Previous Conferences

XVIII INTERNATIONAL CONFERENCE - "UPGRADE IN BELGRADE 2019"
Belgrade, November, 12, 2019

Held on November 12 at the Hotel Hyatt Regency Belgrade, the Conference brought together numerous both domestic and foreign investment professionals and media representatives. Conference participants discussed topics related to macroeconomic trends in the country and the region, as well as their impact on the capital market. Impact of modern technologies (fintech - financial technology) on access to funding was also discussed among participants, as well as trends in cryptocurrency markets and the future of regional capital markets.

The conference was officially opened by Siniša Krneta, the CEO of the Belgrade Stock Exchange.

The first panel dealt with macroeconomic prospects in the country and the region, as well as their impact on the capital market.

The topic of the second panel was "Capital Market Development Strategy", while the last segment of the Conference was dedicated to current trends in cryptocurrency markets, which are often associated with stock exchange operations, but which have their own specifics and serious regulatory deficiencies, which were demonstrated during the crypto market meltdown.

Three special lectures were held on topics that represent novelties and innovations on the capital market.

For the ninth time in a row Best IR awards were given to companies that demonstrated the highest level of transparency and reporting in the past year. The gold plaque for the best investor relations was awarded to NIS a.d. Novi Sad.

9th Regional Investors' Conference was organized in parallel with the Panel Conference, in cooperation with WOOD & Company, with over 60 direct bilateral meetings held between the management representatives of 14 best companies from Serbia and the region and institutional investors.

The golden sponsor of the 18th International Conference of the Belgrade Stock Exchange was the company NIS a.d. Novi Sad. Singidunum University, the Association of Serbian Banks, Wood & Company and Komercijalna banka a.d. were among the sponsors of the Conference.

XVII INTERNATIONAL CONFERENCE - "UPGRADE IN BELGRADE 2018"
Belgrade, November, 15, 2018

The international stock exchange Conference "Upgrade in Belgrade 2018", for the 17th time, was organized by the Belgrade Stock Exchange again this November, in Belgrade. Topics and issues related to macroeconomics, and their impact on the capital market were discussed on the event, along with other themes, like impact of modern technologies (fintech) on access to finance, as well as trends in crypto-currency markets and the future of regional capital markets. The Conference was officially opened by Mr. Tiziano Giovannetti, General Manager of Fintel energija a.d, the first company that went public on the Belgrade Stock Exchange since the reestablishment of the stock market in Serbia.

The 8th Regional Investors Conference, organized in cooperation with the international partner WOOD & Company, was also held during the Upgrade in Belgrade 2018. Professional investors and managers of the public companies from the region had over 80 B2B meetings.

The Gold Plaque for Best Investor Relations was awarded to the NIS a.d. Novi Sad, while the Plaque long term outstanding performance in investor relations was awarded to the Podravka, from Koprivnica, Croatia.

The Golden Sponsor of the Belgrade Stock Exchange Conference was NIS a.d. Novi Sad, and among the sponsors were Singidunum University and Association of Serbian Banks. The importance of regional cooperation in the area of capital markets was also recognized by the Regional Cooperation Council, a partner of this year's Conference, whose activities are, among other things, focused on promoting cooperation and, at the same time, improving the efficiency of Western economies Balkans, through joint activities.

XVI INTERNATIONAL CONFERENCE - "UPGRADE IN BELGRADE 2017"
Belgrade, November, 7, 2017

The 16th International Conference of the Belgrade Stock Exchange was organized on two parallel tracks. In addition to panel discussions and special lectures, in cooperation with WOOD & Company, the 7th Regional Investor Conference was organized, at which representatives of 14 companies from four countries of the region had the opportunity to present their business results to representatives of 22 investment companies, on over 100 B2B meetings. In the selection for the company with best investor relations in 2017, the Gold Plaque for Best Investor Relations was awarded to NIS jsc. From Novi Sad, while the Plaque for the greatest improvement in the quality of investor relations was awarded to Valamar Riviera from Poreč.

Panel part of the Conference gathered over 200 participants from local investment companies, banks, financial intermediaries, state bodies, as well as domestic and foreign business entities, media representatives, etc. Central themes were the macroeconomic position and the results of the Serbian economy, the strategies for the development of the capital market, as well as the technological innovations in financial markets. Discussions highlighted the problems of start-up and SME financing, the lack of alternative sources of financing in Serbia, lack of simulative tax regulations, as well as the lack of investors and new trading materials on the Serbian stock market.

