Draft Final Report: Advisory Services to Banja Luka Stock Exchange and Sarajevo Stock Exchange
W i e n e r B o r s e – C A P M E X C o n s o r t i u m P a g e | 1
Submitted by
Wiener Börse AG – Vienna Exchange
acting as Lead Company
in Consortium with
CAPMEX – The Capital Market Experts
CAPMEX Unternehmensberatung GmbH
2nd
April 2009
Final Report
Advisory Services to Banja Luka Stock Exchange and Sarajevo Stock Exchanges
- A Project financed by the FIRST Initiative, a World Bank administered Trust Fund -
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List of Content
List of Abbreviations ............................................................................................................................... 3 1 Introduction ......................................................................................................................................... 4 2 Project Activities and Progress ............................................................................................................ 5
2.1 Project Activities ..................................................................................................................... 5 2.2 Project Progress since the Start ............................................................................................. 9 2.3 Comparison of planned and used resources by month ....................................................... 10
3 Project Outcomes and Results .......................................................................................................... 11
3.1 Main Project Outcomes and Achievements ......................................................................... 11 3.2 Summary Table - Comparison of Planned and Achieved Results ......................................... 12
4 Project Management and Planning ................................................................................................... 14
4.1 Project Management ............................................................................................................ 14 4.2 Expert Input .......................................................................................................................... 15 4.3 Detailed Work Plan as delivered .......................................................................................... 16 4.4 Reporting .............................................................................................................................. 17 4.5 List of Project Deliverables ................................................................................................... 17
5 Recommendations for Follow-up Projects ........................................................................................ 18
5.1 Concerted Efforts to Manage Capital Market Development ............................................... 18 5.2 Capacity Building Support to BLSE and SASE ........................................................................ 18 5.3 Build-up of a BiH/Regional Capital Market & Corporate Governance Training Centre ....... 19
Annex A: List of Participants Workshop I – Banja Luka ........................................................................ 20 Annex B: List of Participants Workshop I – Sarajevo ............................................................................ 21 Annex C: List of Participants Workshop II – Banja Luka ....................................................................... 22 Annex D: Programme Workshop II – Banja Luka .................................................................................. 23 Annex E: List of Participants Workshop II – Sarajevo ........................................................................... 24 Annex F: Programme Workshop II – Sarajevo ...................................................................................... 25 Annex G: Ranking of Stocks for BiH Country Index .............................................................................. 26
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List of Abbreviations
Throughout the Report, a number of abbreviations are used for convenience. Below is a list of the
meanings of these acronyms.
BATX Country Index Bosnia and Herzegovina
BiH Bosnia and Herzegovina
BLSE Banja Luka Stock Exchange
CAPMEX CAPMEX Unternehmensberatung GmbH – The Capital Market Experts
CEE Central East Europe
CG Corporate Governance
CMF Capital Market Forum
CMR Capital Market Representative
ECSPF Private and Financial Sector Development Department, Europe and Central Asia
Region, World Bank
EUR Euro
FBiH Federation of Bosnia and Herzegovina
FIRST FIRST Initiative
FR Final Report
IF Investment Funds
IFC International Finance Corporation
IR Inception Report
PIF Privatisation Investment Funds
QR Quarterly Report
RFP Request for Proposal
RS Republica Srpska
SASE Sarajevo Stock Exchange
StC Steering Committee
SEC Securities Commission
SEE South East Europe
TL Team Leader
ToR Terms of Reference
USD US Dollars
WB World Bank
WBAG Wiener Börse AG – Vienna Exchange
WS Workshop
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1 Introduction
The Final Report describes the level of achievement to reach the project objectives based on the
activities carried out by the project team from 18th November 2008 until 2nd April 2009 in Banja Luka
and Sarajevo.
The main objective of this technical assistance project were to further enhance the transparency of
the capital market in Bosnia and Herzegovina by
increasing the institutional capacity of BSLE and SASE;
supporting the development of an integrated BiH stock market index;
supporting the development of structured financial products and derivatives;
by training BLSE and SASE staff as well as key capital market participants; and
skill enhancement in the area of data dissemination.
Additionally, the assignment performed an analysis of the potential benefits of concentrating
ownership in voucher privatized BiH companies in the framework of resolving corporate governance
weaknesses. Furthermore, the recommendations for the development of a single BiH stock market
index covering both exchanges will be used by BLSE and SASE to actively promote investments in BiH
companies, to promote the diversification of the financial system and last but not least to increase
the access to capital market financing of companies in Bosnia and Herzegovina. The data
dissemination output will help to increase capital market transparency and through the structured
products and derivatives recommendation the groundwork for the introduction of appropriate
hedging instruments was done.
Carrying out the activities and obtaining the expected output
In the inception phase of the project the Team Leader reviewed and fine-tuned the work plan
according to the needs of BLSE and SASE. Based on the findings of the inception stage the final
phasing of the project for carrying out the project activities and the degree of detail of each output
was agreed with the beneficiaries and presented to the Steering Committee for approval. All
activities were carried out according to plan.
Frequent interaction with BLSE and SASE ensured smooth and timely project implementation. We
hereby would like to explicitly thank BLSE and SASE for the very good cooperation and the great
support received!
This Final Report presents briefly the activities which were carried out as well as the project
achievements.
