DOCSLIB.ORG

Market Profile Croatia

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

MARKET PROFILE CROATIA 2020. OTP banka d.d. Global Securities Services 1 CONTENTS CROATIA .................................................................................................... 3 MARKET INFORMATION ................................................................................ 3 MARKET PARTICIPANTS ............................................................................... 4 TRADING AND SETTLEMENT ....................................................................... 6 MARKET INSTRUMENTS ............................................................................. 13 TARGET2-SECURITIES IN CROATIA .......................................................... 15 ANTI-MONEY LAUNDERING REQUIREMENTS .......................................... 15 DISCLOSURE REQUIREMENTS FOR INVESTORS .................................... 16 PROXY VOTING ........................................................................................... 19 TAXATION..................................................................................................... 21 GLOSSARY OF ABBREVIATIONS ............................................................... 23 DISCLAIMER ................................................................................................. 24 2 CROATIA MARKET INFORMATION Key figures Local currency Croatian Kuna (HRK) Market GDP (2019) USD 61.35 bn Market capitalisation (Mar 2020) USD 35,21 bn Number of listed companies (Mar 106 2020) Stock Exchange turnover (Mar 2020) USD 201,4 m EU membership Yes Euro zone No Local Time In wintertime GMT+1 In summertime GMT+2 Daylight Saving Time same time as in EU countries Credit Ratings Agency Rating Outlook Date S&P BBB- Stable Mar 22 2019 Fitch BBB- Stable Apr 01 2020 S&P BB+ Positive Sep 21 2018 3 MARKET PARTICIPANTS Market Regulator – Croatian National Bank (CNB) The Croatian National Bank (CNB) is the central bank of Croatia therefore responsible for the country's monetary policy and financial stability. The key functions of CNB are: - maintaining the stability of the Kuna - managing domestic and external liquidity - implementing foreign exchange and monetary policies - issuing banknotes - approving and issuing banking licences - supervising the banking sector - coordinate with EU all activities aimed at resolving crisis events in the non- banking sector CNB is allowed to invest its international reserves in bonds traded on the secondary market. Nevertheless, the CNB is not allowed to finance the public sector directly but can invest in securities with an investment-grade rating affirmed by at least two internationally recognised rating agencies. The CNB is a member of the European System of Central Banks. Internet website: https://www.hnb.hr/ Stock Exchange Zagrebačka Burza or the Zagreb Stock Exchange (ZSE) is the only stock exchange in Croatia following the merger between the ZSE and the Varazdin Stock Exchange (VSE) on 19 March 2007. Securities traded in the market include equities, government and corporate bonds, and certificates. Securities (stocks and bonds) are traded on the Zagreb Stock Exchange via the Xetra T7 electronic trading system. The Vienna Stock Exchange operates the trading system for the ZSE as well as supplying a service and system package. The package includes real-time trading surveillance and data dissemination for the Croatian market, index calculation, downstream systems and specific database solutions and interfaces. ZSE is a full member of the Federation of European Securities Exchanges (FESE). Internet website: http://www.zse.hr 4 Central Depositories and Safekeeping Središnje klirinško depozitarno društvo, dioničko društvo (SKDD d.d. - the Central Depository & Clearing Company Inc) previously known as Središnja Depozitarna Agencija d.d.(SDA), the Croatian Central Depository Agency Inc. The SKDD d.d. is the sole depository in Croatia after the Croatian National Bank (CNB) and the Ministry of Finance transferred their Treasury Notes and Treasury Bills services, respectively, to SKDD d.d. All T-bill transactions are conducted off- exchange on an OTC basis between primary dealers. All T-bills are held in dematerialised form. SKDD d.d. provides depository, clearing and settlement services for equities (common and preferred shares), corporate bonds, Treasury Notes and bills and discount instruments in Croatia. Equity and debt securities are dematerialised within SKDD d.d. and settled by book-entry. Internet website: http://www.skdd.hr Clearing House / CCP Currently, SKDD d.d. acts as central counterparty for securities settled under the contractual settlement modality. On 6 December 2013, the joint stock company SKDD-CCP Smart Clear Inc. was registered in the Commercial Court in Zagreb, with SKDD as the founder and sole shareholder. SKDD-CCP