the balance sheet of the company. All these

2 In the literature there are two concepts: first, there is only one assignment of future receivables with an automatic advantages are given by factoring, which transmission to factors at the time of the occurrence. Second, according to which the transfer does not come automatically can be developed by each bank and but successively in time to occur receivables- since under factoring contracts factor always reserves the right to decide on which receivable to take the risk, and determine the ceiling liquidity individual debtor. thus extend the range of its services. BIHEVIORISTIČKE FINANSIJE januar 2017 | :Bankar

30 Šta ljudi rade i kako to rade? Mina Durutović Prva banka Crne Gore

Bihejviorističke finansije ne pretpostavljaju racionalne agente ili tržišta bez sukoba. One sugerišu da je institucionalno okruženje od vitalnog značaja. Polazna tačka je ograničena racionalnost. Paul Slovic (1972) piše da će “potpuno razmijevanje ljudskih ograničenja za donosioce odluka na kraju imati više koristi nego naivno vjerovanje u nepogrešivost njegovog intelekta.” Ekonomska i finansijska intuicija je krhka i možda se ne slaže sa našim željama, ali je svakako prihvatljivija od suprotnog stanovišta da investitori i savjetnici (kao i bankari i korporativni menadžeri) znaju savršeno dobro šta treba da rade. Bihejviorističke finansije predstavljaju studiju o tome kakav uticaj psihologija ima na finansijske odluke domaćinstava, tržišta i organizacija. Glavno pitanje je: Šta ljudi rade i kako to rade? Istraživačke metode su uglavnom (ali ne i isključivo) induktivne. Istraživači bihejviorizma prikupljaju “činjenice” o ponašanju pojedinaca (na osnovu ekperimenata, anketa, terenskih istraživanja, itd.) i organizuju ih u brojne generalne istine. Psihologija donošenja odluka može se bihejviorističkih finansija istražiti na brojne načine je jednostavno to što su one stimulativna oblast akademskog obrazovanja. Ljudi i novac: šta može biti fascinantnije od toga? Prednosti i slabosti bihejviorističkih finansija Možda je privlačnost bihejviorističkih finansija u tome Bihejviorističko istraživanje ima četiri glavne pred- što je to društvena nauka, ali sa jakim naglaskom i na nosti. Prva, dokazalo se kao produktivno. Na primjer, društveni i naučni aspekt. dovelo je do niza novih empirijskih nalaza. Primjeri Bihejviorističke finansije takođe imaju slabosti. Prva obuhvataju pretjerane i preslabe reakcije cijena akcija, slabost može se opisati analogijom. Isto kao što nam misterije novih emisija i kupoprodaje akcija i ukrup- proučavanje ekonomske funkcije plaćanja i saldiranja njavanja akcija. Druga, sa fokusom na preprekama ne može puno reći o praktičnoj organizaciji platnog optimalnom donošenju odluka, bihejviorističke finan- prometa (gotovina nasuprot kreditnih kartica, itd.), isto sije donose pragmatičan pristup studiji finansijskih tako isključivo fokusiranje na psihološke mehanizme odluka. Na primjer, uvidi bihejviorističkih finansija (npr. impulsi i predispozicije ili psihofizika) ne omo- pomažu nam da shvatimo kako da izgradimo odnos gućava adekvatno tumačenje ekonomskih i finansijskih između investitora firme i njenih menadžera. Treća, događaja. Čovjek je mnogo više od biološkog organizma; bihejviorističke finansije potencijalno uvode novu vrstu on/ona je takođe osoba, socijalno-istorijska kreacija. discipline u istraživanje društvenih nauka. Disciplina Realnost je produkt društva. Filozofi često upoređuju u osnovi podrazumijeva sintezu podataka iz brojnih postupke čovjeka sa postupcima pozorišnog glumca. izvora. („Finansije u koje možete vjerovati“ zahtijevaju Ljudi određuju uloge. Njihovi motivi, izgledi i predstava više od matematičkog dokaza). Posljednja prednost o sebi oblikovani su onim što društvo očekuje od njih. january 2017 | :Bankar BEHAVIOURAL FINANCE 31 Mina Durutović Prva banka Crne Gore What Do People Do and How They Do That?

Behavioural finance does not assume rational agents or markets without conflicts. It suggests that the institutional environment is of vital importance. The starting point is limited rationality. Paul Slovic (1972) writes that “full understanding of human limitations for decision makers will end up in more benefits rather than naive belief in infallibility of its intellect”. Economic and financial intuition is fragile and it may not correspond with our desires but certainly it is more acceptable than the opposite view that the investors and advisors (like bankers and corporate managers) know perfectly well what they need to do. Behavioural finance represents a study on what impact the psychology has on financial decisions of the households, markets and organisations. The main question is: what do people do and how they do that? Research methods are mostly (but not always) inductive. Researches of behaviourism gather “facts” on the behaviour of individuals (based on experiments, surveys, on-site researches, etc.) and organise them in numerous general truths. The psychology of decision making may be researched in numerous ways

Advantages and weaknesses (“Finances in which you may believe” require more of behavioural finance than mathematical evidence). The last advantage Behavioural research has four main advantages. The of behavioural finance is simplicity that they are first, it has proven to be productive. For example, simulative area of academic education. People and it resulted in a series of new empiric findings. The money: what can be more fascinated than that? The examples cover excessive and too weak reactions of attractiveness of behavioural finance is maybe that stock prices, mysteries of new issues and purchase it is a social science with the strong accent both on of shares and aggregation of shares. The second, social and scientific aspect. behavioural finance brings pragmatic approach to a Behavioural finance also has its weaknesses. The study of financial decisions focusing on obstacles to first one can be described by analogy. As studying of optimal decision making. For example, insights of economic function of payment and netting cannot say behavioural finances help us understand how to build much on practical organisation of payment system a relationship between the investors of the company (cash versus credit cards, etc.), exclusive focusing and its managers. The third, behavioural finances on psychological mechanisms (e.g. impulses and potentially introduce new type of discipline in the predispositions or psychophysics) does not enable research of social sciences. The discipline basically adequate interpretation of economic and financial implies synthesis of data from numerous sources. events. A human is more than biological organism; BIHEVIORISTIČKE FINANSIJE januar 2017 | :Bankar

32 Prema tome, istraživanja bihejviorističkih finansija treba da ispitaju opipljivi sadržaj misaonog procesa ljudi. Očigledno da ovo pitanje ne može biti riješeno bez pozivanja na društvene, kulturološke i istorijske faktore. Moramo bolje istražiti sadržaj, strukturu i stil intuitivnih ekonomskih priča. Na primjer, šta Švajcarci (koji su većinom podstanari) misle o vlasništvu nad kućom, i isto tako, šta Amerikanci misle o tome? Generalno, koje vrste ekonomskih argumenata (tačnih ili pogrešnih) zvuče prihvatljivo za investitore, koje od njih ih mogu ubijediti i motivisati njihovo djelovanje? Investicioni bankari, menadžeri za odnose sa klijentima i finansijski marketing, između ostalih, bili bi zaintere- sovani za odgovore na ova pitanja. Ali, bihejviorističke finansije za sada malo šta imaju da kažu. Drugo, bihejviorističke finansije se moraju pomjeriti dalje od uskog proučavanja tipičnih „grešaka“ na mikro nivou. Ukoliko to ne urade, dobar dio ponašanja ostaće nejasan. Podaci u SAD-u govore da izvršni direktori, preduzetnici i investitori imaju sklonost ka nerealnom optimizmu – greška sa opasnim posljedicama. Ali, moglo bi se postaviti pitanje šta je uzrok pretjeranog optimizma? Da li to zavisi od konteksta? Da li proizi- lazi iz ličnog uspjeha u prošlosti? Ili je nesporan dio američkog karaktera? Suštinska kritika će postaviti povezano pitanje: šta je greška? Ekonomisti će zauzeti čvrst stav. Greška je kontrast između akcija koje se preduzimaju i akcija koje bi racionalno trebale biti preduzete u skladu sa troškovima i koristima individu- alnih agenata. Glavna briga ekonomista je efikasnost. Međutim, koncept greške je elastičan. James March i Chip Heath (1994) postavili su korisnu razliku između ekonomske „logike posljedica“ i šire primijenjene „logike primjerenosti“. Uzmite u obzir, na primjer, nekoga ko je prekršio pravila lijepog ponašanja. Njegovo kršenje normi može biti sramotno, možda neoprostivo, ali ne bi ništa puno promijenilo. Ipak, kolektivna vjerovanja i norme često dosta toga mijenjaju. Na primjer, osim efikasnosti, postoje drugi kriterijumi ekonomske i finansijske organizacije poput održivog razvoja ili kapitala i pravednosti kad je u pitanju novac. Na kraju, postoji razdvajanje između naglaska bihej- viorističkih finansija na ljudske slabosti i realnosti da u mnogim djelovima svijeta ljudi žive prilično dobrim životom. Zašto smo kolektivno tako jaki, a ipak smo kao pojedinci tako slabi? Zašto društvena racionalnost prevazilazi racionalnost pojedinca? Konvencionalna january 2017 | :Bankar BEHAVIOURAL FINANCE 33

he/she is also a person, social and historical creation. The reality is a product of the society. Philosophers often compare actions of a man with actions of an actor. People determine roles. Their motives, appearances and perceptions are shaped with what the society expects from them. Thus, researches of behavioural finance should study visible content of thinking process of people. It is obvious that this issue cannot be solved without addressing social, cultural and historic factors. We must research better the content, structure and style of infini- tive economic stories. For example, what do Swiss (who are mostly tenants) think on the ownership of a house, and also what do Americans think about that? In general, what types of economic arguments (correct or wrong) sound acceptable for the investors, which of them can persuade and motivate them to act? Investment bankers, managers for relationships with clients and financial marketing, among others, would be interested to answer these questions. However, behavioural finance currently does not have a lot to say. Secondly, behavioural finance must move further from the narrow studying of typical “errors” on micro level. If they do not do that, a good part of behaviour will remain vague. Data in the USA show that executive directors, entrepreneurs and investors have tendency for unrealistic optimism – error with dangerous consequences. However, a question may be posed what is the cause of excessive optimism? Does that depend on the context? Does that arise from personal success in past? Or is this undisputable part of American character? A basic critic will pose related question: what is an error? The economists will take firm position. Error is the contract between the actions taken in accordance with expenses and benefits of individual agents. The main concern of economists is efficiency. However, the concept of error is elastic. James March and Chip Heath (1994) set a useful difference between economic “logic of consequences” and wider applied “logic of adequacy“. Take, for example, a person who has broken rules of nice behaviour. Breaking of norms by a person may be disgraceful, may be unforgiven but nothing would change a lot. However, collective beliefs and norms often change a lot. For example, in addition to the efficiency, there are other criteria of economic and financial organisation like sustain- able development or capital and justification when it comes to money. Finally, there is a distinction between highlighting behav- ioural finance on human weaknesses and reality that in many parts of the world people live with rather good life. Why are we collectively so strong by yet so weak as individuals? Why does social rationality exceed the rationality of an individual? BIHEVIORISTIČKE FINANSIJE januar 2017 | :Bankar

34 ekonomska teorija najracionalnijim smatra ljude čiji Zašto su nam potrebne pojedinačni interesi utiču na tržišne cijene. Ona za bihejviorističke finansije? društvena zla krivi disfunkcionalne podsticaje i haos, Iako je prerano sa sigurnošću reći, čini se da će rad uglavnom u korporativnoj birokratiji i vladi. Istina bi stručnjaka za bihejviorističke finansije na sličan način mogla biti skoro pa suprotna. Racionalnost i dobrobit dovesti do revolucije u načinu na koji razmišljamo o proizilaze iz organizacije, spontane ili namjerne. Zašto kreiranju i upravljanju našim portfoliom. Od kako je su institucije od tako ključnog značaja? Razlog je taj Markowitz dobio Nobelovu nagradu 1990. godine, što svako u društvu zavisi od svih drugih. Prodajemo mi smo težili da kreiramo naš portfolio kao da smo 99% onoga što proizvodimo, kupujemo 99% od onoga potpuno racionalni investitori, savršena ekonomska što koristimo, i zbog toga živimo boljim životom. bića koja uvijek donose „prave“ odluke u sopst- Neprekidan tehnološki napredak, standardizacija pro- venom interesu. Rad Kanemana, Tverskog, i ostalih izvoda i usluga i ekonomska organizacija su ključne. razbio je ovu iluziju. Istina, nekad se ponašamo kao Tajna je sumirana u motou Chicago World's Fair-a iz savršena ekonomska bića, ali se u drugim slučajevima 1933. godine: „Nauka pronalazi, industrija primjenjuje, ponašamo kao ono što u biti jesmo - ljudi, i kao takvi čovjek se prilagođava.“ smo nesavršeni. Donosimo odluke pristrasno iako To što se u modernom društvu ravnoteža između to ne odražava stvarne činjenice. Dozvoljavamo pojedinačnih i institucionalnih snaga poremetila često da naši odgovori na odluke zavise od toga kako su nas nervira. Žalimo se da se čovjek mora „prilagoditi“, pitanja formulisana. Bavimo se složenim mentalnim da je lična sloboda izgubljena kada ili zakon ili velike računovodstvom, ignorišući činjenicu da su naše korporacije regulišu ono što radimo - npr. zbog efekta različite korpe sredstava međusobno povezane. mreže - kontrolišu naše opcije izbora. Ipak, čovjek je Dozvoljavamo sebi da nas vode nadanja i strahovi ograničen svojim intelektualnim potencijalima, navikama prije nego činjenice. i shvatanjem svrhe. Organizacija stvara predvidljivost. Milton Friedman je jednom dao sledeću opasku: Ovo je osnovno. Pravila i propisi koordiniraju društvo, „Jedina osoba koja vas zaista može ubijediti ste vi istovremeno smanjujući potrebu pojedinca da razmišlja. sami. Morate o datom problemu razmisliti polako, Naravno, finansijska tehnologija je često orjentisana ka sa uživanjem, pustiti ga da lagano vri, i da nakon klijentima i ima briljantan učinak. Planovi za penzijsku dužeg vremena pretvorite vaše sklonosti u ubjeđe- štednju i instrumenti alokacije sredstava mogu se učiniti nja.” Primjena bihejviorističkih finansija može biti još efikasnijim. Hipotekarna kriza u SAD-u 2007-2008. dio takvog procesa koji je opisao Friedman. je drama ogromnih razmjera iz koje će, možemo se Zbog kompleksnosti ljudske prirode, akteri na finan- samo nadati, ova industrija naučiti. Globalni talas sijskom tržištu prave posebnu vrstu grešaka. Greške finansijske deregulacije koji je omogućio neuporedivi mogu skupo koštati! Obogaćeni znanjem iz oblasti rast u korišćenju složenih derivata može dovesti do bihejviorističkih finansija akteri na finansijskom tržištu čak spektakularnijih krahova jer kvantitativni modeli će umjeti da: prepoznaju sopstvene greške i greške rizika zanemaruju sporadične događaje i pokušavaju da drugih; razumiju razloge za greške; izbjegnu greške. modeliraju ono što se dokazano ne može modelirati. Spisak praktičnih zaključaka bihejviorističkih U svakom slučaju, rješenje ovih problema započinje finansija može se značajno proširiti. Ali cilj ovog sa priznavanjem da je čovjek ljudsko biće. Ono što je rada je da se naglasi da je psihologija zaista važna u potrebno je „finansijska ergonomija“, disciplina koja finansijskim odlukama, prije nego da se dâ sumarni planira finansijske proizvode i usluge u skladu sa ljud- prikaz cjelokupnih bihejviorističkih finansija. Iako skim potrebama i koja optimizira dobrobit i sveukupni ne postoji kompletna i integralna teorija bihejvio- rad sistema. Bihejviorističke finansije imaju potencijal rističkih finansija, ona nam ipak može pomoći da da stvore priličnu vrijednost za društvo, ali još uvijek postanemo bolji finansijski analitičari, ekonomisti, smo daleko od njihove prave i potpune primjene. kolege, partneri i donosioci odluka. january 2017 | :Bankar BEHAVIOURAL FINANCE 35

Conventional economic theory considers the most real- Why do we need behavioural finance? istic people whose individual interest influences the Although it is too early to say with certainty, it seems market prices. It blames dysfunctional incentives and that the work of professionals for behavioural finance chaos for social evils, mostly in corporate bureaucracy will likely result in the revolution with regard to the and government. The truth could be rather opposite. way we are thinking on creating and managing our The rationality and welfare arise from the organisation, portfolio. Since the time when Markowitz won Nobel either spontaneous or intentional. Why are the institu- Prize in 1990, we have strived to create our portfolio tions of key importance? The reason is that everyone in as if we were fully rational investors, perfect economic the society depends on all others. We sell 99% of what we beings that always made right decisions in their own produce, and we buy 99% of what we use and therefore interest. The works of Kahneman, Tversky and others we live better life. Discontinuous technological advantage, broke this illusion. Surely, sometimes we behave standardisation of products and services and economic as perfect economic beings, but in other cases we organisation are of key importance. The secret is summed behave as what we are – humans, and as such – we up in the u moto of the Chicago World's Fair from 1933: are imperfect. We make decisions partially although «Science finds, industry applies and human adjusts». it does not reflect actual facts. We allow that our The fact that the balance between individual and insti- answers on decisions depend on how questions are tutional forces has changed often annoys us. We always formulated. We deal with complex mental accounting, regret that a person has to adjust, that personal freedom ignoring the fact that our different baskets of assets is lost when either law or big corporations regulate what are interconnected. We allow ourselves that hopes we do – e.g. due to network effects – they control our and fears guide us rather than facts. options of choice. Yet, a person is limited by its intel- Milton Friedman gave once the following remark: lectual potential, habits and understanding of purpose. “The only person who can truly persuade you is yourself. The organisation creates predictability. This is something You must turn the issues over in your mind at leisure, that is basic. Rules and regulations coordinate the society, consider the many arguments, let them simmer, and simultaneously reducing the need of an individual to after a long time turn your preferences into convic- think. Of course, financial technology is often directed tions.” The application of behavioural finance may be towards the clients and has a brilliant effect. Occupational a part of the process described by Friedman. retirement schemes and asset allocation instrument Due to complexity of human nature, financial can be more effective. Sub-prime mortgage crisis in the market players make special type of errors. These USA in 2007-2008 is a drama of vast proportions from errors can be costly! Enriched with knowledge from which hopefully the industry will learn. Global wave of behavioural finance area, financial market players financial deregulation which enabled growth in using can do the following: recognise their own errors and complex derivatives may lead even to spectacular failures errors of others; understand reasons for errors; avoid as quantitative risk models neglect casual events and try errors. to model what has proven to be impossible to model. In A list of practical conclusions of behavioural finance any case, the solution to these problems starts with rec- can be substantially expanded. However, the objective ognising that a person is a human being. What is needed of this paper is to highlight that the psychology is really is “financial ergonomy”, a discipline which plans financial important in financial decisions, rather than giving products and services in accordance with human needs summary overview of entire behavioural finance. and which optimises well-being and overall work of the Although there is no full and integral behavioural system. Behavioural finance has a potential to create big finance, it can still help us become better financial value for the society, but we are still away from their real analysts, economists, colleagues, partners and deci- and full implementation. sion makers. INTEROPERABILNOST, FINANSIJSKA INKLUZIJA I MONOPOLIZACIJA januar 2017 | :Bankar

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Kris Agabi ProgressSoft, Jordan BUDUĆNOST JE STIGLA Inkluzija svih građana u finansijski sistem je dugo vremena bila glavna ambicija vlada i institucija kao što su Svjetska banka i Međunarodni monetarni fond (MMF). Ove institucije su to promovisale kroz različite metode uključujući podsticanje atraktivnih kamatnih stopa na štednju i kredite. Depozitarne institucije su obuhvatile bogatstvo masa u državi, ali još uvijek ima dosta toga da se uradi i tu stupa na scenu pametni telefon. Dolazak ovog poslednjeg platnog instrumenta predstavlja revolucionarni razvoj, koji koriste milioni građana država gdje su prisutna mobilna njegova Telekom kompanija plaćanja nema zajednički ugovor. Prema Grupi Konsultanata za pomoć siromašnima (CGAP) „snažno okruženje interopera- bilnosti u platnim sistemima pruža korist svim učesnicima u ekosistemu plaćanja. Krajnji korisnici, koji uključuju kli- inansijska inkluzija označava korišćenje razli- jente, trgovce, vlade i druge vrste kompanija, sma- Fčitih finansijskih usluga i naročito plaćanja, traju ga lakšim načinom plaćanja i primanja kako bi bili dostupni u različitim formatima svim plaćanja. Lica koja pružaju usluge ovim krajnjim građanima i rezidentima u okviru neke države, korisnicima, uključujući banke, mreže, procesore uključujući radničku klasu, iseljenike, i, što je i druge pružaoce usluga, imaju prihode od plaća- najvažnije, građane koji nemaju račune otvorene nja u interoperabilnim sistemima koji možda ne u bankama. mogu postići sa zatvorenim zapetljanim (odnosno Finansijska inkluzija je samo jedan cilj među neinteroperabilnim) sistemima.” mnogim mobilnim plaćanjima. Prava finansijska Da bi se postigla interoperabilnost, svi pružaoci inkluzija se ne može postići kroz mobilne novča- platnih usluga koji nude usluge mobilnog plaća- nike, zato što oni ne obazbjeđuju interoperabilnost, nja moraju biti povezani tako da garantuju puni jednostavnog su zadatka i ekskluzivni su svakoj operativni ciklus kliringa i poravnanja između Telekom kompaniji. Korisnik mobilnog novča- svih pružaoca platnih usluga. Na isti način, lice nika ne može izvršiti plaćanje prema bilo kojem ne opterećuje sebe sa složenošću mjesta prodaje drugom korisniku mobilnog novčanika osim ako trgovca prilikom kupovine, učesnik u mobilnim january 2017 | :Bankar INTEROPERABILITY, FINANCIAL INCLUSION, AND MONOPOLIZATION 37

Chris Aghabi ProgressSoft, Jordan THE FUTURE IS HERE The inclusion of all citizens within the financial system has long been a key ambition for governments and institutions such as the World Bank and the International Monetary Fund (IMF). They have driven this through many different methods including encouraging attractive interest rates on savings accounts and loans. Depository institutions have captured the fortune of the masses in a country, but there is still so much to do which is where the Smartphone comes into play. The arrival of this latest payment instrument has been a revolutionary development, utilized by in payments systems millions of citizens of countries where mobile payments have a presence benefits all partici- pants in the payments ecosystem. End users, including consum- ers, merchants, gov- ernments, and other types of enterprises, find it easier to make inancial Inclusion (FI) means availing of the and accept payments. Providers to these end users, Fdifferent financial services and especially pay- including banks, networks, processors and other ments, to be accessible in their different formats service providers, gain revenue from payments in to all citizens and residents within a country, interoperable systems that they may not be able including the working-class proletariat, expatri- to achieve with closed loop (or non-interoperable) ates and most importantly, unbanked citizens. systems.” FI is only one objective amongst many of mobile To achieve interoperability, all Payment Service payments. Genuine FI cannot be accomplished Providers (PSPs) that offer the mobile payments through mobile wallets as they do not provide service must be connected in such a way that interoperability, are singular tasking, and exclusive guarantees a fully operative clearing and settle- to each Telecom company. A user of a mobile wallet ment cycle between all PSPs. In the same way cannot pay to any other mobile wallet user unless a person does not burden themselves with the their Telecom company has a mutual agreement. complexities of a merchant’s point of sale in a As per the Consultative Group to Assist the Poor purchase, a mobile payments participant should (CGAP) “a robust environment of interoperability not be concerned about the recipient’s PSP, whether INTEROPERABILNOST, FINANSIJSKA INKLUZIJA I MONOPOLIZACIJA januar 2017 | :Bankar

