UTICAJ INVESTICIONOG BANKARSTVA NA RAZVOJ TRŽIŠTA KAPITALA U FBIH

7/25/2019 UTICAJ INVESTICIONOG BANKARSTVA NA RAZVOJ TRŽIŠTA KAPITALA U FBIH

http://slidepdf.com/reader/full/uticaj-investicionog-bankarstva-na-razvoj-trzista-kapitala-u-fbih 1/59

SVEUČILIŠTE/UNIVERZITET „VITEZ“ VITEZ

FAKULTET POSLOVNE EKONOMIJE

STUDIJ CIKLUSA; GODINA STUDIJA: I CIKLUS; III GODINA

SMJER: MENADŽMENT BANKARSTVA, FINANSIJA I OSIGURANJA

MAHIR ZULUM

UTICAJ INVESTICIONOG BANKARSTVA NA RAZVOJTRŽIŠTA KAPITALA U FBIH

DIPLOMSKI RAD

Vit!" #$%&%'(#)%

#



SVEUČILIŠTE/UNIVERZITET „VITEZ“ VITEZ

FAKULTET POSLOVNE EKONOMIJE

STUDIJ CIKLUSA; GODINA STUDIJA: I CIKLUS; III GODINA

SMJER: MENADŽMENT BANKARSTVA, FINANSIJA I OSIGURANJA

UTICAJ INVESTICIONOG BANKARSTVA NA RAZVOJTRŽIŠTA KAPITALA U FBIH

DIPLOMSKI RAD

IZJAVA: J* Mahir Z!" +t,-.t S,0i1i2t*/U.i3!itt* „Vit!“ Vit!" i.-4+

5367: ##$$%&&'RE 6-8663.6 i ,! 963*1., i *4*-9+4, 6-8663.6+t i!7*17,79 -*

+*9 6*7 3*- i!3*-i6 6t,.6 +*96+t*1.6 ,! 463i2t.7 iti3*. 1it3*t,3 i 696<

9.t63*%

P6ti+ +t,-.t*: ===============

STUDENT: Mahir Z!"

PREDMET: Fi(a()i*)+i "(a-."(/

MENTOR: 0r123 -r3 B14-a(a V*(15i6 G!i41ri6

'



PREDGOVOR

Z*60i.7,7,*4t63 7 6-9*? .* 60t4,

+69i.7*.7 i ,6!.**.7 +* >i.*.+i7+4i9 +i+t969" >i.*.+i7+4i9 t3@i2ti9*"

i.+tit,i7*9* t i.+t3,9.ti9*% D*41" >i.*.+i7+4i +i+t9 7 5it*. +*+t*.i -i6

96-3. 3i3-% T3@i2t i i.+tit,i7 >i.*.+i7+468 +i+t9* +, 6- 1i4 *@.6+ti !*

>,.4i6.i+*.7 .786i? +,574*t*" +*9 -3@*" *1i i !* +*46-..i @i6t 67-i.*%

T3@i2t* .6* i 4*it*1* 4*6 -i716i >i.*.+i7+468 +i+t9* 3-+t*17*7, 9?*.i!9

467i 65*17*7, 46.3!i7, 2t-.7% Fi.*.+i7+4i +i+t9 7 6- 1i4 *@.6+ti !* +

+,574t 3i3- 73 67-i.i +,574ti" 4*6 i -3@*. i.+tit,i7 6i+ 6 53!i.i

,0i.46it6+ti" 3+ti i 4*1itti ,+1,8* 467 -*7 >i.*.+i7+4i +i+t9% P673.7 ,

>i.*.+i7+4* t3@i2t* i i.+tit,i7 417,0.6 7 !* .639*1.6 i 46.ti.,i3*.6 >,.4i6.i+*.7

>i.*.+i7+468 +i+t9*% O+.6.i 19.t >i.*.+i7+468 +i+t9* +, >i.*.+i7+4* t3@i2t*% U

2i39 +9+i1," 6.* 3-+t*17*7, !5367 t3*.+*4i7* i . 963*7, 3-+t*17*ti .-6+t,.

