The Sarajevo Stock Exchange or SASE ( bs, Sarajevska berza) 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 th ...

which operates in

Sarajevo Sarajevo ( ; cyrl, Сарајево, ; ''see names in other languages'') is the capital and largest city of Bosnia and Herzegovina, with a population of 275,524 in its administrative limits. The Sarajevo metropolitan area including Sarajev ...

Bosnia and Herzegovina Bosnia and Herzegovina ( sh, / , ), abbreviated BiH () or B&H, sometimes called Bosnia–Herzegovina and often known informally as Bosnia, is a country at the crossroads of south and southeast Europe, located in the Balkans. Bosnia and ...

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 fo ...

in the

Federation of Bosnia and Herzegovina The Federation of Bosnia and Herzegovina is one of the two entities within the State of Bosnia and Herzegovina, the other being Republika Srpska. The Federation of Bosnia and Herzegovina consists of 10 autonomous cantons with their own gover ...

, which together with

Republika Srpska Republika Srpska ( sr-Cyrl, Република Српска, lit=Serb Republic, also known as Republic of Srpska, ) is one of the two Political divisions of Bosnia and Herzegovina, entities of Bosnia and Herzegovina, the other being the Feder ...

, makes up the post-war

. The SASE was founded as a

joint-stock company A joint-stock company 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). Shareholders a ...

. 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 may refer to: Common uses * Capital city, a municipality of primary status ** List of national capital cities * Capital letter, an upper-case letter Economics and social sciences * Capital (economics), the durable produced goods used fo ...

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 and unilaterally adopted by Kosovo and Montenegro. The design was presented to the public by the European Commission on 12 December 1996. It consists o ...

). 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 a corporation is an individual or legal entity (such as another corporation, a body politic, a trust or partnership) that is registered by the corporation as the legal ...

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 bourse situated in Vienna, Austria. The exchange also owns and operates the Prague Stock Exchange, provides market infrastructure to other exchanges in Central, Eastern, a ...

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

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

Croatia , image_flag = Flag of Croatia.svg , image_coat = Coat of arms of Croatia.svg , anthem = "Lijepa naša domovino"("Our Beautiful Homeland") , image_map = , map_caption = , capit ...

and

Serbia Serbia (, ; Serbian: , , ), officially the Republic of Serbia (Serbian: , , ), is a landlocked country in Southeastern and Central Europe, situated at the crossroads of the Pannonian Basin and the Balkans. It shares land borders with Hung ...

– the fourth

Southeast Europe Southeast Europe or Southeastern Europe (SEE) is a geographical subregion of Europe, consisting primarily of the Balkans. Sovereign states and territories that are included in the region are Albania, Bosnia and Herzegovina, Bulgaria, Croatia (a ...

an stock exchange to enter into a cooperation agreement with the

Budapest Stock Exchange Budapest Stock Exchange (BSE) ( hu, Budapesti Értéktőzsde (BÉT)) is the 2nd largest stock exchange in Central and Eastern Europe by market capitalization and liquidity. It is located at 55 Krisztina Boulevard, Budapest, Hungary, in the Buda ...

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

Vienna en, Viennese , iso_code = AT-9 , registration_plate = W , postal_code_type = Postal code , postal_code = , timezone = CET , utc_offset = +1 , timezone_DST ...

. The first joint project was an

index Index (or its plural form 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 a Halo megastru ...

Performance

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