38 plaćanjima ne treba da se brine oko pružaoca sektora kao što je Dinarak u Jordanu. Platforma platnih usluga primaoca, bilo da je primalac obezbjeđuje širok spektar usluga mobilnog pla- lice, vlada ili šalterski radnik. Interoperabilnost ćanja putem centralnog sistema pružaoca usluga osigurava da se mobilno plaćanje može dogoditi danonoćno. Pored toga, subjekti kojima pružalac bez obzira kod kojeg pružaoca platnih usluga je platnih usluga pruža usluge i koji su povezani sa pretplatnik. njim uključuju trgovce koji koriste sistem kako bi Jedno od ključnih razmatranja tokom razvoja olakšali kupovinu klijentu preko mobilnih telefona; bilo kojeg mobilnog platnog sistema je izbjegavanje kompanije za naplatu računa koje koriste usluge monopolizacije. Kod mobilnih plaćanja, regulatorno plaćanja računa preko mobilnih telefona; banke tijelo će zahtijevati sistem koji će mu dozvoliti da ga učesnice koje doprinose upravljanju računima; i reguliše, dok istovremeno radi njegovo prenošenje mreže agenata pružaoca usluga koji pružaju usluge i kliring - između računa - uloga banke. Model uplate i isplate svojim krajnjim korisnicima. saradnje za mobilna plaćanja zahtijeva da banke, U Egiptu, prva i najveća platforma za elektronsko telekom kompanije, glavni trgovci trgovine na plaćanje i naplatu, e-finance, lansirala je u saradnji malo, inkasanti komunalija, i državne institucije sa ProgressSoft Corporation brend novih platnih eleminišu monopolizaciju. Prisustvo prenosa je usluga putem mobilnih telefona "Khales Mobile" i neophodno da bi se postigla interoperabilnost “Hokomty” tokom Kairo ICT, koji je sada vodeći između pružaoca platnih usluga. Ovaj prijenos tehnološki događaj u Africi i na Bliskom Istoku. On treba da funkcioniše u kontrolisanom okruženju je održan u novembru u Međunarodnom centru za dozvoljavajući njegovim učesnicima da pružaju konvencije u Kairu. Khales Mobile obuhvata klijente usluge mobilnog plaćanja preko platforme svojim koji imaju račune u bankama i one koji to nemaju krajnjim korisnicima. pružajući im mogućnost da izvrše različite vrste Interoperabilnost mora funkcionisati i usmje- plaćanja. Tokom Kairo ICT 2016, Khales Mobile ravati finansijske poruke između višestrukih se predstavio i prikazao posjetiocima izložbe na pružaoca platnih usluga svakodnevno i na osnovu štandu za elektronske finansije. Posjetiocima je Direktne obrade bez ljudske intervencije, što je pokazano kako da snime i da registruju aplikaciju uvijek sklono grešci. Centralna banka treba da na svojim mobilnim uređajima, pomažući im da preuzme svoju regulatornu ulogu nadgledanja se upoznaju sa svim njegovim karakteristikama i ekosistema mobilnog plaćanja, uz prijenos i kliring koristima. Uz uvođenje Khales Mobile, 94 miliona u realnom vremenu. ljudi koji žive u Egiptu su sada u mogućnosti da Praćenje mikro plaćanja se može uraditi putem plate račune za električnu energiju, vodu i Internet centralnog prenosa dozvoljavajući prikupljanje kao i dobrotvorne donacije putem telefona. Pored statističkih podataka Sistema upravljanja informa- toga, Khales Mobile olakšava plaćanje školarine za cijama (MIS). Nuđenjem opcije mobilnog plaćanja univerzitete uključujući univerzitete Suez Canal, korisnicima koji nijesu banke, mikrofinansiranje Aleksandrija, Kairo, Mansoura, Bani Suef, Ain može povećati prisustvo u značajnom segmentu Shams i South Valley. Mi nastojimo da proširimo stanovništva, dostižući finansijsku inkluziju grupa ovaj spisak u budućnosti. sa nižim primanjima koji konačno utiču pozitivno na ekonomiju. U CRNOJ GORI... Platforma mobilnih plaćanja dozvoljava klijentima Turisti koji stižu u Budvu, Kotor, Cetinje, Bar da obavljaju platne transakcije koristeći mobilne i druge gradove su sada u mogućnosti da plate telefone i pametne uređaje za korisnike koji imaju svoje usluge tokom boravka mobilnim uređajima račune u bankama i one koji to nemaju. Ona služi putem usluge mobilnih novčanika, koji se mogu kao osnovni softver za sve pružaoce platnih usluga. otvoriti u banci učesnici kada stignu na aerodrom Takvom platformom mora rukovati pružalac u Podgorici. Oni će biti u mogućnosti da vrše platnih usluga kao što je banka, telekom kompa- uplate i isplate sa bilo kojeg automata u Crnoj nija ili čak pružalac platnih usluga iz privatnog Gori, ili kod agenta najbližeg njihovoj lokaciji. january 2017 | :Bankar INTEROPERABILITY, FINANCIAL INCLUSION, AND MONOPOLIZATION 39

the recipient is a person, government, or biller. In addition, the entities serviced and connected Interoperability ensures that a mobile payment to the PSP include merchants that utilize the can take place regardless of the PSP the subscriber system to facilitate customer purchases using is registered with. mobiles; billing companies that make use of the One of the key considerations during the devel- mobile bill payment facilities; the participant opment of any mobile payment system is the banks contributing in account management; and avoidance of monopolization. In mobile pay- service provider agent networks providing cash ments, the regulatory entity will require a system in and cash out services to their end users. which allows it to regulate, while simultaneously In Egypt, the first and largest electronic payment performing its switching and clearing- between and collection gateway, e-finance, launched in bank accounts- roles. A collaborative model for partnership with ProgressSoft Corporation, and mobile payments requires that banks, telecom the all new mobile payment services brand in companies, top-retail merchants, utility billers Egypt, "Khales Mobile" and “Hokomty” during and governmental institutions be shareholders the Cairo ICT, which is now also the leading to eliminate monopolization. The presence of a technology event in Africa and the Middle East. It switch is necessary to achieve interoperability took place in November at the Cairo International between PSPs. This switch should operate in a Convention Centre. Khales Mobile covers both controlled environment permitting its participants banked and unbanked customers providing them to provide cross platform mobile payment services with the capability to carry out various types of to their end users. payments. During Cairo ICT 2016, Khales Mobile Interoperability must operate and route financial was unveiled and demonstrated to the visitors of messages between multiple PSPs on a 24/7 and the exhibition at the e-finance booth. The visitors Straight-Through-Processing (STP) basis with were shown how to download and register for the no human intervention, which is always prone application on their own mobile devices, helping to error. The central bank is required to assume them to familiarize themselves with its benefits and its regulatory role whilst overseeing the mobile features. With the introduction of Khales Mobile, payment ecosystem, in addition to real-time the 94 million people residing in Egypt are now switching and clearing. able to pay their electricity, water, and internet bills, Micro-payment monitoring can also take place as well as charitable donations, with their phones. through a central switch, allowing the collection Moreover, Khales Mobile facilitates payment for of statistical Management Information Systems university tuition fees for universities including (MIS) data. By offering mobile payment options Suez Canal University, University of Alexandria, to unbanked users, micro-financing can increase University of Cairo, Mansoura University, Bani its reach to a substantial segment of the popula- Suef University, Ain Shams University, and South tion, attaining financial inclusion of low-income Valley University. We strive to proliferate this list groups, which ultimately impacts positively on in the future. the economy. A mobile payments platform allows custom- IN MONTENEGRO… ers to conduct payment transactions using their Tourists arriving in Budva, Kotor, Cetinje, Bar, hand-held mobiles and smart devices for both and other cities, are now able to pay for services banked and unbanked users. It serves as the during their stay with their mobile devices via the core software for any PSP. Such a platform is to mobile wallets service, which can be opened at be operated by the PSP, which could be a bank, participating banks when they arrive at Podgorica telecom company, or even a private sector PSP Airport. They will be able to cash-in and cash-out like Dinarak in Jordan. The platform provides a from any ATM in Montenegro, or from the closest wide range of mobile payment services through agent to their location. Thus, there is less need to a central service provider system on a 24/7 basis. carry physical money as a mobile can be used to ZiraatBankasiDunyada ENG (20,5x26,5cm).pdf 1 09.10.2015 13:43

INTEROPERABILNOST, FINANSIJSKA INKLUZIJA I MONOPOLIZACIJA januar 2017 | :Bankar

40 Prema tome, manje je potrebno da se nosi novac su mobilna plaćanja kreirana za mikroplaćanja sa sobom, jer se mobilni uređaji mogu koristiti (plaćanja manje vrijednosti), manje kompanije za obavljanje bilo koje kupovine ili transfera što će imati koristi. zauzvrat eliminiše rizik od krađe ili gubitka, a S obzirom da će banke koje nude ove usluge imati povećava ugodnost krajnjim korisnicima. Što se nove tokove prihoda, preporučuje se set konzerva- tiče domaćeg stanovništva, na raspolaganju je tivnih naknada na transakcije od 100 eura i ispod puno opcija. Domaće stanovništvo je u moguć- kako bi podstakle upotrebu ove usluge. Racionalni nosti da koristi mobilni novčanik koji se može korisnik neće platiti 1 euro za kupovinu šolje od 3 ručno napuniti sa bankarskog računa. Ili, što se eura, ali je voljan da plati 2 eura za kupovinu smo- tiče klijenata banaka, oni se mogu jednostavno kinga koji košta 600 eura. Prema tome, uspostavljanje povezati sa svojim računima u bankama kako bi parčića u šemi naknada korištenjem platforme za obavili transakciju. Ili, oni mogu povezati plaćanje mobilna plaćanja od strane ovlašćenog poslovnog sa višestrukim kreditnim karticama sami jer je administratora u banci postiže se svrha. Regulator instrument plaćanja i mobilni uređaj jednostavno koji nadgleda banke koje obavljaju prenose mobilnih facilitator; korisnik samo treba da odabere kre- plaćanja zahtijeva set maksimalnih limita na dozvo- ditnu karticu koju će upotrijebiti za određenu ljene provizije banaka tako da one nijesu previsoke kupovinu. Ovo će povećati obim transakcija koje i da ne poništavaju svrhu mobilnih plaćanja. Što se prolaze kroz Mastercard i VISA sisteme. Trgovci tiče mikro plaćanja, obično niže provizije donose su u prednosti jer odmah primaju plaćanja što veće obime transakcija, a optimalna šema provizija služi kao kratkoročno finansiranje, poboljšavajući zahtijeva pažljivu pripremu i treba da se koriguje C likvidnosti i cikluse konverzije gotovine. Pored s vremena na vrijeme putem probe i greške jer će M toga, ukoliko prime uplatu ranije, trgovac ili klijent banka možda morati da izvuče maksimalni prihod Y mogu koristiti iznos da plate drugom subjektu i opažanjem elastičnosti zahtjeva klijenata tokom CM taj subjekat će biti u mogućnosti da plati nekom određenog perioda. MY drugom i tako redom. Domino efekat dovodi do Usvajanje plaćanja putem mobilnih uređaja CY veće brzine kruženja u ekonomiji države. Jedni stvara put za bezgotovinsko društvo u kojem CMY

od najistaknutijih benificijara su male firme, one se štampanje, rukovanje ili uništavanje fizičkog K u ulicama koje će primiti plaćanja koje drugačije novca smanjuje. Koristi bezgotovinskog društva su ne bi primili jer klijent ili ne nosi novčanice i ogromne i utiču na ekoomiju, smanjujući troškove kovanice ili zato što trgovac ne prima kreditne upravljanja gotovinom. kartice. Nadalje, putovanje trgovca na kraju radnog Platforma za mobilna plaćanja i prijenos mobilnih dana do banke i nazad da deponuje novac neće plaćanja zajedno predstavljaju predloženo rješenje biti više potrebno. Turisti neće biti više u neprilici koje će ispuniti ciljeve i potrebe sveobuhvatnog zbog nošenja strane valute i stoga će lakše kupo- rješenje države za plaćanja putem mobilnih ure- vati robu bez potrebe da mijenjaju novac. Kako đaja bilo koje države.

REVOLUCIONARNI PRISTUP PORAVNANJA Plaćanja malih vrijednosti (uključujući tehnologije plastičnih kartica, kreditne i debitne kartice, prepaid kartice POS terminale, bankomate, eCommerce plaćanja, bezkontaktne platne sisteme, mobilna plaćanja i digitalnu valutu) postaju dominantna u svijetu plaćanja. U stvari, ukupna vrijednost svih plaćanja malih vrijednosti trenutno premašuju ukupnu vrijednost svih plaćanja velikih vrijednosti, ACH, i RTGS plaćanja. Prema tome, hitnost poravnanja ovih transakcija je očigledna. Budućnost je stigla. To je novi revolucionarni sistem poravnanja, RT-RPS. ZiraatBankasiDunyada ENG (20,5x26,5cm).pdf 1 09.10.2015 13:43

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conduct any purchase or transfer, which in turn are designed for micropayments (less than low eliminates the risk of theft or loss, and increases value payments) smaller businesses will benefit. convenience for the end users. As for domestic While banks offering these services will have citizens, there are many options available. They a new revenue stream, it is recommended that are able to use a mobile wallet that they manually they set conservative charges on transaction recharge from their bank account. Or, as banked amounts of 100 Euros and below to encourage customers, they can simply link their bank accounts the use of this service. A rational user will not to conduct a transaction. Alternatively, they can pay 1 Euro to purchase a 3 Euro mug, but is will- link the payment to multiple credit cards, whereby ing to pay 2 Euros to purchase a tuxedo costing the credit card itself is the payment instrument 600 Euros. Thus, establishing ‘slices’ in a charges and the mobile is simply a facilitator; all a user schema using the mobile payments platform by needs do is to choose which credit card to use for the authorized business administrator at the bank a given purchase. This will increase the volume achieves this purpose. The regulator overseeing of transactions passing through Mastercard and the banks operating the mobile payments switch is VISA. Merchants are advantaged as they receive required to set maximum limits on the permitted payments instantaneously, serving as short term charges of the banks so that they are not excessive funding, improving liquidity and their cash con- and defeat the purpose of mobile payments. As version cycles. Furthermore, by receiving the for micropayments, usually lower charges yield payment sooner rather than later, a merchant or higher volumes of transactions, and the optimal a customer may use the amount to pay another charges schema requires careful thought and entity, and that entity will be able to pay another should be adjusted from time to time through and so on. The domino effect results in higher trial and error as a bank may need to extract the velocity of circulation in the country’s economy. maximum revenue by detecting the elasticity of One of the most prominent benefactors are the demand of the customers over time. small businesses, the ones in the street that will The adoption of mobile payments paves the receive payments that they would otherwise have way for a cashless society in which the printing, not received because either the customer is not handling and destruction of physical money is carrying banknotes and coins, or because that reduced. Benefits of a cashless society are vast merchant does not accept credit cards. Plus, a and affect the entire economy, alleviating cash merchant’s end-of-day trip back and forth to the management costs. bank to deposit money will no longer be required. Together, a mobile payments platform and Furthermore, tourist will no longer be inconveni- mobile payments switch represent the proposed enced for not carrying a foreign currency and thus solution that will satisfy the objectives and needs will more easily be able to purchase items without of a comprehensive country-wide mobile payment the need to change money. As mobile payments solution of any country.

A REVOLUTIONARY APPROACH TOWARDS SETTLEMENT Retail payments (including plastic card technologies, credit and debit cards, prepaid cards, ATM/POS terminals, eCommerce payments, contactless payment systems, mobile payments, and digital currency) are becoming dominant in the world of payments. In fact, the aggregate value of all retail payments currently exceeds the aggregate value of all wholesale payments, ACH, and RTGS payments. Hence, the immediacy of settling these transactions is apparent. The future has arrived. It is the revolutionary new settlement system, RT-RPS. FINANSIJSKO TRŽIŠTE januar 2017 | :Bankar

44 Inicijalna javna ponuda

Zemlje Centralne i Jugoistočne Evrope su u protekle dve decenije izvršile značajne institucionalne promene koje su, pored ostalog, Radmila Gaćeša obuhvatile: restrukturiranje bankarskog sektora, promene u vlasničkoj Komercijalna banka strukturi i veliki priliv stranih investicija, što je rezultiralo stvaranjem Beograd uslova za ubrzani ekonomski razvoj na makro planu. Razvoj finansijskog sektora je pri tome baziran na regulatornim izmenama, usklađivanju sa standardima Evropske unije, te neophodnosti pristupa dopunskom kapitalu

ao najznačajniji izvori kapitala određeni rizici koji ne postoje u slu- Inicijalna javna ponuda je praćena Kna raspolaganju su: čaju obavljanja transakcija u zemlji, brojnim prednostima, među kojima ■■ bankarski krediti, koji pored depo- obaveza sprovođenja due diligence su najznačajnije: povećanje kapitala zita, predstavljaju osnovnu funkciju postupaka odn. misija, angažovanje i diverzifikacija vlasnika; znatno banaka odn. kreditnih institucija eksternih savetnika, angažovanje povoljniji pristup izvorima finansira- shodno lokalnim zakonima skoro eksternih pravnih agenata i drugo. nja u zemlji, a često i u inostranstvu; svih zemalja sveta, i koji obuhvataju Pri tome, troškovi u slučaju inicijalne unapređenje imidža kompanije u dva segmenta i to: kredite odobrene javne ponude zavise pre svega od javnosti; mogućnost apliciranja ili od strane banaka operativnih u koncepta za koji se opredeli kompa- povećanja ocene međunarodnog zemlji, a koji, u zavisnosti od lokal- nija - emitent: direktna javna prodaja kreditnog rejtinga; mogućnost pri- nih propisa, mogu biti odobreni u ili angažovanje mreže brokera za vlačenja ekskluzivnih menadžera lokalnoj valuti i/ili u stranoj valuti; distribuciju akcija sa obavezom ili i eksperata za delatnost u kojoj kredite odobrene od strane banaka bez obaveze angažovanih brokera posluje kompanija. ili drugih finansijskih institucija koje da otkupe neprodate akcije. Istovremeno, analize brojnih posluju u inostranstvu, otuda se Po svojoj suštini inicijalna javna realizovanih inicijalnih ponuda takvi krediti zovu prekograničnim ponuda (eng. Initial Public Offering potvrđuju da, pored prednosti, kreditima (eng. Cross border loans) skraćeno IPO) predstavlja vrstu inicijalne javne ponude su gotovo ■■ prikupljanje kapitala putem ini- javne ponude u okviru koje se akcije bez izuzetka praćene određenim cijalnih javnih ponuda (eng. IPO jedne kompanije odnosno jednog nedostacima, kao što su: obaveza - Initial Public Offering) preko privrednog subjekta prodaju insti- javnog saopštavanja finansijskih berze, pri čemu transakcija može tucionalnim investitorima po prvi i drugih značajnih informacija o biti obavljena na lokalnoj berzi u put. Kroz takav proces kompanija kompaniji; permanentno angažo- zemlji sedišta kompanije-emitenta koja je u vlasništvu privatnih lica vanje menadžmenta koje, u dužem ili na nekoj od inostranih berzi. transformiše se u javno preduzeće. vremenskom periodu a o čemu će Oba modela obezbeđenja dodat- Osnovni motivi donošenja odluke za naknadno biti dato više relevantnih nog kapitala praćena su brojnim inicijalnu javnu ponudu su poveća- pojedinosti, zahteva pripreme i specifičnostima, kao i određenim nje kapitala, kao i promena statusa značajnu pažnju tom segmentu; troškovima. U specifičnosti spa- kompanije koja omogućava javno značajni troškovi u pogledu pri- daju pre svega: regulatorni aspekti, trgovanje akcijama na berzi. bavljanja dokumentacije kao što january 2017 | :Bankar FINANCIAL MARKET 45 Inicijalna javna ponuda Initial Public Offering

Central and Southeast European countries have made a Radmila Gaćeša significant institutional changes for the last two decades, Komercijalna banka Belgrade which, inter alia, covered the following: restructuring of the banking sector, changes in ownership structure and large inflow of foreign direct investments, which resulted in creating most important are the following: the conditions for accelerated economic development on increase in capital and diversification macro level. The development of the financial sector is thereby of owner; substantially favourable based on regulatory changes, harmonisation with the European access to sources of financing in the Union standards, and the need to access the additional capital country, and often abroad; improve- ment of image of the company in the public; possibility of applying for or increasing the grade of inter- national credit rating; -possibility he following sources are avail- that do not exist in case of execut- of attracting exclusive managers Table as the most important ing transactions in the country, the and experts for the main activity sources of capital: obligation of conducting due dili- of the company. ■■ banking loans, which in addition gence, i.e. on site visits, involvement Simultaneously, the analysis of to deposits represent core func- of external advisors, engagement of numerous realised initial public tion of banks, i.e. credit institutions external legal agents, and the like. offerings confirm that in addition pursuant to local laws of almost all To that end, costs in case of initial to their advantages, they are almost countries in the world, and which public offering depend primarily on without no exception followed by cover the following two parts: loans the concept of the issuing company: certain weaknesses, such as: the granted by banks operating in the direct public sale or engagement obligation of disclosure of financial country, which, depending on local of the network of brokers for the and other important information regulations, may be granted in local distribution of shares with or with- of a company; permanent engage- currency and/or foreign currency; out obligation to engage broker to ment of the management, which loans granted by banks or other repurchase unsold shares. in long period require preparation financial institutions operating By its substance, the Initial Public and paying special attention to abroad, i.e. loans that are called Offering represents type of a public this segment. This will be elabo- cross border loans offering within which the shares of rated further below; significant ■■ gathering capital through Initial a company or a legal person are sold expenses concerning gathering of Public Offering (IPO) using stock to institutional investors for the first documents such as legal opinions, exchanges, whereby the transaction time. The company owned by private financial and/or accounting reports may be executed on local stock persons is transformed in public com- prepared upon the request of con- exchange in the country of the issu- pany through this process. The main sultants and other participants in ing company or on some of foreign motives for making decisions to use the process of initial public offering; stock exchanges. initial public offering are increase of possibility that publicly disclosed Both models of providing addi- capital and the change in status of the information on the operations of tional capital are followed by numer- company which enables public trading the company are misused by the ous specificities and certain costs. with shares on the stock exchange. competition; risk that the intended The specificities primarily include The initial public offering has capital inflow cannot be achieved, regulatory aspects, certain risks many advantages, among which the and some other risks. FINANSIJSKO TRŽIŠTE januar 2017 | :Bankar

su: pravna mišljenja, finansijski prethode veoma sveobuhvatne pri- organa, prodaja akcija, te stabili- 46 odn. računovodstveni izveštaji preme u samom preduzeću. Od zacija tržišta. rađeni na zahtev konsultanata i najvećeg značaja je utvrditi da li su U preduzeću koje planira rea- drugih učesnika u procesu inicijalne poslovni rezultati i profitabilnost lizaciju inicijalne javne ponude javne ponude; mogućnost da javno i prespektive razvoja preduzeća akcija potrebno je, svakako pre saopštene informacije o poslovanju dovoljno atraktivni da mogu da samog početka pripremnih radnji, kompanije budu zloupotrebljene privuku investitore. Zbog složenosti početi sa organizovanjem poslova- od strane konkurencije; rizik da i dugotrajnosti postupka inicijalne nja na način kao da to preduzeće nameravani priliv kapitala ne bude javne ponude, kao i činjenice da već posluje kao otvorena, javna moguće ostvariti, kao i neki drugi. ovaj proces uključuje veliki broj kompanija. Ovde se prvenstveno internih i eksternih učesnika, on misli na prihvatanje upravljanja POSTUPAK INICIJALNE može biti podeljen na više među- zasnovanog na egzaktnim bazama JAVNE PONUDE sobno povezanih aktivnosti koje se podataka, organizovanje redov- U postupku inicijalne javne ponude mogu grupisati u tri faze: nih sastanaka upravnog odbora, i učestvuje najmanje jedna investici- 1. U pripremnoj fazi sprovodi se kreiranje mehanizama za redovnu ona banka ili finansijski savetnik ili detaljna analiza poslovanja i u komunikaciju sa akcionarima. broker. Moguće je da, u zavisnosti slučaju potrebe, može biti doneta od strukture i veličine kompanije, odluka o sprovođenju restruk- te apetita aktuelnih akcionara za turiranja preduzeća, zatim se postizanjem efekata, u pripremu pripremaju prospekt, kao i ostala i realizaciju jedne inicijalne javne potrebna dokumentacija. Takođe ponude bude uključeno nekoliko se utvrđuje veličina emisije u investicionih banaka odn. ostalih smislu procenta učešća akcija koje specijalizovanih savetnika ili brokera. se prodaju, izbor listinga i tipa Kompanija koja ulazi u postupak investitora koji se ocenjuje kao inicijalne javne ponude se naziva optimalan za postojeće akcionare. emitent po osnovu emitovanja odn. 2. U drugoj fazi se formira pokrovi- izdavanja hartija od vrednosti a to teljska struktura, koja može značiti su ovde akcije. Ostali učesnici u jednu ili više investicionih banaka transakciji, koji se zovu pokrovitelji odn. brokerskih kuča, savetnika (eng. underwriters), sklapaju ugovor i slično. Takođe se dizajnira pre- sa emitentom kojim se definišu liminarni prospekt, preduzeće se svi elementi procesa, uključujući predstavlja investitorima kroz obaveze svih učesnika u transakciji. Road Shaw i prikupljaju se nalozi Da bi preduzeće uspešno rea- za kupovinu akcija. lizovalo inicijalnu javnu ponudu, 3. U finalnoj fazi se utvrđuje početna neophodno je da ima stabilnu cena akcija, štampa se konačni tržišnu i finansijsku poziciju, realno prospekt sa početnom cenom i procenjene mogućnosti razvoja, obavlja trgovina akcijama. zadovoljavajući nivo profitabilnosti, Svaka inicijalna javna prodaja obu- odgovarajuću kadrovsku strukturu, hvata određene aktivnosti, bez kojih profesionalne, partnerske i koo- je ona nemoguća. U te aktivnosti perativne odnose sa okruženjem, spadaju pre svega: sastanak konsul- uspostavljen efikasan mehanizam tanata, due dilligence regulatorni poslovnog i finansijskog izveštavanja pregled, prethodni marketing, i interne kontrole. objavljivanje rezultata istraživa- Procesu otvaranja preduzeća nja, marketing, road show, finalno putem inicijalne javne ponude akcija odobrenje od strane regulatornog january 2017 | :Bankar FINANCIAL MARKET 47 INITIAL PUBLIC OFFERING securities, in this case issuance of 2. Second phase, in which the PROCEDURE shares. Other participants to the structure of underwriter is esta- At least one investment bank or transactions are called underwrit- blished, which may include one or financial advisor or broker partici- ers. They enter into an agreement several investment banks, i.e. bro- pates in the initial public offering. with the issuer defining all ele- kerage companies, advisors, and It is possible that, depending on the ments of the process, including the like. A preliminary prospectus structure and size of the company obligations of all participants in is also designed, and company is and appetite of current sharehold- the transaction. presented to the investors thro- ers for achieving effects, several A company should have stable ugh a Road Show, and orders for investment banks and/or other market and financial position in purchase of shares are gathered. specialised advisors or brokers order to execute initial public offer- 3. Final phase, in which the initial participate in the preparation and ing successfully, as well as realistically price of shares is determined, realisation on one initial public estimated possibilities of develop- final prospectus is printed with offering. A company entering the ment, satisfactory level of staffing the initial price and trading with process of initial public offering is structure, professional, partner shares is performed. called issuer based on issuance of and cooperative relations with its Every initial public offering includes surroundings, established efficient certain activities, without which mechanism of business and financial the initial public offering would be reporting and internal controls. impossible. These activities include Comprehensive preparations in primarily: advisors' meeting, due the company precedes the process diligence, regulatory review, pre- of opening a company through ini- marketing, publishing of research tial public offering. It is of utmost results, marketing, road show, final importance to establish if business approval by regulatory authority, sale results and profitability and devel- of shares and market stabilisation. opment perspective of a company If a company plans initial public are substantially attractive to attract offering of shares, operations of the the investors. Due to the complexity company should be organised before and duration of the initial public preparatory activities in the manner offering process and the fact that that the company operates as an this process includes large number open, public company. This primarily of internal and external partici- refers to accepting of management pants, it can be divided into many based on exact databases, organising interrelated activities grouped in regular meetings of the managing three phases: board, and creating mechanisms 1. Preparatory phase, in which due for regular communication with diligence is conducted and a deci- shareholders. sion on restructuring a company Experiences of the countries with can be brought if needed. It is developed capital markets indicated followed by the preparation of that team that will participate in prospectus and other necessary the IPO implementation should be documents. In addition, the size determined before the realisation of of the issue with regard to the initial public offering, as well as an percent of shares to be sold is advisors’ team which will draw up determined, listing and type of IPO strategy and assess the value investors, who are rated as opti- of the company – issuer. External – mum for the existing shareholders, independent consultants, investment are selected. banks and broker-dealer companies FINANSIJSKO TRŽIŠTE januar 2017 | :Bankar