will act as a full central counterparty and provide financial instruments transactions clearing. This implies that the new company will take over the clearing operations which are currently run by SKDD. The clearing function will be fully separated from the depository and settlement functions of SKDD. SKDD-CCP first applied to HANFA for EMIR authorization on 31 December 2013. Since then, the CCP has submitted several revised applications at the request of HANFA who found the submissions incomplete. In March 2018, SKDD organized consultations with all potential members to discuss the current situation and present all the projections in the validation period so that everyone can get an insight into the framework in which the CCP can work. As of November 2019, the application was still deemed incomplete, so SKDD-CCP must revert to HANFA by 1 September 2020 with some additional documentation. 5 TRADING AND SETTLEMENT Trading environment Zagrebačka Burza or the Zagreb Stock Exchange (ZSE) is the only stock exchange in Croatia following the merger between the ZSE and the Varaždin Stock Exchange (VSE) on 19 March 2007. Securities traded in the market include equities, government and corporate bonds, and certificates. Securities (stocks and bonds) are traded on the Zagreb Stock Exchange via the Xetra T7 electronic trading system. The Vienna Stock Exchange operates the trading system for the ZSE as well as supplying a service and system package. The package includes real-time trading surveillance and data dissemination for the Croatian market, index calculation, downstream systems and specific database solutions and interfaces. SEE Link SEE Link is a joint stock company founded by the Zagreb, Macedonian and Bulgarian Stock Exchanges with the aim of creating a regional infrastructure that will enable the trading of companies listed on all three of the markets. SEE Link became fully operational at the end of March 2016 and has since added the Belgrade Stock Exchange (BELEX), the Ljubljana Stock Exchange (LJSE), Banja Luka Stock Exchange (BLSE), the Athens Stock Exchange (ATHEX) and the Sarajevo Stock Exchange (SASE) to its list of active members. The system supports common and preferred shares, government bonds, and subscription rights and the first two years of membership will not be charged. SEE Link has two blue chip equity indices, SEE LinX and SEE LinX EWI. The indices are composed of the 18 most actively traded regional companies listed on five of its participating exchanges: 5 from Croatia, 4 from Slovenia, 3 from Bulgaria and 2 from Macedonia, Serbia and BiH (1 from Banja Luka Stock Exchange and 1 from Sarajevo Stock Exchange). Both indices have the same constituents. SEELinX index is a market capitalisation weighted index adjusted for the free-float of each constituent, while SEELinX EWI is an equally weighted index with the same constituents. 6 ZSE Trading Hours Equities Section Continuous Trading 8:00 am - 09:00 am (Pre-Trading) 9:00 am - 09:30 am* (Opening Auction) 9:30 am** - 3:55 pm (Continuous Trading) 3:55 pm - 4:00 pm* (Closing Auction) 4:00 pm** - 4:15 pm (Post-Trading) Auction Trading 8:00 am - 11:00 am (Pre-Trading) 11:00 am - 1:00 pm* (Auction) 1:00 pm** - 4:15 pm (Post-Trading) *Earliest end (the opening auction and closing auction end with variable end which may take 15 seconds at most. Variable end is determined randomly for each instrument). **Earliest start 8.30 am - 4.00 pm (OTC trade reporting) 8.00 am - 4.00 pm (Block trades) Settlement cycle on the ZSE is T+2 for all types of securities. OTC Market OTC trades can be reported to the Exchange by the Exchange members and other resident institutional investors. On 21 January 2015, ZSE launched a real-time market surveillance system provided by Ancoa. The new service is integrated in the ZSE trading platform across all ZSE’s trading segments; the regulated market, Multi Trading Facility (MTF), and Over-the Counter (OTC) platforms. The new system will enable the identification of abusive behaviours and ensure investor protection and regulatory compliance under ESMA guidelines. 7 Payment Systems The Croatian National Bank (CNB - the Central Bank) operates the Croatian Large Value Payments System (Croatian: HSVP), an interbank payment system for depository institutions (banks and savings banks) and the central bank, established in 1999. The NCS is a payment system that enables the clearing of kuna cashless interbank payment transactions among all of its participants. The NCS participants are the CNB, credit institutions (banks and savings banks) with their head offices in the Republic of Croatia that have been granted authorisation from the CNB and the Croatian Bank for Reconstruction and Development. The NCS participants can be direct or indirect.
Recommended publications
  • Economic Growth in Croatia: What Have We Learned?

