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Capital Markets Development Established to Prepare Brcko Stock Exchange
BRCKO DISTRICT OF BOSNIA AND HERZEGOVINA – 20 November 2025
Brcko District and an American-led project team today officially launched a new initiative to establish a modern stock exchange in the District in 2026, once the Assembly adopts the new law that has been developed to replace the existing Law on Securities and the necessary license is obtained from an expanded Securities Commission. Speaking at today’s event, former Supervisor Raffi Gregorian announced the launch of the Brcko-based Capital Markets Development (CMD) d.o.o. to make the necessary preparations for a joint stock company that can address Bosnia and Herzegovina’s longstanding market fragmentation and create a credible, investor-focused capital market platform designed to attract regional and international capital, and unlock value trapped in illiquid legacy markets.
BiH’s capital markets have been structurally constrained for over two decades. The coexistence of two small entity-level exchanges—SASE in the Federation and BLSE in Republika Srpska—has fragmented liquidity, increased compliance burdens, and created two separate regulatory regimes. As a result, trading volumes have declined steadily and equity trading turnover in the two legacy exchanges currently operates at 6% of its regional competitors.
Furthermore, transparency has weakened, and the exchanges have struggled to attract new issuers. At the same time, BiH still has significant latent market potential to achieve more than five times its current volumes: a large number of under-capitalised privatised firms, and Privatisation Investment Funds (PIFs), and an emerging private sector with growth ambitions.
The new exchange developed by CMD is designed to capture that potential. By combining a modern, interoperable technology platform, a clear regulatory framework, and a commercially grounded market strategy, CMD will deliver the first investor-grade infrastructure capable of reactivating Bosnia’s domestic capital formation. The exchange, under the code BRX, will launch with a diversified issuer base—dual listings, bonds, SMEs, and PIFs—ensuring immediate breadth and long-term growth.
The Brčko District provides a strategically neutral location with what will be a modernised Law on the Securities Market and streamlined regulatory environment. The Securities Commission’s single-regulator model finally resolves BiH’s historical market fragmentation and introduces legal clarity aligned with international standards. The District also offers a competitive tax position, including concessions for listed companies, and stronger commercial dispute-resolution mechanisms.
Financially, CMD is structured as a lean, vendor-supported operation with conservative early-stage assumptions. The company has been registered as a legal entity in Brčko District as a društvo s ograničenom odgovornošću (d.o.o.) or a company with limited liability.
Ultimately, CMD aims to position BRX as a functional part of the Western Balkan and European financial landscape—interoperable with ZSE, LJSE, and BELEX, attractive to issuers, accessible to investors, and economically relevant.
More press coverage below…
November 21, 2025 - Brčko District of BiH
Bloombergadria.com
The Government of the Brčko District of BiH is launching the development of a legal framework for the establishment of a stock exchange in cooperation with a group of American investors. The initiative aims to harmonize the regulations of the Brčko District with modern capital market standards, with a special emphasis on supporting small and medium-sized enterprises, as well as improving the operations of larger companies, the Government of the Brčko District of BiH announced. The Assembly of the Brčko District of BiH is expected to adopt the Law on the Stock Exchange by March 8, 2026 at the latest.
Supervisor for Brčko Luis Krischok assessed that the establishment of the stock exchange represents a significant step in the further affirmation of the district as a stable, progressive and business-friendly environment. The President of the Brčko District Assembly of BiH, Damir Bulčević, believes that the Brčko District will be a financial center in the coming period that will provide its citizens with a safe and quality life, and investors with safe investments.
The President of the Chamber of Commerce of the Brčko District of BiH, Sanela Hadžajlić, emphasized that the opening of the stock exchange represents a significant step for the development of the economy of the Brčko District of BiH and provides businessmen with new opportunities for investment and capital placement. She also emphasized the need for education, especially for small and medium-sized enterprises, in order to better understand the benefits that the stock exchange can bring and how to use them, the Government of the Brčko District of BiH announced.
Former Supervisor for Brčko and Deputy High Representative in BiH, Rafi Gregorian, spoke on behalf of American investors. He emphasized that the stock exchange, after its opening, will have modern and extremely attractive features for investors. According to him, this will increase the number of jobs in the local Securities Commission with two international experts.