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2 Project Activities and Progress
2.1 Project Activities
In full conformity with the Terms of References, the Technical Proposal and the decisions of the
Steering Committee the project team carried out all activities within the agreed work plan. Table 1
gives an overview of the project activities, the connected deliverables and the timing of the
implementation.
Table 1: Project Activities and Timing
Activity Expert(s) Deliverable(s) Date/Timing
Activity 1: Drafting the Inception report and on-site research
Hannes Takacs Wolfgang Pohn
Project Kick-off Meeting Detailed work plan Inception/Sector Analysis Report
11/2008 to 01/2009
Activity 2: On-site research mission, stakeholder discussions, data collection and analysis
Hannes Takacs Wolfgang Pohn Dennis Grubb Peter Brunner Florin Burnar
None [Input for Report, Handbook and Workshops]
11/2008 to 01/2009
Activity 3: Report Preparation “Analysis of the benefits of concentrating ownership of funds in privatized companies”
Dennis Grubb Wolfgang Pohn
Report “Analysis of the benefits of concentrating ownership of funds in privatized companies”
11/2008 -03/2009
Activity 4: Preparation of 1st
Draft Handbook and
recommendations for BLSE and
SASE
Hannes Takacs Florin Burnar Peter Brunner Wolfgang Pohn
1st
Draft Handbook 12/2008 – 02/2009
Activity 5: Design & delivery of
Workshop I
Hannes Takacs Florin Burnar Peter Brunner Wolfgang Pohn
1 Workshop Banja Luka 1 Workshop Sarajevo
02/2009 03/2009
Activity 6: Design & delivery of
Workshop II
Hannes Takacs Florin Burnar Peter Brunner Wolfgang Pohn
1 Workshop Banja Luka 1 Workshop Sarajevo
02/2009 03/2009
Activity 7: Preparation of Final Handbook version Activity 8: Presentation and
delivery of final handbook
Florin Burnar Peter Brunner Wolfgang Pohn
Final Handbook Version 02/2009
03/2009
Activity 9: Preparation of Draft Final Report Delivery of Draft Final Report
Hannes Takacs
Draft Final report 03/2009
30.03.2009
Activity 10: Incorporation of received feedback and preparation of Final Report Activity 11: Delivery of Final Report
Hannes Takacs Final Report 04/2009
30.04.2009
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The Inception Phase focused on the successful project start, the conclusion of all work arrangements
to put the assignment into operation and to conduct a quick assessment of the project environment.
The Inception Phase itself consisted of two activities:
Activity 1: Drafting the Inception report and on-site research
Activity 2: On-site research mission, stakeholder discussions, data collection and analysis
Activity 2 was a parallel activity to number 1 as they findings of the on-site research mission, the
stakeholder discussions, the data collection and analysis were not only used for the Inception/Sector
Analysis Report, but also for all follow-up activities of the implementation phase, especially for
drafting the BiH capital market assessment, the Report and the Handbook.
As stipulated in the ToR the Inception/Sector Analysis Report had the following content:
i. Analysis of the capital market in Bosnia and Herzegovina, with focus on
a. Demand and supply side for securities;
b. Trading characteristics;
c. Intra-regional investment trends and investor demand in BiH market;
d. Pre-requisites for a common stock index;
e. Pre-requisites for the introduction of structured financial products and derivatives
as hedging instruments;
Furthermore, the report also addressed institutional and regulatory elements of a
medium-term strategy to develop the BiH capital market.
ii. Recommendations to BSLE and SASE management regarding the final structure of the
“Implementation Handbook for Index Management and Structured Financial Products”
iii. Detailed work plan for the assignment
Milestones of the Inception Phase were the submission of Inception Report and its approval by BLSE
and SASE.
Activity 3: Report Preparation “Analysis of the benefits of concentrating ownership of funds in
privatized companies”
Key Expert 1 prepared the Report “Analysis of the benefits of concentrating ownership of funds in
privatized companies” in Bosnia and Herzegovina in the light of voucher-privatization outcomes and
lack of corporate governance. The detailed content of the report was discussed and defined jointly
with representatives of World Bank and IFC during the Inception Phase of the project. On-site
missions took place and all key stakeholders were interviewed. A first draft of the report was
submitted end of January 2009.
Based on the feedback received from WB/IFC a revised final version of the report was submitted for
approval on 2nd April 2009.
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Activity 4: Preparation of 1st Draft Handbook and recommendations for BLSE and SASE
The “Handbook for Index Management, Data Dissemination and Structured products” as defined in
the ToR consisted in reality of three handbook parts:
(a) Part I: Stock Market Index design and Management
(b) Part II: Data Dissemination
(c) Part III: Structured Products
The handbook parts and the conducted workshops will bring the management of BLSE and SASE in
the position to
decide on the next steps to implement a stock market index covering both capital markets
on an integrated basis and acting as benchmark for domestic as well as international
investors;
drive the development of structured financial products (e.g. certificates, ETFs, warrants)
improve data dissemination and how it can be applied to create a more transparent capital
market in BiH and promote stock market investments
have well trained employees in the areas index management, data dissemination and
structured products.
The handbook parts were prepared by the Key Experts 2, 3 and 4 as stipulated in the technical
proposal.
