GSS NEWSLETTER ISSUE 108 April 2010 2 CoNTENT DEAR CLIENTS 4 AUSTRIA 6 SICS upgraded by detailed information on penalty interest for default delivery 6 Investment fund market has overcome trough 6 2010 will be the year of dividend stocks 6 BoSNIA AND HERzEGovINA 7 UniCredit Bank d.d. results for the financial year 2009 7 Tripartite agreement to further central banking 7 BULGARIA 9 Bulgarian Stock Exchange has published a new strategy for Development 2010 – 2012 9 CRoatia 12 Zlatna Kuna 2009 awards presented 12 Abolishment of 2% crisis tax rate 12 Government new stimulations 13 Government issues new bonds 13 CzECH REpUBLIC 14 The CNB comments on the February 2010 inflation figures 14 Positive Czech Banking Sector Stress Test Results 14 HUNGARy 16 Economic Research Institute Raised Hungary’s GDP Projection for 2010 16 Turquoise Extend Trading Service to Hungarian Securities 16 KAzakhstan 17 Traded value falls by 20.5% year-on-year, reaches KZT 4.1 trn (USD 27.7 bn) 17 Repo transaction market value falls by 27.2% year-on-year, reaches KZT 1.8 trn (USD 12.5 bn) 17 GS traded value grows by 183.3% year-on-year, reaches KZT 284.3 bn (USD 1,923.2 mn) 17 KyRGyzstan 18 poLAND 19 The Warsaw bourse becomes a “Recognised Stock Exchange” 19 Launch of the Target2Securities National Users Group 19 RomANIA 21 Economy 21 Fitch Ratings awarded BB+ to Romania’s Eurobonds 21 The regulation no. 5 issued by CNVM was published in the Official Gazette 22 Issue 108, April 2010 3 RUSSIA 23 Central Bank Decreased the Refinancing Rate 23 FFMS started to publish information of injunctions issued in the name of market players 23 FFMS published the Order draft on the Foreign Securities registration and placement in Russia 23 RTS launches unified execution on FORTS and RTS Standard 24 SERBIA 25 Vienna Initiative Members Allowed to Cut Exposure to Serbia 25 Central Bank Approves Reserves Reduction 25 SLovAK REpUBLIC 27 Cdcp Statistics 2009 27 Bratislava Stock Exchange Trading in February 28 SLovENIA 29 Government Amends Law on IMF Membership 29 Business Sentiment Down Slightly in February 29 D&B Sees Gradual Economic Recovery for Slovenia 30 Tuerk Discusses Economic Situation with ECB Officials 30 UKRAINE 31 Clearstream opened correspondent account for the National Depository of Ukraine (NDU) 31 yoUR Contacts 32 DISCLAImER 35 ImpRINT 36 Issue 108, April 2010 4 DEAR CLIENTS Lejla Sabljica (Head of GSS in Bosnia) It is with great pleasure that I take this opportunity to write a Those of you, who have been present in our markets since few words about UniCredit Bank d.d., member of UniCredit 2006, the year of introduction of the legislation on securities Group in Bosnia and Herzegovina, our local Global Securities services, have certainly noticed improvement in terms of Services (GSS) team and the Bosnian Market. the legal framework and the infrastructure in both markets. There are many developments that have marked the Bosnian UniCredit Group has a leading position in the banking market. In 2007 it was the exceptional growth of markets, sector in Bosnia and Herzegovina. The integration of HVB establishment of the first investment fund, licensing banks Central Profit Bank d.d. and UniCredit Zagrebačka Banka from FBiH to provide custody services in RS and the first d.d. started in 2006 and was finalized in early March 2008 corporate bonds issue in the market. In 2008 custody banks with the merger of the two banks. The new bank, UniCredit were allowed to apply for the membership of the clearing and Bank d.d., currently employs ca. 1400 employees and has settlement system, regulations on securities lending were 96 branches throughout the country. introduced andthe CSD in FBiH moved the liquidity reserve requirement for all members to T+2 (previously T+1). Year UniCredit Bank d.d. has been present in the securities services 2009 brought the implementation of a new Law on securities industry in Bosnia and Herzegovina since its beginnings. market and Law on investment fund in FBiH, introduction of The first transaction in the history of the capital market in ISIN codes in the two markets, new market segmentation Bosnia, involving a custody bank, was settled by HVB Central and price fluctuation limits for the Sarajevo Stock Exchange Profit Bank (today’s UniCredit Bank d.d.) in 2006. We are and the launching of a new index, SASX-30. a licensed custody bank that provides securities services in both markets in Bosnia and Herzegovina: Federation of BiH The improvement of the market infrastructure continues in 2010. (Sarajevo Stock Exchange) and Republic of Srpska (Banja Just recently the CSD in the Republic of Srpska moved the liquid- Luka Stock Exchange). UniCredit Bank d.d. is member of the ity reserve requirement for all members to T+2 (previously T+1). clearing and