Iskustva iz zemalja sa razvijenim pri svakoj novoj emisiji akcija, a tokom road show-a, strukture i 48 tržištima kapitala ukazuju na to da to je slučaj i kod prve, dakle inici- obima podnetih naloga od strane je od posebnog značaja pre početka jalne emisije, je prospekt emisije. investitora. realizacije inicijalne javne ponude Sadržina i forma prospekta regu- odrediti tim koje će učestvovati u lisana je aktima regulatornog tela. NAČIN ODREĐIVANJA CENA IPO implementaciji i tim konsulta- Prospekt sadrži informacije o novoj U pogledu načina određivanja cena, nata čiji je zadatak pre svega izrada emisiji (cena pojedinačne akcije, inicijalna javna ponuda se može IPO strategije, procena vrednosti broj akcija, procedura upisa), o realizovati putem tzv. book building preduzeća - emitenta. Najznačajniju poslovanju preduzeća (primarna ili metoda, metodom fiksne cene i auk- ulogu u tom segmentu vrše eksterni pretežna delatnost, menadžment), cije. Book building proces usmeren - nezavisni konsultanti, investicione kao i finansijski izveštaji koji su bili je na razdvajanje velikih - instituci- banke i brokersko-dilerska društva. predmet nezavisne revizije. Sadržaj onalnih i individualnih investitora i Nakon izbora investicione banke i prospekta svakako je uređen naci- određivanje raspona cene, odnosno kompletiranja due dilligence analize, onalnim zakonodavstvom zemlje cene po kojoj će se izvršiti prodaja priprema se dokumentacija potrebna u kojoj emiten ima svoje sedište. akcija nakon isteka definisanog roka za podnošenje zahteva regulatornom Nakon odobrenja prospekta od za dostavljanje ponuda. Ovaj proces telu, a to je najčešće Komisija za strane regulatornog organa, počinje je moguće podeliti u tri faze. U hartije od vrednosti. Cilj te aktivnosti tzv. road show, tj. proces privla- prvoj fazi emitent imenuje za book je pribavljanje odobrenja za registra- čenja investitora organizovanjem runner-a odabranu investicionu ciju nove emisije akcija. Uz zahtev niza sastanaka na koje se direktno banku zaduženu za pokroviteljstvo za registraciju i prospekt emisije, pozivaju potencijalni investitori, nove emisije. Zatim se obelodanjuje preduzeće koje se otvara dostavlja i na bazi prethodno veoma ozbiljno ukupan broj akcija iz inicijalne dodatnu dokumentaciju, kao što su: sprovedenih priprema, sa ciljem javne ponude, kao i granice IPO ugovor zaključen sa pokroviteljem prezentacije preduzeća koje name- cene. Investiciona banka vrži izbor ili pokroviteljima emisije, osnivački rava da realizuje inicijalnu javnu investitora - potencijalnih kupaca akt i druga dokumenta i ugovori ponudu. Tokom road show-a, koji akcija iz nove emisije. koje regulatorno telo može zahtevati obično traje 2-3 dana a ponekad i 1-2 U drugoj fazi, investitori vrednuju u procesu odlučivanja. Specifični nedelje, organizuju se pojedinačni i novu emisiju, nakon čega inve- elementi strukture inicijalne javne grupni sastanci sa institucionalnim sticiona banka dobija indikacije ponude akcija su: veličina javne investitorima, kao što su na primer: o karakteristikama buduće tra- ponude odn. nominalno procenjen penzioni, investicioni fondovi i žnje za akcijama iz inicijalne javne ukupan iznos kapitala koji se oče- neki drugi fondovi, odnosno sa ponude. Investitori saopštavaju svoje kuje prilikom prodaje akcija; broj individualnim investitorima. To preferencije u pogledu količine i autorizovanih običnih akcija; spisak su istovremeno prilike da članice cene po kojoj su spremni da kupe postojećih akcionara; specijalni sindikata pokrovitelja emisije dobiju akcije preko brokera. Konačno, u ugovori sa ključnim postojećim dodatne informacije o preduzeću poslednjoj fazi, utvrđuje se cena po akcionarima i menadžerima, u emitentu, te elementima emisije. pojedinačnoj akciji, a nova emisija smislu zabrane prodaje akcija iz Cilj road show-a je procena zainte- se alocira na investitore koji su uče- portfelja navedenih fizičkih lica; resovanosti investitora za učešće u stvovali u book building procesu. način i ciljevi prodaje odn. distri- inicijalnoj javnoj ponudi, pa je ovo Takođe se utvrđuje minimalna cena bucije akcija; izbor berze na kojoj i jedna od najznačanijih aktivnosti po kojoj su svi investitori spremni će biti kotirane odn. listirane akcije u procesu utvrđivanja vrednosti da kupe IPO akcije. po osnovu IPO transakcije; plan nove emisije akcija i tražnje za IPO Sasvim je izvesno da inicijalna korišćenja finansijskih sredstava akcijama. Tokom poslednjeg dana javna prodaja predstavlja jedan prikupljenih putem inicijalne javne zatvaranja inicijalne javne ponude, veoma složen i zahtevan proces. ponude akcija. investiciona banka i preduzeće emi- Stoga se emitenti najčešće oslanjaju Najvažniji dokument koji se pre- tent donose odluku o ceni akcija, na usluge investicione banke koja zentira potencijalnim investitorima a na osnovu informacija dobijenih obavlja celokupan posao, od ideje january 2017 | :Bankar FINANCIAL MARKET 49 play the most important part in this individual share, number of shares, fixed price method and auction. area. After selecting the investment the procedure of subscription), Book building process is aimed at bank and completing due diligence, a operations of a company (primary dividing large – institutional and documentation needed for filing the or main activity, management), individual investors and determin- application to regulatory authority, and audited financial reports. The ing price spread, i.e. price at which most frequently to the Securities and content of the prospectus is surely the sale of shares will be made after Exchange Commission, is prepared. regulated by the national legislation the expiry of deadline for submit- This activity is aimed at obtain- of the issuer. ting the offers. This process can be ing approval for registering new Upon the approval of the pro- divided into three phases. In the first issue of shares. The company to be spectus by regulatory authority, the phase, the issuer appoints a selected opened submits additional docu- Road Show initiates, i.e. a process of investment bank for book runner ments together with the application attracting investors by organising a which is responsible for underwrit- for registration and prospectus of series of meetings where potential ing new issue. This is followed by issue, such as: the contract signed investors are directly invited based disclosing total number of shares with underwriter(s) of the issue, on very serious preparations aimed from the initial public offering, and Articles of Association and other at presenting a company that will thresholds of the IPO price. The documents and contracts that regu- realise initial public offering. During investment bank selects investors latory authority may require in the the road show, which usually lasts – potential buyers of shares from decision making process. Specific two to three days and sometimes the new issue. elements of the structure of the even one to two weeks, individual In the second phase, the investors initial public offering of shares are: and group meetings are organised value new issue, after which the size of the initial public offering, i.e. with institutional investors like pen- investment bank obtains indications estimated total amount of capital sion, investment or other funds, on the features for the prospective in nominal terms to be expected and/or individual investors. These demand for shares from the ini- during the sale of shares; number are also opportunities where mem- tial public offering. The investors of authorised common shares; list bers of the underwriter syndicate announce their preferences with of existing shareholders; special obtain additional information on the regard the quantity and price at contracts with key existing share- company issuer and elements of the which they are ready to buy shares holders and managers regarding the issue. The objective of a road show through brokers. Finally, in the prohibition of sale of shares from is to assess the interest of investors last phase, the individual share is the portfolio of specified natural to participate in the initial public priced and new issue is allocated persons; manner and objectives offering. Thus, this is one of the to the investors that participated of sale i.e. distribution of shares; most important activities in the in the book building process. Also, selection of stock exchange where process of determining the value minimum price at which all inves- shares will be listed based on the IPO of new issue of shares and demand tors are ready to buy IPO shares is transaction; plan of using financial for IPO shares. During the last day determined. resources gathered through initial of closing the initial public offering, It is quite certain that the initial public offering of shares. the investment bank and a company public offering represents a very The most important document issuer pass a decision on the price of complex and demanding pro- to be presented to the potential the share based on the information cess. Therefore, issuers rely most investors at any new issue of shares, obtained during the road show, the frequently on the services of the as it is also the case with the first structure and volume of the submit- investment bank that performs the initial share, is prospectus of the ted orders by the investors. entire operation, from the idea to issue. The content and the format the realisation of opening i.e. enter- of the prospectus is regulated by PRICING METHOD ing the issuer the stock exchange. the documents of the regulatory With regard to the pricing, the ini- Investment bank may act as under- authority. The prospectus contains tial public offering may be realised writer of shares. In that case, the information on new issue (price of through book building method, bank signs issue and is obliged to FINANSIJSKO TRŽIŠTE januar 2017 | :Bankar

do realizacije otvaranja odn. izlaska finansijskih sredstava koju će emitent investicionih banaka i institucio- 50 emitenta na berzu. Investiciona dobiti u postupku inicijalne javne nalnih investitora, za razliku od banka može da nastupa u ulozi ponude akcija. Investiciona banka veze koja se uspostavlja između pokrovitelja emisije. Tada banka kao pokrovitelj emisije odlučuje banke i preduzeća-emitenta, a koja potpisuje emisiju i obavezuje se i koji će broj akcija rezervisati za je po pravilu jednokratne prirode, na otkup akcija od izdavaoca po veće odnosno manje institucionalne budući da se odnosi na jednu IPO dogovorenoj ceni, ili se, pak, oba- investitore, kao i za individualne transakciju. Investicione banke vezuje da će otkupiti sve akcije koje investitore. predstavljaju ključni faktor u pro- nisu prodate investitorima na trži- Pored navedenog, praksa je da se u cesu određivanja cene u postupku štu. Osnovni zadatak investicione dogovoru sa investicionom bankom IPO transakcije. banke kao pokrovitelja emisije u definiše i pitanje tzv. „pretplate IPO postupku jeste da odredi vrstu emisije“ (eng. overallotment), a koja OSTALE AKTIVNOSTI akcija koje će biti emitovane, cenu označava ukupan maksimalan iznos INVESTICIONE BANKE po kojoj će se investicionoj javnosti preko unapred određenIh iznosa Pored uloge u određivanju vrstu ponuditi akcije i momenat izlaska na emisije koji investiciona banka akcija koje će biti emitovane i cene tržište. Alternativa je izbor agenta ima pravo da prihvati, uvažavajući po kojoj će se investicionoj javnosti emisije koji će promovisati atrak- specifičnosti okolnosti u kojima ponuditi akcije, investiciona banka tivnost ulaganja u akcije preduzeća. mora da odluči poštujući interese preuzima i niz drugih aktivnosti u Postoji i mogućnost formiranja emitenta na najbolji mogući način. vezi sa plasmanom inicijalne javne tzv. sindikata pokrovitelja, i to u Po pravilu najvećim dozvoljenim emisije akcija kao što su: dobijanje slučaju kada investiciona banka, obimom pretplate smatra se iznos dozvole za emisiju; oglašavanje kao pokrovitelj emisije, ne želi ili uvećanja sredstava od 15% akcija prodaje emisije; ostale marketing ne može da preuzme celokupan iznad inicijalno izdatog broja akcija. aktivnosti u vezi emisije; prijem rizik emitovanja i prodaje akcija. Za razliku od napred navedene pismenih izjava o upisu hartija od Tada se rizik smanjuje formiranjem opcije „pretplate emisije“, često se u vrednosti; prijem uplata i izdavanje grupe investicionih bankara koji praksi sreće problem potcenjenosti potvrda o primljenim uplatama; zajedno, u formi pula odn. sindikata, akcija iz inicijalne javne ponude. štampanje hartija od vrednosti; učestvuju u prodaji nove emisije Odgovor na pitanje zašto investi- raspodela i uručivanje hartija od akcija. Veličina sindikata zavisi od cione banke utiču na potcenjenost vrednosti akcionarima. vrednosti i strukture javne ponude akcija iz inicijalne javne ponude Kada jednom počne sa prodajom akcija, kao i od postojećih odnosa može biti višestruk. Naime, jedan akcija iz inicijalne javne ponude, vodeće investicione banke sa ostalim od razloga može biti uloga inve- posao investicione banke (pokrovite- bankama. Članovi sindikata između sticionih banaka kao pokrovitelja lja) nije završen. Investiciona banka sebe odlučuju o vodećoj banci, koja emisije akcija, pri čemu pokrovi- se tada okreće poslovima kreiranja se uobičajeno naziva lider pokrovi- telj otkupljuje celokupnu emisiju i stabilizacije tržišta. Investicione telja (engl. lead underwriter). i prodaje je javnosti po unapred banke obezbeđuju veoma vredne Investicione banke uvek određuju utvrđenoj ceni snoseći celokupan informacije za menadžere IPO raspon cena u kome se kreće cena rizik neuspeha prodaje. U slučaju kompanije, koji najčešće nemaju akcija iz inicijalne javne ponude previsoke cene za dati volumen prethodno iskustvo sa ovim kom- (engl. price spread). Raspon cene akcija, investicione banke neće pleksnim, obično dugotrajnim i objavljuje se u preliminarnom biti u mogućnosti da prodaju celo- rizičnim procesom. Izbor investi- prospektu ili kratko nakon popu- kupnu emisiju akcija, pa su stoga cionih bankara vrši se na osnovu njavanja registracije nove emisije motivisane da cena iz inicijalne njihove reputacije, iskustva u grani akcija kod komisije za hartije od javne ponude bude dovoljno niska kojoj pripada emitent, namere i vrednosti. Veličina respona i visina kako bi garantovala zadovoljavajuću očekivanja emitenta u vezi inve- cene akcija su od velike važnosti za tražnju za akcijama. stitora koji će kupovati akcije iz vlasnike preduzeća koja se otvara, Druga mogućnost je posto- inicijalne javne ponude i sl. Na jer su to činioci koji određuju visinu janje dugoročnih veza između izbor investicione banke koja će january 2017 | :Bankar FINANCIAL MARKET 51 repurchase shares from the issuer bank, as an underwriter, decides the and which, as a rule, are of single at agreed price, or it is obliged to amount of shares to be booked for nature since they refer to one IPO repurchase all shares that are not bigger or smaller institutional inves- transaction. The investment banks sold to investors at the market. tors, as well as individual investors. are a key factor in the process of The main task of the investment In addition, the practice is that pricing of IPO transaction. bank as an underwriter of shares overallotment is also agreed with in IPO process is to determine the investment bank. This means OTHER ACTIVITIES OF type of shares to be issued, price total maximum amount above pre- INVESTMENT BANK at which shares will be offered to determined amount of issue which In addition to the role in determin- investment public and the moment the investment bank has the right ing the type of shares to be issued of entering the market. The alterna- to accept, respecting the specific and price at which shares will be tive is the selection of agent of the circumstances in which it has to offered to the investment public, issue who will promote the attrac- make decision and the interests of the investment bank assumes also tiveness of investing in company's issuers in the best possible manner. other activities regarding the place- shares. There is the possibility of As a rule, the maximum allowed ment of initial public issue of shares, establishing underwriter syndicate volume of overallotment includes such as: obtaining license for issue; when the investment bank, as an the amount of increase of funds of announcing sale of share; other mar- underwriter of an issue does not 15% of shares above the initially keting activities regarding the issue; want or cannot assume entire risk issued number of shares. receiving written statements on the of issuing and selling the shares. As opposed to overallotment subscription of securities; receiving The risk is reduced by establishing option, the practice often faces with payments and issuing receipts on a group of investment bankers, the problem of underestimation of the received payments; printing of which together in the form of pool shares from the initial public offering. securities; distribution and delivering i.e. syndicate, participate in the sale The answer to why the investment securities to shareholders. of new issue of shares. The size of banks influence the underestima- Once the sale of shares from the syndicate depends on the value and tion of shares from the initial public initial public offering initiates, the structure of public offer of shares offering may be multiple. Namely, job of the investment bank (under- and the existing relationship of the one of the reasons may be the role writer) does not end. The invest- leading investment bank with other of investment banks as underwriter ment bank turns to the activities of banks. Members of the syndicate of the issue of shares, whereby the creating and stabilising the market. decide among themselves on leading underwriter purchases the entire Investment banks provide very valu- bank which is usually called lead issue and sells it to the public under able information to managers of IPO underwriter. predetermined price bearing entire company, which most frequently do Investment banks always determine risk from the failure of sale. In case not have previous experience with price spread, i.e. range in which price of too high price for a given volume this complex, often long lasting of shares from initial public offering of shares, the investment banks will and risk process. The selection of moves. Price spread is published in not be able to sell the entire issue investment bankers is made based the preliminary prospectus or shortly of shares and they are therefore on their reputation, experience in after filling registration of new issue motivated to have prices from the the sector of the issuer, intent and of shares with the Securities and initial public offering sufficiently low expectation of the issuers regard- Exchange Commission. The size of to guarantee satisfactory demand ing the investors that will purchase spread and the price of shares are for shares. shares from the initial public offering, very important for the owners of The other possibility is the exist- and the like. Many factors influence a company to be opened, as these ence of long-term relationship the selection of investment bank are the factors that determine the between the investment banks and that will participate in the realisa- amount of financial resources the institutional investors, as opposed to tion of the initial public offering issuer will obtain during the initial the relationship established between of shares, among which the most public offering of shares. Investment the banks and issuing company, important are: FINANSIJSKO TRŽIŠTE januar 2017 | :Bankar

učestvovati u realizaciji inicijalne 52 javne ponude akcija utiče više fak- tora, među kojima su najznačajniji: ■■ Zahtevi koje investiciona banka postavlja u vezi sa veličinom nove emisije akcija - većina banaka razma- tra angažovanje u inicijalnim javnim ponudama akcija onih preduzeća koja su dostigla određenu veličinu, nivo profitabilnosti i posluju odre- đeni vremenski period na jednom tržištu. ■■ Vrednost emisije - neke investi- cione banke definišu minimalnu vrednost inicijalne javne ponude akcija ispod koje ne razmatraju angažovanje u ovim transakcijama. ■■ Specijalizacija za određenu delatnost - određene investicione banke razvile su svoju reputaciju i ekspertizu u konkretnim delatno- stima, čime su se specijalizirale što predstavlja prednost kako za njih same tako i za emitenta. ■■ Kapacitet za analizu i istraživanje - sposobnost pokrovitelja da izvrši IPO analizu u određenoj indu- strijskoj grani određuje uspešnost vrednovanja akcija iz inicijalne javne posle okončanja IPO transakcije - kao i kontaktom sa investitorima ponude i realizacije road show-a, investiciona banka pruža preduzeću sa kojima banka sarađuje. kao i trgovanje akcijama u periodu niz usluga u post-transakcijskom ■■ Reputacija i kvalitet sindikata ili po oknčanju IPO transakcije. periodu, kao što su usluge market grupe pokrovitelja kojoj pripada ■■ Očekivani novo saradnje između mejkera, kupovina akcija za svoj investiciona banka - treba naglasiti preduzeća i investicione banke - račun, preporuke u vezi sa tržištima da je u procesu inicijalne javne oželjno je da preduzeće uspostavi koja se otvaraju putem inicijalne ponude akcija izbor učesnika obo- kontatkt sa investicionom bankom javne ponude akcija i dr. Kako je stran. I investiciona banka pažljivo najmanje šest meseci pre realiza- preduzeću koje se otvara od velikog bira svoje klijente kao nosioce poten- cije inicijalne javne ponude akcija. značaja postojanje dubokog i likvid- cijalnih IPO transakcija. Tokom IPO procesa, rukovodstvo nog tržišta akcija, uloga investicione preduzeća treba da ima poverenje u banke kao market mejkera je u MARKETING AKTIVNOSTI investicionu banku, njenu kompe- post-IPO periodu veoma značajna. Svaka IPO transakcija je bez izu- tentenost, angažovanje i kredibilitet. ■■ Reference investicione banke o zetka praćena određenim marke- ■■ Opredeljenje za tip investitora - efektima investicione banke - poten- ting aktivnostima, što predstavlja neke investicione banke orijentisane cijalnog kandidata za pokrovitelja kompleksan proces koji obuhvata su u svom radu dominantno ka inicijalne javne ponude akcija, može tri faze: individualnim, a neke ka institu- se ceniti uvidom u listu kompletira- ■■ pre-marketing fazu u kojoj se cionalnim investitorima. njih javnih ponuda akcija u kojima je investitori pripremaju za novu ■■ Podrška preduzeću u periodu banka učestvovala u bliskoj prošlosti, emisiju akcija; january 2017 | :Bankar FINANCIAL MARKET 53 ■■ Capacity for analysis and research participated in the near past and – the ability of underwriter to make contacting the investors the bank IPO analysis in certain industry cooperates with. determines the successfulness of ■■ Reputation and quality of syn- value of shares from the initial public dicate or group of underwriters to offering and realisation of road which the investment bank belongs show, as well as trading in shares – it should be highlighted that the in period upon the finalisation of selection of participants is mutual in IPO transaction. the process of initial public offering ■■ Expected level of cooperation of shares. Investment bank also cho- between the company and inves- oses carefully its clients as bearers tment bank – the company should of potential IPO transactions. establish a contact with the inves- tment bank at least six months before MARKETING ACTIVITIES the realisation of the initial public Each IPO transaction is followed, offering of shares. During the IPO without any exception, by certain process, the management of the marketing activities, which is a com- company should trust the investment plex process that covers three phases: bank, its competency, engagement ■■ pre-marketing phase in which and credibility. the investors are prepared for ■■ Selecting the type of investor – new issue of shares; some investment banks are oriented ■■ formal marketing phase that in their work towards individual begins with the issue of pros- investors, while others are oriented pectus; and towards institutional investors. ■■ pricing of shares phase, allocation ■■ Support to the company in period and distribution of shares. after the finalisation of IPO transac- The initial phase is dedicated to tion – the investment bank provides the education of investors tžhat ■■ Requirements set up by the inves- a series of services to the company introduce themselves with the issu- tment bank with regard to the size in post-transaction period, such as ing company and its activity. The of the new issue of shares – most of market maker services, purchase of main document that contains this the banks discuss the engagement in shares for its account, recommen- information is published by brokers the initial public offering of shares of dations regarding markets that are and distributed to the potential those companies that have reached opened through the initial public investors usually within eight weeks certain size, level of profitability and offering of shares, and the like. before the date of the issue. In case operate a certain period of time in Since the existence of deep and of initial public offering of shares of one market. liquid market of shares is of utmost large values, preliminary prospec- ■■ Value of issue – some investment importance for the company to be tus is published four to five weeks banks define minimum value of opened, the role of investment bank before the pricing of IPO shares. initial public offering of shares as market maker in post-IPO period Preliminary prospectus contains below which the engagement in is very important. almost all information on the issuing these transactions is not discussed. ■■ References of the investment bank company and new issue of shares, ■■ Specialisation for certain activity – on the effects of the investment bank, such as the case also with the final certain investment banks developed a potential candidate for underwriter prospectus. The exception compared their reputation and expertise in spe- of initial public offering of shares, to those two prospectus different cific industries, thereby specialising in may be evaluated reviewing the by their function is the price of such an industry and this represents an list of completed public offering IPO shares which is determined advantage for them and for the issuer. of shares in which the bank has at later stage. Upon presenting the FINANSIJSKO TRŽIŠTE januar 2017 | :Bankar