>639 t386i. >i.*.+i7+4i9 i.+t3,9.ti9* !* 65i0.68 83**.i.*% U@i +9i+*6

>i.*.+i7+468 t3@i2t* 7 638*.i!6*.6 +,-*3*.7 6.,- i 6t3@*.7 !* >i.*.+i7+4i9

i.+t3,9.ti9*" 467i < 5iti 2i3 657*2.7.i , -*17.79 3*-,% D*41" .* 6-3.69

97+t, i ,! 62ti*.7 i 3i-3@**.7 +t368i? 3*i1*" ,! 638*.i!6*.6 >639i3*.7

i7.* -2** + t* 3+t* t386i.% I.t39-i7*3., ,168, , t3*.+>3, >i.*.+i7+4i?

+3-+t** i!9, +,>iit.i? i ->iit.i? +,574*t* i9*7, >i.*.+i7+4 i.+tit,i7% A t6

+," .t3*1.* 5*.4*" 4693i7*1. 5*.4" 9*.7 >i.*.+i7+4 i.+tit,i7 i -3,86%

Fi.*.+i7+4i i.+t3,9.ti +, + 6.6 , 2t* i.+tit63i .* >i.*.+i7+469 t3@i2t, 968,

i.+ti3*ti% J*17*7, + , >639i .6*" 1*+.i04i? i -,@.i04i? i.+t3,9.*t*% Dt*17.i7

i.>639*i7 >i.*.+i7+469 +i+t9," t3@i2t," i.+tit,i7*9* i i.+t3,9.ti9* i -3,8i9

5it.i9 6796i9* +*-3@*. +, , 669 3*-,% T*46 5it. i.>639*i7 6 t3.,t.69

+t*.7, t3@i2t* B6+. i H386i. 5it.* 7 t9*ti4* 668 -i169+468 3*-*%



SAŽETAK

Di169+4i 3*- .6+i .*!i „Uti*7 i.+tii6.68 5*.4*3+t* .* 3*!67 t3@i2t*

4*it*1* , FBiH“% U .79, +, +*-3@*. 31*.t. i.>639*i7 6 >i.*.+i7+469+i+t9," ->i.ii7i" .*0i.69 -716*.7* +i+t9* , BiH% T*46 657*2.7.6 7

>i.*.+i7+46 t3@i2t i [email protected] 19.ti !*.i !* i+3*.6 6+16*.7% I!32.6 7

,6!.**.7 +* i.+tii7*9*" i.+tii7+4i9 5*.4*3+t69 BiH" .*0i.69

>,.4i6.i+*.7* i.+tii7+4i? 5*.*4* .* t3@i2t, 4*it*1* , BiH% U! 696< iti3*.

1it3*t,3 .*-.i? *,t63*" 467i +, 9.686 -63i.71i !* t63i7+4i -i6" i!32.6 7

i+t3*@i*.7 t3.,t. +it,*i7 i 3*!67, >i.*.+i7+468 t3@i2t* 436! i1,+t36*. 3i973"

32.* 7 ,+63-5* 6-*t*4* 3i4*!*.i9 , t*51*9* 467 i9*7, i -6-*t.*657*2.7.7*% Hi6t!* 3*-* 6+t*17.* .* 60t4," 3*ti -*17.7, i!3*-, 436! 0it* 3*-"

t , !*-.79" !*417,0.69 -i71," -6.i7t6 7 657*2.7.7 6 .*i+*.67 ?i6t!i% F64,+

3*-* 3*<. .*!i69 t9" -6.6+i 372.7* 467* 5i + 9681* 3i97.iti .* 56+*.+46

?386*0469 t3@i2t, !* 5617 >,.4i6.i+*.7%

SADRŽAJ

PREDGOVOR3333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333I

SAŽETAK333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333II

SADRŽAJ33333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333III

&3 UVOD3333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333&

#%#% PROBLEM" PREDMET I OBJEKT ISTRAIVANJA%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%'

#%'% RADNA HIPOTEZA I POMONE HIPOTEZE%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%

#%% SVRHA I CILJEVI ISTRAIVANJA%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%

#%)% ZNANSTVENE METODE%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%)#%$% STRUKTURA RADA%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%)