Read the full article at https://ba.bloombergadria.com/ekonomija/bih/91566/brcko-zeli-svoju-berzu-ideju-podrzavaju-americki-investitori/news
November 20, 2025 - Brčko District of BiH
InFocus
A ceremony was held today in the conference room of the Brčko District Police building of Bosnia and Herzegovina to launch the initiative to establish a stock exchange in the Brčko District of BiH, which the District is implementing in cooperation with a project team of American investors. The event was held as part of the celebration of the 30th anniversary of the signing of the Dayton Peace Agreement, with the presence of representatives of the District institutions, international organizations, and embassies. It was emphasized at the ceremony that the initiative aims to harmonize the regulations of the Brčko District of BiH with modern capital market standards and create prerequisites that open up space for the development of a stock exchange in Brčko, and the participation of companies from the District, BiH and the region. Special emphasis was placed on supporting small and medium-sized enterprises as well as improving the operations of larger companies. The Mayor of the Brčko District of BiH, Siniša Milić, emphasized that the start of the development of the legal framework for the establishment of a stock exchange opens up new opportunities for the economic development of the District, confirms its stability, and attracts both domestic and foreign investors.
Raffi Gregorian, a representative of the project team representing investors in the American project and a former supervisor for the Brčko District of BiH, emphasized that the new stock exchange in Brčko introduces innovative technologies and institutional measures that strengthen market confidence and enable safer and more transparent business, while creating new jobs.
Read the entire article at https://infocus.ba/distrikt-brcko-uskoro-ce-dobiti-burzu-sve-prate-amerikanci/
November 20, 2025 - Brčko District of BiH
Skupština Brčko distrikta BiH
Today, in the conference room of the Brčko District Police building, the start of the project to establish a stock exchange in the Brčko District of BiH was officially launched, in cooperation with the project team representing investors in the American project. This significant event, held on the occasion of the thirtieth anniversary of the signing of the Dayton Peace Agreement, brought together the highest officials of the Brčko District of BiH, representatives of international institutions and diplomatic missions, as well as key partners from the economic sector.
"The financial stock exchange will bring multiple benefits, not only to the Brčko District of BiH, but also to the entire region. Our goal is to adopt the Law on the Securities Market by the anniversary of the District, so that the stock exchange can officially start operating. We will once again show that the Brčko District of BiH is the most stable and safest part of the country, a place where all investments are welcome and where they are safely invested." President Bulčević also emphasized the active role of the Parliament in the upcoming process.
The ceremonial start of the project was symbolically made official by a handshake between Mayor Siniša Milić and Raffi Gregorian, marking the formal beginning of cooperation on the development of a new draft of the Securities Market Law, which will create a modern legal framework and regulate the work of all capital market participants.
Read the entire article at https://skupstinabd.ba/index.php/ba/5180-predsjednik-bulcevic-istaknuo-znacaj-prve-berze-u-brcko-distriktu-bih.html
November 20, 2025 - Brčko District of BiH
Vlada Brčko distrikta BiH
A ceremony was held today in the conference room of the Brčko District Police building of Bosnia and Herzegovina to mark the launch of the initiative to establish the Brčko District Stock Exchange of Bosnia and Herzegovina, which the District is implementing in cooperation with a project team of American investors.
The ceremony emphasized that the initiative aims to harmonize the regulations of the Brčko District of BiH with modern capital market standards and create prerequisites that open up space for the development of a stock exchange in Brčko, and the participation of companies from the District, BiH and the region. Special emphasis was placed on supporting small and medium-sized enterprises as well as improving the operations of larger companies.
The Mayor of the Brčko District of BiH, Siniša Milić, emphasized that the start of the development of the legal framework for the establishment of a stock exchange opens up new opportunities for the economic development of the District, confirms its stability and attracts both domestic and foreign investors.
Raffi Gregorian, a representative of the project team representing investors in the American project and former supervisor for the Brčko District of BiH, emphasized that the new stock exchange in Brčko introduces innovative technologies and institutional measures that strengthen market confidence and enable safer and more transparent business operations, while creating new jobs.
Read the entire article at www.vlada.bdcentral.net/Publication/Read/ozvanicen-pocetak-projekta-osnivanja-berze-brcko-distrikta-bih
U.S. Congressman Mike Turner visited Sarajevo to discuss ways to enhance the U.S.-BiH economic relationship.
https://x.com/usembassysjj/status/1993273975112151379?s=12