Activity 5: Design & delivery of Workshop I
Workshop I focused on the “Design and Implementation of a BiH Market Index and Structured
Financial Products”. The target group for the tailor-made workshops were the employees of BLSE
and SASE. Therefore, the workshop was conducted twice, one time in Banja Luka and one time in
Sarajevo. Each workshop lasted for 1/2 day and in average 8 employees of each exchange
participated.
Aim of the workshop was to train the personnel of BLSE and SASE in index design and management,
data dissemination, ETFs and structured financial products. The detailed workshop curriculum was
defined during the Inception Phase and agreed upfront with the project beneficiaries. The
workshops were held by the key experts who also drafted the handbook.
Activity 6: Design & delivery of Workshop II
Target group for the Workshop II “BiH Market Index and Structured Financial Products” were
selected capital market participants in Bosnia and Herzegovina, mainly SASE and BLSE members
interested in issuing and/or trading innovative financial instruments. The key participants were
selected jointly by BLSE, SASE and the project team based on pre-agreed criteria. Instead of one
workshop as requested in the ToR the project team conducted the workshop twice, one time in
Banja Luka and one time in Sarajevo.
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Aim of the workshop was to train at least 5 key capital market participants in structured financial
products to bring them in the position to provide under a medium-term perspective hedging
instruments to investors based on the BiH stock market index. But in reality more than 40
representatives of the BiH capital market participants, mainly exchange members, participated in
the workshops and were trained.
Furthermore, a part of the workshop focused on investor protection, as one of the major
prerequisites for a safe, reliable and transparent capital market in BiH. The Workshops were
conducted by the Team Leader and the Key Experts.
Activity 7: Preparation of Final Handbook Version
Based on the feedback received by BLSE and SASE on the draft of the Handbook the Key Experts 2, 3
and 4 incorporated the requested changes and prepared the final version of the Handbook.
Activity 8: Presentation and delivery of Final Handbook
The final version of the Handbook was presented to BLSE and SASE in February 2009.
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2.2 Project Progress since the Start
In general it can be said that all project activities were implemented in time and all project
objectives were achieved as listed in the Table 2 below.
Table 2: Status of activities and progress achieved
Activity Status
Activity 1: Drafting of Inception Report and on-site research 100% completed
Inception report submitted and approved
Activity 2: On-site research, stakeholder meetings, data/document collection and analysis
100% completed
Activity 3: Report preparation “Analysis of the benefits of concentrating ownership of funds in privatized companies”
1st
Draft submitted Feedback received
Final version under preparation, which will be submitted in the first week of
April 2009 as agreed
Activity 4: “Preparation of 1st
Draft Handbooks and recommendations for BLSE and SASE
100% completed all handbooks delivered and approved
Activity 5: Design and delivery of Workshop I to employees of BLSE and SASE in
Banja Luka
Sarajevo
100% completed all workshops conducted
24.02.2009
10.03.2009
Activity 6: Design and delivery of Workshop II to members and project stakeholders in
Banja Luka
Sarajevo
100% completed all workshops conducted
25.02.2009
11.03.2009
Activity 7: Preparation of Final handbook version Completed
Activity 8: Presentation and delivery of final handbooks
100% completed
Part A: Index: delivered
Part B: Data dissemination: delivered
Part C: ETFs and Structured Products: delivered
Activity 9: Preparation of Draft Final Report 100% completed
Activity 10: Incorporation of feedback/preparation of final report open
Activity 11: Delivery of Final report [final revised version] open
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2.3 Comparison of planned and used resources by month
Strict in line with the Technical Proposal the expert input was 184 working days in total for all
proposed team members. From the foreseen 184 working days 67 were delivered in Banja Luka and
73 in Sarajevo. The table below shows the utilisation of planned and used resources by project
month.
Expert Project Month
Total 11/08 12/08 01/09 02/09 03/09 04/09
Team Leader Hannes Takacs
planned 7 10 12 11 9 2 51
used 7 10 12 11 9 2 51
remaining 0 0 0 0 0 0 0
Expert 1 Dennis Grubb
planned 6 11 0 0 0 0 17
used 6 11 0 0 0 0 17
remaining 0 0 0 0 0 0 0
Expert 2 Florin Burnar
planned 5 8 7 8 5 0 33
used 5 8 7 8 5 0 33
remaining 0 0 0 0 0 0 0
Expert 3 Peter Brunner
planned 5 8 7 8 5 0 33
used 5 8 7 8 5 0 33
remaining 0 0 0 0 0 0 0
Expert 4 Wolfgang Pohn
planned 6 12 12 12 3 0 45
used 6 12 12 12 4 0 45
remaining 0 0 0 0 0 0 0
TOTAL
planned 29 49 43 39 22 2 184
used 29 49 43 39 22 2 184
remaining 0 0 0 0 0 0 0
All activities were conducted according to the work plan as agreed during the inception phase of the
project. No shift of resources took place and thanks to the good cooperation with SASE and BLSE as
well as the great support received all outputs were delivered in time.
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3 Project Outcomes and Results
3.1 Main Project Outcomes and Achievements
The Terms of Reference listed quite in detail the expected main outcomes from which the activities
were derived. Based on the findings of the Inception Phase and the discussions with the
beneficiaries and key project stakeholders following main outcomes were achieved:
Increased knowledge level, based on the delivered advise and the provided training, of SASE and BLSE employees in
o index design and management o data dissemination o structured products and exchange traded funds
8 employees of SASE and 6 employees of BLSE were trained in abovementioned subjects
Management of SASE and BSLE is in the position to decide on next steps to implement a stock market index covering both markets on an integrated basis, acting as benchmark for domestic and international investors based on the received coaching, advice, training and handbooks.
