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A Presentation of the South-Eastern European Stock Exchanges A Presentation of the South-Eastern European Stock Exchanges A first look at their History, Trading Volumes and Technologies Polixeni Kaisari SID: 3301100009 SCHOOL OF SCIENCE & TECHNOLOGY A thesis submitted for the degree of Master of Science (MSc) in ICT Systems SEPTEMBER 2011 THESSALONIKI – GREECE A Presentation of the South-Eastern European Stock Exchanges A first look at their History, Trading Volumes and Technologies Polixeni Kaisari SID: 3301100009 Supervisor: Prof. Vassilis Polimenis SCHOOL OF SCIENCE & TECHNOLOGY A thesis submitted for the degree of Master of Science (MSc) in ICT Systems SEPTEMBER 2011 THESSALONIKI – GREECE - ii - DISCLAIMER This dissertation is submitted in part candidacy for the degree of Master of Science in ICT Systems, from the School of Science and Technology of the International Hellenic University, Thessaloniki, Greece. The views expressed in the dissertation are those of the author entirely and no endorsement of these views is implied by the said University or its staff. This work has not been submitted either in whole or in part, for any other degree at this or any other university. Signed: ....................... Name: Kaisari Polixeni Date: 21-10-2011 - iii - Abstract This dissertation was written as a part of the MSc in ICT Systems at the International Hellenic University. Its purpose is to present the Stock Exchanges of Southeastern Europe and is a first look at their History, Trading Volumes and Technologies. We study the Stock Exchanges (SE) of eleven Southeastern European countries: Greece (Athens Stock Exchange), Serbia (Belgrade Stock Exchange), Bulgaria (Bulgarian Stock Exchange-Sofia), Romania (Bucharest Stock Exchange), Cyprus (Cyprus Stock Exchange), Turkey (Istanbul Stock Exchange), Montenegro (Montenegro Stock Exchange), FYROM (Skopje Stock Exchange), Bosnia Herzegovina (Sarajevo Stock Exchange), Albania (Tirana Stock Exchange), and Croatia (Zagreb Stock Exchange). The presentation is alphabetical, and covered in five chapters. The first chapter is a historical review of each Stock Exchange, discussing various significant aspects of their operation; e.g. their establishment, the most important historical events, membership, etc. The second chapter is a presentation and analysis of the most recent five years of their trading activity, with respect to volume (euro based and shares). Furthermore, in this part is done a more thorough analysis of recent annual index returns and trading volume. Following, in the third section, current membership and the most important listing criteria are discussed. Finally, in the last chapter the technology infrastructure of these Stock Exchanges and the passing from the Trading Floor to the Electronic Book is presented. The Thesis supervisor Prof. Vassilis Polimenis contributed significantly in the implementation of this dissertation. Some help was also given by Emmanouil Daskalakis, PhD Candidate in the Department of Economics of the Aristotle University of Thessaloniki. Furthermore, I would like to thank Mr. Petar Kemalov, Senior expert, corporate development in the Bulgarian Stock Exchange in Sofia, as well as the Deputy Secretary General of Federation of Euro Asian Stock Exchange who gave me important information and replying to my emails on time. Kaisari Polixeni 21/10/2011 - iv - Contents Abstract .................................................................................................................................... -iv- 1. Introduction ....................................................................................................................... -1- 2. Stock Exchanges’ History .................................................................................................. -3- 2.1. Athens Stock Exchange, Greece[1] ....................................................................................... -4- 2.2. Belgrade Stock Exchange, Serbia[8] ..................................................................................... -5- 2.3. Bulgarian Stock Exchange-Sofia[9] ...................................................................................... -7- 2.4. Bucharest Stock Exchange, Romania[10] ............................................................................. -9- 2.5. Cyprus Stock Exchange[2] .................................................................................................. -12- 2.6. Istanbul Stock Exchange, Turkey[11] ................................................................................. -13- 2.7. Montenegro Stock Exchange[12] ........................................................................................ -14- 2.8. Skopje Stock Exchange, FYROM[13] ................................................................................ -15- 2.9. Sarajevo Stock Exchange, Bosnia Herzegovina[6] ............................................................. -17- 2.10. Tirana Stock Exchange, Albania[14] .............................................................................. -18- 2.11. Zagreb Stock Exchange, Croatia[7] ................................................................................ -19- 3. Stock Exchanges’ Presentation ........................................................................................ -21- 3.1. Athens Stock Exchange ....................................................................................................... -22- 3.2. Belgrade Stock Exchange .................................................................................................... -24- 3.3. Sofia Stock Exchange .......................................................................................................... -27- 3.4. Bucharest Stock Exchange .................................................................................................. -29- 3.5. Cyprus Stock Exchange ....................................................................................................... -31- 3.6. Istanbul Stock Exchange ..................................................................................................... -33- 3.7. Montenegro Stock Exchange ............................................................................................... -36- 3.8. Skopje Stock Exchange ....................................................................................................... -38- 3.9. Sarajevo Stock Exchange .................................................................................................... -40- 3.10. Tirana Stock Exchange .................................................................................................... -42- 3.11. Zagreb Stock Exchange ................................................................................................... -42- 3.12. Trading Volume Analysis for the eleven Stock Exchanges ............................................ -46- 4. Listed Companies & Requirements ................................................................................. -50- 4.1. Athens Stock Exchange ....................................................................................................... -50- 4.2. Belgrade Stock Exchange .................................................................................................... -53- 4.3. Sofia Stock Exchange .......................................................................................................... -55- 4.4. Bucharest Stock Exchange .................................................................................................. -58- - v - 4.5. Cyprus Stock Exchange ....................................................................................................... -60- 4.6. Istanbul Stock Exchange ..................................................................................................... -63- 4.7. Montenegro Stock Exchange ............................................................................................... -65- 4.8. Skopje Stock Exchange ....................................................................................................... -67- 4.9. Sarajevo Stock Exchange .................................................................................................... -68- 4.10. Tirana Stock Exchange .................................................................................................... -70- 4.11. Zagreb Stock Exchange ................................................................................................... -70- 5. Evolution of Technology in SEs ....................................................................................... -74- 5.1. Historical Data ..................................................................................................................... -74- 5.2. Evolution of trading at a glance [22] ................................................................................... -78- 5.3. Electronic trading platform ................................................................................................. -81- 5.4. Benefits of e-Trading [22]. .................................................................................................. -84- 5.5. Electronic vs. Floor Trading ................................................................................................ -85- 5.6. Technology Infrastructure and Systems used in SEs........................................................... -86- 5.6.1 Athens Stock Exchange ............................................................................................... -88- 5.6.2 Belgrade Stock Exchange ...........................................................................................
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