The Golden Sponsor of the Conference was NIS a.d. Novi Sad, and among the sponsors were Nikola Tesla Airport from Belgrade, as Silver Sponsor, and Banca Intesa, Central securities depository and clearing house, Raiffeisen Future, Victoria Group, and Association of Serbian Banks.

XV INTERNATIONAL CONFERENCE - "UPGRADE IN BELGRADE 2016"
Belgrade, November, 3, 2016

On Thursday, November 3, 2016 at the Hyatt Regency Belgrade Hotel the 15th International Conference of the Belgrade Stock Exchange UPGRADE IN BELGRADE 2016 was held. The Conference was attended by over 300 participants from the finance and capital markets communities, bankers and businessmen, including directors and representatives of 13 largest stock markets of Southern and Eastern Europe, top managers of over 25 public companies from the region, as well as portfolio investors that base their investment portfolios in the region. Two panel discussions were held during the Conference: " Macroeconomic Prospects in Serbia and the Region" and "Capital Markets Union", as well as special lectures on experiences from the Turkish capital market, MiFID2 directive and blockchain technologies, while the NIS company presented the project of its amine plant in Elemir.

The 6th Regional Investors Conference, organized in cooperation with the international partner WOOD & Company, was also held during the Belgrade SE Conference. Professional investors and managers of the public companies from the region had over 120 B2B meetings where possibilities of financing the growth of the companies by investing in their securities were discussed. Companies that had achieved the best investor relations results during current year results were also awarded at the event. Winner of the Golden plaque for 2016 was Zavarovalnica Triglav from Ljubljana, while Silver plaques were awarded to companies NIS from Novi Sad and Atlantic Grupa from Zagreb.

XIV INTERNATIONAL CONFERENCE - "UPGRADE IN BELGRADE 2015"
Belgrade, November, 19, 2015

UPGRADE IN BELGRADE 2015 Conference brought together over 300 participants from home and abroad, which, through active discussion, looked at the current macroeconomic trends in the country and their potential impacts, and at the connection between the development of capital markets and the launch of the economy, that is still not established in Serbia, as well as at other capital market tools that are not available or are not sufficiently used in a domestic environment yet.

Panel topics the 14th Conference of the Belgrade Stock Exchange were macro-economic environment and the challenges of the new European post-trade projects, while the several special lectures presented further development and establishing of capital markets, public debt management strategy in Serbia, protection of investors by minimizing fraudulent actions in the financial statements, as well as the development of a regional electricity market. Along with the panel part of the Conference, within the 5th Regional Investor Conference, direct B2B between the management of the best 16 companies from Serbia and the region and institutional investors were realized.

For the sixth consecutive time, prizes were awarded to companies which achieved the highest level of quality reporting and relationship to the investment community in current year. The Golden plaque for Best Investor Relations in 2015 was awarded to the company NIS from Novi Sad, Serbia, while two Silver plaques were awarded to companies Hrvatski Telekom from Zagreb, Croatia and Zavarovalnica Triglav from Ljubljana,  Slovenia.

XIII INTERNATIONAL CONFERENCE - "UPGRADE IN BELGRADE 2014"

Belgrade, November 18, 2014

As the year in which two important anniversaries of the Belgrade Stock Exchange - 120 years since its founding and 25 years of the re-establishment of this institution, are celebrated, this year's Conference "Upgrade in Belgrade 2014" was used to look back and remind of the origins and importance of the principles of security and trust on which the stock business is based, and, at the same time, as an opportunity to search for an answers to the questions and guidelines for the future development of non-banking financial market in Serbia.

Over 200 participants from the country and abroad, through active discussions, addressed the macroeconomic trends in the country and their potential impact on the market and the connection between the development of the capital markets and the progress of the economy, that is still not established enough in Serbia. In this sense, the topics of the Conference focused on three key areas: macroeconomic situation in Serbia, financing alternatives for domestic companies through capital markets and current and future anticipated development of Serbian fund industry. In addition, there was also a special lecture on the practical aspects of the issuance and trading of municipal bonds, through a case study of Sabac city.

Fourth regional Investor Conference was held alongside with the International Conference, at which representatives of investment firms had more than 125 individual B2B meetings with the management of the biggest shareholding companies in the region and discussed investment opportunities in stocks of these companies. The Award for best investor relations in the previous year was awarded to the Croatian company T-HT (Hrvatski Telekom), which has met the highest standards of reporting to the public via the Internet, but also set high standards in the context of performance in the capital market and the market launch in previous years.