settlement system of both CSDs in the country (Federation of BiH and Republic of Srpska). In this developing market environment, GSS Bosnia and Herzegovina stays committed to securities services and We are proud of having been ranked Top Rated in 2009, dedicated to meet our clients’ needs and expectations. We Top rated in 2008 and Commended in 2007 by the Global continue our lobbying efforts to further develop the market Custodian magazine. infrastructure in line with the international standards. Members of the GSS team in Bosnia and Herzegovina are I would like to thank all our clients for the trust in UniCredit bank highly-skilled custody experts who combine the local market d.d and would like to ensure that providing the best service in expertise with the knowledge of UniCredit Group know-how. Bosnia and Herzegovina to you is and will remain our priority. Our GSS experts have been trained to provide securities serv- ices by the SEC and internally within UniCredit Group’s GSS. Yours sincerely, Lejla Sabljica Head of GSS in Bosnia Issue 108, April 2010 5 Dear Clients DEAR CLIENTS Attila Szalay-Berzeviczy Josip Kevari Global Head of Global Securities Services I am very pleased to announce a new member of the GSS’s Global Product and Network Management team, Josip Kevari. Josip has been in the securities services business for the last 13 years. He started his career in the industry by joining the Custody team at Zagrebacka Banka in 1997. Since then he performed various functions within the Group, includ- ing the position of the Deputy Head of Custody (at Bank Austria Creditanstalt, Croatia), Product Manager (e.g. being responsible for the introduction of Custody Services in Serbia and Bulgaria), as well as Sales and Relationship Manger for Austria at our Vienna office. The last position he held before joining GSS’s Global Product & Network Management was the function of the Network Manager at UniCredit Bank Austria where he overlooked various oversees and western European countries. In his new role, Josip will report to Pawel Muszalski, Global Head of Product and Network Management. Please join me in welcoming the new member of the GSS team and wishing Josip all the best in his new role. Best regards, Attila Szalay-Berzeviczy Managing Director Global Head of Global Securities Services Issue 108, April 2010 6 AUSTRIA SICS upgraded by detailed information on penalty Market Capitalisation EUR 75.0bn interest for default delivery YTD Dev. of Market Capitalisation 0.2% The clearing system used for the cash market (SICS) has been upgraded by detailed information on penalty interest Number of SE Transactions p.m. n.a. for default of delivery. YTD Dev. of SE Transactions n.a. SE Turnover (Vienna SE) EUR 3.6bn Time schedule regarding the implementation of the new Monthly Index Performance (ATX/VSE) -2.2% release of SICS: GDP per Capita (2010 in EUR) 33,266 26 March 2010: implementation in the simulation environment GDP Real 2010 (Change against prev. year in %) 1.3 3 May 2010: implementation in the production environment 3-Month Money Market Rate (current in %) 0.66 Detailed information on the amendments of the clearing system Inflation in 2010 (yearly average in %) 1.2 can be found on the website of CCP.A. http://en.ccpa.at/ Upcoming Holidays 5 April Source: CCP.A Source: Bank Austria, National Statistics Impact on investors For information purposes only. Actual 38 Day moving average 200 Day moving average 4100 3600 Investment fund market has overcome trough Statistics compiled by the European Investment Fund Asso- 3100 ciation Efama confirm this. 2600 Net inflow totaled EUR 190 bn last year. The upturn is notice- 2100 able in Austria as well according to the Association of Austrian 1600 Investment Fund Companies (Vereinigung oesterreichischer Investmentfondsgesellschaften, VÖIG). 1100 600 In January 2010, domestic investment fund management compa- Jul Apr Okt Jun Jan Mai Mrz Mrz nies reported a total of EUR 137.7 bn – which is EUR 12.2 bn more Feb Aug Sep Nov Dez than in January 2009 and EUR 16.4 bn more than in March of the Source: Thomson Datastream previous year. This increase was driven mainly by rising prices. Source: Wiener Borse Impact on investors For information purposes only. 2010 will be the year of dividend stocks 2009 was an exceptional year for stock markets. The lead- ing index in Vienna, the ATX, also rose by 40%. However, this year there will not be any such price jumps according to analysts. “Prices will not develop that spectacularly in 2010,” said financial expert Wolfgang Matejka, “But it will offer great opportunities for the currently neglected defensive stocks with solid dividends Therefore, 2010 will be the year of dividend stocks.” Source: Wiener Borse Impact on investors For information purposes only.