$3 TRŽIŠTE KAPITALA I NJEGOVA ODRE7ENOST33333333333333333333333333333333333338

'%#% ODNOS PRIMARNOG I SEKUNDARNOG TRIŠTA KAPITALA%%%%%%%%%%

'%'% TRIŠTA DUNIČKIH VRIJEDNOSNIH PAPIRA%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%##

'%% TRIŠTA VLASNIČKIH VRIJEDNOSNIH PAPIRA%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%#'

93 POJAM I KARAKTERISTIKE INVESTICIONOG BANKARSTVA33333333&:

%#% POJAM INVESTICIJSKOG BANKARSTVA%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%#$

%'% OSNOVNE KARAKTERISTIKE INVESTICIJSKIH BANAKA%%%%%%%%%%%%%%#

)



%% ORGANIZACIONA STRUKTURA INVESTICIJSKIH BANAKA%%%%%%%%%%#

:3 NASTUP INVESTICIONIH BANAKA NA TRŽIŠTU KAPITALA333333333333$&

)%#% INVESTICIONE BANKE NA PRIMARNOM TRIŠTU KAPITALA%%%%%'#

)%#%#% T3@i2t -i6.i*%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%''

)%#%'% T3@i2t 7*.6 3*.i? 3i7-.6+.i? *i3*%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%''

)%#%% T3@i2t 46363*ti.68 -,8*%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%'

)%'% INVESTICIJSKE BANKE NA SEKUNDARNOM TRIŠTU KAPITALA'$

)%'%#% B3643+4i 6+16i i.+tii7+4i? 5*.*4*%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%'

)%'%'% Di13+4i 6+16i i.+tii7+4i? 5*.*4*%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%'&

)%'%% I-.ti>i4*i7* i 4*.ti>i4*i7* 3i!i4*%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%(

)%'%)% U3*17*.7 3i!i469%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%'

83 INVESTICIJSKO BANKARSTVO U FUNKCIJI RAZVOJA TRŽIŠTAKAPITALA U BOSNI I HERCEGOVINI3333333333333333333333333333333333333333333333333333333333333399

$%#% POSTOJEE STANJE TRIŠTA KAPITALA U BIH KAO OSNOVARAZVOJA INVESTICIJSKOG BANKARSTVA%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%)

$%'% TRIŠTE KAPITALA U FBIH%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%)

$%% TRIŠTE KAPITALA U REPUBLICI SRPSKOJ%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%

$%)% MJESTO I ULOGA BANAKA NA TRIŠTU VRIJEDNOSNIH PAPIRA UBIH

$%$% PERSPEKTIVE RAZVOJA INVESTICIJSKIH BANAKAU BIH%%%%%%%%%%%%))

3 ZAKLJU<AK3333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333:=

LITERATURA33333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333338&

ILUSTRACIJE33333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333389

#% UVOD

Fi.*.+i7+46 t3@i2t 3-+t*17* 97+t6 t386*.7* >i.*.+i7+4i? i.+t3,9.*t* i .*

t69 97+t, + +,+3<, 6.,- i t3*@.7 !* i+ti9% Fi.*.+i7+46 t3@i2t 7 , 6+.6i -i6

>i.*.+i7+468 +i+t9*% U t6 +*-*7, >i.*.+i7+4 i.+tit,i7 i i.+t3,9.*ti + ,16869

6+3-.i2t* 9, +,-i6.ii9* 467i 6+7-,7, >i.*.+i7+4i i2*4 + 6.i9* 467i

3*+61*@, >i.*.+i7+4i9 9*.7469% S*-3@*7 +*468 46.69+468 +i+t9* 65,?*t*

71i., +*+t*17., 6- 7*.6+ti" i1i 2t-i2* 467i +67 i246 +3-+t** t7% >i.*.+i7+4i?