XII INTERNATIONAL CONFERENCE - "UPGRADE IN BELGRADE 2013"

Belgrade, November 19, 2013

Results of the 12th International Conference of the Belgrade Stock Exchange "UPGRADE IN BELGRADE 2013", which was held in Belgrade hotel Hyatt Regency, have exceeded the expectations of most participants . It is expected that of the presence of a large number of local and international experts, the participants in the capital markets, as well as fund managers under whose management is assets of over 100 billion euros and that had individual meetings with local business and listed companies in the region, will result in the implementation of new solutions and opportunities for investment in the domestic capital market in the coming period.

The Conference participants had the opportunity to hear presentations and share their own views on topics macroeconomic environment, the potential market integration in the region, the perspective of pension reform in Serbia and new investment products and alternatives on domestic market , but also to, along with top managers of the best companies from Serbia, Croatia, Slovenia, Bulgaria, Bosnia and Herzegovina and Macedonia participate in over 150 individual meetings on the 3rd Investor Regional Conference, which, was organized in cooperation with the WOOD&Company, one of the leading investment companies in Central Europe.

For the fourth time in a row, on the 12th International Conference of the Belgrade Stock Exchange the company that, according to research by the Commission for IR, in the current year achieved the best results in the investor relations was awarded a prize. The same as in the three previous years, the company received a plaque in 2013 was NIS ad Novi Sad, whose quality of investor relations meets high international standards.

XI INTERNATIONAL CONFERENCE - "UPGRADE IN BELGRADE 2012"
Belgrade, 21 November 2012

UPGRADE IN BELGRADE 2012, 11th International Conference of the Belgrade Stock Exchange -  was held on Wednesday, November 21 in Belgrade Hotel Tulip Inn Putnik the traditional. The Conference was attended by over 150 local and international professionals in the field of capital markets and financial operations, and the central themes were the perspective of debt securities in the domestic capital market and the possibility of the first initial public offering (IPO) in Serbia.

In the separate part of the Conference - a panel discussion on the topic: " The Crisis of Economy and Politics" leading national experts, direct participants in the market, analysts and media representatives gave an overview of the current state of the Serbian economy, dependance of the economic development on the events in the local political scene, and expectations for the future.

For the third time in a row at the 11th International conference of the Belgrade SE the prize was awarded to a company that, according to a survey by the IR Commission and the poll on the website of the Belgrade SE, in the 2012 year achieved the best results in investor relations. As in previous years, this year the company that received a plaque was NIS a.d. Novi Sad, whose reporting in the field of investor relations respect the highest international standards. Special Award for the high quality of relationships with investors in previous years, this year was presented to representatives of Metalac a.d. Gornji Milanovac.

The fifth anniversary of first Listings on the Prime Listing on the Belgrade SE was celebrated at the 11th International Conference of the Belgrade SE. On this occasion, representatives of the companies whose shares were listed in year 2007: Tigar a.d. Pirot, Energoprojekt a.d. Beograd and Soja Protein a.d. Bečej presented their experiences and review about listing on the Belgrade SE.

X INTERNATIONAL CONFERENCE - "UPGRADE IN BELGRADE 2011"
Belgrade, 17 November 2011

The 10th International Conference of the Belgrade Stock Exchange, held on 17th November at the Hotel Continental Belgrade, brought together representatives of numerous local and international investment firms and public media. The focus was on current economical events that intrigue the domestic and international public. More than two hundred participants discussed the topic of implementing the new Capital Markets Law, which comes into force on 17th November 2011, the eurozone crisis, the advantages of IPO and dual listing, and the importance of accurate and timely corporate information.

The conclusions of the 10th International Conference of the Belgrade SE in the spotlight had challenges related to the practical application of the new Capital Markets Law, the impact of macroeconomic (in)stability on capital markets, the necessity for accurate, comprehensive and timely information from business companies and the possibility of efficient implementation of procedures IPO.

During the Conference, one-on-one meetings were also held between the representatives of local listed companies and interested institutional investors. Also, the award was given to the company for the best performance in investor relations category for year 2011. This was the second time this kind of award was given in Serbia.

IX INTERNATIONAL CONFERENCE - "UPGRADE IN BELGRADE 2010"
Belgrade, 18 November 2010

During the Ninth International Conference of the Belgrade SE, held on November 18th in Belgrade Hotel Continental, over 150 participants from Serbia and abroad discussed about current topics that cover perspectives and stability of the financial markets, Serbian joining EU, as well as other up to date trends and solutions that will influence the capital market development in the region.