    Economic Growth in Croatia: What Have We Learned?

    Report No. 48879- HR Public Disclosure Authorized CROATIA Croatia’s EU Convergence Report: Reaching and Sustaining Higher Rates of Economic Growth Public Disclosure Authorized (In two volumes) Vol. II: Full Report June 2009 Public Disclosure Authorized Europe and Central Asia Region Document of the World Bank Public Disclosure Authorized CURRENCY AND EQUIVALENT UNITS Currency Unit=Croatian kuna US$1 =HRK 5.6102 (As of April 30, 2009) FISCAL YEAR January 1 – December 31` WEIGHTS AND MEASURES Metric System ACRONYMS AND ABBREVIATIONS AAE Agency for Adult Education IEC International Electrotechnical Commission ADR Alternative Dispute Resolution ILAC International Laboratory Accreditation Cooperation AVET Agency for Vocational Education and ILO International Labor Organization Training CA Company Act IP Intellectual Property CARDS Community Assistance for Reconstruction, ISO International Organization for Standardization Development and Stabilization CEE Central and Eastern Europe OECD Organization for Economic Cooperation and Development CENLE European Committee for Electrotechnical LLL Life Long Learning C Standardization CES ??? MoSES Ministry of Science, Education and Sports CGPM General conference on Weights and MoELE Ministry of Economy, Labor & Measures Entrepreneurship ECA Europe and Central Asia MS&T Mathematics, Science & Technology FDI Foreign Direct Investment FE Fixed Effects NIS National Innovation System FINA Financial Agency PMR Product Market Regulation GDP Gross Domestic Product PPS Purchasing Power Standards GFCF Gross Fixed
  • Cee / Middle East / North Africa This Week

    Cee / Middle East / North Africa This Week

    CEE / MIDDLE EAST / NORTH AFRICA THIS WEEK January 21, 2011 POLAND 2 CZECH REPUBLIC 12 HUNGARY 20 SLOVAKIA 25 TURKEY 31 BULGARIA 40 ROMANIA 45 CROATIA 49 SERBIA 54 BOSNIA & HERZEGOVINA 59 ALBANIA 64 MIDDLE EAST & N. AFRICA 67 Written by IntelliNews. The report is based on sources which we believe to be reliable, but no warranty, either express or implied, is provided in relation to the accuracy or completeness of the information. The views expressed are our best judgement as of the date of issue and are subject to change without notice. Opinions are not necessarily those of Internet Securities Inc., Euromoney Institutional Investor PLC or its affiliates. Internet Securities Inc. and Euromoney Institutional Investor PLC take no responsibility for decisions made on the basis of these opinions. Any redistribution of this information is strictly prohibited. Copyright © 1999-2011 Internet Securities, Inc., all rights reserved. A Euromoney Institutional Investor company. Copyright © 1998-2011 Sofia, all rights reserved. COPYING PROHIBITED. COPYRIGHT 1999-2011 INTERNET SECURITIES, INC., ALL RIGHTS RESERVED POLAND MACROECONOMIC REVIEW Eurostat: Poland's HICP inflation The Harmonised Index of Consumer Prices (HICP) in Poland amounted to 0.3% m/m in accelerates to 2.9% y/y in December December, 2010 and was 2.9% in annual terms vs. 2.6% y/y a month earlier, the EU's statistical office Eurostat has said. In line with Eurostat's estimations, the average HICP inflation for the whole 27 EU amounted to 2.6% y/y in December (vs. 2.3% in November). In the euro-zone, the inflation was 2.2% y/y vs.
  • Local Government Unit Borrowing in Croatia: Opportunities and Constraints