The pre-requisites for the introduction of the BiH country index were indentified and discussed with BLSE and SASE. Most of the pre-requisites, i.e. FIX protocol in place, ISIN codes (BLSE) and data availability via Reuters-Thompson, haven been established during the project life cycle, which builds the fundament for the calculation and management of the proposed index.
It was fixed that the BiH Stock Market Index will be a capitalization-weighted price index, calculated and released in real-time. It is estimated that the BiH country index will be in place within approximately six months from project completion. A shortlist of stocks, which are potential constituents of the BiH index, was prepared by the project team. Currently, negotiations between SASE and BLSE are going on regarding the final composition of the index. It the intension of all stakeholders to calculate a trade-able index, which will not only serve as benchmark but also an underlying for structured products.
14 key capital market participants in Sarajevo and 28 in Banja Luka were trained in structured financial products and will be in the position to provide, in the medium-term (within 24 months of project completion, depending on financial market situation), hedging products to investors based on the new BiH stock market index.
Based on the received advice and training SASE and BLSE are ready to drive the development of a structured financial products market based on the stock market index (realisation is very much depending on the impact of the global financial crisis)
SASE and BLSE employees have a thorough understanding of data dissemination and how they can apply it to create a more transparent capital market in BiH and promote stock market investments. Furthermore, Reuters-Thompson agreed during the project cycle to disseminate SASE and BLSE data starting with April 2009.
Generally, it can be said that the long-term outcomes of the project will very much depend on the
follow-up measures taken by SASE and BLSE, and the market participants.
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3.2 Summary Table - Comparison of Planned and Achieved Results
Planned Results Outputs/Outcomes Overall Verifiable Indicators Current Status
Result 1: Technical/policy knowledge transfer and increased knowledge level among SASE and BLSE employees in
o index design and management o data dissemination o structured products
Training of employees took place, handbooks were delivered, and workshops were conducted.
SASE and BLSE employee work on subject areas
SASE and BLSE employee work on subject areas
Reuters Thompson signed up as data vendor for BLSE and SASE and will start data dissemination in April 2009
100% achieved
Result 2: At least 5 employees of SASE and 5 employees of BLSE trained in index design/management, data dissemination and structured products
Training of employees took place Workshops were conducted at BLSE
and SASE
SASE and BLSE employee work on subject areas
Thorough understanding of exchange employees of subject areas
Reuters Thompson signed up as data vendor
100% achieved
Result 3: Management of SASE and BSLE is in the position to decide on the next steps to implement a stock market index covering both markets on an integrated basis and acting as benchmark for domestic and international investors
Management briefing on next steps to implement BiH stock market index
Ongoing discussions between SASE and BLSE management regarding composition of Index
Short list/ranking of potential index constituents
Proposed structure of index 100% achieved
Result 4: State-of-the-art stock market index and country benchmark established for the entire BiH market (capitalization-weighted price index, calculated and released in real-time) within approximately six months from project completion, which will contribute significantly to the integration of the securities market based on the assumption that SASE and BLSE data are available from at least one major data vendor (e.g. Reuters, Bloomberg...) and ISIN codes for stocks are introduced and assigned.
Handbook Index Design/ Management Employees are trained and capable to
design and manage country index Employees are trained and capable to
start data dissemination activities ISIN codes assigned to BLSE listed
stocks by WM Daten FIX protocol for data dissemination
implemented Currency denomination of index fixed:
BAM/EUR, USD Name of country index: BATX
Short list of potential index constituents
Contract with Reuters Thompson to disseminate the stock market data from SASE and BLSE
Data availability on Bloomberg FIX protocol on trading system
level in place ISIN codes for BLSE listed stocks
are in place
Final level of achievement will be seen within 6
months from project
completion at the beginning of
November 2009 as stipulated in
the ToR
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Planned Results Outputs/Outcomes Overall Verifiable Indicators Current Status
Result 5: At least 5 key capital market participants trained in structured financial products market and in the position to provide, in the medium-term (within 24 months of project completion), hedging products to investors based on the stock market index.
Workshops conducted - training of exchange members took place in Sarajevo and Banja Luka
Handbook on Structured products and Exchange Traded Funds was delivered to workshop participants via SASE and BLSE
List of participants of BLSE member workshop (provided as Annex)
List of participants of SASE member workshop (provided as Annex
100% achieved
Result 6: SASE and BLSE ready to drive the development of a structured financial products market based on the stock market index (realisation is very much depending on the impact of the global financial crisis)
2 Workshops for BLSE and SASE employees in structured products and exchange traded funds conducted
Handbook on structured products and exchange traded funds
Pre-requisites and steps required by SASE and BLSE presented and discussed at workshops
Trained personnel at SASE and BLSE with in-depth understanding of steps required by exchange
Handbook Structured Products
Handbook Exchange Traded Funds
List of SASE participants of workshop I
List of BLSE participants of workshop I
100% achieved
Result 7: SASE and BLSE employees with understanding of data dissemination and how they can apply it to create a more transparent capital market in BiH and promote stock market investments
Workshops conducted on data vending and dissemination
Training of exchange employees took place in Sarajevo and Banja Luka
Handbook Data Dissemination SASE and BLSE employee work on
subject area
Handbook Data Dissemination
FIX protocol implemented Data distribution via Reuters
Thompson will start in April 2009
100% achieved
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4 Project Management and Planning
4.1 Project Management
The project management structure was discussed in detail with the project beneficiaries Banja Luka
and Sarajevo Stock Exchange and both entities have nominated their respective members of the
Steering Committee as well as responsible project managers and specialists for project delivery at
the project kick-off meetings in Banja Luka and Sarajevo.