Topics that were in the centre of attention of stock exchange professionals were grouped in the following panels:
- Financial markets - how to reach stability? - in which it was concluded that the additional stimulus for the stability of the financial market can be brought through development and simplifying of the corporate bonds market, as well as overall development of the domestic market
- Serbian capital market towards EU - where actual experiences of countries that have joined EU at a later time were exposed, along with recommendations about accepting and adopting mandatory EU legislation, as well as new means and culture of doing business
- Financial innovations - new technologies - panel in which it was stressed that hew technologies can bring important improvements, but also new challenges for regulators and organizers of the capital markets.

During the Conference, a special lectures about using the Scorecard (IFC) and current situation in the investor relations area in the region (USAID PFS Program) were given and the Republic of Srpska capital market was presented. Moreover, for the first time, the award for the best investor relations among domestic companies was given on the Belgrade SE 9th International Conference.

VIII INTERNATIONAL CONFERENCE - "UPGRADE IN BELGRADE 2009"
Beograd, 19th-20th November 2009

The Eight Belgrade Stock Exchange International Conference, UPGRADE IN BELGRADE, held on 19th and 20th November 2009 at the Hotel Continental, was attended by over 200 domestic and foreign experts from the field of exchange and broker operations, fund managers, bankers, analysts, university professors and other specialists.

As in the previous years, the Conference was intended to incite discussions about topics currently present in the industry of the developed exchange operations and on the SEE exchange markets.

The work was organized in five panels with eminent, mostly international, speakers from the respective areas, each panel being followed by a panel discussion. The 2009. Conference covered the following topics: „Macroeconomic prospects for 2010“, „Corporate IR – investor relations“, „Manipulation – market abuse“, „Energy markets – possibilities and experience“ and „Some liquidity improvement techniques“. The Conference program also included a special lecture „Climate change and market“, the presentation „Scorecard – improvement of corporate governance practices“ and the workshop entitled „Practical insights into the structured derivatives business“.

During the Conference an exhibition of the material from the archives of the Belgrade Stock Exchange and its associates was held, which was organized to commemorate 115 years since the foundation of the Exchange and 20 years since its refoundation.

VII INTERNATIONAL CONFERENCE - "UPGRADE IN BELGRADE: Belgrade SuperMarket: One Stop - Learn All"
Beograd, 13th-14th November 2008

The VII International Conference of the Belgrade Stock Exchange, held in the light of the beginning of the global financial crisis, focused on the current issues, which inevitably envelop all capital markets regardless of the level of development and their position in each individual system, i.e., country. General impression of the Conference participants is that a consolidated effort is needed in order to overcome the crisis, greater compliance with and improvement of regulation at all levels, as well as restoration of reputation and confidence in the market and its institutions.

The Conference covered the following topics: conflict of interest, social responsibility of companies and new financial products and impact of the global crisis on local financial markets. In the conclusions of the Conference it was emphasized that further development of the financial system and capital market must involve increased capacity of institutions responsible for supervision of the financial market, improvement of the taxation policy in favour of the capital market, state orientation towards the development of the market and process of privatization, etc. Also, it was concluded that the companies whose shares are not traded on the Belgrade Stock Exchange have great potential for the development of the domastic capital market, considering their successful business results, revenue and market share. The interest of domestic and foreign institutional investors in these companies shows that they are undoubtedly future blue-ships of domestic economy, but regulators and other institutions still have to decide on the manner of their inclusion into the capital market. The market participants – local banks, funds, brokers, exchanges and media – have to coordinate their activities and help provide appropriate investment products, improve disclosure of information, education of citizens and provide proper publicity.

6th INTERNATIONAL CONFERENCE – „UPGRADE IN BELGRADE“
Belgrade, 15th-16th November 2007