    Local Government Unit Borrowing in Croatia: Opportunities and Constraints

    LOCAL GOVERNMENT UNIT BORROWING IN CROATIA: OPPORTUNITIES AND CONSTRAINTS Anto Bajo Occasional Paper No. 20 October 2004 © Institute of Public Finance 2004 2 LOCAL GOVERNMENT UNIT BORROWING IN CROATIA: OPPORTUNITIES AND CONSTRAINTS1 Abstract The paper analyses the practice and basic features of local government unit borrowing in Croatia from 1997 to 2003. Local government units still rely on classical forms of loans as a form of security for resources for financing capital projects and there is little incentive for the issue of local government bonds. The borrowing conditions laid down are not a good basis on which to develop a local debt market or for facilitating local government borrowing. One of the reasons is also the dominant role of the city of Zagreb, which should be excluded from the establishment of budgetary restrictions on the borrowing of the other local government units in Croatia. Subsidised loans to local government units via the government financial institutions have been in some periods more expensive than via the commercial banks, and it is necessary to carry out a review of their role in the financing of local government unit capital projects. In any analysis of the borrowing and the size of the debt of local government units it is necessary to include the categories of financial assets as a better indicator of solvency and ability to repay debt. The article draws attention to a potential hold-up in the implementation of fiscal decentralisation, because local government units are investing some of their funds in the financial assets (shares and equity) of local utility firms.
  • Country Law Assessment, Bosnia and Herzegovina

    Country Law Assessment, Bosnia and Herzegovina

    Commercial laws of Bosnia and Herzegovina An assessment by the EBRD August 2014 COMMERCIAL LAWS OF BOSNIA AND HERZEGOVINA AN ASSESSMENT BY THE EBRD August 2014 Overview ............................................................................................................................................... 2 Legal system ......................................................................................................................................... 2 Overview of the legal environment ............................................................................................................................... 2 Constitutional and political system .............................................................................................................................. 2 Judicial system ............................................................................................................................................................... 4 Freedom of information ................................................................................................................................................ 4 Commercial legislation ........................................................................................................................ 5 Infrastructure and Energy .................................................................................................................... 5 Concessions and PPPs .................................................................................................................................................
  • Macedonian Historical Review 3 (2012) Македонска Историска Ревија 3 (2012) EDITORIAL BOARD

    Macedonian Historical Review 3 (2012) Македонска Историска Ревија 3 (2012) EDITORIAL BOARD

    Macedonian Historical Review 3 (2012) Македонска историска ревија 3 (2012) EDITORIAL BOARD: Boban PETROVSKI, University of Ss. Cyril and Methodius, Macedonia (editor-in-chief) Nikola ŽEŽOV, University of Ss. Cyril and Methodius, Macedonia Dalibor JOVANOVSKI, University of Ss. Cyril and Methodius, Macedonia Toni FILIPOSKI, University of Ss. Cyril and Methodius, Macedonia Charles INGRAO, Purdue University, USA Bojan BALKOVEC, University of Ljubljana,Slovenia Aleksander NIKOLOV, University of Sofia, Bulgaria Đorđe BUBALO, University of Belgrade, Serbia Ivan BALTA, University of Osijek, Croatia Adrian PAPAIANI, University of Elbasan, Albania Oliver SCHMITT, University of Vienna, Austria Nikola MINOV, University of Ss. Cyril and Methodius, Macedonia (editorial board secretary) ISSN: 1857-7032 © 2012 Faculty of Philosophy, University of Ss. Cyril and Methodius, Skopje, Macedonia University of Ss. Cyril and Methodius - Skopje Faculty of Philosophy Macedonian Historical Review vol. 3 2012 Please send all articles, notes, documents and enquiries to: Macedonian Historical Review Department of History Faculty of Philosophy Bul. Krste Misirkov bb 1000 Skopje Republic of Macedonia http://mhr.fzf.ukim.edu.mk/ [email protected] TABLE OF CONTENTS 7 Nathalie DEL SOCORRO Archaic Funerary Rites in Ancient Macedonia: contribution of old excavations to present-day researches 15 Wouter VANACKER Indigenous Insurgence in the Central Balkan during the Principate 41 Valerie C. COOPER Archeological Evidence of Religious Syncretism in Thasos, Greece during the Early Christian Period 65 Diego PEIRANO Some Observations about the Form and Settings of the Basilica of Bargala 85 Denitsa PETROVA La conquête ottomane dans les Balkans, reflétée dans quelques chroniques courtes 95 Elica MANEVA Archaeology, Ethnology, or History? Vodoča Necropolis, Graves 427a and 427, the First Half of the 19th c.