The Members of the Steering Committee were:
Entity (in alphabetical order) Member of the Steering Committee
Banja Luka Stock Exchange Mr. Milan Božid, CEO BLSE Mr. Nebojsa Vukovic
Sarajevo Stock Exchange Mr. Zlatan Dedid, CEO SASE Mr. Almir Mirica
WBAG-CAPMEX Consortium Mr. Hannes Takacs
World Bank Mr. Haris Mesinovic Mr. Tarik Sahovic
As planned that the first meeting of the Project Steering Committee took place in Banja Luka on 28th
January 2009 in the premises of Banja Luka Stock Exchange and the second StC meeting on 21st April
2009 in the premises of Sarajevo Stock Exchange in Sarajevo..
The nominated Project Managers of the project beneficiaries are:
Institution (in alphabetical order) Project Manager
Banja Luka Stock Exchange Mr. Nebojsa Vukovic
Sarajevo Stock Exchange Mr. Almir Mirica
Furthermore, each beneficiary has nominated module leaders for following project areas:
Project Area Contact Persons/Specialists of Beneficiary (in alphabetical order)
Consolidation of BiH capital market
Mr. Milan Božid, CEO BLSE Mr. Zlatan Dedid, CEO SASE Mr. Edin Secerovic, Director SASE Mr. Nebojsa Vukovic, BLSE
Report on Mr. Almir Mirica, SASE Mr. Nebojsa Vukovic, BLSE
Index Development and Management Mr. Almir Mirica, SASE Mr. Slavisa Risovic , BLSE
Data Dissemination Mr. Tahir Taslaman, SASE Mr. Igor Timarac, BLSE
Structured Products Mr. Almir Mirica, SASE Mr. Slavisa Risovic , BLSE
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Project Client: World Bank ECSPF, Europe and Central Asia Region
Project Steering Committe
representatives from
Banja Luka Stock Exchange and Sarajevo Stock Exchange
Team Leader
Hannes A. Takacs
(51 w/d)
Key Expert 1
Dennis Grubb
(17 w/d)
Key Expert 2
Florin Burnar
(33 w/d)
Key Expert 3
Peter Brunner
(33 w/d)
Key Expert 4
Wolfgang Pohn
(50 w/d)
The project management structure, as already defined in the Technical Proposal, is shown below.
Overall project management was carried out by the Team Leader supported by the nominated
experts. Each expert was assigned to specific activities/tasks with clear defined goals as planned in
the Technical Proposal and restated in the Inception Report.
Full support was provided by the management and personnel of Banja Luka Stock Exchange,
Sarajevo Stock Exchange and especially by World Bank and IFC representatives, which contributed
significantly to the overall project success. Thank you!
4.2 Expert Input
No changes took place on the level of expert input. As stipulated in the Technical Proposal the input
was 184 working days in total for all proposed team members.
Expert On-site days Off-site days Total number of working days
Team Leader: Hannes Takacs 40 11 51
Key Expert 1: Dennis Grubb 15 2 17
Key Expert 2: Florin Burnar 20 13 33
Key Expert 3: Peter Brunner 20 13 33
Key Expert 4: Wolfgang Pohn 45 5 50
Total working days 184
From the foreseen 184 working days 67 were delivered in Banja Luka and 73 in Sarajevo as planned.
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4.3 Detailed Work Plan as delivered
The work plan was revised, discussed and agreed with the project beneficiaries Banja Luka Stock Exchange and Sarajevo Stock Exchange during the
Inception Period of the assignment and is based on the received feedback. The total number of working days foreseen for the project is 184 as
stipulated in the Technical Proposal, thereof 67 working days were delivered in Banja Luka and 73 working days in Sarajevo as shown in the table.
The commencement date of the project was 18th November 2008 and the contractual project duration was six months.
WORK PLAN November 2008 December 2008 January 2009 February 2009 March 2009 April 2009 Total Total
Home BL Sar. Home BL Sar. Home BL Sar. Home BL Sar. Home BL Sar. Home BL Sar. Home BiH w/d
Hannes Takacs
2 - 5 5 5 - 2 5 5 1 5 5 1 5 3 - - 2 11 40 51
20.-21. - 24.-28. 8.-12. 1.-5. - 8.-9. 26.-30 19.-23. 16. 23.-27. 9.-13. 4. 16.-20 10.-12. - - 21.-22.