■■ fazu formalnog marketinga koja akcija viskorizičnih kompanija, a pokrovitelju emisije omogućava se 54 počinje emisijom prospekta; to je većina kompanija iz delatnosti kupovina dodatnih IPO akcija od ■■ fazu utvrđivanja cene akcija, alo- Interneta, biotehnologija i slično, emitenta i to u maksimalnom iznosu kacije i distribucije akcija. karakteriše i viši nivo potcenjenosti do 15% od ukupne IPO vrednosti IPO akcija. Poslednja, treća faza po istoj ceni i uslovima koji su važili Inicijalna faza posvećena je edu- marketinga nove emisije akcija tokom inicijalne distribucije IPO kaciji investitora koji se upoznaju obuhvata utvrđivanje cene IPO akcija. Rok trajanja ove opcije je sa preduzećem emitentom i delat- akcija i njihovu alokaciju shodno obično 30 dana. Ukoliko dođe do nošću kojom se ono bavi. Osnovni isporučenim nalozima investitora. rasta cene akcija u periodu od 30 dokument u kome su date ove Alokacija akcija je, pored utvrđiva- dana nakon nove emisije, odnosno informacije publikuje se od strane nja cene IPO akcija, veoma važna ukoliko tražnja bude viša od oče- brokera i distribuira potencijalnim za uspeh inicijalne javne ponude kivane), pokrovitelj će iskoristiti investitorima u uobičajeno osam akcija, ne samo za trgovinu na mogućnost iz greenshoe opcije i nedelja pre samog datuma emisije. sekundarnom tržištu, već i za odr- kupiti akcije da bi pokrio svoju tzv. U slučaju inicijalnih javnih ponuda žavanje stabilne i jake baze vlasnika. kratku poziciju na tržištu. U slučaju akcija izrazito velike vrednosti, Alokacija se najčešće realizuje pada cene IPO akcija, opcija neće preliminarni prospekt se objavljuje između nekoliko klasa investitora. biti realizovana. Može se desiti i 4 do 5 nedelja pre samog utvrđiva- Ukoliko je inicijalna javna emisija da pokrovitelj proda više akcija nja cene IPO akcija. Preliminarni akcija preplaćena (engl. over-subs- iz IPO emisije od broja koji je bio prospekt sadrži skoro sve informa- cribed), pokrovitelj emisije može inicijalno ponuđen javnosti, krei- cije o preduzeću emitentu i novoj na dva načina pristupiti alokaciji rajući na taj način kratku poziciju emisiji akcija, kao što je to slučaj sa IPO akcija: izvršiti raspodelu akcija na tržištu. Ukoliko tokom perioda konačnim prospektom. Izuzetak u na proporcionalnoj osnovi na sve prodaje dođe do pada cene IPO odnosu na ta dva po svojoj funkciji klase investitora; izvršiti raspodelu akcija, zadatak pokrovitelja je da različita prospekta čini pre svega akcija slučajnim izborom investi- kreira tražnju odnosno da kupi cena IPO akcija, a koja se odre- tora koristeći glasačku kutiju, pri akcije, čime se sprečava mogući đuje kasnije. Nakon predstavljanja čemu se u tom slučaju investitori pad cene akcija. preliminarnog prospekta, menad- čiji se listić ne izvuče iz kutije sma- U fazi stabilizacije tržišta obično žment počinje sa prezentacijama traju neuspešnim i njima se vrši je na snazi sporazum o zabrani institucionalnim investitorima povraćaj uloženog novca. prodaje akcija, koji važi za određene i analitičarima, koje su poznate klase akcionara kao što su većinski pod nazivom road show. U ovoj STABILIZACIJA CENE AKCIJA vlasnici i menadžeri, pri čemu takva fazi se institucionalni investitori Još jedna značajna uloga pokrovi- zabrana traje od šest meseci do dve izjašnjavaju o svom preliminarnom telja emisije odnosi se na stabiliza- godine. To je ugovor između posto- interesovanju za kupovinu akcija ciju cena akcija nakon realizacije jećih vlasnika preduzeća i pokro- iz inicijalne javne ponude. procesa otvaranja preduzeća, tj. vitelja emisije kojim se menadže- Utvrđivanje cene IPO akcija neposredno nakon alokacije IPO rima zabranjuje prodaja akcija je posebno osetljivo područje akcija. Stabilizacija se sprovodi sa bez saglasnosti potpisnika emisije upravljanja procesom priprema prvenstvenim ciljem da olakša distri- u unapred određenom periodu preduzeća emitenta za izlazak na buciju akcija tokom perioda ponude, nakon realizacije IPO-a. Ugovor o berzu. Naime, u slučaju najvećeg i obično traje do 45 dana nakon blokadi predstavlja određeni signal broja inicijalnih javnih ponuda, alokacije akcija. Preduzeće emitent, upućen tržištu jer se njegovim cena akcija se određuje u očeki- u cilju obezbeđenja maksimalne sprovođenjem smanjuje likvidnost vanju da će promet tokom prvog fleksibilnosti u stabilizaciji tržišta, ulaganja postojećih akcionara. Uz dana trgovanja akcijama otpočeti obično dodeljuje vodećem pokro- to, takav ugovor može služiti i kao po ceni koja je u proseku na nivou vitelju ispred sindikata pokrovitelja mehanizam zadržavanja akcionara od oko 10% viša od inicijalne cene tzv.greenshoe opciju a što znači u preduzeću u određenom periodu IPO akcija. Inicijalne javne ponude povlašćeni status. Ovom opcijom nakon njegovog otvaranja. Erste Bank AD Podgorica je dio Erste&Steiermärkische Bank d.d. www.erstebank.me Call centar 19991

ERSTE znači prvi. “Najbolja banka u Crnoj Gori.“ - The Banker, dio Financial Times Group

Bank of the Ye ar 2016

MONTENEGRO

Nagradu je dodijelio The Banker, međunarodni finansijski časopis izdavačke grupacije Financial Times Group, na svečanosti održanoj u Londonu 7. decembra 2016. january 2017 | :Bankar FINANCIAL MARKET 57 preliminary prospectus, manage- is considered unsuccessful and their create demand, i.e. he must buy ment begins with the presentations to invested money is returned. shares which prevents the potential institutional investors and analysts, decline in price of shares. which are known as road show. At STABILISATION OF During the phase of market stabi- this stage, the institutional investors PRICES OF SHARES lisation, agreement on prohibiting present their preliminary interest Another important role of the the sale of shares is in force, which for the purchase of shares from the underwriter of the issue refers is valid for certain classes of share- initial public offering. to the stabilisation of prices of holders, such as majority owners and Pricing of IPO shares is particu- shares upon the realisation of the managers, and such prohibition lasts larly sensitive area of managing process of opening of company, 6 months to 2 years. This is an agree- the process of preparation of the i.e. immediately after allocation ment between the existing owners issuing company for entering the of IPO shares. The stabilisation is of company and underwriters of the stock exchange market. Namely, in conducted with primary objec- issue, which prohibits the managers case of the largest number of initial tive to facilitate the distribution to sell shares without the consent public offerings, the shares are priced of shares during the offer period, of signatories of issue in predeter- expecting that the turnover during which usually lasts up to 45 days mined period after the realisation the first trading day will begin at a after allocation of shares. The issu- of IPO. The agreement on blockade price that is on average 10% higher ing company, in order to provide is a certain sign to the market, since than the initial price of IPO shares. maximum flexibility in market the liquidity of investment of the Initial public offerings of shares of stabilisation, usually assigns lead existing shareholders is reduced high risky companies, which include underwriter before the underwriter through its implementation. Also, majority of companies from Internet syndicate with a greenshoe option, such an agreement may serve as a area, biotechnologies and the like, are i.e. preferred status. This option mechanism to keep shareholders in characterised also by higher level of enables the underwriter of the a company in certain period upon underestimation of IPO shares. The issue to purchase additional IPO its opening. last, third marketing phase of the shares from the issuer in maxi- Underestimation of shares, i.e. new issue of shares covers pricing mum amount up to 15% of total reduced value of shares compared to of IPO shares and their allocation IPO value at the same price and price in the issue is a phenomenon pursuant to the delivered orders of under the conditions that were that follows the process of opening the investors. In addition to pricing valid during the initial distribution a company. In practice, it is often of IPO shares, the allocation of shares of IPO shares. The deadline of this the case that the shares from the is very important for the success of option is usually 30 days. If price initial public offering are offered initial public offering of shares, not of shares increases in period of on sale at a price below the market only for trading in the secondary 30 days after the new issue, i.e. if price. The level of underestimation market but also for maintaining demand is higher than the expected, is often calculated as the percent- stable and strong base of owners. the underwriter will use the possi- age difference between the price at The allocation is most frequently bility from greenshoe option and which shares are sold to investors realised between several classes of purchase shares to cover its short and price at which they are traded in investors. If initial public offering position in the market. In case of the secondary market. Several ques- of shares is over-subscribed, the decline in prices of IPO shares, tions lie in the centre of the problem underwriter may access to alloca- option will not be realised. It may of underestimation of shares from tion of IPO shares in two ways: be also the case that underwriter IPO, such as: who owns informa- distribute shares on proportional sells more shares from IPO issue tion, what is the information, and basis to all classes of investors; dis- than the number initially offered to at what moment someone owns this tribute shares randomly selecting the public, creating thereby short information? The dilemma regard- the investor by using ballot box, position in the market. If during ing the estimation of the value of in which case the investor which the period of sale the price of IPO shares are numerous, and some of ballot is not extracted from the box shares declines, underwriter must the most important are the following: FINANSIJSKO TRŽIŠTE januar 2017 | :Bankar

Potcenjenost akcija odn. smanjena njujorškoj berzi The Nasdaq Stock sedištem u Hong Kongu, realizovala 58 vrednost akcija u odnosu na cenu Market (NASDAQ), kompanija je svoju IPO transakciju dana 21.10. prilikom emisije je fenomen koji Alibaba je izabrala njujoršku berzu 2010. godine prikupivši 17,816 mili- prati proces otvaranja preduzeća. U New York Stock Exchange (NYSE) jardi USD. Predmetna kompanija je praksi je česta situacija da se akcije za svoju prvu IPO transakciju. na taj način postala treća po redu iz inicijalne javne ponude nude 2. ABC Bank - Agricultural Bank kompanija iz Hong Konga na listi na prodaju po ceni koja je ispod of China ( Poljoprivredna banka ukupno 10 globalno najvećih IPO tržišne cene. Nivo potcenjenosti Kine) predstavlja jednu od pet naj- transakcija na svetu. se obično računa kao procentualna većih banaka u Kini. ABC Bank je 7. Enel S.p.A., italijanska kom- razlika između cene po kojoj se realizovala svoju prvu IPO transak- panija angažovana u ekspolataciji akcije prodaju investitorima i cene ciju 07.07.2010. godine te ostvarila i prodaji gasa i električne energije po kojoj se nakon toga njima trguje 19,228 milijardi USD. U nastavku u Evropi i Americi, i listirana na na sekundarnom tržištu. U središtu aktivnosti, a pod prokroviteljstvom Njujorškoj berzi NYSE, je dana problema potcenjenosti akcija iz kompanije Goldman Sachs Asia 01.11.1999.godine realizovala IPO IPO je nekoliko pitanja. ko poseduje ostvareno je, zajedno sa početnim transakciju uz prikupljanje 16,452 informacije, koje su to informacije efektom transakcije, nešto preko 22 milijardi USD. Predmetna kompa- i u kom momentu neko poseduje milijardi USD. nija je jedino komunalno preduzeće upravo takve informacije? Sve u 3. ICBC Bank odnosno Industrial na listi 10 najvećih IPO transakcija. svemu dileme u vezi sa procenom and Commercial Bank of China 8. Facebook je tehnološka kom- vrednost akcija su brojne, a neke od (Industrijska i komercijalna banka panija u oblasti socijalnih medija najznačajnijih su: da li informisani Kine), je u momentu realizacije IPO koju prati najveći mogući medijski investitori znaju više o vrednosti transakcije predstavljala najveću publicitet. Ta kompanija je realizo- IPO akcija od potpisnika emisije banku u Narodnoj Republici Kini vala prvu IPO transakciju 01.05.2012. Ili potpisnik poseduje superiornije (eng. Mainland), ne računajući godine u iznosu od 16,007 milijardi informacije u odnosu na emitenta posebne teritorije Hong Kong i USD i ista i dalje predstavlja najveću ili pak emitent i investiciona banka Makao. Ta banka je istovremeno IPO transakciju u SAD-u u oblasti poseduju informacije o vrednosti listirana na dve berze i to: The tehnologije. akcija ali se dobrovoljno odlučuju za Shanghai Stock Exchange i The Hong 9. General Motors, svetski poznati nižu cenu od realne u cilju signalizi- Kong Stock Exchange. Transakcija proizvođač automobila u SAD-u, ranja ili smanjenja rizika pokretanja je izvršena 20.10.2006.godine sa je dana 17.11.2010.godine, pošto parnica i slično. ukupnim nominalnim efektom od je godinu dana ranije uspeo da 19,092 milijardi USD. izbegne bankrotstvo, realizovao IPO TRANSAKCIJE U BROJEVIMA 4. NTT DoCoMo, telekomuni- IPO transakciju prikupivši iznos Pregled 10 globalno najvećih do kaciona kompanija sa sedištem u od 15,774 milijardi USD. sada realizovanih IPO transakcija Tokiju, Japan, je realizovala svoju 10. Nippon Tel, telekomunikaci- obuhvata: IPO transakciju dana 22.10.1998, oni provajder sa sedištem u Tokiju, 1. Alibaba Holdings Group, online prikupivši iznos od 18,099 mili- Japan je realizovao IPO transakciju kompanija za elektronsko trgovanje jardi USD. 09.02.1987.godine prikupivši 15,301 sa sedištem u Kini, realizovala je IPO 5. Visa Inc., kompanija koja milijardi USD. dana 18. septembra 2014. godine sa procesuira debitne platne kartice Od svih navedenih transakcija neverovatnih 21,8 milijardi USD. i kreditne platne kartice u izda- upravo je transakcija kompanije Četiri dana kasnije, pokrovitelji nju banaka i drugih finansijskih Alibaba bila praćena najvećim transakcije su iskoristili opciju da institucija širom sveta, izvršila je medijskim publicitetom. Evidentno prodaju više akcija, čime je posti- prvu IPO transakciju 18.03.2008. je da azijske kompanije dominiraju gnut ukupan nominalni efekat IPO godine i realizovala iznos od 17,864 svojim učešćem, dok su Sjedinjene od 25 milijardi USD. Zanimljivo je milijardi USD. američke države zastupljene sa tri da, iako su tehnološke kompanije 6. AIA Group Limited, investici- kompanije i to: Visa, Facebook i tradicionalno kotirane / listirane na ona i osiguravajuća kompanija sa General Motors. january 2017 | :Bankar FINANCIAL MARKET 59 do informed investors know more and Macao. This bank was listed in 9. General Motors, a global pro- about the value of IPO shares than two stock exchanges The Shanghai ducer of cars in the USA, executed the signatories of the issue? Does Stock Exchange and The Hong Kong IPO transaction on 17 November the signatory have superior infor- Stock Exchange. The transaction 2010, and gathered the amount mation compared to issuer? Do was executed on 20 October 2006 of 15.774 billion USD, after it had issuer and investment bank have with total nominal effect of 19.092 managed to avoid bankruptcy in information on the value of shares billion USD. 2009. but voluntarily opt for price lower 4. NTT DoCoMo, a telecommu- 10. Nippon Tel, a telecommunica- than the real one in order to signal nication company with its registered tion provider with its headquarters or reduce risk of lawsuits? office in Tokyo, Japan realised its in Tokyo, Japan realised IPO transac- IPO transaction on 22 October tion on 9 February 1987 gathering IPO TRANSACTIONS IN NUMBERS 1998 gathering the amount of 18.099 15.301 billion USD. Overview of 10 largest realised IPO billion USD. The transaction of the company transactions in the world so far 5. Visa Inc., a company that pro- Alibaba was followed by the larg- include the following: cesses debit payment cards and est media publicity of all of the 1. Alibaba Holdings Group, online credit payment cards issued by abovementioned transactions. It is company for e-trading with reg- banks and other financial institu- obvious that Asian companies were istered office in China realised tions worldwide executed its first dominant, while the United States the IPO of incredible 21.8 billion IPO transaction on 18 March 2008 of America were represented by USD on 18 September 2014. Four in the amount of 17.864 billion USD. three companies: Visa, Facebook days later, underwriters used the 6. AIA Group Limited, an invest- and General Motors. option to sell more shares, which ment and insurance company with Total global effects of IPO achieved total nominal effect of its registered office in Hong Kong, transactions realised during 2016, IPO of 25 billion USD. It is inter- executed its IPO transaction on 21 which will be published soon, pose esting that although technology October 2010 and gathered 17.816 numerous conclusions. To wit, companies are traditionally listed billion USD. This company became in present circumstances, among at New York Stock Exchange, The third company from Hong Kong at which the most important global Nasdaq Stock Market (NASDAQ), the list of 10 largest IPO transactions events were presidential elections company Alibaba selected the New in the world. in the USA, decision made on the York Stock Exchange (NYSE) for its 7. Enel S.p.A., an Italian com- Referendum on exiting the Great first IPO transaction. pany engaged in the exploitation Britain from the European Union 2. ABC Bank - Agricultural Bank and sale of gas and electricity in and others, resulted in uncertainties of China is one of the five largest Europe and America is listed at the regarding the decision pertaining banks in China. The ABC Bank New York Stock Exchange, NYSE. transactions for long or very long realised its first IPO transaction On 1 November 1999, it executed period. Therefore, the following on 7 July 2010 and made 19.228 IPO transaction gathering 16.452 trends can be noted in the base of billion USD. Following its activities billion USD. This company is the indicators for turnover made in and under the underwriting of the only utility company that is on the the first three quarters 2016: total company Goldman Sachs Asia, it list of 10 largest IPO transactions. number of IPO transactions was realised somewhat over 22 billion 8. Facebook is a technology com- 704, which represented a decline USD together with the initial effect pany from social media that is fol- of 23% compared to the turnover of the transaction. lowed by the largest possible media realised in the same period 2015; 3. ICBC Bank (Industrial and publicity. This company executed its total amount of executed payments Commercial Bank of China) was first IPO transaction on 1 May 2012 was 79.4 billion USD, i.e. a y-o-y the largest bank in the Mainland in in the amount of 16.007 billion USD decline of 39%. the moment of realisation of IPO and it still represents the largest IPO Based on the turnover reported in transaction, without taking into transaction in the USA in the area EUR, three largest stock exchanges account territories of Hong Kong of technology. were the following: FINANSIJSKO TRŽIŠTE januar 2017 | :Bankar

Ukupni globalni efekti IPO transak- SAD-u ostvareni u prva tri kvartala milijardi; zdravstvo s 28 transakcija 60 cija realizovanih u toku 2016. godine, 2016. I to kako sledi: a) ukupan u vrednosti od USD 1,0 milijardi; koji će uskoro biti javno publikovani, broj transakcija: 79, što predstavlja finansije sa 28 transakcija u vred- nameću brojne zaključke. Naime, smanjenje od 44% u odnosu na isti nosti od 15,9 milijardi. u okolnostima koje su poznate, a period 2015. godine i b) ukupno U pogledu prekograničnih aktiv- u kojima su globalno najznačajniji uplaćena sredstva po osnovu reali- nosti u smislu sedišta berze preko sledeći događaji: Predsednički izbori zovanih transakcija iznose USD 13,4 kojih su obavljene transakcije karak- u SAD-u, Odluka doneta na refe- milijardi, a što predstavlja smanjenje teriše obavljanje malog broja tran- rendumu o izlasku Velike Britanije od 49% u odnosu na isti period sakcija, u poređenju sa ukupnim iz Evropske unije, kao i neki drugi, 2015. godine brojem transakcija, preko inostranih imali su za posledicu neizvesnosti u U strukturi IPO transakcija prema berzi. To važi kako za transakcije vezi sa odlukama koje se odnose na delatnostima odn. granama uče- emitenata iz Kine, tako i za emitente transakcije da duži ili veoma dugi stvuju: zdravstvo sa 31 transakcijom iz Singapura i Australije. rok. Otuda se, već na bazi pokaza- u vrednosti od USD 2,7 milijardi; Aktivnosti emitenata iz Narodne telja za promet ostvaren u prva tri tehnologije sa 15 transakcija u vred- Republike Kine karakterišu odre- kvartala 2016. godine mogu uočiti nosti od USD 2,8 milijardi; finansije đene specifičnosti. Pre svega treba sledeći trendovi: ukupan broj IPO sa 10 transakcija u vrednosti od 1,9 napomenuti da se u ovom momentu transakcija 704, što znači pad od milijardi. oko 600 kompanija iz Narodne 23% u odnosu na promet u istom Uvid u prekogranične aktivnosti Republike Kine, dakle bez uklju- periodu 2015. godine; ukupan iznos u smislu sedišta berze preko koje čenja specijalnih teritorija Hong realizovanih uplata od USD 79,4 su obavljene transakcije pokazuje Konga i Makao, nalazi u fazi pri- milijardi, odnosno pad od 39% u sledeće efekte: Kina sa ukupno četiri prema za IPO pod jurisdikcijom odnosu na isti period 2015. godine. transakcije u vrednosti od USD Komisije za hartije od vrednosti Kine Tri najveće berze po ostvarenom 458 miliona; Evropa sa ukupno tri (eng. China Securities Regulatory prometu u EUR valuti su: transakcije u vrednosti od USD 848 Commision). Dakle, interesovanje 1. Nasdaq Nordic sa sedištem miliona; Japan sa jednom transakci- privrednih subjekata za učešće u u Štokholmu sa sledećim jom u vrednosti od 1,322 milijardi. ovoj vrsti transakcija je evidentno. pokazateljima: Sledi prikaz realizovanih transak- Dalje, aktivnosti prema podacima a) ukupan broj IPO transakcija: 56 cija u periodu januar-septenbar 2016. saopštenim od strane pojedinačnih b) najveća pojedinačna tran- godine u regionu Azija – Pacifik: berzi u prva tri tromesečja 2016. sakcija: 2,3 milijarde EUR a) ukupan broj transakcija: 407, godine izgledaju kako sledi: 2. London Stock Exchange sa sle- što predstavlja smanjenje od 14% u ■■ Hong Kong Main Market: a) sa dećim pokazateljima: odnosu na isti period 2015.godine ukupnim brojem transakcija 42, a) ukupan broj IPO transakcija: 48 i b) ukupno uplaćena sredstva po što predstavlja smanjenje od 14% b) najveća pojedinačna transak- osnovu realizovanih transakcija u odnosu na isti period 2015. cija: 453 miliona EUR USD 42,1 milijardi a što predstavlja godine i b) sa ukupno uplaćenim 3. Euronext sa sledećim poka- smanjenje od 26% u odnosu na isti sredstvima u iznosu od USD 17,3 zateljima: period 2015. godine. milijardi, što predstavlja pad od a) ukupan broj IPO transakcija: 48 U pogledu struktura IPO transak- 13% b) najveća pojedinačna tran- cija prema delatnostima odn. gra- ■■ Shangai: a) sa ukupnim brojem sakcija: 1,018 milijardi EUR nama situacija je sledeća: industrija transakcija 59, što predstavlja Kada je reč o geografskoj distribuciji sa ukupno 85 transakcija u vrednosti smanjenje od 25% u odnosu na odn. koncentraciji IPO transak- od USD 6,0 milijardi; tehnologije sa isti period prethodne godine i b) cija, onda je prilika da se detaljnije 77 transakcija u vrednosti od USD sa ukupno uplaćenim sredstvima predstave najaktivniji kontinenti ili 2,2 milijardi; roba široke potrošnje u iznosu od USD 7,5 milijardi, regioni odnosno države. sa 41 transakcijom u vrednosti od što predstavlja smanjenje od čak Na samom početku će biti pred- USD 3,3 milijarde; materijali sa 39 55% u odnosu na isti period 2015. stavljeni efekti IPO transakcija u transackija u vrednosti od USD 1,7 godine january 2017 | :Bankar FINANCIAL MARKET 61 1. Nasdaq Nordic with its registe- 458 million USD; Europe, total of in this type of transactions is evi- red office in Stockholm having three transactions in the amount dent. Furthermore, the activities, following indicators: of 848 million USD; Japan, one according to the data announced a) Total number of IPO transactions: 56 transaction in the amount of 1.322 by individual stock exchanges in b)The largest individual transaction: billion USD. the first three quarters 2016, were 2.3 billion EUR The transactions executed in as follows: 2. London Stock Exchange with period January - September 2016 ■■ Hong Kong Main Market: a) total following indicators: in the region Asia-Pacific are pre- number of transactions: 42 or a a) Total number of IPO transac- sented as follows: a) total number of y-o-y decline of 14%, and b) total tions: 48 transactions: 407, which is a y-o-y paid-up funds in the amount of b) the largest individual transaction: decline of 14%, and b) total paid-up 17.3 billion USD which was a y-o-y 453 million EUR funds based on executed transac- decline of 13%; 3. Euronext, with following tions amounted to 42.1 billion USD ■■ Shanghai: a) total number of tran- indicators: or a y-o-y decline of 26%. sactions: 59, or a y-o-y decline of a) Total number of IPO transactions: 48 With regard to the structure of 25%, and b) total paid-up funds in b)The largest individual transaction: IPO transactions based on indus- the amount of 7.5 billion USD which 1.018 billion EUR tries, the following indicators stand was a y-o-y decline of even 55%; When it comes to geographic dis- out: industry, total of 85 transac- ■■ Shenzhen: a) total number of tribution, i.e. concentration of IPO tions in the amount of 6.0 billion transactions: 73 or a y-o-y decline transactions, the most active con- USD; technologies, 77 transactions of 35%, and b) total paid-up funds tinents or regions and/or states are in the amount of 2.2 billion USD; in the amount of 4.2 billion USD presented below. wholesale goods, 41 transactions which was a y-o-y decline of 41%. The effects of IPO transactions in the amount of 3.3 billion USD; With regard to industries, the situ- in the USA will be presented first, materials, 39 transactions in the ation was as follows: industry, 60 which reported in the first three amount of 1.7 billion USD; health, transactions in the amount of 4.5 quarters 2016 the following: a) total 28 transactions in the amount of 1.0 billion USD; technologies - 33 trans- number of transactions: 79, which billion USD; finances, 28 transactions actions / 1.4 billion USD; materials represented a decline of 44% com- in the amount of 15.9 billion USD. - 21 transactions / 0.8 billion USD; pared to the same period 2015, and With regard to cross border activi- finances - 15 transactions / 15.5 bil- b) total paid-up funds based on ties and stock exchanges through lion USD; wholesale goods - 14 executed transactions amounted to which the transactions were exe- transactions / 2.53 billion USD; main 13.4 billion USD, and it represented cuted, they were small compared needs of citizens, 11 transactions / a y-o-y decline of 49%. to total number of transactions 0.8 billion USD. With regard to the structure of through foreign stock exchanges. The region of Europe, Middle IPO transactions based on indus- This was evident for transactions East and Africa which is most fre- tries, the following indicators stand of issuers from China and issuers quently known under the mutual out: health, total of 31 transactions from Singapore and Australia. name EMEA, reported the following in the amount of 2.7 billion USD; The activities of the issuers from turnover from IPO transactions, technologies, 15 transactions in the the National Republic of China which is divided into two parts in amount of 2.8 billion USD; finances, had certain specificities. Primarily, the beginning: 10 transactions in the amount of 1.9 currently 600 companies from the 1. Main markets with total number of billion USD. National Republic of China, without transactions: 94, which was a y-o-y Overview of cross border activities including special territories of Hong decline of 39%. Simultaneously, regarding the headquarter of the Kong and Macao, are in the phase this segment realised total stock exchange through which the of preparation for IPO under the payments of 21.4 billion USD, transactions were executed shows jurisdiction of the China Securities which was a y-o-y decline of 48%. the following effects: China, total of Regulatory Commission. Therefore, 2. Junior markets with total number four transactions in the amount of interest of companies to participate of transactions of 112, which FINANSIJSKO TRŽIŠTE januar 2017 | :Bankar