3+,3+* i.+ti3*7," -*7, .* 3*+61*8*.7 , >i.*.+i7+4 i.+tit,i7% Št6 + ti< -3,8

+4,i." +,-i6.i4* 467i 3*+61*@, >i.*.+i7+4i9 9*.7469" 6.i 36-*7, >i.*.+i7+4i.+t3,9.t i1i 32 !*-,@i*.7* 46- >i.*.+i7+4i? i.+tit,i7* , i17, +ti*.7*

$



>i.*.+i7+4i? 3+,3+* .6?6-.i? !* .*+t**4 6+16*" +,3*-.7 i1i 362i3i*.7*

6+16.i? *4ti.6+ti% T3@i2t 4*it*1* i t3@i2t .6* 3-+t*17*7, >i.*.+i7+46 t3@i2t%

T3@i2t 4*it*1* +, t*4* t3@i2t* .* 467i9* +, >i.*+i7+4i i.+t3,9.ti -,86360.i" 0i7* +,

-6+i7<* .6-3.* i1i + + .7i9* t38,7 .*79*.7 86-i., -*.*% N* t3@i2t, .6*

65*17* + t386*.7 3i7-.6+.i9 *i3i9* 467i9* +, -6+i7<* 9*.7* 6- 86-i.

-*.*% Z* >i.*.+i3*.7 3*!67* 46.69+468 +4t63*" >i.*.+i7+4* t3@i2t* +, 39.69

6+t*1* 81*.i i!63i >i.*.+i3*.7*" ,! 3*!168 !* t6 2t6 6*46 >i.*.+i3*.7 346

t3@i2t* . +*-3@i .66.*+t*1 >i4+. t36246" -6+i7< -,868 364* i1i -6+i7<

6<.it6%

P3i-3@**7,< + 668 .*0i.* 469*.i7 6+t*3,7, 3i+t, .* +7@i 4*it*1"

32 656172*.7* +t*5i1.6+ti i 7*0*7, 43-it.i 37ti.8% Št6 + ti< 6+3-6*.7* 6.6 + ,.*7<67 973i 65*17* 346 >i.*+i7+4i? t3@i2t* i 5*.4*% P6+t67 -* 96-1*

8165*1.68 >i.*.+i7+468 +i+t9* * t6 +, *.816+*4+6.+4i i 46.ti..t*1.i:

A.816+*4+6.+4i >i.*.+i7+4i +i+t9 6+t*17* .*81*+*4 .5*.4*3+4i?

>i.*.+i7+4i? i.+tit,i7* i >i.*.+i7+4i? t3@i2t* .* 2tt, 5*.4% U 51i@67 36216+ti -61*!i

-6 3*!67* >i.*.+i7+468 t3@i2t* ,.,t*3 6*468 +i+t9* 467i + < +9*t3*

.*73*!i7.i7i9 +i+t969 , +i7t,%

K*-* 8663i96 6 46.ti..t*1.69 96-1," .786* 3i97.* 7 9*.7

!.*0*7.* .* t3@i2t, i i.+t3,9.ti9*" 2t6 +t*3* 6+17-i .* < ,168 5*.*4*"

3-+t*17*7,i.*.+i7+4 [email protected] + 2i364i9 -i7**!6.69

,+1,8* 467 ,417,<,7, i ,+1,8 6- >i.*.+i7+468 t3@i2t* 4*6 2t6 +, 36-*7* 3i7-.6+.i?

*i3*" 9i+i7," >i.*.+i3*.7 i ,3*17*.7%

Fi.*.i7+4i +i+t9 B6+. i H386i. +17-5.i4 7 46.ti..t*1.68 96-1*"

+ 5*.4*9* 4*6 6-<i9 ,168*9* , 467i9* +, t3@i2t* i .7.i i.+t3,9.ti +1*56

3*!i7.i% N* 669 t3@i2t, 8!i+ti3* t3@i2t 4*it*1* *1i 7 t3@i2t .6* +1*56

3*!i7.6% O38*.i!i3*.6 7 t*46 -* 7 , 7-.69 +89.t, t3@i2t 4*it*1* FBIH *

-3,86 RS" 8-7 .* 7-.67 7 +*3*7+* 53!* SASE i .* -3,869 BLSE 5*.7*1,04*

53!*%

N* 3i9*3.69 t3@i2t, 4*it*1*" i.+tii7+4 5*.4 3-+t*17*7, 81*.

i.+tit,i7" 43*t63 t3@i2t*% N7i?6 6i+ 6+1* 7+t 3i4,17*.7 +3-+t** !* 3-,!<*" 467* < t* +3-+t* i+463i+titi !* >i.*.+i3*.7 +67i? 6+16* , i17, 3*+t*"