Dennis Grubb
1 - 5 1 5 5 - - - - - - - - - - - - 2 15 17
20. - 24.-28. 20. 1.-5. 8.-12. - - - - - - - - - - - -
Florin Burnar
- - 5 3 5 - 7 - - 3 5 - - - 5 - - - 13 20 33
- - 24.-28. 10.-12. 15.-19. - 12.-20. - - 9.-11. 23.-27. - - - 9.-13. - - -
Peter Brunner
- - 5 3 5 - 7 - - 3 5 - - - 5 - - - 13 20 33
- - 24.-28. 10.-12. 15.-19. - 12.-20. - - 9.-11. 23.-27. - - - 9.-13. - - -
Wolfgang Pohn
1 - 5 2 5 5 2 5 10 - 12 2 - - 3 - - - 5 45 50
20. - 24.-28. 16.-17. 1.-5. 8.-12. 8.-9. 26.-30 12.-23. - 2.-12. 24.-26.
- - 10.-12. - - -
TOTAL 4 0 25 14 25 10 18 10 15 7 27 5 1 5 16 0 0 2 44 140 184
Project meetings
Kickoff meetings: Sarajevo (24.11.) and Banja Luka (01.12.)
Steering Committee Meeting: 28.01.2009 @ 13:00 in Banja Luka
Final StC Meeting: 21.04.2009 @ 13:00 in Sarajevo
Workshops
In total 4 Workshops for BLSE and SASE staff as well as for exchange members were conducted on below listed dates:
Workshop I: Banja Luka: 24.02.2009 Sarajevo: 10.03.2009 Participants: Exchange employees
Workshop II: Banja Luka: 25.02.2009 Sarajevo: 11.03.2009 Participants: Exchange members & authorities
The specific workshops dates were defined jointly with BLSE and SASE at the 1st Steering Committee Meeting in January 2009.
Inception Report: Advisory Services to Banja Luka Stock Exchange and Sarajevo Stock Exchange
Wiener Bor se – CAPMEX Consor t ium P a g e | 17
4.4 Reporting
The reports required and their submission dates were defined during the project´s Inception phase.
All reports were submitted in English. According to the ToR following reports were delivered in time:
Report Submission date
Inception Report 1st bi-monthly report to WB (=Inception Report) 2nd bi-monthly report to WB 1st Quarterly report to StC (= Inception Report) Draft Final Report Final Report
21.01.2009 21.01.2009
18.03.2009 21.01.2009
30.03.2009 30.04.2009
A Draft Final Report was submitted one month before project end and a Final Report, which includes
the received feedback at the end of the project. An overview of all project deliverables is given in the
table below.
4.5 List of Project Deliverables
Activity Deliverable(s)
Activity 1: Drafting the Inception report and on-site
research
Inception Report
Activity 2: On-site research mission, stakeholder
discussions, data collection and analysis
None [Input for Report, Handbook and Workshops]
Activity 3: Report Preparation “Analysis of the
benefits of concentrating ownership of funds in
privatized companies in the light of voucher-
privatization and lack of corporate governance
thereof”
Report “Analysis of the benefits of concentrating ownership of funds in privatized companies in the light of voucher-privatization and lack of corporate governance thereof”
Activity 4: Preparation of 1st Draft Handbook and
recommendations for BLSE and SASE
1st Draft Handbook
Activity 5: Design and delivery of Workshop I 1 Workshop Banja Luka 1 Workshop Sarajevo
Activity 6: Design and delivery of Workshop II 1 Workshop Banja Luka 1 Workshop Sarajevo
Activity 7: Preparation of Final Handbook version Activity 8: Presentation and delivery of final
handbook version
Final Handbook version
Activity 9: Preparation of Draft Final Report Draft Final Report
Activity 10: Incorporation of received feedback and
preparation of Final Report
Activity 11: Delivery of Final Report
Final Report
Draft Final Report: Advisory Services to Banja Luka Stock Exchange and Sarajevo Stock Exchange
W i e n e r B o r s e C o n s o r t i u m P a g e | 18
5 Recommendations for Follow-up Projects
5.1 Concerted Efforts to Manage Capital Market Development
For the development of the capital markets in Bosnia and Herzegovina concerted efforts are critical
to manage the development efforts and initiatives. Thereby a number of structural enablers can be
considered to develop the BiH capital markets.
Establishment of Capital Markets Forum (CMF) and of a Capital Market Representative (CMR)
It is of utmost importance that all capital market development efforts and initiatives in BiH are
coordinated and managed. Therefore, we propose either to implement a capital market forum with
representatives from FBiH and RS and/or to nominate a well qualified, neutral, domestic or
international senior person as BiH Capital Market Representatives. As international experiences (e.g.
in Austria) have shown a CMR can contribute very much support the development of the capital
markets and align the interests of the market participants.
The Capital Market Representative, created as an independent level, will be responsible for
representing capital market needs at a high level, including planning, channelling, counselling, and
driving all necessary changes.
The CMR should
Develop policies, concepts and projects concerning capital market
Exert influence over initiatives that affect capital market
Integrate and consolidate actions to support entire capital market infrastructure
Eliminate inconsistencies and barriers limiting capital market growth
Coordinate and speed-up change processes
Improvement levers on infrastructure, demand and supply side
One of the tasks of the CMF, managed by the CMR, is to identify improvement levers and e.g.