■■ Shenzhen: a) sa ukupnim brojem Posmatrana zajedno oba segmenta 62 transakcija od 73, što predstav- su ostvarila sledeću strukturu IPO lja pad od 35% u odnosu na isti transakcija prema delatnostima odn. period prethodne godine i b) sa granama: zdravstvo sa ukupno 32 ukupnim uplaćenim sredstvima u transakcije u vrednosti od USD 1,4 iznosu od USD 4,2 milijarde, što milijardi; industrija - 29 transakcija predstavlja pad od 41% u odnosu / USD 3,7 milijardi; tehnologije - 28 na isti period 2015. godine. transakcija / 3,1 milijardi. Globalno posmatrano najuspeš- Granska struktura izgleda kako sledi: nije i najznačajnije banke savetnici industrija sa ukupno 60 transakcija odn. konsultanti u segmentu IPO u vrednosti od USD 4,5 milijardi; transakcija su i dalje: Goldman tehnologije - 33 transakcije / USD 1,4 Sachs, JP Morgan, Morgan Stanley, milijardi; materijali - 21 transakcija Bank Of America Meryll Lynch i / USD 0,8 milijardi; finansije - 15 Deutsche Bank, od kojih se neki pri- transakcija / USD 15,5 milijardi; roba premaju za IPOtransakcije u regionu široke potrošnje - 14 transakcija / Zapadnog Balkana, sa posebnim USD 2,53 milijardi; osnovne potrebe osvrtom na telekomunikacione stanovništva - 11 transakcija / USD kompanije. Takav razvoj događaja 0,8 milijardi. se očekuju sa izuztenom pažnjom Region Evrope, Bliskog Istoka i utoliko što bi to značilo iniciranje Afrike, koji se sve češće sreće pod potpuno novog segmenta tržišta zajedničkim nazivom EMEA (eng. kapitala. Europe, Midd East and Africa) reali- zovao je sledeći promet u sferi IPO Podsećanja radi, proces inicijalne transakcija, koji se u startu deli na javne ponude podrazumeva tri dva segmenta i to: do šest meseci priprema pre same 1. Glavna tržišta sa ukupnim brojem transakcije i iznošenja hartije na transakcija: 94, što predstavlja berzu i to domaću ili neku među- smanjenje od 39% u odnosu na isti narodnu berzu, što zavisi od prepo- period 2015.godine. Istovremeno ruka koje daju investiciona banka i akcije, atraktivan i transparentan ovaj segment je realizovao ukupne drugi pokrovitelji IPO transakcije. model privatizacije preduzeća u uplate u iznosu od USD 21,4 mili- Obično se IPO transakcija planira državnoj odn. društvenoj imovini jarde, što predstavlja smanjenje za period mart/april, dakle period koja se bave delatnošću atraktivnom od 48% u odnosu na isti period posle objavljivanja godišnjih izve- za potencijalne investitore. Država 2015. godine štaja o poslovanju kompanije ili za ostvaruje prihode od prodaje dela 2. Nova tržišta (eng. Junior markets) period septembar/oktobar, ukoliko akcija uz mogućnost da zadrži većin- sa ukupnim brojem transakcija transakcija bazira na polugodišnjim ski ili kontrolni paket akcija u svom od 112, što predstavlja smanjanje finansijskim izveštajima. Najveći vlasništvu. Uspešne privatizacije od 13% u odnosu na isti period broj IPO transakcija iz regiona su istovremeno dobar stimulans za prethodne godine. Istovremeno Srednje i Istočne Evrope realizuje domaće tržište kapitala jer nude ovaj segment je ostvario uplate se na međunarodnom tržištu, dakle nove mogućnosti za privatne i insti- srdstava u iznosu od USD 1,9 preko internacionalnih berzi. tucionalne investitore, kakvi su na milijardi, a što predstavlja tako Investitori u IPO najčešće traže primer penzioni fondovi. Istovremeno retko viđeno povećanje u poka- atraktivne industrijske grane. i druge privatne kompanije se time zateljima poslovanja u toku 2016. Činjenica je da su i Inicijalna javna stimulišu da ponude svoje akcije godine i to od 23% u odnosu na ponuda i Sekundarna javna ponuda, najpre na lokalnim, a kasnije i na isti period prethodne godine. kada su ponuđene samo postojeće međunarodnim berzama. january 2017 | :Bankar FINANCIAL MARKET 63 to the domestic or international stock exchange, which depends on the recommendations given by investment bank and other under- writers of IPO transactions. IPO transaction is usually planned for period March/April, therefore for period after publication of annual financial statements or for period September/October, if the trans- action is based on semi-annual financial statements. The largest number of IPO transactions from the region of Central and Eastern Europe is realised in international market, through international stock exchanges. The investors in IPO are looking most often for attractive sectors. The fact is that both initial public offering and secondary public offer- ing, when only existing shares are offered, are attractive and trans- parent model of privatisation of a state owned company dealing with activity attractive for potential investors. The state makes income from the sale of a portion of shares with the possibility to keep majority or control package of shares in its was a y-o-y decline of 13%. IPO transactions were still the fol- property. Successful privatisations Simultaneously, this segment lowing: Goldman Sachs, JP Morgan, are at the same time a good stimulus realised total payments of funds Morgan Stanley, Bank of America for domestic capital market as they in the amount of 1.9 billion USD, Merrill Lynch and Deutsche Bank. offer new possibilities for private and which was a y-o-y increase of Some of these banks are prepared institutional investors, like pension 23% that was rarely seen in the for IPO transactions in the region funds. Also, other private compa- performance indicators for 2016. of Western Balkans particularly nies are encouraged to offer their Observed together, both segments paying attention to telecommunica- shares primarily at local and later reported the following structure tion companies. Such development at international stock exchanges. of IPO transactions by industries: of events is expected with special IPO transaction is defined as a ■■ health, 32 transactions in the attention as this would mean ini- process where a company owned amount of 1.4 billion USD, tiating completely new segment of by one owner or certain number of ■■ industries, 29 transactions in the capital market. co-owners sells its shares to a wider amount of 3.7 billion USD, circle of investors. It is a procedure ■■ technologies, 28 transactions in To remind, the process of initial when a company has been issuing the amount of 3.1 billion USD. public offering implies three to six shares through public offering for the Globally, the most successful and months of preparations before the first time. The main motive for issu- most important banks advisors for transaction and placing securities ing shares is gathering additional FINANSIJSKO TRŽIŠTE januar 2017 | :Bankar

IPO transakcija se definiše kao proces Na tržištima zemalja Zapadnog momentu i na najbolji mogući način 64 pri kome kompanija koja je u vla- Balkana, IPO kandidati bili bi pre pripreme i edukuju zainteresovana sništvu jednog vlasnika ili određenog svega preduzeća koja su tržišni preduzeća za procese koji pružaju broja suvlasnika, prodaje akcije širem lideri i imaju vodeću poziciju ili novi kvalitet i unapređene uslove ili širokom krugu investitora. To je u potencijal da postanu vodeće kom- poslovanja. suštini postupak kada kompanija prvi panije na tržištu. To su preduzeća Za razliku od ekonomija razvi- put izdaje akcije javnom ponudom. koja pripadaju atraktivnim sek- jenih zemalja Zapadne Evrope, Osnovni motiv za emitovanje akcija torima, odnosno delatnostima sa SAD-a i Japana, u kojima je proces jeste prikupljanje dodatnog kapitala značajnim potencijalom za rast, kao finansiranja putem inicijalnih javnih radi sprovođenja ideje rasta kompa- što su telekomunikacije, finansije, ponuda zastupljen već više decenija, nije i snižavanja nivoa zaduženosti. trgovina, prehrana ili farmaceutika. ili ekonomija centralno i istočno- Prodajom akcija kroz Inicijalnu Kandidati za otvaranje su profi- evropskih država u kojima se pojava javnu ponudu kompanija povećava tabilna preduzeća sa pozitivnim inicijalnih javnih ponuda vezuje osnovni kapital čime se postiže efekat trendom poslovanja, sa efikasnim, za dinamičan pristup tih zemalja dokapitalizacije. iskusnim menadžment timom koji Evropskoj uniji, finansiranje rasta bi trebalo da bude posvećen reali- i razvoja ovim putem u zemljama UKLJUČIVANJE ZEMALJA zaciji složenog procesa otvaranja. Zapadnog Balkana još uvek nije ZAPADNOG BALKANA Takva preduzeća, premda realno dovoljno razvijeno. Činjenica je, Sasvim je izvesno da ovaj vid postoje, najčešće nemaju potrebu međutim, da na strani preduzeća, povećanja kapitala privrednih za dodatnim eksternim kapitalom, ali i na strani tržišta kapitala, postoje subjekata predstavlja jedan od naj- ili su ograničenja i troškovi IPO jasno izraženi interesi za procesima atraktivnijih i najčešće korišćenih procesa tako veliki da u odnosu na otvaranja. Uz to važno je imati u vidu modela širom sveta. Mnoge zemlje njih potrebe za kapitalom nisu u toj činjenicu da regulatori potvrđuju odn. mnoga tržišta i regioni su već meri izražene. Iskustva u pogledu da su stvoreni uslovi za realizaciju etablirani u ovoj sferi delatnosti. realizacije procesa otvaranja pre- IPO transakcija, kao i spremnost za To isto važi i za brojne finansijske duzeća putem inicijalnih javnih unapređenje uslova obavljanja takvih konsultante, investicione banke ponuda akcija na razvijenim trži- transakcija, čime se svaka pojedi- odn. brokerske kuće, od kojih štima kapitala značajna su za spro- načna zemlja i svaki pojedinačni su neke već uveliko angažovane vođenje ovih procesa na tržištima emitent pojavljuju na karti aktivnih, i prisutne u regionu Zapadnog u regionu. što predstavlja dodatnu vrednost Balkana. Pri tome stoji činje- Inicijalna javna ponuda akcija kako na mikro planu tako i na makro nica da je jedan od najznačajnijih (IPO) pruža mogućnost pribavljanja planu. Ostaje da se vidi kada će doći faktora za uvođenje i promociju dodatnog kapitala putem meha- do novih promotivnih transakcija, IPO transakcija na pojedinač- nizma primarnog tržišta kapitala čime će se zemlje Zapadnog Balkana nim tržištima regulatorni aspekt. i predstavlja važnu prekretnicu u uključiti u listu zemalja aktivnih u Nadležne institucije su veoma životnom ciklusu do tada zatvo- korišćenju modela ekskluzivnog angažovane na uvođenju odn. renih akcionarskih preduzeća. finansiranja koji pruža prednosti unapređenju uslova za učešće u Broj i vrednost realizovanih IPO kako za emitente tako i za investitore. IPO transakcijama, te su određeni transakcija na globalnom nivou Na tom putu veoma značajnu ulogu rezultati već evidentni, dok će se kontinuiranoo povećava. U isto i podršku lokalnim regulatorima, biti potrebna dodatne aktivnosti vreme, zbog postojanja problema kao i zainteresovanim preduzećima, za postizanje nešto konkretnijih potcenjenosti akcija iz inicijalne mogu pružiti kako međunarodne rezultata u ovoj sferi. Do tada će javne ponude, preduzeća koja se finansijske institucije, koje su već banke nastaviti da budu najdirek- otvaraju ne uspevaju da prikupe prisutne na tržištima kroz direktne tniji a veoma česti i ekskluzivna željeni iznos kapitala za finansi- modele finansiranja najpropulzivni- odnosno jedina podrška name- ranje budućeg razvoja. Utoliko je jih grana i pojedinačnih preduzeća, rama za povećanjem finansijske značajnija uloga finansijskih savet- tako i vodeće međunarodne rejting stabilnosti na tržištu. nika kao pokrovitelja da u pravom agencije. Jedna kartica za sve Vaše potrebe VAŠA VIZA ZA SVIJET PRIVILEGIJA

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Bulevar Sv Petra Cetinjskog 115, 81 000 Podgorica Tel: +382 (0)20 407 900 january 2017 | :Bankar FINANCIAL MARKET 67 capital to implement an idea of as telecommunication, finance, As opposed to the economies of growth of a company and lower- trade, food or pharmaceutical developed countries of Western ing the level of indebtedness. The companies. Candidates for opening Europe, USA and Japan where company increases its core capital are profitable companies that have the process of financing via through the sale of shares via initial positive operating trend, experi- initial public offering has been public offering and achieves the ence and efficient management present for decades, or econo- effect of recapitalisation. team that should be dedicated mies of Central and Eastern to accomplishment of complex European countries where ini- INCLUSION OF WESTERN opening process. Such companies, tial public offering processes are BALKAN COUNTRIES although exist in reality, most connected with dynamic access It is quite certain that this type frequently do not have the need of these countries to European of increase in capital of compa- for additional external capital or Union, financing of growth and nies is one of the most attractive limitations and expenses of IPO development in this way in the and most frequently used model process are so large that compared Western Balkan countries has worldwide. Many countries, i.e. to them their capital requirements not been sufficiently developed many markets and regions have are not so expressed. The experi- yet. The fact is, however, that been already active in this indus- ences with regard to the realisation company and capital market Investiciono bankarstvo try. It is also valid for numerous of opening of a company through express pronounced interests financial consultants, investment initial public offering of shares in for processes of opening. It is banks, broker companies, some of the developed capital markets are important to take into account Kastodi poslovi i VIP bankarstvo which are largely involved in the significant for the implementation the fact that regulators confirm Western Balkans. One of the most of these processes in the regional that the conditions are created important factors for introducing markets. for the implementation of IPO Upravljanje sredstvima and promoting IPO transactions Initial public offering of shares transactions and readiness for in individual markets is regulatory (IPO) provides the possibility improvement of conditions to aspect. Competent institutions are of obtaining additional capital perform such transactions, which Komercijalno Bankarstvo very much involved in introducing through mechanisms of primary every country and every issuer or improving conditions for par- capital market and represents an appear on the chart of active ticipating in IPO transactions, and important milestone in life cycle companies representing added E-trading certain results have been already of closed shareholder companies. value on both micro and macro obvious, while additional activi- The number and value of executed level. What is to be seen is when ties will be needed for achieving IPO transactions at the global level new promotional transactions E-banking somewhat more specific results in have been continuously growing. will occur, which will include this area. Until then, banks will Simultaneously, due to existence Western Balkan countries in the continue to be the most direct and of the problem of underestima- list of countries active in using very frequent and exclusive and/ tion of shares from the initial the model of exclusive financing or the only support in intentions public offering, companies to be which provide advantages for www.invest-banka.com, www.atlas.co.yu to increase financial stability in opened do not manage to gather both issuers and investors. Very the market. required amount of capital for important role and support to IPO candidates at the markets financing future development. local regulators and interested of the Western Balkan countries Therefore, the role of financial companies may be provided by would be primarily companies that advisors as underwriters is more international financial institu- are market leaders and have leading important in the right moment tions, which have been already position or potential to become and best possible way to prepare present on the markets through leading companies in the market. and educate interested companies direct models of financing of These are companies that belong to for the processes providing new most propulsive industries and Bulevar Sv Petra Cetinjskog 115, 81 000 Podgorica attractive sectors or industries with quality and improved operating individual companies and leading Tel: +382 (0)20 407 900 significant growth potential, such conditions. international rating agencies. SPRJEČAVANJE FINANSIRANJA TERORIZMA januar 2017 | :Bankar

68 ZNAČAJNA ULOGA BANAKA Borba protiv terorizma, kao oblika kriminala koji dobija zastrašujuće dimenzije, zahtijeva multidisciplinarni pristup. Kao i kod drugih kriminalnih djela, i kod terorizma je nezaobilazno finansiranje njegove pripreme, kao i samog izvršenja. Prema jednom izvještaju iz 2002. godine, pravljenom za potrebe SB Novica Radović UN, za potrebe finansiranja terorizma se u svijetu okretalo oko Invest Banka Montenegro hiljadu i petsto milijardi dolara. Sada bi se procjena tog iznosa mogla samo povećati. Prekidanjem finansijskih tokova, koji predstavljaju „kiseonik za terorizam“ (Colin Powell), daje se bog globalne opasnosti od tero- bitan doprinos borbi protiv tog zla. Taj aspekt se obrađuje u Zrizma, u sklopu cjelovitog pristupa ovom tekstu, sa posebnim osvrtom na ulogu banaka u procesu u stvaranju pretpostavki za efikasno otkrivanja i sprječavanja finansiranja terorizma suprotstavljanje, UN su u decembru 1999. godine usvojile Međunarodnu konvenciju o suzbijanju finansiranja terorizma, koja se nadgrađuje nizom konvencija, rezolucija i drugih akata 8. Neprofitne organizacije. Vidovi finansiranja terorizma relevantnih organa i organizacija. Za Na ovo krivično djelo se, zajedno sa Finansiranje terorizma se najčešće izgradnju efikasnog sistema je posebno pranjem novca, obavezno odnose i definiše kao aktivnost prikupljanja i bitna primjena međunarodnifh standarda primjenjuju i sljedeće preporuke: distribucije finansijskih sredstava, s u borbi protiv pranja novca, finansiranja 10. Poznavanje i praćenje stranke; namjerom da se iskoriste za vršenje terorizma i širenja oružja za masovno 16. Elektronski transfer; terorističkih akata, kao i za finansiranje uništenje, koji se definišu preporukama 19. Države višeg stepena rizika; aktivnosti terorističkih organizacija ili FATF-a (nezavisnog međuvladinog tijela 24. Transparentnost i stvarno vlasništvo individualnih terorista. Pogrešno je koje razrađuje i promoviše politiku nad pravnim licem. shvatanje da se radi o malim iznosima. zaštite globalnog finansijskog sistema Standardi propisani preporukama FAFT-a Tačno je da su potrebna mala sredstva, od pranja novca, finansiranja terorizma su uključeni u Direktivu EU 2015/849, čiji se izvor i tok teško otkriva, kad i finansiranja širenja oružja za masovno od 20. maja 2015., o spječavanju korišće- je u pitanju sam teroristički akt, ali je uništenje). Sa najnovijih 40 preporuka, iz nja finansijskih sistema u svrhu pranja sasvim druga situacija kad je u pitanju februara 2012. godine, FATF je zamijenio novca ili finansiranja terorizma. To je tzv. priprema samog akta, a posebno pret- ranijih 49 (40+8+1) svojih preporuka, Četvrta direktiva, kojom se zamjenjuju hodno uspostavljanje i funkcionisanje gdje se 9 dodatnih odnosilo na sprječa- prethodne tri. Ona predstavlja obave- terorističke organizacije. vanje finansiranja terorizma. U novom zujući osnov za nacionalnu regulativu Pored novca stečenog kriminalnom paketu na finansiranje terorizma se članica EU, što je prihvatila i Crna Gora, aktivnošću, za finansiranje terorizma se odnose direktno sljedeće preporuke: kao kandidat za članstvo. Time su uspo- koristi i novac iz legalnih izvora. Zato se 5. Krivično djelo finansiranja terorizma; stavljene precizne obaveze svih obveznika finansiranje terorizma često naziva „obr- 6. Ciljane finansijske kazne u vezi po Zakonu o sprječavanju pranja novca nuto pranje novca“ ili „prljanje novca“. sa terorizmom i finansiranjem i finansiranja terorizma, pri čemu su, Savremene terorističke organizacije su i terorizma; podzakonskim aktima i smjernicama profitno orjentisane, što pojednostavljuje 7. Ciljane finansijske kazne u vezi regulatornih organa, razrađene obaveze obezbjeđivanje sredstava za njihove sa širenjem oružja za masovno banaka, kao najznačajnijih obveznika aktivnosti, pa samim tim povećava pro- uništenje; u sistemu. fesionalnost i efikasnost u djelovanju. january 2017 | :Bankar PREVENTION OF TERRORIST FINANCING 69 Novica Radović Invest Banka Montenegro ZNAČAJNA ULOGA BANAKA THE SIGNIFICANT ROLE OF BANKS Combating terrorism, as a form of criminal activity that takes replaces the previous three. It represents terrifying dimensions, requires a multi-disciplinary approach. As a binding basis for the national regula- in other criminal acts, financing of terrorism preparation and its tion of the EU member states, which execution is inevitable. According to a report from 2002 that was was accepted also by Montenegro as prepared for the UN Security Council, one thousand and five candidate member. This established hundred billion USD was spent for terrorist financing in the world. precise obligations of all obligors based Nowadays, the estimation of this amount could only be increased. on the Law on the Prevention of Money Interruption of financial flows that represent an “oxygen for Laundering and Terrorist Financing, terrorism” (Colin Powell), gives an important contribution against whereby, the secondary legislation this evil. This aspect is further elaborated below, paying special and guidelines of regulatory bodies attention to the role of banks in the process of detecting and developed in detail the obligation of preventing terrorist financing banks as the most important obligors in the system.