  • ZAGORAA Cultural/Historical Guide to the Zagora (Inland) Region of Split

    A cultural/historical guide to the Zagora (inland) region of Split-Dalmatia County ZAGORA THE DALMATIAN ZAGORA (INLAND) Joško Belamarić THE DALMATIAN ZAGORA (INLAND) A cultural/historical guide to the Zagora (inland) region of Split-Dalmatia County 4 Zagora 14 Klis Zagora 24 Cetinska krajina 58 Biokovo, Imotski, Vrgorac 3 Zagora THE DALMATIAN ZAGORA (INLAND) A cultural/historical guide to the Zagora (inland) region of Split-Dalmatia County Here, from Klis onwards, on the ridge of the Dinara mountain chain, the angst of inland Dalmatia’s course wastelands has for centuries been sundered from the broad seas that lead to a wider world. The experience of saying one’s goodbyes to the thin line of Dalmatia that has strung itself under the mountain’s crest, that viewed from the sea looks like Atlas’ brothers, is repeated, not without poetic chills, by dozens of travel writers. To define the cultural denominators of Zagora, the Dalmatian inland, is today a difficult task, as the anthropological fabric of the wider Dalmatian hinterland is still too often perceived through the utopian aspect of the Renaissance ideal, the cynicism of the Enlightenment, or the exaggeration of Romanticism and the 18th century national revival. After the fall of medieval feudalism, life here has started from scratch so many times - later observers have the impression that the local customs draw their roots from some untroubled prehistoric source in which the silence of the karst on the plateau towards Promina, behind Biokovo, the gurgling of the living waters of the Zrmanja, Krka, Čikola and Cetina Ri- vers, the quivering of grain on Petrovo, Hrvatac and Vrgorac Fields, on 4 Zagora the fat lands along Strmica and Sinj, create the ide- al framework for the pleasant countenance, joyous heart and sincere morality of the local population of which many have written, each from their own point of view: from abbot Fortis and Ivan Lovrić during the Baroque period, Dinko Šimunović and Ivan Raos not so long ago to Ivan Aralica and, in his own way, Miljenko Jergović today.
  • Transparency and Disclosure in Croatia – a Brief Review

    Transparency and Disclosure in Croatia – a Brief Review

    Dr. Edita ýXOLQRYLü +HUF Andrej *DORJDåD TRANSPARENCY AND DISCLOSURE IN CROATIA – A BRIEF REVIEW Second OECD South Eastern Europe Corporate Governance Roundtable Istanbul, May 30 – 31 2002 7KH6HFRQG6RXWK(DVWHUQ(XURSH&RUSRUDWH*RYHUQDQFH5RXQGWDEOH ,VWDQEXO0D\ TRANSPARENCY AND DISCLOSURE IN CROATIA – A BRIEF REVIEW Table of contents: INTRODUCTION.........................................................................................................3 REQUIREMENTS FOR DISCLOSURE ......................................................................4 Prospectus...............................................................................................................4 Listed Companies....................................................................................................6 Listing Particulars.................................................................................................6 Disclosure requirements after listing ....................................................................6 Mandatory periodic disclosure required from "issuers of securities distributed to the public" ..........................................................................................7 Disclosure of ownership...........................................................................................9 Duty to disclose when a major holding in a joint stock company is acquired or disposed of (SA)................................................................................9 Duty to disclose ownership (TA) ........................................................................10
  • the Zagreb Stock Exchange Inc. - Croatian Financial Services Supervisory Agency (Hanfa) - Croatian News Agency

    the Zagreb Stock Exchange Inc. - Croatian Financial Services Supervisory Agency (Hanfa) - Croatian News Agency

