FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT 2015
CROATIA
key CAPITAL MARKETS INFORMATION
Country Facts
Country Croatia Legal Special rules within the law
Capital Zagreb Regulation Self-regulated institution
Area (km²) 56,594 Securities market regulations Population (million) 4.2 ZSE rules and Croatian Financial Services Supervisory Agency
regulations harmonized with EU legislation
GDP (USD billion) 57.3 Trading rules Trading rules existing in the ZSE rules
Currency Croatian Kuna (HRK) Surveillance ZSE rules and Croatian Financial Services Supervisory Agency
regulations harmonized with EU legislation
Exchange rate (1 USD) 6.3021 Corporate actions According to the ZSE rules and EU regulations
Time zone GMT+ 2 Trading halts regulations According to the ZSE rules
Calling code +385 Investor protection According to the ZSE rules and EU regulations
key economıc data
GDP GROWTH (%)
UNEMPLOYMENT (%)
0
INFLATION (%)
20
3.5
3.0
-2
2.5
15
2.0
-4
1.5
1.0
10
-6
0.5
0.0
-8
5
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
Of the total 2014 turnover, share trading accounted
for 79.2%, bonds for 18.4% and structured
products for 2.5%.
DEBT/GDP RATIO (%)
100
CROBEXTotal Return index introduced
80
60
40
2009
2010
2011
2012
2013
2014
2014 OVERVIEW
2014 trading at the level of the previous year
Trading on the Zagreb Stock Exchange in 2014 was
to a large extent at the level of the previous year:
order book trading in shares was of almost identical
in turnover, trading in structured products halved
while turnover in order book bond trading improved
65.1%. Ultimately, total turnover exceeded that of
the year earlier by 2.4%, with order book trading
volume up 10.8% and total market capitalisation
growing 10%. Bonds had the largest share in this
growth after rising 17.2% through the year, while
the market capitalisation of bonds rose 6.1% and of
structured products 24.8%.
18
-0.5
Indices had a varied performance: The CROBEX
suffered a correction by -2.7% even though it had
vaulted over the level of 1,900 points in the course
of the year, representing growth by almost 6%
over the end of 2013 at the time. The CROBEXTotal
Return was introduced in February 2014 as
the ninth ZSE index and it includes dividend
payment of its constituents: it recorded a minor
0.6%-percent advance, indicating that investment
in shares did not have a negative return in 2014
after all. Also, the CROBEX10 rose 1.2%. Among
other indices, the CROBEXturist should be noted
for its advance by as much as 79.1%. That index
embarked on the year with just two constituents
only to end it with as many as six.
SEE LINK project - connecting markets
The SEE LINK project of regional trading integration
of Zagreb, Bulgarian and Macedonian exchanges
was launched in July 2014, with a joint stock
company domiciled in Macedonia established for
that purpose. The goal of this project is to create
regional infrastructure necessary to enable trading
in shares of the companies listed on the three
exchanges. The European Bank for Reconstruction
2009
2010
2011
2012
2013
2014
and Development provided a grant to help set up
a technical solution of an IT platform which would
facilitate order routing, and the project is planned
to be implemented in the beginning of 2016.
An agreement on data vending with the Vienna
Stock Exchange was signed in October 2014,
making the Zagreb Stock Exchange a member
of the network supplying price information and
master data from 13 markets to international
clients via a single interface. This cooperation is in
line with long-term goals of increasing visibility
of the local and regional capital market, and
facilitating access to foreign investors.
Furthermore, in cooperation with the Central
Depository and Clearing Company, a shorter
settlement cycle (T+2) was introduced. The year
2014 was also marked by several important
international events: the first joint investment
conference of the Ljubljana and the Zagreb Stock
Exchange was organised in Zagreb in May, featuring
150 one-on-one meetings held in a single day.
The third joint conference of the Exchange and
investment fund industry entitled “The Challenge of
Change” was held in Rovinj in October with more
than 350 local and foreign participants and 23
distinguished speakers. The Zagreb Stock Exchange
also hosted 20th Annual Meeting of the Federation
of Euro-Asian Exchanges.
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