Forms of Terrorist Financing Terrorist financing is most frequently ue to global danger of terrorism, referred to the suppression of terrorist defined as the activity of gathering and Dand within the overall approach financing. The following recommenda- distributing financial resources with the in creating assumptions for efficient tions from the new package directly intention to be used for terrorist acts combat, the UN adopted International referred to terrorist financing: and financing the activities of terrorist Convention for the Suppression on the 5. Terrorist financing offence; organisations or individual terrorists. It Financing of Terrorism in December 6. Targeted financial sanctions related is incorrect notion that these are small 1999, which was updated by a series to terrorism and terrorist financing; amounts. It is correct that small funds of conventions, resolutions and other 7. Targeted financial sanctions related are needed, which source and flow is acts of relevant bodies and organisa- to proliferation; difficult to detect when terrorist act tions. With a view of developing an 8. Non-profit organisations. is involved. However, it is completely efficient system, the implementation of The following recommendations refer different situation when it comes to international standards in fight against and apply to this criminal activity, the preparation of the terrorist activity, money laundering, terrorist financing together with money laundering: and in particular, when it comes to the and proliferation of weapons of mass 10. Customer due diligence; previous establishment and functioning destruction is particularly important. 16. Wire transfer; of terrorist organisation. These standards are defined in the 19. Higher-risk countries; In addition to money acquired FATF recommendations (independent 24. Transparency and beneficial own- through criminal activity, money intergovernmental body that develops ership of legal persons. from legitimate sources is also used and promotes policy of the protec- Standards prescribed in the FATF rec- for terrorist financing. Therefore, ter- tion of global financial system against ommendations are included in the rorist financing is often called reverse money laundering, terrorist financing Directive (EU) 2015/849 of the European money laundering or money soiling. and proliferation of weapons of mass Parliament and of the Council of 20th Modern terrorist organisations are destructions). FATF replaced previous May 2015 on the prevention of the use profit-oriented, which simplifies pro- 49 (40+8+1) recommendations with of the financial system for the purposes viding funds for their activities and the latest 40 recommendations from of money laundering or terrorist financ- therefore increases professionality and February 2012, whereby 9 additionally ing. This is the Fourth Directive that efficiency in these activities. SPRJEČAVANJE FINANSIRANJA TERORIZMA januar 2017 | :Bankar

U zavisnosti od izvora iz kojih se obe- Posebnu ulogu u ovoj fazi imaju posred- izvođenja terorističkog akta i neposredno 70 zbjeđuju sredstva, postoje dva osnovna nici za akumuliranje i čuvanje sredstava, prije njega novac se upotrebljava za vida finansiranja terorizma. To su: a) koji se popularno nazivaju izolatori. To iznajmljivanje stanova, nabavku vozila, neposredni vid, gdje se sredstva obezbje- mogu biti kompanije i pojedinci, a biraju oružja i eksploziva, kupovinu elektronske đuju iz prljavih izvora (droga,šverc robe, se po kriterijumu što manjeg izazivanja opreme , medicinsku njegu i sl. trgovina oružjem i ljudima...), pa se po pažnje i što lakšeg i diskretnijeg transfera, Transakcije u ovoj fazi se takođe principu „pare na ruke“ predaju terori- kad dođe vrijeme za to. mogu otkriti, ali uz maksimalnu ana- stima i terorističkim organizacijama; b) Druga faza, prenos sredstava, je lizu i praćenje, s obzirom da se radi o posredni, gdje se sredstva obezbjeđuju posebno važna, kako iz ugla terorista, sitnijim iznosima, koji mogu promaći iz zakonitih poslova, ili se, ako je izvor tako i iz ugla institucija koje se protiv finansijskim institucijama preko kojih prljav, prethodno operu, a zatim preko njih bore. Naime, to je faza kad je novac se obavljaju . legalnih finansijskih tokova transferišu najviše izložen mogućnosti otkriva- Teškoće u otkrivanju sumnjivih tran- do terorista ili terorističkih organizacija. nja, pa zato, i jedni i drugi, obraćaju sakcija vezanih za finansiranje terorizma posebnu pažnju na ovu fazu i tokove izaziva i činjenica da teroristi imaju čvrste Faze u finansiranju terorizma Postoje tri osnovne faze u finansira- nju terorizma, pa sistemi otkrivanja i sprječavanja ove djelatnosti čine skup elemenata koji se težišno primjenjuju za svaku od tih faza, jer kao i same faze, imaju svoje specifičnosti. Faze u finansiranju su: 1. Faza prikupljanja i akumulacije sredstava; 2. Prenos sredstava; u njoj. Postoje dvije osnovne skupine veze sa organizovanim kriminalom, 3. Faza upotrebe sredstava. načina transferisanja novca. To su domi- posebno kroz korišćenje njihovih metoda U prvoj fazi se prikupljaju sredstva nantno uobičajeni novčani tokovi, koji prikrivanja izvora, odredišta i korišćenja iz različitih izvora, od kojih su najčešći: se obavljaju elektronskim transferima sa sredstava namijenjenih finansiranju a) prihodi iz zakonitog poslovanja bankarskih računa ili brzim prenosom svojih aktivnosti. To znači da perma- kompanija koje su povezane, ili čak (Western union i sl). Međutim, postoje nentno usavršavaju svoje djelovanje i direktno u vlasništvu terorističkih orga- i alternativni načini transfera novca, time otežavaju njegovo otkrivanje. nizacija. To su uglavnom kompanije kao što su: indijska“havala“, pakistanski Posebno aktuelna teroristička aktiv- koje se bave visokoprofitnim poslovima, “hundi“, kineski „čit“ ili „čop“. Ovome nost, kojoj treba posvetiti pažnju, je ili poslovima sa razgranatom mrežom treba dodati i prenošenje gotovine kurir- priprema i upućivanje dobrovoljaca na poslovnih partnera, koja omogućava skim putem. U ovom tekstu obrađujemo strana ratišta. Ovdje se radi o finansi- zamagljivanje novčanih tokova; uobičajene transfere, koji se obavljaju ranju vrbovanja lica, rada kampova za b) donacije od strane pojedinaca, preko banaka, dok alternativni transferi obuku, a vjerovatno i o obezbjeđivanju kompanija ili organizacija, kao i huma- moraju biti predmet otkrivanja i praćenja materijalne pomoći porodicama čiji je nitarni fondovi, koji su vrlo čest vid od strane drugih organa. član na ratištu. Novac može da stiže sa prikupljanja sredstava za terorizam, U trećoj fazi se akumulirana sred- očekivanih destinacija, direktno ili preko što je uočeno od strane institucija koje stva, do tada čuvana kod „izolatora“ humanitarnih organizacija, mada se ne se bave sprječavanjem ove aktivnosti i upotrebljavaju za pripremu i izvođenje isključuje ni korišćenje lokalnih legal- akcentirano i ugrađeno u standarde i terorističkog akta. U pripremi terori- nih firmi, kao posrednika ili direktnih regulacioni okvir; stičkog akta novac se upotrebljava za donatora. c) sredstva iz kriminalne aktiv- funkcionisanje terorističke organizacije , nosti, koja se direktno ili indirektno za vrbovanje izvršilaca i njihovu obuku, Obaveze banaka dostavljaju teroristima i terorističkim za propagandni materijal, medijsku i Banke, kao ključni obveznici po Zakonu organizacijama. eventualnu političku podršku i sl. U fazi o sprječavanju pranja novca i finansiranja january 2017 | :Bankar PREVENTION OF TERRORIST FINANCING 71 Depending on the sources from which b) donations from individuals, recruiting perpetrators and their train- the funds are provided, there are two companies or organisations, as well ing, advertising material, media and main forms of terrorist financing. These as humanitarian funds as frequent potential political support, and the are the following: a) direct, where funds form of collecting money for terrorism, like. In the phase of executing terrorist are provided from dirty sources (drugs, which is noted by institutions dealing activity and immediately before that, smuggling goods, arms trade, traffick- with the prevention of this activity and money is used for renting apartments, ing), which are handed over to terrorist it is pronounced and embedded in the purchase of vehicles, arms and explo- and terrorist organisations under the standards and regulatory framework; sives, purchase of electronic equipment, principle “cash on hand”; b) indirect, c) funds from criminal activity, which medical care, and the like. where funds are provided from legitimate are directly or indirectly delivered to Transactions in this phase may also sources, or if a source is dirty funds are terrorist and terrorist organisations. be detected with maximum analysis previously laundered and transferred Intermediaries for accumulation and and monitoring as these are smaller through legitimate financial flows to keeping of funds, which are called insu- amounts that may be overlooked by terrorists or terrorist organisations. lators, have special role in this phase. the financial institutions that are used These may be companies and individuals for their execution. and they are selected using the criteria Difficulties in detecting suspicious of lower level of causing attention and transactions related to terrorist financing easier and more direct transfer of funds are reflected also in the fact that terrorists when the time comes for that. have strong connections with organised The second phase, transfer of funds, crime, particularly using their methods is particularly important, both from of concealing sources, destinations and the aspect of terrorists and institutions using funds intended for financing countering terrorism. Namely, in this their activities. This means that they phase money is mostly exposed to the permanently upgrade their activity and Phases in Terrorist Financing possibility of detection and therefore, thereby hinder their detection. There are three main phases in terrorist both the terrorist and regulators pay Preparing and sending volunteers financing, and the systems of detect- special attention to this phase and to foreign battlefields is particularly ing and preventing these activities its flows. There are two main groups evident terrorist activity that should comprise a group of elements which of transferring the money. These are be paid special attention to. It is about are applied to each of these phases, regular cash flows, that are executed financing recruitment of persons, work since they have, as the stages them- through wire transfers from bank- of training camps and providing mate- selves, their specificities. The phases in ing accounts or fast transfer (Western rial support to families whose member terrorist financing are the following: Union, and the like). However, there is in the battlefield. Money may arrive 1. Collection and accumulation of are alternative ways to transfer money from expected destinations, directly or funds; such as: Indian Hawala, Pakistan Hundi, through humanitarian organisations. 2. Transfer of funds; Chinese Chip chop. In addition, money Although the use of local legitimate 3. Use of funds. may be transferred using couriers. companies is not excluded as inter- In the first phase, funds are collected This paper deals with usual transfers, mediaries or direct donors. from different sources, the most frequent which are executed through banks, of which are the following: while alternative transfers must be Banking Obligations a) revenues from legitimate opera- subject to detecting and monitoring Banks, as key obligors pursuant to tions of the company to which they by other bodies. the Law on the Prevention of Money are related, or even directly owned by In the third phase, funds kept with Laundering and Terrorist Financing, terrorist organisations. These are mostly insulators are accumulated and used have an important role in detecting companies dealing with the activities for preparing and performing terror- and preventing financial flows aimed at bearing high profit or businesses with ist activity. During the preparation of providing funds for financing terrorist widespread network of business part- terrorist activity, money is used for the organisations and executing terrorist ners that enable fogging of cash flows; functioning of terrorist organisation, activities. Primary obligation of banks SPRJEČAVANJE FINANSIRANJA TERORIZMA januar 2017 | :Bankar

terorizma, imaju bitnu ulogu u otkrivanju oružjem, organizovanje kockanja i sl.). od samih tih lica ili terorističkih organi- 72 i sprječavanju finansijskih tokova, koji Kod druge faze, tj. prenosa sredstava, zacija kojima pripadaju. Pored direktnih imaju za cilj obezbjeđivanje sredstava akcenat se stavlja na same transak- novčanih doznaka, pomoć porodicama za finansiranje terorističkih organi- cije, a kao što je rečeno ovdje se mogu ratnika, koja se uočava kod banke, može zacija i samog izvršenja terorističkih postići najbolji rezultati u otkrivanju biti pružana i putem davanja garancija akata. Primarna obaveza je usvajanja i sprječavanju finansiranja terorizma. za kredite, zatim otplata samih kredita, internih akata, koji su usklađeni sa Zato se, sa posebnom pažnjom, moraju plaćanja računa i sl. nacionalnom regulativom, a samim definisati i primjenjivati indikatori koji Veoma je bitno da banke sve informa- tim i sa međunarodnim standardima se odnose na same transakcije, odnosno cije o ovim transakcijama, bez obzira na iz ove oblasti. Zatim slijedi kvalitetna na elektronske transfere ili transfere iznos, urgentno dostavljaju nadležnim obuka zaposlenih, koja se mora vršiti preko Western union-a. Alternativni organima, od kojih bi vjerovatno dobijale češće zbog konstantnog usložnjavanja načini prenosa sredstava se ne mogu naloge za kontinuirano praćenje lica i ovog procesa, što zajedno predstavlja pratiti u bankama. njihovih transakcija. osnov za adekvatnu primjenu programa Kod treće faze, tj. faze upotrebe sred- i procedura. Posebno je bitno napraviti i stava za neposrednu pripremu i izvršenje Ista infrastruktura – isti zahtjevi stalno dograđivati listu indikatora sum- samog terorističkog akta, najteže je otkriti Za sprječavanje finansiranja terorizma njivih transakcija, koja treba da sadrži sumnjivu transakciju, pošto se radi o se koristi ista infrastruktura kao za i generalne indikatore, zatim indikatore najmanjim pojedinačnim iznosima. sprječavanje pranja novca, s obzirom da specifične za ovaj prostor, kao i indikatore Uspjeh i rezultati u ovoj fazi direktno je prethodna kvalitetno uspostavljena i karakteristične za konkretnu banku. Ova zavise od kvaliteta rada banaka u prvoj razrađena u dužem vremenskom periodu. treća skupina zavisi od strukture, karak- i drugoj faza. Naime, ovdje se akcenat Ovo se posebno odnosi na bankarski tera i specifičnosti poslovnih aktivnosti stavlja na aktivnosti prethodno filtrira- sektor, pa je samim tim obaveza banaka same banke (Western Union, struktura nog klijenta, tj, kljenta klasifikovanog u u tom sistemu nezaobilazna i veoma klijenata, vrste računa...). kategoriju visokog rizika, kako prilikom velika. Prioritetan zadatak je donošenje Za pomenute različite faze u finansira- identifikacije, tako i prilikom obavljanja odgovarajućih internih akata i uspostav- nju terorizma karakteristične su različite transakcija iz druge faze. Znači, prate se ljane adekvatnih procedura. U pripremi težišne aktivnosti banaka. Kod prve faze, i transakcije u manjim iznosima, ako ih i realizaciji ovog zadatka je neophodna faze prikupljanja i akumulacije sredstava, obavlja lice koje je akcentirano u prvoj permanentna i maksimalna koordina- je najteže otkriti i prekinuti tok ove kri- fazi, ili se mogu vezati za transakcije iz cija sa nadležnim državnim organima minalne aktivnosti. U ovoj fazi akcenat druge faze koje su upućivale na sumnju i regulatorima. Dinamika uvođenja treba staviti na klijenta, što znači da se u finansiranje terorizma. novih metoda u izvršenju terorističkih mora izvršiti njegova kvalitetna i potpuna Sa posebnom pažnjom treba pratiti akata zahtijeva stalno inoviranje sistema identifikacija. Pored uobičajene obrade aktivnosti koje ukazuju na pripremu i otkrivanja i sprječavanja finansiranja podataka iz priložene dokumentacije, odlazak lica sa ovih prostora na strana zločinačkih organizacija i samih zločina. treba posebno koristiti eksterne izvore. ratišta. Za banke su ovdje najbitnije Osnovni motiv za adekvatno angažo- Tu su svakako najznačajnije zvanične ulazne informacije dobijene od nadležnih vanje banaka na ovom planu je čuvanje liste terorista i terorističkih organiza- državnih organa, na osnovu kojih se reputacije finansijske institucije, kao i cija, zatim informacije od nadležnih identifikuju i akcentiraju lica koja odlaze zaštita od mogućih sankcija koje bi im državnih organa, kao i iz otvorenih na strana ratišta, kao i članovi njihovih mogli izreći nadležni organi. izvora (sredstava informisanja). Prilikom porodica. U fazi vrbovanja i pripreme Ne manje značajan motiv je društvena klasifikacije klijenata sa stanovišta rizika za očekivati je priliv sredstava putem odgovornost za borbu protiv opšte opa- od finansiranja terorizma, humanitarne i Western union-a, ili preko humanitarnih snosti, u kojoj banke moraju uzeti učešća slične organizacije treba uvijek svrstati u organizacija, licima koja se pripremaju u skladu sa svojim značajem. Generalno, najveći stepen rizika. U taj stepen moraju za odlazak na ratišta. Otkrivanju ove nekorišćenje svojih potencijala za sprje- ići i klijenti sa rizičnih destinacija (off aktivnosti može doprinijeti i praćenje čavanje kriminalne aktivnosti, može shore zone, rizična geografska područja, doznaka , takođe preko Western union-a se skoro tretirati kao podrška njenim i sl.), kao i klijenti koji se bave specifič- ili humanitarnih organizacija, porodi- izvršiocima. Banke ni u kom slučaju nom poslovnom aktivnošću (trgovina cama lica koja su na ratištu, upućenih ne smiju sebe dovesti u takvu situaciju. january 2017 | :Bankar PREVENTION OF TERRORIST FINANCING 73 is to adopt internal documents that are phase in detecting and preventing ter- remittances, assistance to families of harmonised with the national regula- rorist financing. Therefore, indicators soldiers that is seen in banks, may be tion and also international standards concerning the transactions and/or wire provided by giving guarantees for loans, covering this area. This is followed transfers or transfers through Western repayment of loans, payment of bills, by qualitative training of employees Union must be carefully defined and and the like. that must be on frequent basis due to applied. Alternative ways of transfer of It is very important that banks deliver constant complexity of this process, funds cannot be monitored in banks. urgently all information on these trans- which also represents basis for adequate In the third phase, i.e. in the phase of actions regardless the amount to com- implementation of programmes and use of funds for direct preparation and petent authorities that would probably procedures. It is particularly important execution of terrorist activity, it is very order continuous monitoring of persons to prepare and permanently upgrade difficult to detect suspicious transactions and their transactions. list of indicators of suspicious transac- since these are the lowest individual tions specific for this area and bank- amounts. Success and results in this Same infrastructure – specific indicators. This third group phase directly depend on the quality of same requirements depends on the structure, character banks’ activities in the first and second The same infrastructure is used for and specificity of business activities phase. To wit, activities of previously the prevention of terrorist financing of a bank (Western Union, structure filtered client are highlighted, i.e. client as for the prevention of money laun- of clients, type account, etc.). classified in the high risk category dering, since the latter was previously With regard to the above mentioned during the identification and during established and developed in long different phases in terrorist financing, executing transactions from the second period. This particularly refers to the different core activities of banks are phase. This means that transactions in banking sector, and the obligation of important. In the first phase, the phase of small amounts are monitored if they banks in the system is inevitable and collecting and accumulating resources, are performed by a person indicated high. The priority objective is to adopt it is very difficult to detect and inter- in the first phase, or they can be con- corresponding internal documents rupt the flow of this criminal activity. nected for the transaction from the and establish adequate procedures. In this phase, special attention should second phase which indicated to the Permanent and maximum coordination be paid on client, which means that full suspicion in terrorist financing. with the competent state authorities due diligence must be performed. In The activities that indicate prepara- and regulators is needed in the prepa- addition to regular processing of data tion and departure of persons from this ration and realisation of this task. The from the provided documentation, area to foreign battlefields should be dynamics of introducing new methods external sources should be used. In particularly monitored. Input informa- in executing terrorist activities requires this phase, official lists of terrorists tion obtained from competent state permanent innovation of the system and terrorist organisations are very authorities are the most important for of detecting and countering financing important, as well as the information banks in this phase based on which criminal organisations and offences. from the competent state authorities and persons departing to foreign battlefields The main motive for involving banks open sources (media). When classify- are identified and accentuated as well in this area is preserving the reputation ing clients based on risk from terrorist as members of their families. In the of financial institution and protection financing, humanitarian and similar phase of recruitment and prepara- from potential sanctions that may be organisation should be placed in the tion, inflow through Western Union imposed by competent authorities. group bearing highest risk. This level or through humanitarian organisations Social responsibility for combating of risk must also cover clients from is expected to persons preparing for general danger is no less important, risk destinations (off shore zones, risky departing to battlefields. Monitoring of where the banks may participate in geographic areas) and clients dealing remittances through Western Union or accordance with their importance. In with specific business activity (trade in humanitarian organisations to families general, if the banks do not use their arms, gambling and the like). of persons departed to war zones sent potential for the suppression of criminal In the second phase, i.e. transfer of by them or their terrorist organisations activity, it may be treated as support to funds, transactions are highlighted and can also contribute to the detection their perpetrators. Banks cannot bring the best results may be achieved in this of this activity. In addition to direct themselves in such situation in no case. UPRAVLJANJE AKTIVOM I PASIVOM U BANKAMA januar 2017 | :Bankar

74 Strateški ALM pre nego „reporting“ ALM Mišljenja smo da će uloga i značaj CFO i CRO funkcije u bankama, tj. Ivan Ćirković, menadžer članova Izvršnih odbora zaduženih za upravljanje finansijama i rizicima KPMG d.o.o. Beograd značajno rasti u narednim godinama. Finansijski i Risk menadžeri će morati da ulože dodatne napore u nastupajućem periodu kako bi bili percipirani kao pouzdan biznis partner komercijalnim organizacionim delovima banke. CFO i CRO treba zaista duboko da razumeju izazove sa kojima se suočava „front-office“ i CEO banke. Sa druge strane, sami CFO i CRO se suočavaju sa svojim izazovima kao što su: okruženje niskih kamatnih stopa, topljenje operativnog rezultata, volatilnost risk faktora, regulatorni pritisci i slično. Oni se bore u potrazi za novim izvorima prihoda, upravljanjem operativnim troškovima i donošenju odluka u pogledu optimizacije rizika i koristi

pravljanje aktivom i Upasivom (engl. Asset Liability Management – ALM) je disciplina razvi- jena pre svega od strane banaka u cilju zadovoljenja skladu sa apetitom za rizik banke. Drugim rečima, potreba Finansijskog i Risk menadžmenta, kao i ciljna funkcija ALM-a je da sačuva odnosno održi strateškog odlučivanja. Suština ALM-a je u analizi rezultat banke u dugom roku uprkos nepovoljnim strukture bilansa banke i rizika koji proizilaze iz te kretanjima makroekonomskih risk faktora. strukture (tzv. strukturni rizici), kao i očekivane ALM je proces, pa kao i svaki proces ima svoje evolucije te strukture i rizika tokom predefinisanog faze (aktivnosti) kao što su: identifikacija rizika, vremenskog horizonta usled promene varijabli merenje, izveštavanje, monitoring i ublažavanje (makroekonomskih faktora rizika) čije se kretanje u rizika, tzv. hedžing. Ipak, većina banaka je zaglav- budućnosti može razumno i ekonomski racionalno ljena u prve tri faze, pogotovo u fazama merenja i projektovati: kamatne stope, troškovi likvidnosti i reportinga, gubeći iz vida ključnu aktivnost, a to je izvora finansiranja, devizni kursevi itd. hedžing. Naime, praksa je da ALM eksperti troše Strateški ALM ima za cilj optimizaciju profita- mnogo svojih resursa na merenje rizika, kalkulaciju bilnosti banke uz održavanje prihvatljivog nivoa raznih metrika i indikatora, pripremu kompleksnih izloženosti likvidnosnom riziku, deviznom riziku i robusnih izveštaja, ispunjavanje regulatornih zah- i riziku kamatne stope u bankarskoj knjizi, tj. u teva i slično, propuštajući time suštinu – traganje january 2017 | :Bankar ASSETS AND LIABILITIES MANAGEMENT IN BANKS 75 Strateški ALM Strategic ALM pre nego rather than „reporting“ ALM Reporting ALM Our opinion is that the role and importance of the CFO and CRO Ivan Ćirković, Manager functions in banks, i.e. members of the Executive Boards responsible KPMG d.o.o. Belgrade for managing finances and risks grew substantially in the coming years. The financial managers and risk managers will have to make additional efforts in the following period to be perceived as a reliable business partner to commercial organisational parts of a bank. CFO and CRO should really deeply understand challenges front office and CEO of the bank are facing. On the other hand, CFO and CRO are facing with challenges such as: low interest rates, melting of operating results, risk factors volatility, regulatory pressures and the like. They are fighting in search for new sources of income, operational costs management and making decision with regard to the risk and return optimisation

sset Liability Management (ALM) is a discipline liquidity risk, foreign currency risk and interest rate Athat have been primarily developed by banks in risk arising from the banking book, i.e. in accord- order to meet the requirements of Financial and Risk ance with the bank’s risk appetite. In other words, the Management and strategic decision making. The basics main function of the ALM is to keep i.e. maintain the of the ALM lies in the analysis of the structure of the result of the bank in long run despite unfavourable balance sheet of the bank and risks arising from the development of macroeconomic risk factors. structure (structural risks) as well as expected evolu- ALM is a process; thus as any other process it tion, and the structure and risk during predefined time has its phases (activities) such as: risk identifica- horizon due changes in variables (macroeconomic risk tion, measurement, reporting, monitoring and risk factors) whose future trend can be rationally and eco- mitigation, i.e. hedging. However, majority of banks nomically projected: interest rates, liquidity expenses is stuck in the first three phases, particularly in the and sources of finances, foreign exchange rates, etc. measurement and reporting phases, neglecting the Strategic ALM is aimed at optimising bank’s profit- key activity – hedging. To wit, the practice is that ability by maintaining acceptable level of exposure to ALM experts spend many of their resources on UPRAVLJANJE AKTIVOM I PASIVOM U BANKAMA januar 2017 | :Bankar