    d.d. Tel.: +385 (0)52 213 044 +385 (0)52 373 339 HR 52100 PULA, Flaciusova 1, HRVATSKA, p.p. 114 Fax.: +385 (0)52 373 646 e-mail: [email protected], web: www.uljanik.hr Evid. br. / Ref. No:H001.10.GS - THE ZAGREB STOCK EXCHANGE INC. - CROATIAN FINANCIAL SERVICES SUPERVISORY AGENCY (HANFA) - CROATIAN NEWS AGENCY Naš znak/Our sign: PK Datum/Date: Pula, 17.10.2018 Vaš znak/Your sign: Notice on Ordinary General Assembly of the Company held on 16 th October 2018 in Pula, in the Hall of Croatian Defenders (Dom hrvatskih branitelja), Pula, Leharova ulica as well as Decisions brought AGENDA 1. The opening of the General Assembly and establishing the number of shareholders present and shareholders’ authorised representatives (defining the quorum); 2. Report of the Company’s Supervisory Board regarding effected monitoring of the conduct of the business activities of the Company in 2017, and the opinion of the Supervisory Board regarding the suggested Decisions on increasing the equity capital; 3. Report of the Management Board regarding the status and conduct of business activities of the Company in 2017; 4. Bringing the Decision on establishing yearly Financial Reports for 2017 and the Auditor’s report regarding revision carried out on the Company’s Financial Reports for 2017; 5. Bringing the Decision on covering and transfer of loss; 6. Bringing the Decision regarding giving the note of release to the Management Board members of the Company for the business year 2017; 7. Bringing the Decision regarding giving the note of release to the Supervisory Board members for the business year 2017; 8.
  • English Languages

    English Languages

    Public Disclosure Authorized FINANCIAL SECTOR ASSESSMENT PROGRAM BOSNIA AND HERZEGOVINA Public Disclosure Authorized CAPITAL MARKETS TECHNICAL NOTE JUNE 2015 This Technical Note was prepared in the context of a joint World Bank-IMF Financial Sector Public Disclosure Authorized Assessment Program mission in Bosnia and Herzegovina during October-November 2014 led by Michael Edwards, World Bank and Sonia Munoz, IMF, and overseen by Finance and Markets Global Practice, World Bank and the Monetary and Capital Markets Department, IMF. The note contains technical analysis and detailed information underpinning the FSAP assessment’s findings and recommendations. Further information on the FSAP program can be found at www.worldbank.org/fsap. THE WORLD BANK GROUP FINANCE AND MARKETS GLOBAL PRACTICE Public Disclosure Authorized i Table of Contents Page I. EXECUTIVE SUMMARY 1 II. COUNTRY CONTEXT 1 III. CAPITAL MARKETS OVERVIEW 2 IV. LEGAL AND REGULATORY FRAMEWORK 5 V. MARKET INFRASTRUCTURE 8 VI. GOVERNMENT DEBT MARKETS 10 VII. NON GOVERNMENT BOND MARKETS 12 VIII. EQUITY MARKETS 13 IX. INVESTMENT FUNDS 17 X. OTHER INSTITUTIONAL INVESTORS 23 XI. RECOMMENDATIONS BY ENTITY 1 TABLES TABLE 1: KEY RECOMMENDATIONS 2 TABLE 2: KEY CAPITAL MARKET INDICATORS, US$ MILLIONS 3 TABLE 3: OVERVIEW GOVERNMENT SECURITIES MARKETS 10 TABLE 4: T-BILL AUCTION RESULTS – FEDERATION & RS 11 TABLE 5: OVERVIEW: EQUITY MARKETS 13 TABLE 6: SASE/BLSE TOP 15 LISTED STOCKS – BY MARKET CAPITALIZATION 14 TABLE 7: OVERVIEW INVESTMENT FUNDS SECTOR 17 TABLE 8: SASE/BLSE CLOSED-END INVESTMENT
  • Illyrian Policy of Rome in the Late Republic and Early Principate

