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New framework plan for the Zagreb Stock Exchange
Croatian Times
Indium, a management consulting and investment firm focused on Central and Eastern Europe (CEE), has submitted its framework plan for the Zagreb Stock Exchange (ZSE) from 2010 to 2014 to ZSE's board of directors.
The framework plan was prepared in response to ZSE's call for submission of a ˝short management plan for the next four years˝. The plan proposes a time frame for substantive restructuring.
The Indium CEO's key suggestions focused on increasing transparency and enforcing regulations at the exchange – all with the aim of increasing liquidity.
Indium head Milan Racic said: ˝ZSE cannot be the largest stock market in CEE, but it can be the most-transparent one. Transparency will make its small size an advantage."
Indium's advice to the board was to emulate the Croatian National Bank (HNB) in terms of ZSE's market positioning and branding. The plan claims that HNB currently enjoys an enviable local and international reputation as an honest broker when it comes to monetary policy.
Racic said that the low volume of trading at ZSE meant that price manipulation or at least the perception of price manipulation was a real threat.
He added: "Tell the news like it is – the good, the bad and the ugly. That is the only way to generate long-term credibility. Real efforts to increase transparency and honesty in the functioning of the exchange build credibility, and, over time, trading volume.˝
Racic noted that the groundwork for preparing ZSE for a profitable sale should have started five years ago. He said that preparing a product such as an exchange for sale was not an overnight proposition but a matter of deliberate, sustained and meticulous strategy and execution.
Tag cloud volume least focused credibility framework management sale Zagreb preparing Indium Exchange price Stock transparency honest manipulation Racic strategy increasing trading
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