Official Market is the place where our "blue-chips" are beeing traded. In order to be listed at this market segment, an issuer has to meet certain requirements.

It is also obliged to provide the exchange with its three-month, semi-annual and annual financial reports. Their operations should be transparent, so the potential investor could evaluate if investing is profitable for him.

Listing on the Official market is not just a prestige, it includes many privileges for the issuer. If the company operates in a transparent and successful way, then investors have confidence in their management and company has the option of issuing new securities to finance their upcoming projects.

This option of securing fresh funds is much more used in developed countries, even though the difference in capital costs between public offer and commercial bank loans is much smaller. When one looks at interest rates in our banks, the question arises: Why our issuers do not consider public offers as a method of financing? First step towards that is certainly listing on the Official Market.

Some foreign investment funds restrict investing in companies who are not listed on the Official Market. Other benefits for the issuer includes less possibilities for manipulations of price of their shares.

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Issuers listed on Official Market of companies are Bosnalijek d. Sarajevo and Sarajevska pivara d. Official Market of Funds is a part of Official market that consists of investment funds registered in the Federation of Bosnia and Herzegovina. Listing of shares of the investment funds is done in a similar manner as those of the companies, the exception being that listing of those shares on the Official market is required by the law and regulations of the Securities Comission of the Federation of Bosnia and Herzegovina.

The rest of the regulations of the Official market are sensibly applied to the investment funds as well.

Another subsegment is the Official Market of Bonds in which the debt-based securities are listed. The conditions for listing are: Listing of government securities any government level is without conditions and limits. Review of symbols on ST1 is done every six months.

ST2is the entry segment for all the issuers on the Free Market. Depending on intensity of trading and the transparency of the issuer, shares can move up to ST1, but also down to ST3. So, when the shares are initially listing on the Free Market, they will be listed on ST2 and remain there until conditions are met for transfering to other subsegment of the Free Market.

On ST3 are listed the shares of the issuers who do not regularly or at all fulfill their obligations on disclosing the financial reports. Investors need to be extra cautious while trading these securities.

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Shares that are listed on ST3 are delisted from the Free Market if following conditions are fulfilled simultaneously:. The shares of the issuers which are in the bankruptcy proceedings opened are listed in this subsegment.

They remain there until the proceedings are closed. Corporate and municipal bonds are listed in this trading subsegment. Municipal bonds are issued by the municipal units counties, cities in order to raise the funds for the public benefit projects. The key motivations for issuing this kind of bonds are the interest rates and the simplicity of organizing the issue.

Corporate bonds are debt securities which are issued with the goal of raising the funds for a period of years. They create less expenses for companies than the commercial loans, while they also have the larger interest rates than government and municipal bonds.

They carry the bigger risk than the other bonds, depending on credit rating of the issuer. The trading algorythm for most securities is MFTS — continuous trading. That means that the transaction will be concluded as soon as the buy and sell order have their prices matched.

Trading is done continuously, from market opening in The auction trading algorythm is used only for shares of the issuers listed on Free Market subsegments ST3 and the Market for the issuers in the bankruptcy proceedings. Static limits define the maximum daily allowed price fluctuation of a security based on its previous official price.

If the price of an order which is to be entered in the trading system outside of the range defined by these limits, the order is transfered to the inactive order book, until its price is inside the static limits which change along with the official price of the security.

Static limit differ according to the market segment a security is traded on. In order to prevent excessive price movements triggered by small trades made away from the market price and to prolong the order exposure time, SASE introduced volatility interruptions in September Volatility interruptions are triggered once the dynamic limits of a security are about to be breached.

This happens when an order would trigger the conclusion of a trade at a price outside the dynamic limits range. The dynamic limits are based on the prevailing reference price.

The reference price is the last official price of the security in case there were no volatility interruptions this day or the price from the previous volatility interruption. In case the dynamic limits are breached, trading with this security is temporary suspended for a period of 15 minutes.

In this period, the market enters again the pre-open phase, in which only entering and editing of orders is possible, but no trading takes place.

After the 15 minutes pass, the market opens again through an opening auction, where the new reference price for the security is calculated.

It is important to note that although the reference price can change multiple times per day, it cannot breach the static limits of the security. If you want to receive reports, exchange rates or trade reports via e-mail, it is necessary to subscribe for SASE Newsletter. If you want to have access to the current information from the market become a user of the Trading Observer Desktop application. On the website of the Sarajevo Stock Exchange you can rent advertising space in a variety of formats.

Odaberite simbol za pregled emitenta. Organization of the Market. On Sarajevo Stock Exchange securities are traded on the Official Market and the Free Market. Official market consists of: Official Market of Companies Official Market for Funds Official Market for Bonds Official Market for Other Securities Official Market is the place where our "blue-chips" are beeing traded.

The criteria are as following: What are the benefits for the issuer of listing on the Official market? What is their motivation for publicly disclosing their financial reports? Issuers listed on Official Market of Investment Funds are: BIGFRK3 ZIF BIG Investiciona grupa d. Sarajevo BNSFRK2 ZIF Bonus d. Sarajevo CRBFRK1 ZIF "CROBIH Fond" d.

Mostar EFNFRK1 ZIF Eurofond-1 dd Tuzla BSNFRK2 ZIF Bosfin d. Sarajevo FRTFRK1 ZIF Fortuna fond dd HRBFRK2 ZIF Herbos fond dd Mostar MIGFRK2 ZIF MI Group dd Sarajevo NPRFRK2 ZIF Naprijed dd Sarajevo PRPFRK2 ZIF Prof-Plus d. Sarajevo PVNFRK3 ZIF Prevent-invest dd Sarajevo Another subsegment is the Official Market of Bonds in which the debt-based securities are listed.

Free Market consists of: Free Market of Companies, divided into following subsegments: Subsegment 1 ST1 Subsegment 2 ST2 Subsegment 3 ST3 Subsegment for issuers in bankruptcy proceedings Market of Bonds Free Market of Other Securities Subsegment 1: Shares that are listed on ST3 are delisted from the Free Market if following conditions are fulfilled simultaneously: Subsegment for the issuers in the bankruptcy proceedings: Free Market of bonds: Different securities of the same issuer can not be listed on the different market segments.

Price protection In order to protect investors, SASE has two kind of price limits in place.

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Static limits Static limits define the maximum daily allowed price fluctuation of a security based on its previous official price. SASE Newsletter If you want to receive reports, exchange rates or trade reports via e-mail, it is necessary to subscribe for SASE Newsletter.

SASE OBS If you want to have access to the current information from the market become a user of the Trading Observer Desktop application. Marketing On the website of the Sarajevo Stock Exchange you can rent advertising space in a variety of formats.