    Illyrian Policy of Rome in the Late Republic and Early Principate

    ILLYRIAN POLICY OF ROME IN THE LATE REPUBLIC AND EARLY PRINCIPATE Danijel Dzino Thesis submitted for the degree of Doctor of Philosophy in the Department of Classics University of Adelaide August 2005 II Table of Contents TITLE PAGE I TABLE OF CONTENTS II ABSTRACT V DECLARATION VI ACKNOWLEDGMENTS VII LIST OF FIGURES VIII LIST OF PLATES AND MAPS IX 1. Introduction, approaches, review of sources and secondary literature 1.1 Introduction 1 1.2 Rome and Illyricum (a short story) 2 1.3 Methodology 6 1.4.1 Illyrian policy of Rome in the context of world-system analysis: Policy as an interaction between systems 9 1.4.2 The Illyrian policy of Rome in the context of world-system analysis: Working hypothesis 11 1.5 The stages in the Roman Illyrian relationship (the development of a political/constitutional framework) 16 1.6 Themes and approaches: Illyricum in Roman historiography 18 1.7.1 Literature review: primary sources 21 1.7.2 Literature review: modern works 26 2. Illyricum in Roman foreign policy: historical outline, theoretical approaches and geography 2.1 Introduction 30 2.2 Roman foreign policy: Who made it, how and why was it made, and where did it stop 30 2.3 The instruments of Roman foreign policy 36 2.4 The place of Illyricum in the Mediterranean political landscape 39 2.5 The geography and ethnography of pre-Roman Illyricum 43 III 2.5.1 The Greeks and Celts in Illyricum 44 2.5.2 The Illyrian peoples 47 3. The Illyrian policy of Rome 167 – 60 BC: Illyricum - the realm of bifocality 3.1 Introduction 55 3.2 Prelude: the making of bifocality 56 3.3 The South and Central Adriatic 60 3.4 The North Adriatic 65 3.5 Republican policy in Illyricum before Caesar: the assessment 71 4.
  • Croatia: Leading the Capital Markets Development In

    Croatia: Leading the Capital Markets Development In

    CEE REGION FUNDING CHALLENGES EUROFI VIEWS MAGAZINE - ZAGREB APRIL 2020 Croatian capital market has been leading Together with Bulgarian and Macedonian the development of the capital markets stock exchanges, the SEE LINK Company in the region for almost 30 years and was established in 2104 with the objective represents a bridge between the European of creating a regional infrastructure for Union and the rest of the region. trading securities listed on those three Croatia joined the EU in 2013, and it can markets. SEE Link order-routing system be said that long before that, the financial now supports trading for a total of seven sector was completely ready for this step markets, with over 1500 securities eligible and harmonized with the EU regulation. for trading. A total of 26 investment And for a long time before that, we followed companies are licensed to trade via SEE all EU and global trends and working on Link. There are still many challenges ahead developing the capital market in line with of obtaining full potentials of this project, the best European and global practices. primarily regarding the solution for settling From this standpoint, it proved to be quite cross-border trades. beneficial for Croatian capital market, ZSE's goal is to continue to lead the and many Zagreb Stock Exchange's (ZSE) development of the capital market in the project were supported by the EBRD. region while providing transparent, secure, ZSE's strategy is to ensure the highest cost-effective and efficient marketplace level of transparency and open up some as well as obtaining the highest quality of new investment opportunities as well as capital market services in order to meet create the conditions to provide growth the needs of investors, issuers and all capital to companies in all stages of stakeholders.
  • 20 Years of the Croatian Capital Market

    20 Years of the Croatian Capital Market

    Zagreb International Review of Economics & Business, Vol. 20, Special Conference Issue, pp. 41-58, 2017 © 2017 Faculty of Economics and Business, University of Zagreb and De Gruyter Open All rights reserved. Printed in Croatia ISSN 1331-5609; UDC: 33+65 DOI: 10.1515/zireb-2017-0004 CONFERENCE PAPER 20 Years of the Croatian Capital Market Mihaela Grubišić Šeba * Abstract: From 1990s to the end of 2006 there have been two stock exchanges in Croatia – an offi cial stock exchange in Zagreb and a so-called alternative capital market in Varaždin. The Zagreb stock exchange had a dominant role in the Western Balkan region until 2008, when its market capitalisation signifi cantly decreased because of the infl uence of the global fi nancial crisis and the economic downturn of the country. This paper analyses gradual regulatory and institutional development of the Croatian capital market, emergence and strengthening of institutional investors and assets under their management, key market de- velopment indicators related to market supply and demand and investor protection mech- anisms. The research presented in this paper has shown the crucial role of regulation in attracting investors and sustaining their presence in the market. It also recommends more active role of regulation and stock exchange towards the issuers and small investors to encourage constant supply of corporate securities. Keywords: capital market, regulation, corporate governance, investor protection, Croatia JEL Classifi cation: G38, G23 Introduction Croatian capital market shares many common features with emerging capital markets in general and with transition capital markets in particular. On one side, Croatia has a typical bank-based fi nancial system in which small entrepreneurs, without proven credit track-record, cannot fi nance their business operations at favourable interest rates.