Zagreb Stock Exchange

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Zagreb Stock Exchange
Founded 1907 (re-opened 1991)
Headquarters Zagreb, Croatia
Key People President and Chairwoman Ivana Gazic
Products Crobex Index
Website [1]

The Zagreb Stock Exchange (ZSE) is one of the larger exchanges in the Balkan region by market capitalization but has also generated speculation about its possible sale in recent years, especially to the Vienna Stock Exchange group. The ZSE also successfully inked deals with exchange-technology providers NASDAQ OMX Group in 2006 and 3i Infotech early 2010.


The forerunner of the modern-day Zagreb Stock Exchange, the Zagreb Commodities and Valuables Division of the Zagreb Chamber of Commerce, was launched on June 15, 1907 and traded until its first shutdown in 1911.[1] It reopened in 1918, shut down again under communism in 1945 and re-opened once more in 1991 by a group of 27 Croatian banks and insurance companies. Three years later, in 1994, the Zagreb Stock Exchange introduced electronic trading for its member brokers.

In November 2006 the ZSE signed an agreement with exchange-industry leader Nasdaq OMX Group to co-operate on technology and product development with a possible view to integrating ZSE with OMX-owned The Nordic Exchange group in Scandinavia and the Baltic.[2]Just over two years later, in Febrary 2009, ZSE announced that it had placed itself on the market and had drawn interest from Wiener Börse, then holding company of the Vienna Stock Exchange group, although no sale eventuated.[3] In November of that year, ZSE's then- CEO Roberto Motusic re-emphasized the need for consolidation among the Balkan region's exchanges, either via takeovers or voluntary partnerships.[4]

Latest results[edit]

The ZSE's total market capitalization rose 4.1% between June and July of 2010 to sit at 173.8 billion Croatian kunas (about US$40 billion), significantly larger than near neighbors like the Macedonian Stock Exchange with a total market cap of US$2.5 billion. Total turnover on the ZSE fell 3% between June and July 2010 to 856.4 million Croatian kunas.[5]

Key people[edit]

In March 2010, then-president of the ZSE Management Board Roberto Motusic was ousted by the exchange's Supervisory Board and replaced by current incumbent Ivana Gazic,[6] who later also became ZSE Chairwoman.

Latest news[edit]

In April 2010 the ZSE successfully implemented the AWACS market-surveillance system just four months after agreeing to purchase the system from global market-technology provider 3i Infotech.[7] The AWACS provides exchanges with early-warning alerts against market abuses such as insider trading and front-running and market manipulation ruses such as wash trades, churning and order layering, 3i Infotech claims.