Prepare a capital market development plan with detailed measures
Push for aligned actions of market players
Support the implementation of liquidity provision system
Support share-issue privatisation (e.g. telecom)
Investor education
Marketing to stimulate demand
Development of action plans
5.2 Capacity Building Support to BLSE and SASE
The BiH capital market infrastructure is heavily fragmented mainly based on the fact that due to
historic reasons two Exchanges, two Central Securities Depositories and two Securities Commissions
are operative. Even though both exchanges are very well managed and very reliable it can be said
that economies of scale can hardly be reached based on the market specifics. As it is currently not
feasible to consider a full integration and/or alignment of the capital market infrastructure, especially
of the two exchanges, we propose to support BLSE and SASE with focus on
Joint capital market information platform
Joint business development and marketing activities
Joint educational initiatives
Draft Final Report: Advisory Services to Banja Luka Stock Exchange and Sarajevo Stock Exchange
W i e n e r B o r s e C o n s o r t i u m P a g e | 19
Market harmonization
Stimulation of retail demand for domestic shares
Introduction of a liquidity provision system
Remote membership/cross-entity trading
The potential improvement levers were ranked based on
their potential capital market impact and
the estimated ease of implementation,
as shown in the graphic below.
© CAPMEX 2008
5.3 Build-up of a BiH and/or Regional Capital Market and
Corporate Governance Training Centre
Based on the feedback received during project implementation and the discussion at similar projects
in South East Europe it can be said that there is a great demand for capital market and corporate
governance education. Up-to-now Zagreb Stock Exchange tries to implement a capital market
training centre in Croatia, but no concerted efforts are made to leverage the outcomes by
implementing a regional capital market and corporate governance centre. It is proposed that the
World Bank Group takes here a leadership roles as capital market education is and will be a main
driver to restore investor confidence.
Draft Final Report: Advisory Services to Banja Luka Stock Exchange and Sarajevo Stock Exchange
W i e n e r B o r s e C o n s o r t i u m P a g e | 20
Annex A: List of Participants Workshop I – Banja Luka
Workshop I for Exchange Employees - BLSE
Date: 24.02.2009
Place: Banja Luka Stock Exchange
Participants:
1. Mr. Milan Bozic,
2. Mr. Darko Lakic,
3. Mr. Boris Tusinski,
4. Mr. Marko Stijak,
5. Mr. Igor Timarac,
6. Mr. Nebojsa Vukovic
Draft Final Report: Advisory Services to Banja Luka Stock Exchange and Sarajevo Stock Exchange
W i e n e r B o r s e C o n s o r t i u m P a g e | 21
Annex B: List of Participants Workshop I – Sarajevo
Workshop I for Exchange Employees - SASE
Date: 24.02.2009
Place: Sarajevo Stock Exchange
Participants:
1. Zlatan Dedid, General Manager
IT Department:
2. Tahir Taslaman
3. Aner Buco
Legal affairs:
4. Edin Šederovid
5. Nedim Mukid
Trading & Surveillance:
6. Almir Mirica
7. Goran Kahvedžid
8. Dino Bojid
9. Nejra Kadid
10. Sanja Perid
Draft Final Report: Advisory Services to Banja Luka Stock Exchange and Sarajevo Stock Exchange
W i e n e r B o r s e C o n s o r t i u m P a g e | 22
Annex C: List of Participants Workshop II – Banja Luka
Scanned copy of the participation list.
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Inception Report: Advisory Services to Banja Luka Stock Exchange and Sarajevo Stock Exchange
Wiener Bor se – CAPMEX Consor t ium P a g e | 23
Annex D: Programme Workshop II – Banja Luka
Time Topic
13.00 - 13.15 Welcome Address by Mr. Milan Bozic, CEO, BLSE
13.15 - 13.30 Financial Crisis and its potential effects on the economy
13.30 - 14.00 The BiH Country Index – Design, Management and Products
Q&A
14.00 – 14.20 Data Dissemination as Service for Investors and Liquidity Driver
Q&A
14.20 – 14.35 Break
14.35 – 15.00 Structured Products
Q&A
15.00 – 15.20 Investor Protection
App. 15.20 End of Workshop
Inception Report: Advisory Services to Banja Luka Stock Exchange and Sarajevo Stock Exchange
Wiener Bor se – CAPMEX Consor t ium P a g e | 24
Annex E: List of Participants Workshop II – Sarajevo
Scanned copy of the participation list.