76 za hedžing rešenjima i donošenje strateških odluka toka tog proizvoda (kredita ili depozita), trajanje koje treba da doprinesu optimizaciji bilansa stanja ili tip kamatne stope i stoga treba da budu uzete i vanbilansnih stavki banke. Sve ove aktivnosti koje u obzir od strane ALM centra prilikom obračuna prethode hedžingu i optimizaciji su neophodne, FTP stopa. Tretman opcija ugrađenih u bankarske ali nisu same sebi cilj. One treba da rezultiraju u proizvode se razlikuje u zavisnosti od toga da li je jasnoj poruci za top menadžment kako bi on bio u reč o eksplicitnim ili implicitnim (bihejvioristič- mogućnosti da formuliše i implementira efektivne kim) opcijama. U nekom od narednih tekstova instrumente hedžinga i optimizacije. ćemo se detaljnije baviti ovom problematikom. Za Svedoci smo da se banke u regionu i dalje prven- sada ćemo samo napomenuti koji su to, po nama, stveno oslanjaju na tzv. prirodni hedžing (usklađiva- osnovni faktori koji doprinose značaju „prepayment“ nje stavki aktive i pasive na način da se minimizira opcije kod kredita. Podsetimo se da je prepayment neusklađenost, odnosno „otvorena pozicija“ koja opcija (mogućnost prevremene otplate kredita) tip može biti izvor rizika), dok je sa druge strane upo- implicitne opcije koja zavisi od volje vlasnika te treba finansijskih derivata vrlo skromna. Nećemo opcije, a ne od tržišnih kretanja kao što je to slučaj ulaziti u konkretne razloge toga, ali svakako da kod eksplicitnih opcija tipa „cap/floor“, koje će se postoji veliki prostor za unapređenje. Tačno je realizovati automatski na bazi kretanja određenih da upotreba derivata povlači sa sobom izazove u tržišnih varijabli. Prepayment u rukama vlasnika pogledu fer vrednovanja ovih instrumenata, „hedge kredita je ništa drugo do tzv. kupovna (engl. call) accounting“ i slično, ali to nikako ne treba da bude opcija koja vlasniku daje pravo da otkupi svoj dug prepreka za njihov razvoj, tim pre što govorimo o po unapred definisanoj ceni. Kao i svaka kupovna relativno jednostavnim („plain vanilla“) derivatima opcija, njena vrednost raste kada cena instrumenta tipa valutni swap, kamatni swap ili „cross-currency (u našem slučaju kredita) u osnovi opcije raste - a swap“. to je upravo situacija u današnje vreme kada usled pada opšteg nivoa kamatnih stopa fer vrednost Aktuelni izazovi ALM funkcije u bankama kredita raste. Izvršenje opcije prevremene otplate Jedna od osnovnih funkcija ALM-a u bankama kredita se, jednostavno rečeno, klijentima isplati. jeste upravljanje FTP sistemom, odnosno formu- Ova logika stoji u osnovi sve masovnije prevremene lisanje i unapređenje FTP politike i metodologije, otplate i refinansiranja kredita po nižim kamat- kao i kalkulacija samih FTP stopa koje dalje služe nim stopama. Drugi faktor je mogućnost da se uz za „pivotiranje“ po raznim osnovama neto prihoda refinansiranje kredita i realizacije opcije dođe do od kamate koje je u rukama, uglavnom, finansijskog kontrolinga. Implementacijom FTP sistema, banka simulira direktne troškove finansiranja neophodne za pro- dukciju kredita i drugih plasmana. Naime, FTP „Cost of Funds“ predstavlja direktnu cenu izvora potrebnih za finansiranje datog plasmana, pri čemu ti izvori predstavljaju perfektan „micro-hedžing“ tog plasmana u pogledu kamatnog, deviznog i rizika likvidnosti. Pitanje zidanja FTP stopa, odnosno njenih neizostavnih elemenata, je uvek vrlo aktuelno pitanje. Osvrnućemo se na rastući značaj vrednovanja opcionalnosti u okviru FTP sistema banke. Opcije integrisane u proizvode/ugovore sa klijen- tima će verovatno dovesti do modifikacije novčanog january 2017 | :Bankar ASSETS AND LIABILITIES MANAGEMENT IN BANKS 77

risk measurement, calculation of various matrices of FTP policy and methodology and the calculation and indicators, preparation of complex and robust of FTP rates that further serve for pivoting under reports, meeting of regulatory requirements and various basis of net interest income which is mostly the like, failing the substance – searching for hedg- under the Financial controlling. ing solutions and passing strategic decisions that Implementing FTP system, the bank simulates should contribute to the optimisation of balance direct financing costs needed for the production of sheet and off balance sheet items of the bank. All of loans and other placements. Namely, FTP Cost of the activities preceding hedging and optimisation Funds represents a direct price of sources needed are necessary but are not the objective. They should for financing of a given placement, whereby these result in clear message for top management so that it sources represent a perfect micro-hedging of such is able to articulate and implement effective hedging a placement with regard to interest rate, foreign instrument and optimisation. exchange and liquidity risks. The issue of build- We are witnesses that the banks in the region and ing FTP rates, i.e. inevitable elements of the rate is beyond rely primarily on natural hedging (adjust- always the current one. We will discuss an increas- ment of assets and liabilities items to minimise ing importance of valuing options within the FTP mismatch, i.e. open position that may be the source system of the bank. of risk), while on the other hand, the use of finan- Options embedded in products/contracts with cial derivatives is very modest. We will not discuss customers will likely result in modifying cash flow specific reasons for this, but surely there is a large of such product (loan or deposit), duration or type space for improvement. It is correct that the use of of interest rate and thus, they should be taken into derivatives implies challenges regarding fair value consideration by ALM centre when calculating FTP of these instruments, hedge accounting and the like. rates. Treatment of options embedded in banking However, this should not represent an obstacle for products differs depending on whether they are their development since we are discussing plain explicit or implicit (behavioural) options. Some of vanilla derivatives such as currency swap, interest the following papers will deal in more detail with rate swap or cross-currency swap. this issue. Currently we will only mention that in our opinion these are the main factors contributing Current challenges of ALM function in banks to the importance of prepayment option with loans. One of the main functions of the ALM in banks is To remind, prepayment option (the possibility of FTP management, i.e. development and improvement early repayment of loan) is a type of implicit option that depends on the will of the owner of that option and not on market developments as it is the case with explicit options like caps/floors, which will be realised automatically based on the development of certain market variables. Prepayment in the hands of loan beneficiary is call option which gives the right to the holder to repurchase its debt under predefined price. As any other purchase option, its value grows – this is the situation nowadays when due to a decline in general level of interest rates fair value of loans increases. Exercising an option of early loan repayment is beneficial to customers, simply put. This logic underlies increasingly mass prepayment and loan refinancing under lower inter- est rates. The second factor is the possibility to come UPRAVLJANJE AKTIVOM I PASIVOM U BANKAMA januar 2017 | :Bankar

78 dodatnog keša. Konačno, uvek će postojati klijenti up to additional cash by refinancing the loan and koji žele da iskoriste opciju prepaymenta kako bi exercising the option. Finally, there has always been zatvorili kreditnu partiju iz sopstvenih izvora, bez customers that want to use prepayment option to obzira da li je opcija „u novcu“ ili ne. Neadekvatan close loan from their sources regardless the option obuhvat opcionalnosti u FTP sistemu banke može is in the money or not. Inadequate scope of options iskriviti sliku i poruku koja se šalje komercijalnim in FTP system of the bank may distort the picture organizacionim delovima u pogledu njihove profita- and message sent to organisational parts regarding bilnosti i uspešnosti prodaje sa jedne stane, odnosno their profitability and successfulness of sale on one staviti ALM centar u nezavidan položaj. To je ona side i.e. placing ALM into unenviable position. This neprijatna situacija kada prema FTP metodologiji svi is unpleasant situation when, according to FTP komercijalni organizacioni delovi rastu u pogledu methodology, all commercial organisational parts profitabilnosti pojedinačno posmatrano, dok u zbiru grow regarding the profitability on solo basis, while na nivou banke u celini rezultat opada. aggregately the result declines. Takođe, posmatranje samo neto prihoda od kamata In addition, if only net interest income is observed putem FTP metode, ili bruto operativnog rezultata using FTP method, or gross operating result, which koji pored neto kamata obuhvata i neto prihode od in addition to net interest includes also net interest naknada/provizija, finansijskih transakcija i ostalog, and fee income, financial transactions and other, it is nije dovoljno da bi se doneo konačan zaključak o not sufficient to draw final conclusion on profitability rentabilnosti kako postojećih tako i novih proizvoda. of both current and new products. It is necessary Naime, neophodno je proniknuti dublje tj. obuhvatiti to go deeper and include also operating expenses i operativne troškove (OPEX), pored finansijskih koje (OPEX), in addition to financial ones simulated simuliramo kroz FTP stope. OPEX mogu ugroziti through FTP rates. OPEX may jeopardise overall ukupnu profitabilnost konkretnog proizvoda/klijenta profitability of specific product/customer reducing spuštajući inače pozitivan „NBI“ tog proizvoda/ otherwise positive NBI of such product/customer klijenta na nivo negativnog neto rezultata. Ipak, i to negative net results. However, apart such great pored ovako velikog značaja OPEX, mnoge banke importance of OPEX, many banks manage their upravljaju svojim operativnim rashodima na nivou operating expenses at the level of C/I ratios and in C/I racija i na način kao da su ti troškovi fiksni i the manner as if these expenses are fixed and indi- indirektni (opšti) troškovi - a nisu. Naime, opera- rect (general) and they are not. Operating expenses tivne troškove treba alocirati na konačne nosioce should be allocated to final bearers of expenses- troškove - proizvode, i upravljati njima kao da su products and manage them as if they were direct direktni i varijabilni troškovi. and variable costs. Konačno, kamatni rizik u bankarskoj knjizi (IRRBB) Finally, interest rate risk in the banking book je još jedna u nizu tema koja okupira ALM eksperte. (IRRBB) is one other the issuer interested from Iako banke upravljaju kamatnim rizikom u bankar- ALM experts. Although banks manage interest rate skoj knjizi na način da se fokusiraju na „re-pricing“ risk in banking book by focusing on repricing risk rizik i minimiziranje gepova (otvorenih pozicija) u and minimising gaps (open positions) regarding pogledu ponovnog određivanja cena, ipak, to više determining prices, it is not sufficient. Growing basis nije dovoljno. Narastajući bazni rizik i rizik opcio- risk and option risk in the banking book require nalnosti u bankarskoj knjizi zahtevaju unapređene improvement of methodologies, tools for scenario metodologije, alate za scenario analize, modeliranje analysis, modelling and similar. In the future, it can i slično. U budućnosti možda možemo očekivati i da be expected that Basel Committee would likely to Bazelski Komitet prebaci IRRBB iz stuba II u stub I transfer IRRBB from Pilar II into Pillar I regarding u pogledu minimalnih kapitalnih zahteva. Sve ovo minimal capital requirements. This may increase uzdiže IRRBB kao rizik na koji će se morati obratiti IRRBB as a risk to which higher attention must be veća pažnja u nastupajućem periodu. paid in the coming period.

AKTIVA I PASIVA januar 2017 | :Bankar

80

Upravljanje i ALCO komitet

Priča o funkcionisanju banke, jednoj organizacionoj jedinici unutar nje ili pak Ana Rašović nekom od proizvoda koje ona nudi, mogla bi početi prilično jednostavno. Nova Banka Živimo u svijetu rijetkosti. Svakodnevno smo suočeni sa ograničenošću resursa i upućeni na neprekidno razmišljanje kako da ih iskoristimo na najbolji način. Kao finansijski posrednici čije je postojanje na tržištu uslovljeno ponudom i tražnjom, banke imaju zadatak povezati one sa viškom i one sa manjkom sredstava. Činjenica je da je danas nezamislivo voditi biznis, privredu, jednom riječju živjeti bez njih. Upravljanje aktivom i pasivom je priča o ulozi istoimene organizacione jedinice unutar banke. Priča koja, premda dosta nepoznata ljudima izvan finansijskog svijeta, mnogo govori o samom funkcionisanju cijele institucije. Tokom 40-ih i 50-ih godina prošlog vijeka, bankarstvo se zasnivalo na upravljanju aktivom, usljed izobilja sredstava koja su se čuvala u obliku depozita. Međutim, kako se dostupnost kratkoročnih jeftinih sredstava smanjivala, fokus bankarskog menadžmenta se pomjera na upravljanje pasivom. Tokom 80-ih godina, nestabilnost kamatnih stopa u SAD-u i Evropi pomjerila je granice upravljanja aktivom i pasivom. Naime, banke su postale sve više fokusirane na praćenje kamatnih stopa koje su uslovljavale stanje kako jedne, tako i druge strane bilansa UPRAVLJANJE AKTIVOM I PASIVOM Upravljanje aktivom i pasivom (engl. Assets Liabilities Management - ALM) je praksa upravljanja rizicima koji proizilaze iz neusklađenosti aktive i ročnoj i valutnoj strukturi, odnosno strukturi i pasive. Predstavlja strateški alat za upravljanje prikupljenih depozita i odobrenih kredita. Ročna kamatnom stopom i rizikom likvidnosti sa kojima struktura obije strane bilansa banke daje uvid u se banka susrijeće. Aktivu banke čine krediti, usklađenost dospjelih potraživanja i dospjelih plasmani u hartije od vrijednosti, likvidna aktiva, obaveza. Nerijetko se dešava da je neadekvatna gotovina i ostala aktiva. Pasivu banke čine oročeni ročna struktura upravo ona koja donosi profit banci, depoziti, depoziti po viđenju, obaveze na tržištu što otvara vrata dubljim analizama i procjenama novca, ostale obaveze i kapital. Pravilno uprav- upravljanja rizicima. ljanje podrazumijeva dnevno vođenje računa o Održavanje kratkoročne i dugoročne bilansne izvorima finansiranja banke i plasmanima, kao ravnoteže predstavlja veliku važnost ali i veliki january 2017 | :Bankar ASSETS AND LIABILITY 81

Ana Rašović Nova Banka The Management and ALCO

A story of the functioning of a bank, an organisational unit within the bank, or some of the products it offers can start very simply. We live in the world of rarities. We are facing with limited resources on daily basis and referred to constant thinking on how to use them in the best possible way. As financial intermediaries whose existence in the market depends on demand and supply, banks are aimed at connecting those who have a surplus of funds and those who lack funds. The fact is that nowadays it is impossible to manage business, economy or live without them. Assets and liability management is a story on the role of this organisational unit within a bank. A story, although rather unknown to people outside the financial world, speaks a lot on the functioning of the entire institution. During 1940s and 1950s, banking was based on the asset management, due to the vast amount of funds kept as deposits. However, as the availability of short-term cheap funds declined, the focus of the management moved to the liabilities management. During 1980s, instability in interest rates in the USA and Europe moved the limits of assets and liabilities management. To wit, banks have become increasingly focused on monitoring these rates that affected the situation in both sides of the balance sheets

Assets and Liabilities Management a bank, which opens the door for deep analysis and Assets and Liabilities Management (ALM) is a practice assessments of risk management. of risk management arising from assets and liabilities Balancing of short-term and long-term balance mismatch. It represents a strategic tool for interest rate sheet is very important and also poses a great chal- risk management and liquidity risk the bank is facing. lenge to the bank. Short-term balance is the ratio of Assets consists of loans, placements in securities, cash and short-term placements in asses that should liquid assets, cash and other assets. Bank’s liabilities be higher than or equal to short-term sources on are made up of term deposits, demand deposits, the liabilities side. Long-term balance is the ratio of money market liabilities, other liabilities and capital. long-term placements on the assets side that should Correct management implies taking care of sources be lower than or equal to long-term sources on the of financing of a bank and placements and maturity liabilities side. The balance is possible in the conditions and currency structure, i.e. structure of gathered when short-term placements with cash are higher deposits and loans granted. Maturity match of both than short-term sources provided that the long-term sides of the balance sheet of the bank gives insight placements are not higher than long-term sources. in the balance between matured receivables and Short-term balance sheet imbalance results in illiquid- matured obligations. It often happens that inadequate ity when short-term placements and cash are lower than maturity structure is the one that brings a profit to short-term sources of funds. This means that a portion of AKTIVA I PASIVA januar 2017 | :Bankar

izazov za banku. Kratkoročna bilansna ravnoteža 82 predstavlja odnos novčanih sredstava i kratko- ročnih plasmana u aktivi koji trebaju biti veći ili jednaki od kratkoročnih izvora sredstava u pasivi. Dugoročna ravnoteža predstavlja odnos dugoročnih plasmana u aktivi koji trebaju biti manji ili jednaki od dugoročnih izvora sredstava u pasivi. Ravnoteža je moguća u uslovima kada su kratkoročni plasmani sa novčanim sredstvima veći od kratkoročnih izvora sredstava, pod uslovom da dugoročni plasmani nisu veći od dugoročnih izvora sredstava. Kratkoročna bilansna neravnoteža za posljedicu ima nelikvidnost u situacijama kada su kratkoročni plasmani i novčana sredstva manji od kratkoročnih izvora sredstava. Ovo znači da se dio dugoročnih plasmana finansira iz kratkoročnih izvora sredstava. Ugroženi balans je ponovo moguće uspostaviti ukoliko povećamo dugoročne izvore sredstava za iznos u kom su dugoročni plasmani pokriveni kratkoročnim izvorima sredstava. Sa druge strane, dugoročna bilansna neravnoteža nastaje i kada su dugoročni plasmani veći od dugoročnih izvora sredstava. Jedan od primjera ovakve neravnoteže je situacija u kojoj su dugoročna ulaganja u osnovna sredstva, akcionarski kapital banke, veća od iznosa likvidnosti banke. Takođe, postoji i model povećanja kapitala banke. profitabilnosti plasmana prilikom kog se veći iznos Ono što je važno je da je upravljanje aktivom sredstava usmjerava ka plasmanima u kreditni i uslovljeno ponašanjem klijenata, s obzirom da je investicioni portfolio banke, dok je manji iznos banka obavezna držati određeni iznos likvidne namijenjen za održavanje likvidnosti. rezerve kako bi bez problema izmirila obaveze prema klijentima. Zakonski je propisano obavezno NAJČEŠĆE POSMATRANI RIZICI izdvajanje jednog dijela aktive u obliku obavezne Banke pružaju usluge koje ih izlažu različitim rezerve. Banka ima dužnost strukturirati depozite vrstama rizika, uključujući: kreditni rizik; tržišni i usaglasiti ročnost između plasmana i izvora sred- rizik koji buhvata devizni i rizik kamatne stope; stava. Takođe, važno je pažljivo utvrditi troškove po rizik likvidnosti i operativni rizik. osnovu depozita i prinosa na kapital banke. Sasvim Osnovna svrha upravljanja aktivom i pasivom je logično da, što je veći rizik - veći je i prinos, i jeste kreiraje metoda i modela koji će omogućiti obratno. Pitanje menadžmenta je da li će prioritet mjerenje i posmatranje pomenutih rizika, kao i biti veći prinos ili izbjegavanje rizičnih scenarija. pružiti odgovarajuće strategije kako bi se na naj- Kada je u pitanju upravljanje pasivom, važno je efikasniji način njima upravljalo. Efikasne metode reći da depoziti čine dominantan udio u izvorima nastoje upravljati obimom, različitim kombina- sredstava banke. Pasiva predstavlja finansijsku cijama, dospijećem, osjetljivošću kamatne stope, osnovu preko koje se vrši realizacija posredničke kvalitetom i likvidnošću sredstava, a sve u cilju funkcije koju banka na tržištu obavlja. U zavisnosti ostvarenja unaprijed definisanih odnosa rizika i od ciljeva i strategije banke postoji mnoštvo modela prinosa. Upravljanjem aktivom i pasivom banke upravljanja pasivom. Jedan od modela može biti nastoje stabilizovati kratkoročni i dugoročni profit, grupisanje sredstava u cilju kontinuiranog održavanja kao i sve ono što banka planira na dugi rok. ASSETS AND LIABILITY

long-term placements are funded from short-term sources When it comes to the liabilities management, it is of funds. Threatened balance sheet can be established important to say that deposits accounted for the main again if long-term sources of funds are increased by the share in the bank’s sources of funds. Liabilities rep- amount in which long-term placements are covered by resent a financial basis for realising agency function short-term sources of funds. On the other hand, long- which the bank performs in the market. Depending term balance sheet imbalance occurs also when long-term on the objectives and the strategy of the bank, there placements are higher than long-term sources of funds. are many models for liabilities management. One One of the examples of such imbalance is the situation of the model can be pooling of funds for ongoing where long-term investments in fixed assets, share capital maintenance of bank’s liquidity. Also there is a model of the banks, is higher than the amount of bank’s capital. of increase in the profitability of placements where Assets management arises from the behaviour of higher amount of funds is directed to placements in the client, since the bank is obliged to hold a certain credit and investment portfolio of the bank, while amount of liquid reserves to settle obligations to its smaller amount is intended for maintaining liquidity. clients without any problem. The law prescribed com- pulsory allocation of a portion of assets in the form Most Frequently Observed Risks of reserve requirements. Bank has the obligation to Banks offer services that expose them to various types structure deposits and match maturity of placements of risks, including: credit risk; market risk including with sources of funds. In addition, it is important to currency and interest rate risks; liquidity risk and determine expenses based on deposits and return on operational risk. bank’s capital very carefully. It is quite logical that the The main purpose of assets and liabilities man- higher the risk the higher the return and vice versa. It is agement is to create methods and models that will up to the management to see whether the priority will enable measurement and monitoring of these risks be either higher return or avoidance of risk scenarios. and provide suitable strategies for their management AKTIVA I PASIVA januar 2017 | :Bankar

Upravljanje aktivom i pasivom se najviše fokusira ALCO KOMITET 84 na rizik likvidnosti i tržišni rizik. Rizik likvidnosti Svaka banka mora imati tijelo odgovorno za je moguće definisati kao rizik nezadovoljavanja implementaciju upravljanja aktivom i pasivom. očekivanih i neočekivanih trenutnih i budućih Komitet koji upravlja aktivom i pasivom banke tokova novca i kolaterala. Od banke se očekuje se naziva ALCO Komitet (eng. Assets Liabilities da na efikasan način ispuni sve svoje obaveze, bez Committee). Sam koncept upravljanja proi- uticaja na svoje poslovne aktivnosti. Tržišni rizik zilazi iz komiteta, koji definiše funkcije, vrste podrazumijeva devizni rizik i rizik kamatne stope. rizika koje utiču na njih, kao i prihvatljive nivoe U svakoj banci postoji tijelo koje definiše obim rizičnih radnji. Komitet je najčešće u sljede- poslova službe upravljanja aktivom i pasivom, kao ćem sastavu: Izvršni direktor(i); Rukovodilac i vrste rizika koje su službom obuhvaćne. Zove se Upravljanja aktivom i pasivom; Rukovodilac ALCO Komitet. Finansija; Rukovodilac Korporativnog bankar- stva; Rukovodilac Poslovanja sa stanovništvom; KLJUČNE FUNKCIJE UPRAVLJANJA Rukovodilac Upravljanja rizicima. AKTIVOM I PASIVOM Glavni cilj komiteta je da planira i kontroliše Najznačajnije funkcije upravljanja aktivom i pasi- finansijske tokove, uspostavi strukturu bilansa banke vom banke se sastoje u upravljanju gepovima i i kretanje ukupne vrijednosti bilansa na način da ročnom usklađenošću sa jedne, i upravljanju rizi- omogući postizanje ciljne profine stope institucije. kom kamatne stope sa druge strane. U nastavku su Pomenuto se postiže adekvatnim upravljanjem neke od ključnih odgovornosti ove organizacione likvidnošću, kapitalom banke i rizicima. ALCO jedinice banke. će, u skladu sa utvrđenim procedurama, ustano- viti nivo kamatnih stopa i sve ostale uslove koji se ■■ Upravljanje strukturalnim gepovima odnose na stavke aktive i pasive, kao i odlučivati U finansijskim institucijama sa zastarjelim princi- o rokovima dospijeća i cijenama pojedinih stavki. pima upravljanja aktivom i pasivom, ovo je možda Komitet razmatra kamatne stope i prinose, obim i najkritičniji i najposmatraniji aspekat istoimene zajmova i investicionog portfolija, rokove dospijeća jedinice. Upravljanje likvidnošću se uglavnom zajmova, oročenih depozita i plasmana, devizne fokusira na kratkoročne ciljeve, dok se upravlja- kurseve, stope inflacije, kao i druge makroekonom- nje gepovima fokusira uglavnom na ciljeve duže ske indikatore. ALCO treba stremiti ostvarivanju od godinu dana. Sve ovo utiče na neophodnost prihvatljivog nivoa izloženosti banke finansijskom konstantnog praćenja pozicija aktive i pasive i riziku, a da istovremeno ostvaruje finansijske usklađivanja kratkoročnih i dugoročnih planova. ciljeve banke. Komitet zasijeda najmanje jednom mjesečno u ■■ Praćenje odnosa dugoročne aktive / dugoročne cilju osvrtanja na trenutno stanje, kao i kreiranja pasive strategija u cilju upravljanja aktivom i pasivom. Ljudi koji se bave upravljanjem aktive i pasive Odgovoran je za usvajanje akata koja se odnose na uglavnom preferiraju fokusirati se na odnos aktive rad upravljanja aktivom i pasivom. Svako ALCO i pasive koja prelazi godinu dana postavljajući zasijedanje je praćeno zapisnikom sa sjednice, kao prihvatljive limite upravo na ovaj period. i osvrtanjem na prethodnu. Upravljanje aktivom i pasivom predstavlja srž ■■ Upravljanje likvidnošću poslovanja banke, njene održivosti i profitabilno- Ovo je jedan od najvažnijih zadataka banke. sti. Adekvatnim upravljanjem pozicijama aktive i Upravljanje likvidnošću na kratak rok se postiže pasive, ne utiče se samo na povećanje bilansne sume upravljanjem aktive, a na srednji i upravljanjem banke, već i na njen kvalitet. Samim tim se ostva- strukturom pasive. ruje sigurnost plasmana, likvidnost, profitabilnije poslovanje, a sve u cilju pružanja što kvalitetnijih ■■ ALCO izvještavanje usluga klijentima. DO 15 GODINA