65i9* 6+1* i 362i3i*.7, +67i? 968,<.6+ti .* t3@i2t,% U -*17.79 i+t3*@i*.7, 5it

< 3-+t*17. ?i+t63i7+4i 6+3t .* .*+t*.*4 >i.*.+i7+468 +i+t9* i t3@i2t 4*it*1*"

!*ti9 >,.4i6.i+*.7" -i65* 6+16* i.+tii7+4i? 5*.*4* t +i+t9 >,.4i6.+i*.7*

668 t3@i2t* , BiH%

&3&3 PROBLEM, PREDMET I OBJEKT ISTRAŽIVANJA

P3-9t i+t3@i*.7* -i169+468 3*-* 4*3*4t3i+ti0*. +, 36+ 6+16*

i.+tii6.68 5*.4*3+t* >64,+i3*.i9 39* *4ti.6+ti9* .* 3i9*3.69 t3@i2t,%

I.+tii7+4 5*.4 .* 669 t3@i2t, 32 *.*1i!, 43t*.7* i 3,@*7, +*7t !* 9i+i7,

*4i7* i 65!.i*% V32 3i39, 9i+i7 3i7-.6+.i? *i3*% K3i3*7, 19.t9i+i7" 3i4,17*7, -64,9.t*i7," 32 i!3*-, 36+4t* t -65i7*7, -6!61 6-

.*[email protected] 638*.* i 38i+t3*i7 9i+i7% T*46 32 6t4, 9i+i7" +*96+t*1.6 i1i

83,i3*.6" t , -*17.79 36+, -i+t3i5,i3*7, 3i7-.6+. *i3 i.+tit63i9*% Št6 +

ti< +4,.-*3.68 t3@i2t*" i.+tii6. 5*.4 65*17*7, 0it* .i! ,+1,8* i .*

+4,.-*3.69 t3@i2t,% V32 6.7 3*0,.* 9it.*t*" * !* .7i?6 3*0,. 3i4,17*7,

4*9*t,% U461i46 9it.t i!-* .*168" 6. 36-*7, 3i7-.6+. *i3 346

+i7*1i!6*.i? 638*.i!*i7*% I.+tii6. 5*.4 968, ,3*17*ti i96i.69

469it.*t* t 32iti 762 .i! 6+16*% K*-* 8663i96 6 36519," 36519 3*-* +,

6+16i i.+tii7+468 5*.4*3+t*" .7i?6* .-6617.* 3*!i7.6+t .* 3i9*3.69

t3@i2t,%

&3$3 RADNA HIPOTEZA I POMO>NE HIPOTEZE

P3i i!3*-i -i169+468 3*-* 6+t*17. +, ?i6t!% P3* ?i6t!* 3-+t*17*

81*.," t +, 762 +69.,t -i7 696<." * 6. 81*+:

G!a5(a hi01/?a@ N* t3@i2t, 4*it*1* 3i+,t.i +, +*96 6+.6.i >i.*.+i7+4i

i.+t3,9.ti -i6.i" 65!.i i 9*.7 , 6ti*7," t3!63+4i i 4693i7*1.i

!*i+i% P6+t67*.7 6*468 +t*.7* 3!,1t*t 7 +1*569 1i4i-.6+ti t3@i2t*

4*it*1* i + .i+4i9 +t.69 3*!67*% N-6+t*i i.+t3,9.*t* 4*6 2t6 +,

+t3,4t,3i3*.i i i!-.i 36i!6-i ,!364 +, 9*.7 *t3*4ti.6+ti t3@i2t* i +1*569

3i1*0.62<, i.+tit63*%



P1"16(a hi01/?a &@ I.t.!i*. 3*!67 i.+tii7+468 5*.4*3+t* i

i.+ti3*.7* -2** + , '(%69 +t617<," *1i 7 !568 t?.61624i? .-6+t*t*4*

5i6 -6+t* .38,1i+*. i !*i+i6 7 6- 5367* 46.69+4i? i 33-.i? >*4t63*% P1"16(a hi01/?a $@ Z568 .6+t67*.7* 43*t46360.i? 3i7-.6+.i? *i3*

