The Sarajevo Stock Exchange or SASE () is a

stock exchange A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for ...

which operates in

Sarajevo Sarajevo ( ), ; ''see Names of European cities in different languages (Q–T)#S, names in other languages'' is the Capital city, capital and List of cities in Bosnia and Herzegovina, largest city of Bosnia and Herzegovina, with a population of 2 ...

Bosnia and Herzegovina Bosnia and Herzegovina, sometimes known as Bosnia-Herzegovina and informally as Bosnia, is a country in Southeast Europe. Situated on the Balkans, Balkan Peninsula, it borders Serbia to the east, Montenegro to the southeast, and Croatia to th ...

History and structure

The Sarajevo Stock Exchange (SASE) was founded on 13 September 2001 and commenced trading on 12 April 2002, as a central marketplace for trading in

securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...

in the

Federation of Bosnia and Herzegovina The Federation of Bosnia and Herzegovina (Serbo-Croatian: ''Federacija Bosne i Hercegovine'' / ''Федерација Босне и Херцеговине'') is one of the two Political divisions of Bosnia and Herzegovina, entities composing Bo ...

, which together with

Republika Srpska Republika Srpska ( sr-Cyrl, Република Српска, ; also referred to as the Republic of Srpska or Serb Republic) is one of the two Political divisions of Bosnia and Herzegovina, entities within Bosnia and Herzegovina, the other bein ...

, makes up the post-war

. The SASE was founded as a

joint-stock company A joint-stock company (JSC) is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareho ...

. It had eight founding members. According to the Securities Law, SASE members can only be legal entities - brokerage houses whose sole activity is trading in securities, with headquarters in Bosnia and Herzegovina. The founding

capital Capital and its variations may refer to: Common uses * Capital city, a municipality of primary status ** Capital region, a metropolitan region containing the capital ** List of national capitals * Capital letter, an upper-case letter Econom ...

of the exchange was BAM 200.000 (1 BAM = 0.51

€ The euro sign () is the currency sign used for the euro, the official currency of the eurozone. The design was presented to the public by the European Commission on 12 December 1996. It consists of a stylized letter E (or epsilon), crossed by t ...

). All SASE members must be licensed for securities trading by the Securities Commission of the Federation of Bosnia and Herzegovina. Only those brokers authorized by the SASE members, who have passed a brokers' exam are allowed to trade. The Securities Commission defines the manner and conditions for taking the exam and for revoking the licence. A broker is required to hold a valid licence issued by the Agency. The SASE currently has 16 members, whose headquarters are spread around Bosnia and Herzegovina, the majority being in the country's capital,

. The

shareholder A shareholder (in the United States often referred to as stockholder) of corporate stock refers to an individual or legal entity (such as another corporation, a body politic, a trust or partnership) that is registered by the corporation as the ...

assembly elects a five-member supervisory board for a four-year term. The supervisory board appoints the Manager of the Exchange who is in charge of the strategic planning and daily operations. The members of the management board of the Sarajevo Stock Exchange and

Wiener Börse The Wiener Börse AG (also known as the Vienna Stock Exchange) is a stock exchange, bourse situated in Vienna, Austria. The exchange owns and operates the Prague Stock Exchange, and holds stakes in Electricity market, energy exchanges and clear ...

(Vienna Stock Exchange) signed a memorandum of understanding on 21 March 2006. This made Bosnia and Herzegovina – after

Romania Romania is a country located at the crossroads of Central Europe, Central, Eastern Europe, Eastern and Southeast Europe. It borders Ukraine to the north and east, Hungary to the west, Serbia to the southwest, Bulgaria to the south, Moldova to ...

Croatia Croatia, officially the Republic of Croatia, is a country in Central Europe, Central and Southeast Europe, on the coast of the Adriatic Sea. It borders Slovenia to the northwest, Hungary to the northeast, Serbia to the east, Bosnia and Herze ...

and

Serbia , image_flag = Flag of Serbia.svg , national_motto = , image_coat = Coat of arms of Serbia.svg , national_anthem = () , image_map = , map_caption = Location of Serbia (gree ...

– the fourth

Southeast Europe Southeast Europe or Southeastern Europe is a geographical sub-region of Europe, consisting primarily of the region of the Balkans, as well as adjacent regions and Archipelago, archipelagos. There are overlapping and conflicting definitions of t ...

an stock exchange to enter into a cooperation agreement with the

Budapest Stock Exchange Budapest Stock Exchange (BSE) (, (BÉT)) is the Stock exchange, third largest stock exchange in Central and Eastern Europe by market capitalization and Market liquidity, liquidity. It is located at 55 Krisztina Boulevard, Budapest, Hungary, in ...

and the Wiener Börse. The memorandum of understanding lays the foundation for closer collaboration between the exchanges of Sarajevo and

Vienna Vienna ( ; ; ) is the capital city, capital, List of largest cities in Austria, most populous city, and one of Federal states of Austria, nine federal states of Austria. It is Austria's primate city, with just over two million inhabitants. ...

. The first joint project was an

index Index (: indexes or indices) may refer to: Arts, entertainment, and media Fictional entities * Index (''A Certain Magical Index''), a character in the light novel series ''A Certain Magical Index'' * The Index, an item on the Halo Array in the ...

Performance

The performance of the Sarajevo Stock Exchange exploded in the first few years. From 2002,

market capitalization Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders. Market capitalization is equal to the market price per common share multiplied by ...

rose by around twenty times and, at the end of 2005, it was

3.3 billion. The average daily trading volumes also soared in the first few years and hit €1.5 million by 2005. The leading

of the Sarajevo Stock Exchange, the BIFX, rose from 1,264.20 at the end of 2002 to 4,045.57 points at the end of 2005.Wiener Börse and Sarajevo Stock Exchange Sign Cooperation Agreement, 21 March 2006 In April 2019, market capitalization was BAM 5.36 billion, while the average daily trading volumes in 2020 were at BAM 541.031 million.

References

External links

Official website
Sarajevo Stock Exchange 2001 establishments in Bosnia and Herzegovina Organizations established in 2001 Stock exchanges in Europe Organizations based in Sarajevo Economy of Sarajevo {{Stockexchange-stub

History and structure

Performance

See also

References

External links