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*Informacija o ovom proizvodu nije potpuna. Nominalne kamatne stope (NKS) na godišnjem nivou iznose od 8,99%. Odobravanje CKB kredita za mala i srednja preduzeća zavisi od bodovanja prema internim kriterijumima Banke i Opštih uslova poslovanja CKB-a. Za više informacija o CKB kreditima za mala i srednja preduzeća, uslovima i načinu apliciranja posjetite najbližu lijalu Crnogorske komercijalne banke, naš website www.ckb.me ili pozovite CKB Call Centar 19894. january 2017 | :Bankar ASSETS AND LIABILITY 87 in the most efficient manner. Efficient methods tend ALCO to manage volume, different combinations, maturity, Each bank must have a body responsible for the interest rate sensitivity, asset quality and liquidity in implementation of assets and liabilities manage- order to make pre-defined relationships of risks and ment. The Committee managing assets and liabili- Zato što i Vaš returns. Banks tend to stabilise short-term and long- ties of the bank is called ALCO (Asset Liability term profits through assets and liabilities management Committee). The concept of management arises and anything the bank plans in long run. from the Committee, which defines functions, types Asset and liabilities management is mainly focused of risks influencing them and acceptable levels of biznis zaslužuje on liquidity risk and market risk. Liquidity risk can be risky activities. Most frequently the Committee defined as the risk of unsatisfying expected and unex- consists of the following: Executive Director(s); pected current and future cash flows and collateral. The Assets Liabilities Management Unit Manager; bank is expected to meet all its obligations in efficient Finances Unit Manager; Corporate Banking Unit veliko priznanje... manner without influencing its business activities. Manager; Retail Unit Manager; Risk Management Market risk implies currency risk and interest rate risk. Unit Manager. Each bank has a body that defines the volume of The main objective of the Committee is to plan activities of the unit for asset and liabilities management and control financial flows; establish structure of and the type of risks the unit covers. It is called ALCO. the bank balance sheet and trend of total value of the balance sheet so that it enables the accomplish- Key Functions of Assets and ment of targeted profit rate of the institution. This is CKB krediti Liabilities Management achieved through adequate liquidity management, The most important functions of assets and liabilities bank’s capital and risks. ALCO will, in accordance management consist in managing gaps and maturity with established procedures, determine the level mismatch on one side and interest rate risk manage- of interest rates and all other conditions pertain- za preduzeća ment on the other side. Some of the key responsibilities ing assets and liabilities items and decide upon of this organisational unit of the bank are given below. maturity deadlines and prices of individual items. The Committee discussed interest rates and ■■ Structural gap management returns, the volume of loans and investment port- This is the most critical and most observed aspect of the folio, maturity of loans, term deposits and place- unit in financial institutions having outdated principles ments, foreign exchange rates, inflation rates and of assets and liabilities management. Liquidity man- other macroeconomic indicators. ALCO should NKS od 8,99% na godišnjem nivou agement is mostly focused on short-term objectives, strive to accomplish the acceptable level of bank’s while gap management is focused on objectives longer exposure to financial risk and at the same time to sve vrste kredita malim i srednjim preduzećima than one year. This influences the necessity of constant achieve financial objectives of the bank. monitoring of the assets and liabilities positions and The Committee meets at least once a month in adjustment of short-term and long-term placements. order to review the current situation and create ksna kamatna stopa strategies for assets and liabilities management. It ■■ Monitoring long-term assets / long-term liabilities ratio is responsible for the adoption of tools referring to Persons dealing with assets and liabilities management the work of assets and liabilities management unit. mostly prefer to focus on the assets and liabilities ratio Every ALCO meeting is followed by minutes from exceeding one year setting limits acceptable for that period. the meeting and the review of the previous meeting. Assets and liabilities management is a core of ■■ Liquidity management bank activities, its sustainability and profitability. This is one of the most important tasks of the bank. Adequate management of assets and liabilities CKB kreditima za mala i srednja preduzeća povećajte ekasnost Liquidity management in short period is achieved through positions do not influence only the increase in Vašeg biznisa, riješite probleme trenutne nelikvidnosti, unaprijedite asset management, and it covers also management of bank’s total assets and liabilities, but also its quality. konkurentnost, na pravi način realizujte razvojne potrebe i nova the liabilities structure in medium term. This creates the security of placements, liquidity, ulaganja Vašeg preduzeća... more profitable activities in order to provide more ■■ ALCO reporting qualitative services to clients. *Informacija o ovom proizvodu nije potpuna. Nominalne kamatne stope (NKS) na godišnjem nivou iznose od 8,99%. Odobravanje CKB kredita za mala i srednja preduzeća zavisi od bodovanja prema internim kriterijumima Banke i Opštih uslova poslovanja CKB-a. Za više informacija o CKB kreditima za mala i srednja preduzeća, uslovima i načinu apliciranja posjetite najbližu lijalu Crnogorske komercijalne banke, naš website www.ckb.me ili pozovite CKB Call Centar 19894. VREMENA PROŠLA januar 2017 | :Bankar 88 NOVČARSTVO ZETSKE DINASTIJE BALŠIĆ Najreprezentativniji komadi novca Balšića nijesu u crnogorskim privatnim ili muzejskim kolekcijama već u Narodnom muzeju Srbije, Srpskoj akademiji nauka i Miodrag Kirsanov umjetnosti i brojnim privatnim kolekcijama od Beograda, Zagreba, Rima itd. Zadnjih Centralna banka godina nekoliko mlađih kolekcionara sakupilo je zavidne zbirke srednjovjekovnog i Crne Gore drugog novca ali nijesu zainteresovani za prodaju. Možda se jednog dana neki od njih sjete da barem svoje duplikate, doniraju ili prodaju Muzeju novca

a teritoriji današnje Crne Gore vjekovima su se smje- pripadnici aristokratskog staleža, zbližili ili čak orodili sa Nnjivale kulture, države i njihovi vladari koji su nam Nemanjićima i tako izdigli iznad druge zetske vlastele. u nasljedstvo ostavili baštinu, čiju vrijednost i značaj kao Primat i vlast u Zeti 1360. preuzeo je Balša I koji je društvo još nijesmo na pravi način spoznali i valorizovali. imao tri sina. Stracimira (+1372.), Đurđa I koji je vladao Činjenica da je da na teritoriji Crne Gore dokumento- od 1362. do smrti 1378., i Balšu II Balšića koji je vladao do vano i pronađeno mnogo prednovčanih sredstava plaća- svoje pogibije prilikom odbrane Berata od Turaka 1385. nja, antičkog novca (keltskog, ilirskog, grčkog, rimskog i Stracimirov sin Đurađ II Stracimirović Balšić vladao je vizantijskog), zatim srednjovjekovnog novca balkanskih, Zetom od 1385. do 1403. Njega nasljeđuje sin Balša III Balšić mediteranskih, azijskih i afričkih država, govori da se tu koji je imao samo 17 godina, a kako nije imao nikakvog odvijala veoma razvijena robna razmjena i trgovina robom političkog iskustva Zetom je vladala njegova majka Jelena. iz cijelog, tada poznatog, svijeta. U skladu sa praksom drugih vladarskih porodica, bračnim Vađenje rude, prerada i proizvodnja plemenitih metala vezama sa vladarima susjednih zemalja, uspijevali su da govori o visokom stepenu poznavanja tehnologije još od ojačaju vojne saveze, prošire teritoriju Zete i na visokom ilirske kovnice u Risnu, preko Brskova, Skadra do Kotora u nivou održe njenu ekonomiju, kojem se novac posljednji put kovao za vrijeme francuske Sve do 1369. Balšići su bili pravoslavni, ali su tada kon- okupacije 1814. godine. vertirali i vratili se u katoličanstvo. Tom prigodom Papa Prvi vladari u hiljadugodišnjoj istoriji Crne Gore koji su Urban V poslao im je pismo u kojem je Stracimira, Đurđa kovali svoj novac bili su iz porodice Balšića koja je Zetom i Balšu nazvao županima Zete. vladala od 1360. do 1421. Smatra se da su u Duklju, koja je Oko 1370. Zeta se prostirala od Budve do Prizrena i od tada bila pod vlašću raških gospodara Nemanjića, doselili Lješa do Plava. iz francuske Provanse krajem XIII vijeka i da je njihovo Ekonomija Zete Balšića bila je na visokom nivou. Kovali su prezime bilo de Bo. Takođe se smatra da su pripadali svoju valutu – dinar, a veliki broj vrsta srebrnog novca svje- aristokratskom staležu. Srbijanska istoriografija smatra doči o razvijenoj unutrašnjoj i spoljnoj trgovini. Zabilježeno da njihovo prezime potiče od riječi BAL što na staroslo- je da su njihove kovnice radile u Prizrenu(1372-1378) venskom znači vidar i da je to bilo zanimanja njihovog Skadru (od 1392), a kasnije u Ulcinju i Baru. pretka. Lično mi je najprihvatljivije mišljenju koje je u Bakarni novac gradova korišćen je samo u unutrašnjem knjizi Kraljevstvo Slovena 1601. iznio Mavro Orbin. Po prometu. njemu, Balšići potiču „od sitnog vlastelina Balše, slove- Zbog velikog broja vrsta novca u ovom broju prikaza- niziranog Vlaha (Iliroromana, odnosno starovjekovno ćemo novac Balšića kao vladara, a novac gradova pod romaniziranih Ilira) koji je vojničkim zaslugama, od njihovom vlašću u sljedećem. cara Dušana ili njegovog nasljednika cara Uroša, stekao Pregled vrsta novca Balšića dajemo prema katalogu Srpski vlastelinsko zvanje“. srednjevekovni novac, Miroslava M. Jovanovića iz kojeg su Prvi Balšić koji se pominje u istorijskim izvorima je preuzete ilustracije. Namjerno su prikazani i komentari izvjesni Mate, koji je 1304. nosio pismo kraljice Jelene o broju poznatih primjeraka kao bi čitaoci imali uvid u Anžujske dubrovačkom knezu. Moguće je da su se, kao rijetkost ovog novca. Opisi aversa (lica) i reversa (naličja) january 2017 | :Bankar PAST TIMES 89 MONETARY INDUSTRY OF THE ZETA IN THE TIME OF BALŠIĆ DYNASTY The most presented pieces of coins of the Balšić family were not in Montenegrin Miodrag Kirsanov private or museum collections but in the National Museum of Serbia, Serbian Central bank of Academy of Science and Art and numerous collectors from Belgrade, Zagreb, Montenegro Rome, etc. Several younger collectors have gathered impressive collections of medieval and other money in the last years but they are not interested in selling them. Perhaps some of them will remember someday at least to donate or sell their duplicates to the Money Museum

ifferent cultures, states and their rulers have been present became related to the Nemanjić family, thus becoming Dat the territory of the current State of Montenegro, greater than other the Zeta nobility. who bequeathed an inheritance, which value and impor- The primacy and ruling in Zeta in 1360 was taken over by tance has not been known and values by our society yet. Balša I who had three sons: Stracimir (+1372.), Đurađ I, who The fact that many pre-monetary means of payment have ruled in period 1362 until his death in 1378, and Balsa II Balšić been found and documented at the territory of Montenegro, who ruled until he was killed during the defence of Berat from as well as antique coins (Celtic, Illyrian, Greek, Roman and Turks in 1385. Stracimir’s son, Đurađ II Stracimirović Balšić, Byzantine) and also medieval coins of Balkan, Mediterranean, ruled Zeta in period 1385 -1403. His was succeeded by his son, Asian and African countries speaks that well-developed com- Balša III Balšić, who was only 17 and did not have any political modities exchange and trade in goods took place there from experience, and his mother Jelena ruled Zeta. all over the, then known world. In accordance with the practice of other ruling families, Mining, processing and production of precious metals showed marriages with the rulers of neighbouring countries, they high level of technology from the Illyrian mint in Risan, from managed to strengthen military alliances, expand the territory Brskovo, Shkodër to Kotor where coins been minted for the of Zeta and maintain their economy at the high level. last time during French occupation in 1814. Until 1369, the Balšić family was orthodox but they converted The first rulers in thousand year’s long history of Montenegro into Catholic religion. The Pope Urban V sent them letter in who minted their coins were from the Balšić family who ruled which he called Stracimir, Đurađ and Balša Princes of Zeta. Zeta in period 1360 – 1421. It is believed that they moved to In 1370, Zeta ranged from Budva to Prizren and from Lješ Duklja, which was then ruled by the Nemanjić family from to Plav. Raška, from French Provence in 13th century and their last The economy of Zeta during the period of the Balšić ruling name was de Bo. In addition, it is believed that they were was at the high level. They minted their own currency – dinar, aristocrats. Serbian historiography believes that their last and high number of types of silver money witnessed on devel- name originates from the word BAL which in Old Church oped internal and external trade. It was recorded that their Slavonic language means healer and it is believed that it was mints worked in Prizren (1372—1378), Shkodër (from 1392), the occupation of their ancestor. In my personal opinion, the and later in Ulcinj and Bar. most acceptable opinion is given by Mavro Orbin in his book Copper money of the cities was used only in internal turnover. Kingdom of Slovene in 1601. According to him, the Balšići Due to large number of coins, coins of the Balšić family as originated “from nobleman Balša, who was believed to be rulers will be shown in this edition, while coins of the cities Vlach origin (Roman origin), and who gained seignior title under their authority will be presented in next edition. from the Emperor Dušan or his successor, the Emperor Uroš, The overview of coins of the Balšić family is given according due to his military merits”. to the catalogue of the book Serbian Medieval Coins (Srpski The first Balšić who is mentioned in history sources srednjevekovni novac), by Miroslav M. Jovanović from which was certain Mate who brought letter of the Queen Helen the illustrations have been taken. Comments on the number of Anjou in 1304 to Dubrovnik’s Prince. It is possible that of known copies are given so that the readers can see how rate they became closer as members of aristocratic class or even these coins are. The descriptions of the obverse (front) and VREMENA PROŠLA januar 2017 | :Bankar

reverse (back) are followed by the illustrations, 90 slijede ilustracije, mada se kod drugih although opposite descriptions can be found autora mogu naći i suprotni opisi. in other authors. 1 Dinari Đurđa I Balšića Dinars of Đurađ I Balšić (1372-1378) (1372-1378) 1. The obverse contains Cyrillic inscription 1. Na aversu je ćirilični natpis u četiri in four lines as presented on the picture 1. reda, kao na slici 1. Na reversu je The reverse shows Christ on the throne. prikazan Hrist na prijestolu. Desno On the right is monogram G. od njega je monogram G. 2. The obverse contains Cyrillic inscription 2. Na aversu je ćirilični natpis u 5 in five lines as shown on the picture 2. The redova, kao na slici 2. Na reversu je 2 reverse shows Christ on the throne. prikazan Hrist na prijestolu. 3. The obverse contains horizontal Cyrillic 3. Na aversu je horizontalni ćirilični inscription as shown on the picture 3. The natpis, kao na slici 3. Na reversu je reverse shows helmet with the veil, float šlem sa velom, daščicom i čelenkom and a crest in the form of rosettes facing u obliku rozete okrenut lijevo. Lijevo the left. Left and right from the helmet is i desno od šlema je horizontalni horizontal inscription in Cyrillic as shown natpis ćirilicom kao na slici 3. 3 on the picture 3.

4. Na aversu je ćirilični natpis u 4. The obverse contains Cyrillic inscription četiri reda kao na slici 4. Na reversu in four lines as presented on the picture je vučja glava sa isplaženim jezikom 4. The reverse shows wolf’s head with the okrenuta udesno. Ispod nje je šlem tongue sticking out facing right. Beneath sa prorezima za oči i uši, takođe it is a helmet with slits for the eyes and okrenut udesno. Ispred njega desno ears, also turned to the right. In front of it je monogram G. 4 is monogram G on the right.

5. Na aversu je ćirilični natpis u pet 5. The obverse contains Cyrillic inscription redova, kao na slici 4. Na reversu je in five lines as presented on the picture 4. vučja glava sa isplaženim jezikom The reverse shows wolf’s head with the okrenuta udesno. Ispod nje je šlem tongue sticking out facing right. Beneath it sa prorezima za oči i uši, takođe is a helmet with slits for the eyes and ears, okrenut udesno. also turned to the right. 5 6. Na aversu je ćirilični natpis u pet 6. The obverse contains Cyrillic inscription redova kao na slici 6. Na reversu je in five lines as presented on the picture 6. prikazan Hrist na prijestolu. The reverse shows Christ on the throne.

7. Na aversu je ćirilični natpis u pet 7. The obverse contains Cyrillic inscription redova kao na slici 7. Na reversu je in five lines as presented on the picture 7. vučja glava sa isplaženim jezikom The reverse shows wolf’s head with the okrenuta udesno. Ispod nje je šlem 6 tongue sticking out facing right. Beneath it sa prorezima za oči i uši, okrenut is a helmet with slits for the eyes and ears, ulijevo. Desno od njega je natpis also turned to the right. The inscription is kao na slici 7. on the rights as presented on the picture 7. january 2017 | :Bankar PAST TIMES 91 Jedna od karakteristika novca Balšića One of characteristics of the money of the je prikaz heraldičkih objekata koji Balšić family is the presentation of Heraldic se javljaju na licu i naličju novca, a objects that appear on the obverse and reverse koji su dio grba i stvarni šlem. Štit 7 of coins, and which are part of the coat of sa vučjom glavom okrenutom lijevo, arms and actual helmet. Shield with wolf’s karakterističan je za Balšu II Balšića, head turned left is characteristic for Balša II Đurđa II Stracimirovića i Balšu III. Balšić, Đurađ II Stracimirović and Balša III.

8. Na aversu je ćirilični natpis u pet redova kao na 8. The obverse contains Cyrillic inscription in five lines as pre- slici 8. Na reversu je vučja glava sa isplaženim jezikom sented on the picture 8. The reverse shows wolf’s head with the okrenuta ulijevo. Ispod nje je šlem sa prorezom za oči, tongue sticking out facing right. Beneath it is a helmet with slits okrenut udesno. Desno od njega je natpis kao na slici 8. for the eyes and ears, also turned to the right. The inscription is on the rights as presented on the picture 8. 9. Na aversu je ćirilični natpis u pet redova kao na slici 9. Na reversu je 9. The obverse contains Cyrillic inscription vučja glava sa isplaženim jezikom in five lines as presented on the picture 9. okrenuta ulijevo. Ispod nje je šlem 8 The reverse shows wolf’s head with the sa prorezom za oči, okrenut udesno. tongue sticking out facing left. Beneath it Desno od njega je natpis kao na is a helmet with slits for the eyes and ears, slici 9. Jovanović smatra da je ovo also turned to the right. The inscription is nevješt falsifikat iz vremena Balšića. on the right as presented on the picture 9. Jovanović believes that this was unskilled Dinari Balše II Balšića forgery document from the Balšić period. 1378-1385 9 10. Na aversu je prikazan Sv. Stefan, a Dinars of Balša II Balšić 1378-1385 oko njega je natpis latinicom, kao na 10. The obverse shows Saint Stefan and the slika 9a. Na reversu je novo heraldičko Latin inscription is written around it as seen obilježje Balšića: šlem sa krunom, on the picture 9a. The reverse shows new vučjom glavom isplaženog jezika Heraldic sign of the Balšić family: helmet with okrenuta ulijevo. Ispod njega je štit crown, wolf’s head with the tongue sticking sa vučjom glavom isplaženog jezika out facing left. Beneath it is shield with wolf’s okrenutom ulijevo. Okolo je natpis head with the tongue sticking out facing left. latinicom kao na slici 9a. Zanimljivo 10 Latin inscription is written around as shown je da se kod ove vrste novca u natpis in the picture 9a. It is interesting that the last prezime završava na ić. name ends on ić in this type of coins.

Dinari Đurađa II Stracimirovića 1385-1403 Dinars of Đurađ II Stracimirović 1385-1403 11. Na aversu je novo heraldičko obilježje Balšića: 11. The obverse contains new Heraldic sign of the Balšić family: šlem sa krunom, vučjom glavom isplaženog jezika helmet with crown, wolf’s head with the tongue sticking out okrenuta ulijevo. Ispod njega je štit facing left. Beneath it is shield with wolf’s sa vučjom glavom isplaženog jezika head with the tongue sticking out facing okrenutom ulijevo. Okolo je natpis left. Latin inscription is written around latinicom kao na slici 10. Na aversu je as shown in the picture 10. The obverse prikazan Sv. Lovrencije, a oko njega show Saint Lawrence and the Latin sign je natpis latinicom, kao na slika 10. is written around it as seen in the picture Zanimljivo je da se u natpisu na 11 10. The inscription in this type of coins ovoj vrsti novca javlja drugi oblik shows another form of their last name njihovog prezimena - Stracimirović. – Stracimirović. VREMENA PROŠLA / PAST TIMES januar 2017 | :Bankar

12. Na aversu je novo heraldičko 12. The obverse contains new Heraldic 92 obilježje Balšića: šlem sa krunom, sign of the Balšić family: helmet with vučjom glavom isplaženog jezika crown, wolf’s head with the tongue okrenuta ulijevo. Ispod njega je štit sticking out facing left. Beneath it is sa vučjom glavom isplaženog jezika shield with wolf’s head with the tongue okrenutom ulijevo. Okolo je natpis 12 sticking out facing left. Latin inscription latinicom kao na slici 10 a. Na aversu is written around as shown in the picture je prikazan Sv. Stefan, a oko njega je 10a. The obverse show Saint Stefan and natpis latinicom, kao na slici 10 a. the Latin sign is written around it as Zanimljivo je da se u natpisu i na ovoj vrsti novca javlja seen in the picture 10a. The inscription in this type of coins drugi oblik njihovog prezimena - Stracimirović. shows another form of their last name – Stracimirović.

Dinari Konstantina Balšića 1392-1395 Dinars of Konstantin Balšić 1392-1395 13. Na aversu je Sv. Stefan ko kojeg je natpis kao na slici 10a, 13. The obverse shows Saint Stefan as seen on the picture Na reversu je predstava vladara sa krunom na prijestolu 10a. The reverse shows ruler with the crown on the throne bez naslona oko kojeg je natpis kao without bez stools with the inscription na slici 10a. . U natpisu na ovoj vrsti around it as seen on the picture 10a. novca pojavljuje se titula REX. Kovao Title REX appears in this type of coins. ga je kao turski namjesnik (1392-1395) It was minted as Turkish regent (1392- sjeverne Albanije i Skadra. 1395) of northern Albania and Shkodër. 13 14. Na aversu je šlem sa krunom, vučjom 14. The obverse shows helmet with the glavom isplaženog jezika okrenute crown, wolf’s head with the tongue ulijevo. Ispod njega je štit sa vučjom sticking out facing left. Beneath it is glavom isplaženog jezika okrenutom shield with wolf’s head with the tongue ulijevo. Okolo je natpis, latinicom sticking out facing left. Latin inscrip- kao na slici 11. Na aversu je prikazan tion is written around as shown in the Sv. Lovrencije, a oko njega je natpis picture 11. The obverse show Saint latinicom, kao na slici 11. 14 Lawrence and the Latin sign is writ- ten around it as seen in the picture 11. 15. Na aversu je šlem sa krunom, vučjom glavom isplaženog jezika okrenuta 15. The obverse shows helmet with the ulijevo. Ispod njega je štit sa vučjom crown, wolf’s head with the tongue glavom isplaženog jezika okrenutom sticking out facing left. Beneath it is ulijevo. Okolo je natpis, gotikom kao shield with wolf’s head with the tongue na slici 12. Na aversu je prikazan Sv. sticking out facing left. Latin inscrip- Lovrencije, a oko njega je natpis lat- 15 tion is written around as shown in the inicom, kao na slici 12. picture 12. The obverse show Saint Lawrence and the Latin sign is writ- ten around it as seen in the picture 12.

Muzej Novca Centralne banke Crne Money Museum of the Central Bank of Gore posjeduje jedan primjerak novca Montenegro has a copy of coins of Đurađ Đurđa I Balšića Na aversu je ćirilični I. Balšić The obverse contains Cyrillic natpis u pet redova kao na slici vrste inscription in five lines as shown on the 6. Na reversu je prikazan Hrist na picture 6. The reverse shows Christ on prijestolu, kao na slici 6. the throne as shown on the picture 6.