t3@i2t .6* , BiH 7 .3*!i7.6%

T3@i2t 4*it*1* >,.4i6.i2 18i+1*ti.6 *1i 7 .3*!i7.6 * t* .3*!i7.6+t

63*<.* 7 . 65!57i*.79 4*it*1* 436! 7*. 9i+i7 3i7-.6+.i*% N*

+4,.-*3.69 t3@i2t, t38,7 + +*96 7-.69 3+t69 9*t3i7*1* -i6.i% T*46

t386*.7* + 32 , !*t63.i9 43,86i9* -6 )( ,1*8*<* 36519 .

t3*.+*3.t.6+ti%

G1*.* ?i6t!* +1i7-i 0it*, i!3*-, -i169+468 3*-* 467* + .* 43*7,-64*!,7 i1i 6638** , 71i.i" -64 696<. ?i6t! +, !*.; H# 4*6 -64*! !*

t63i7+4i -i6 i H' -64*! 3*4ti0.68 -i71* -i169+468 3*-*%

&393 SVRHA I CILJEVI ISTRAŽIVANJA

S3?* i i17 i+t3*@i*.7* 668 -i169+468 3*-* 7+t 6<.it6 ,6!.**.7 +

67969 i.+tii7*" .*0i.69 i.+ti3*.7*" i.+tii7+4i9 5*.4*9*" 4*3*4t3i+ti4*9*.7.i? 6+16* 4*46 .* 3i9*3.69 t*46 i .* +4,.t*3.69 t3@i2t, 4*it*1* , B6+.i i

H386i.i" >i.*.+i7+469 +i+t9, BiH t 3+4ti*9* -*17.78 3*!67 668 t3@i2t*

, -3@*i%

&3:3 ZNANSTVENE METODE

Z.*.+t. 9t6- 463i2t. , i!3*-i -i169+468 3*-* +,: 9t6-* t63i7+4i?i+t3*@i*.7* 463i2t.i? , t63i7+469 6+3t," i.-,4ti.6--,4ti.* 46769 +,

+*4,17. +* 0i.7.i0.* +t*.7* 6 >i.*+i7+469 +i+t9," 9t6-* *.*1i! i +i.t!"

*+t3*4i7" 46.43ti!*i7 i 9t6- 41*+i>i4*i7%

&383 STRUKTURA RADA

Di169+4i 3*- 7 46.ii3*. 7 , 2+t -i716*%



U 3i -i6 -i169+468 3*-* 6-.6+i + .* ,6-" 8-7 653*!16@.* t9* 3*-* t

+, 6+t*17. ?i6t!" i 8663i + 6 36519," 3-9t, i 6574t, i+t3*@i*.7*%

P6+t*17.* 7 +3?* i i17i i+t3*@i*.7*" 9t6-6168i7* 653*- t +t3,4t,3* 3*-*%

D3,8i -i6 3*-* 8663i 6 .*+t*.4, t3@i2t* 4*it*1*" ,63,7, + 6-.6+i 3i9*3.68 i +4,.-*3.68 t3@i2t*" t 6 t3@i2ti9* -,@.i04i? i 1*+.i04i? 3i7-.6+.i?

*i3*%

S*-3@*7 t3<8 -i71* -i169+468 3*-* 8663i 6 679, i.+tii7+468

5*.4*3+t*" ,6!.*796 + +* .786i9 4*3*4t3i+ti4*9* i 638*.i!*i7+469

+t3,4t,369%

Čt3ti -i6 3*-* 46.ii3*. 7 t*46 -* 651i@ 657*+.i ,168, i.+tii7+4i?