The conclusions made at the 6th International Conference of the Belgrade Stock Exchange can be summarized in the following way:
- Joining the FIX protocol, as a globally recognized way of communication, will enable the Serbian capital market more efficient communication, improve safety, security and access to information in the context of the regional connection of markets. Significant aspects of this project are increased knowledge and client satisfaction, as well as better motivation and development of the future client base.
- Modern programme (software) solutions of algorithm trading enable simpler management of the increasingly complex market dynamics. These solutions offer significant possibilities regarding the speed, volume, strategy, market making, execution of transactions, risk management, direct access to the market with the possibility of connection with the FIX protocol, as well as regional connection and creation of a regional network of market participants.
- Structured products, due to increased demand, are undergoing great expansion on the world markets, which results in a growing range of these products. With good prospects of the Serbian market, we can expect development of the financial derivatives market, such as futures and options.
- Further development of the domestic capital market will create the need for a rating system with the main task to warn the investors of potential risks involved in the investment in certain securities. The presence of rating agencies will increase safety of information and investors, facilitate the system risk of the financial system, enhance the overall stability of the financial market, decrease the general level of interest rates, increase the credit rating of the country as well as the inflow of foreign investments.
- The Initial Public Offering (IPO9, which presents the first appearance of shares on the prime capital market, is most often used as an instrument for privatisation of big public enterprises. At this particular moment and after the announcement that, through the IPO procedure, the shares of public enterprises will be included into the Belgrade Stock Exchange market, it is important to emphasize the advantages of the IPO procedure, such as: media attention, raising additional capital and independent and transparent evaluation of business operations.
- Financial markets of the South and East Europe offer chalenges and chances for data vendors and providers of financial technology. Great demand for market data and information systems which follow them spring from the growth of the banking and brokerage operations caused by an increase in the number of individual clients and media which cover the „stock exchange“ themes.

5th INTERNATIONAL CONFERENCE - WHERE ARE THE EXCHANGES HEADING?
Belgrade, 14-15 November 2006

Key idea of the 5th International Begrade SE Conference, titled `Where are the Exchanges Heading` envisaged future of stock exchanges and stock exchange operations through integrations and share of experience between developed and emerging markets. The conference was held on 14th and 15th November 2006 in the Hotel InterContinental Belgrade, and among other participants the following representatives were present: NASD, Euronext, Morgan Stanley, SIPC, World Bank, foreign investment funds, leading domestic companies, as well as stock exchanges, brokerage companies and other capital market institutions from Europe, North and South America and Asia.

Four panels of the `Where are the Exchanges Heading` Conference covered separate aspects of capital market and stock exchange business. Based on addressings and discussions afterwards the following conclusions were made:
- significant adventages of vertical and horizontal models of market integration, lowering barriers in regional business opeerations with an impact on increase of liquidity and joint markets attractiveness
- importance of information technology as an initial trigger of changes and modern development possibilities is still a priority
- by joining experience of regional exchanges, the answer was given to the latest events on the developed markets, concerning future plans for development of SEE exchanges, possible integrations, development plans and strategies revisions
- clear need for determination and specification of stock exchanges cooperation plans in the area of creating compatible infrastructure and its connection, which among other things means creating coherent regulation framework based on the EU Directives, effective information interchange stimulations, creating safe and efficient trading, clearing and settlement structures, and cost reduction in intermarket trading and settlement.
- regional cooperation, in terms of marketing, is expected to gain on its importance, in form of inducing higher supply of goods and synergies of different exchanges, companies and investors from various countries
- professional investors, especially investment funds and their investing policy are the dominant indicator of situation on local markets
- from the view of aspirations of investors from developed markets, posibilities for a long term growth, existance of adequate mechanisms for management and financial control of issuers, as well as credibility and a long term vision of development of market participants are especially emphasized
- two important tendencies supported by institutional investors were highlighted: acceptance of quarterly reporting by domestic companies, as well as strong support to development of independent research companies in local frame
- investor protection is still in the center of attention, especially from the legislation, corporate reporting and informing point of view, indicated by the to date practice as well
- especially highlighted is the need for enforcing and complying with the corporate governance principles, compounded of appropriate infrastructure, legal and regulation frame, unique code of behaviour, investor education and dissemination of necessary financial reports, and careful oversight of financial intermediaries and other market participants.
- different approaches toward attracting investors and building confidence in capital market are possible through introduction of more listing tiers with different corporate governance standards, investor interest and ownership rights protection and timely access to clear, complete and relevant information and other practices which gave satisfactory results on developed markets
- representatives of various companies from the securities industry of the Balkan region and EU member states have showed their interest in the Conference topics
- many words of recognition have been extended to the organization of the Conference, above all for enabling possibility of hearing different useful experiences and recommendations from various fields of securities industry.

