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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…
English Translation of Transcript Federacija Danas, December 19, 2025
See the broadcast on this story starting at 12:54 minutes into the video: https://federalna.ba/federacija-danas-19122025-nl9ja
‘By establishing a Stock Exchange in the Brčko District, an important pioneering step is being made toward the modern development of the economy. The project opens up new opportunities for investment, the growth of domestic companies, and the attraction of capital.
More details are brought by our colleague Suada Mojdanović. Suada, what concrete changes are expected in the development of capital in the Brčko District?
The Stock Exchange in Brčko will not be limited solely to the local economy but will be open to all interested business entities from the wider region. The goal is to create a stable and modern investment environment, and the start of the project’s implementation is expected in the second half of next year.
More details follow in the report ahead. The first step in establishing a capital market is the creation of a clear legal framework. A Capital Market Law is currently being prepared and is expected to be completed by the end of this year or at the beginning of the next. This will be followed by adoption procedures, which will pave the way for the project’s implementation.
Muamer Ahmetspahić, SC Chair: “The law itself is designed to cover all known segments of capital market trading, and in that sense, we expect the Brčko District to become a leader not only in the country and the region, but possibly even in this part of Europe.”
For the functioning of the Stock Exchange, brokers and investment managers are needed. The District has enabled the education of senior-year students, giving them the opportunity to gain knowledge and experience in working in the capital market.
Merih Ribić, senior year student: “We had the opportunity to cooperate with employees of the Sarajevo and Banja Luka Stock Exchanges, as well as with employees of brokerage houses and investment funds. The training focused mainly on the practical aspect, namely understanding how the financial market functions, as well as the valuation of securities and investments.”
Read the rest of the transcript in the linked document below.
Chargé d’Affaires, John Ginkel
U.S. Embassy, Bosnia and Herzegovina
Video Statement of John Ginkel November 20, 2025 Ceremony to Launch Establishment of Brcko District Stock Exchange
“Dobar Dan. I am John Ginkel, the Chargé d’Affaires at the U.S. Embassy in Sarajevo.
Although I cannot be with you in person today, I want to take a moment to mark this important step toward establishing the Brcko Stock Exchange.
This project reflects American leadership and vision, and I am proud to see it moving forward.
The United States has a long history of strong, vibrant capital markets. From the ringing of the opening bell on Wall Street, to the innovation driving the Nasdaq stock exchange, our markets have been a cornerstone of economic growth for over two centuries.
They have helped businesses raise capital, created jobs, and built trust among investors. The Brcko Stock Exchange can follow this example and become a driver of economic opportunity in Bosnia and Herzegovina.
BiH’s economy has shown resilience, but it still falls short of its potential. Right now, banks dominate the capital market system in BiH, which leaves business leaders with a thin set of options when they seek capital to grow their businesses. The BiH business community is missing options to fuel growth in their economy. Access to diverse capital sources is that fuel.
In the United States, public stock exchanges have been a powerful engine of growth for companies and investors alike. Equity issuances provide a new route to capitalize businesses, and also offer investors an opportunity to grow their savings at a faster rate of return than traditional bank loans.
Effective equity markets make financial systems more resilient, diversify capital markets, and push banks to become more competitive. Investors have more options to balance risk and return.
The World Bank says capital markets need certain conditions to thrive: for example, macroeconomic stability, solid institutions, and a stable political environment. Brcko District is taking important steps to meet these conditions and set the example for how economic cooperation improves the lives of citizens.
BiH already has two stock exchanges—in Sarajevo and Banja Luka. Many companies are listed, but few actually use securities to raise capital for growth.
My expectation is that the Brcko Stock Exchange will change how BiH enterprises regard the capital market. With American investors, American technology, and American expertise, the Brcko Stock Exchange can set a new standard for innovation, transparency, and excellence. It can inspire trust and raise the bar for stock exchanges across the region. And it could attract more U.S. companies to do business in Bosnia and Herzegovina.
When the opening bell rings at the Brcko Stock Exchange, it will signal more than just the start of trading. It will mark a new chapter of economic opportunity and resilience for BiH.
I look forward to seeing you all in person once the Brcko Stock Exchange is up and running.”
See posting in Bosnian language via Brcko District Government page at:
http://vlada.bdcentral.net/Publication/Read/poruka-johna-ginkela-povodom-uspostavljanja-berze-brcko?lang=bs
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