5*.*4* .* t3@i2t, 4*it*1*" 4*46 .* 3i9*3.69" t*46 i .* +4,.-*3.69 t3@i2t,%

Pti -i6 6-.6+i + .* 6<.it6 +t*.7 t3@i2t* 4*it*1* , BiH" .78669 3*!67,

t t3@i2t, +89.ti3*.69 .* -* -i71*" FBIH i RS% T*46 , 669 -i71, 8663i + 6

3+4ti*9* 3*!67* t3@i2t* i1,+t36*.i9 436! 3i973%

Š+ti -i6 3*-* 7 !*417,0*4%

&



'% TRŽIŠTE KAPITALA I NJEGOVA ODRE7ENOST

U 60i9* >i.*.+i7+468 +i+t9* 369 >,.4i769 +9*t3*16 + 65!57.7

+3-+t** 1*<*.7* + i179 +9*.7.7* t36246* , t3*.+*4i7*9* i 65*17*.7 6+16.i? 36+*% U i17, 6+t*3.7* 2t-.7 >i.*.+i7+468 +i+t9*" 6+.6.* *4ti.6+t

5i1* 7 965i1i+*.7 2t-.7" 436! 467, + 6+t*3i*1 i.+tii7" 467 +, 4*6 -i7

46.69+4 4*t863i7 , ,16!i 643t*0* 3*!67* .*i6.*1.i? 46.69i7*% O*7 +i+t9

+*-* , 6-+i+t9 .*i6.*1. 46.69i7 * +*-3@*. 7 6- >i.*.+i7+4i? t3@i2t*"

>i.*.+i7+4i? i.+tit,i7*" 6+3-.i4* i i.+t,39.*t*" i.+tit,i7* 467 32 .*-!63 i

38,1*i7, +i+t9*" t >i.*.+i7+4i 9?*.i!9i -716*.7*% K696..t >i.*.+i7+468

+i+t9* 467 +, .*-. i9*7, +67 >,.4i7 i .* t*7 .*0i. 32 -63i.6+ 6+.6.67>,.4i7i >i.*.+i7+468 +i+t9*" * t6 +, ,+1,8 i 65!57.7 ,+1,8* 6t35.i?

3i3-.69 +4t63,% S3?* >i.*.+i7+468 +i+t9* 7 65!57.7 .+9t*.68 t64*

+3-+t** 6- +,574*t* 467i 3*+61*@, i2469 +3-+t** 4* 6.i9 +,574ti9* 467i

3*+1*@, 9*.7469 +3-+t**% Ci17 t68* 7+t +t*3*.7 +t*5i1.6+ti !* 36+

336-,4i7 i 3i3-.68 3*!67*% Fi.*.+i7+4i +i+t9 3*!1i4,7 + 6- -3@* -6

-3@*" *1i 6+t67 .4 !*7-.i04 4*3*4t3i+ti4% S*4i >i.*.+i7+4i +i+t9 ,3. 7

6- i.+tit,i7" t7% C.t3*1. 5*.4 467* +t*3* 43-it., i 96.t*3., 61iti4," 0i73!,1t*t 968,< 7 i-7ti .*0i.69 6+16*.7* +i? 6+t*1i? >i.*.+i7+4i? i.+tit,i7*"

t3@i2t* .6* i t3@i2t* 4*it*1*% U! .*69., -* 3!,1t*ti 6*4 61iti4 .t3*1.

5*.4 ,3,7, 6.*2*.7* +4t63* 2t-.7 4*6 6+.6.68 >*4t63* .*i6.*1.

46.69i7%

O+.6.* i.+tit,i7* >i.*.+i7+468 +i+t9* 7 .t3*1.* 5*.4*" t -3,8

i.+tit,i7 467 +, , >,.4i7i 38,1*t63* .* .*i6.*1.69 .i6," !*ti9 i.+tit,i7 467

65*17*7, 6+16 346 t3@i2t* .6*" 4*it*1* i -i!* -6!it. i.+tit,i7%G663,.4i7*9* 6i? >i.*.+i7+4i? i.+tit,i7*" .7i?6 3i9*3.

>,.4i7 +, 65!57.7 4*it*1*" , i17, 65!57.7* .+9t*.68 t68* .60*.i?