4th INTERNATIONAL CONFERENCE - "PRESERVING THE INTEGRITY AND EFFICIENCY OF THE CAPITAL MARKET"
Belgrade, 2-4 November 2005

Some of the basic concluding remarks of the 4th International Conference could be:
- Preservation of market integrity is a behavioral imperative of all participants, institutions, and economy regulators.
- A regulatory loop upgrade in direction of discovering and approbating disintegrative factors, and also an education in the domain, have to be the part of ordinary professional improvement, not only for government control bodies, self-controlled bodies and brokers, but also for other professions related to the capital market.
- Technological development demands special attention of all capital market participants, considering that it opens some new possibilities for malpractice, but also some brand new tools for their remedy, interception, and approbation.
- Connecting the markets and setting up the minimal technological and organisational standards is a condition of successful preservation of integrity of any particular market and all markets together, considering the strong market globalisation processes.
- Huge responsibility is in the hands of those who report of market, whether they are financial analysists, merchants or journalist, because inadequately transmitted - or inaccurate information is creating the climate of (non) trust in capital market in general, which is the main cause of its instability and disintegration.

3rd INTERNATIONAL CONFERENCE
Belgrade, 16-17 November 2004

The Third International Conference of the Belgrade Stock Exchange was organized in the frame of the 110th jubilee of the Belgrade Stock Exchange foundation. The exibition of the antique securities from the Belgrade SE reminded us of the importance and postition that the Belgrade SE had in Serbian and European economy at the end of 19th and beginning of 20th century.

Topics covered in panels of the Third International Conference of the Belgrade Stock Exchange were:
- exchange indices
- corporate governance and shareholding
- regional cooperation
- investment and pension funds.

Representatives of Dow Jones, FESE, FEAS and neighbouring stock exchanges and investment funds took part in the Conference.

2nd INTERNATIONAL CONFERENCE - "INDUSTRIAL AND ECONOMY CONNECTIONS BETWEEN COUNTRIES OF THE REGION"
Belgrade, 25 November 2003

Within the 2nd International Belgrade SE conference first public presentation of the Project for Information Connection of SEE Exchanges - JVE portal was held. Representatives of exchanges participating in the Project and prominent experts in economics, law and computer science during the Conference addressed their views, importance and opportunities for regional cooperation. Project for Information Connection of SEE exchanges was aimed at putting local markets in the limelight with their advantages and drawbacks. Six exchanges of former SFRY, supported by the Ministry of Finance of Slovenia, finished the project which offers interested investitors possibility to access on one place all data: rules, current situation on the market, history statistics, and the most up to date trading data. At the same time, all brokerage houses presented themselves, members of the exchanges as well as the most attractive securities on a single market.

The second part of the conference was aimed at giving an overview of the current situation on the domestic capital market, possibility to join global financial streams and dynamics of information exchange with other markets.

1st INTERNATIONAL CONFERENCE - "REGIONAL CONFERENCE ON FINANCIAL MARKET DEVELOPMENT"
Belgrade, 9-10 Decembar 2002

Regional Conference on Financial Market Development was held in the organization of the Belgrade SE, EastWest Institute, U.S. Agency for International Development and Institute G17.

During the Conference the following conclusions were made:
- Investor protection was recognized as a top priority in the above-national rules and regulation framework (IOSCO). Close correlation between the level of investor protection and development of financial market indicates that the development of regulatory insitutions defines the level of protection, which is enhancing after each stock market crisis and mass endangerment of ownership rights. Therefore, protection of shareholder rights calls for additional regulation and legal standards, transparent passing of laws and harmonization with the UN directives.
- In most countries corporate governance and finanancial systems offer insufficient legal protection to investors in relation to the systems offering higher protection. Related to this, legal reforms are recommended, aimed at enhancing investor protection, followed by alterations of Corporate Law by giving more explicit rights to shareholders and/or regulation of financial market.
- Recognized drawbacks, immanent to almost all emerging markets, could be banished or diminished by enforcing the laws contributing to the development of capital market (e.g. Law on Investment Funds, Law on Takeover, Law on Pension Funds, Accounting Law, Corporate Law etc.), based on the recommendations of International Securities Organization.
- OECD corporate governance principles are not binding, but are recommended, especially relating to: shareholder rights, equal treatment, information disclosure, transparency which also should be built into the new legal solution.
- More intensive share trading on the BSE indicates certain level of deviant and manipulative actions on the market, often caused by insufficient knowledge, bringing initiatives for education.
- By signing the Protocol of educational consortium of financial market, regional markets showed interest to enhance education and information level of market participants, creating standards for the whole region.
- The WFE recommendation that stock exchanges need independence and freedom of act within the regulation framework should be accepted. State interference can distract market and it certainly does.

Value985,47
Change2,17
% 0,22%
28.03.2024. 14:01:01More
EUR/RSD117,1776
USD/RSD108,2572
Source NBS, 28.03.2024.
Market Capitalization - 28.03.2024.
444.870.642.016 RSD
3.796.550.211 EUR

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