List of Participants
Workshop at Sarajevo Stock Exchange - 11.03.2009
Name Organisation Signature
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Inception Report: Advisory Services to Banja Luka Stock Exchange and Sarajevo Stock Exchange
Wiener Bor se – CAPMEX Consor t ium P a g e | 25
Annex F: Programme Workshop II – Sarajevo
Time Topic
12.00-12.15 Welcome Address by Mr. Zlatan Dedic, CEO, SASE
12.15 – 12.40 Financial Crisis and its potential effects on the economy
12.40-13.20 The BiH Country Index – Design, Management and Products
Q&A
13.20 – 14.00 Structured Products
Q&A
14.00 – 14.20 Break
14.20 – 15.00 Data Dissemination as Service for Investors and Liquidity Driver
Q&A
15.00 – 15.20 Investor Protection
app. 15.20 End of Workshop
Inception Report: Advisory Services to Banja Luka Stock Exchange and Sarajevo Stock Exchange
Wiener Bor se – CAPMEX Consor t ium P a g e | 26
Annex G: Ranking of Stocks for BiH Country Index
Ranking by turnover (traded volume in Euro) and market capitalisation for the period February
2008 – January 2009
ExchangeCompany Sector
1 8SASEFabrika duhana Sarajevo dd Sarajevo 1,70 6,1% 154,112 2,2% Food, Beverage & Tobacco
2 11SASEBosnalijek d.d. Sarajevo 1,61 5,8% 113,346 1,6% Pharmaceuticals
3 28BLSERafinerija nafte a.d. Bosanski Brod 1,36 4,9% 31,539 0,4% Oil & Gas
4 2SASEBH Telecom d.d. Sarajevo 1,32 4,8% 1.273,034 18,1% Telecommunication
5 5BLSETelekom Srpske a.d. Banja Luka 1,22 4,4% 248,326 3,5% Telecommunication
6 12BLSENLB razvojna banka a.d. Banja Luka 1,10 4,0% 103,528 1,5% Banking
7 9SASEEnergoinvest d.d. Sarajevo 1,03 3,7% 135,655 1,9% Industrial Engineering & Machinery
8 19SASEABS BANKA D.D. Sarajevo 0,80 2,9% 48,649 0,7% Banking
9 22SASEHidrogradnja d.d. Sarajevo 0,79 2,9% 40,440 0,6% Construction
10 1SASEJP Elektroprivreda BIH dd Sarajevo 0,75 2,7% 1.704,586 24,3% Electric Utilities
11 31BLSEBirač a.d Zvornik 0,75 2,7% 25,680 0,4% Mining & Metals
12 34SASEEnergopetrol dd Sarajevo 0,67 2,4% 22,725 0,3% Oil & Gas
13 93SASEVranica d.d. Sarajevo 0,66 2,4% 4,002 0,1% Construction
14 40SASEIK Banka dd Zenica 0,63 2,3% 18,445 0,3% Banking
15 77SASESipad komerc dd Sarajevo 0,57 2,1% 5,709 0,1% Construction
16 25BLSERiTE Gacko a.d. Gacko 0,53 1,9% 38,791 0,6% Electric Utilities
18 51SASEIngram dd Srebrenik 0,47 1,7% 12,097 0,2% Construction Materials
17 55SASERudnik Zeljezne rude d.d. Vares 0,47 1,7% 10,951 0,2% Mining & Metals
19 3SASEJP Elektroprivreda HZHB Mostar 0,47 1,7% 579,087 8,2% Electric Utilities
20 39BLSERafinerija ulja a.d. Modriča 0,46 1,6% 19,840 0,3% Oil & Gas
21 57BLSEVitinka a.d. Kozluk 0,42 1,5% 10,455 0,1% Food, Beverage & Tobacco
22 14SASESarajevo osiguranje dd Sarajevo 0,42 1,5% 69,403 1,0% Insurance
23 59BLSEŽeljeznice RS a.d. Doboj 0,38 1,4% 9,642 0,1% Industrial Transportation
24 16SASESarajevska Pivara dd Sarajevo 0,38 1,4% 53,749 0,8% Food, Beverage & Tobacco
25 13BLSEUniCredit Bank a.d. Banja Luka 0,38 1,4% 85,979 1,2% Banking
26 42BLSEBobar banka a.d. Bijeljina 0,38 1,4% 16,333 0,2% Financial Services
27 27SASERudnik soli Tusanj dd Tuzla 0,37 1,3% 34,586 0,5% Mimning & Metals
32 88SASERMU Kamengrad dd Sanski Most 0,28 1,0% 4,336 0,1% Mining & Metals
28 24BLSEHidroelektrane na Trebišnjici a.d. Trebinje 0,34 1,2% 39,323 0,6% Electric Utilities
29 44SASEGP ZGP dd Sarajevo 0,32 1,2% 14,638 0,2% Construction
30 49SASESolana dd Tuzla 0,30 1,1% 12,534 0,2% Other Industrial Goods (Saline)
Ranking
TO / Cap
Capitalization
Ultimo Jan. 09
[mln EUR]
Average Turnover
Feb. 08 - Jan. 09
[mln EUR]
Rank Company Code Exchange Shares FFF RF Price Cap. BAM Cap. EUR Weight
1 Telekom Srpske a.d. Banja Luka TLKM-R-A BLSE 491.383.755 0,25 0,33 1,28 51.890.125 26.484.012 24,90%
2 BH Telecom d.d. Sarajevo BHTSR SASE 63.457.358 0,10 0,34 23,85 51.457.572 26.263.243 24,69%
3 JP Elektroprivreda BIH dd Sarajevo JPESR SASE 30.354.369 0,10 0,47 27,18 38.776.492 19.790.993 18,61%
4 Fabrika duhana Sarajevo dd Sarajevo FDSSR SASE 1.037.473 0,75 0,47 76,22 27.874.358 14.226.692 13,38%
5 Bosnalijek d.d. Sarajevo BSNLR SASE 5.843.276 0,75 0,47 13,24 27.271.153 13.918.825 13,09%
6 Rafinerija nafte a.d. Bosanski Brod RNAF-R-A BLSE 262.914.061 0,25 1,00 0,17 11.108.119 5.669.432 5,33%
208.377.819 106.353.197 100,00%
Simulation BATX - Bosnian Traded IndexClosing prices of March 06, 2009