+3-+t**" 3*1i!*i7 i17* 96.t*3.6 43-it. 61iti4 t 6i.*.+i7+4i? +i+t9* , !*i+.6+ti

6- t68* -* 1i 7 >i.*.+i7+4i +i+t9 643.,t 4* 5*.4*9* i1i 4* t3@i2t,%#

# R60*.i." A%: „U3*17*.7 >i.*.+i7*9*“" IV i!-*.7" E46.69+4i >*4,1tt ,S*3*7," S*3*76" '((%" +t3% '

#(



P3i 651i4 >i.*.+i7+4i +i+t9 !*+.6*. .* 5*.4*9* + 65i0.6 6!,7 +*

N79*0469 +6i7*1.* 46.69i7* i J**.69 *-9i.i+t3*ti.6 ,+973**.*

46.69i7*" -64 + -3,8i 6!,7 +* A.816 A93i0469 3*4+69% Fi.*.+i7+4i

+i+t9 ,+973. 4* 5*.4*9* 4*3*4t3i+*. 7 7*469 i.-,+t3i7+469 61iti469 i

3*!i7.69 +6i7*1.69 +i8,3.62<," .6 +i+t9 467i 7 !*+.6*. .* t3@i2t, 4*3*4t3i2,

< 1i53*1i!*i7" 5! -,86360.68 1*.i3*.7* i 3*-i + 6 3i.i, 736*t.6< ,

i17, 6+t*3.7* 6!iti.68 6+16.68 3!,1t*t*%

S17-<* +1i4* 3i4*!,7 -* .*0i.* 638*.i!*i7 >i.*.+i7+468 +i+t9*" +i+t9

!*i+*. 6- 5*.*4* i.-i3t >i.*." i +i+t9* !*+.6*. .* t3@i2ti9* -i3t >i.*."

2t6 8663i -* 3i .*-.i +i+t9 i9* ,168, i.t39-i7*t63* .* t3@i2t,%

Grafikon 1. Organizacija finansijskog sistema

I!63: R60*.i." A% K*3*1i<" A%: „I.+tii7+46 5*.4*3+t6 i t3@i2t 4*it*1*“"

S*3*76 '((&%

##



„Z*.i0.6" 3 638*.i!6*. 53! +, 6+.6*. #$%8% , P*3i!, B6,3+ -

*1,3+ i , L6.-6., #$%8% R6*1 ?*.8%“' P60t469 #&% i74*" -2** +

i.t.!i.i7i 3*!67" t4 .*46. 3*!67* +6<8 36+3itt* i i.-,+t3i7+4

36i!6-.7% P6,!-*.i7i i + i2 !.*0*7.i i!63 >i.*.+i3*.7* 6+t*7, 3i7-.6+.i

*i3i 2t6 3!,1ti3* 43i3*.7 3i1*86.i? i 6+ 3*!1i0iti? 3i7-.6+.i? *i3*%

O*4* 36+ 3*<. 7 3*!679 !*46.+4i? 38,1*ti* 467 +, , t69 39., -6+t*

-6536 32i1 38,1*i7, 6+16.i? *4ti.6+ti .* 53!i%

R*!67 t3@i2t* 4*it*1* @ + !* '(%ti i74% T*-* 66 t3@i2t -6@i17**

+67, .*7<, 4+*.!i7," 0*4 i !568 6+17-i* #%S7t+468 3*t*" 1i4 46.69+4

43i! i '%S7t+468 3*t*% O*4i -68**7i 6+1*1i +, .8*ti*. >4*t .* t3@i2t

4*it*1*" t .*46. t68* .*+t*6 7 3i6- 1i468 3*+t* i.-,+t3i7+4 36i!6-.7"-2**7, + 1i4 i.+tii7 , i!83*-.7, ,t*" t 3674*t* !* !*6+1.7% P6-3,07

SAD* *9ti 1i4 -i6 t3@i2. 4*it*1i!*i7 , t69 39., *1i , 3i6- '(%68 i '#%

68 i74* t3.- 4*it*1i!*i7 362i3,7 + i .*1*!i 97+t6 , 6+t*t4, +i7t*%

Grafikon 2. Odnos tržišne kapitalizacije dionica države SAD i ostalih država u

svijetu


S*3*76 '((&%

' B3!*46i<" T%: „T3@i2t 4*it*1*" t63i7* i 3*4+*“" Č,8,3* P3i.t B683*-" '((%

#'



$3&3 ODNOS PRIMARNOG I SEKUNDARNOG TRŽIŠTAKAPITALA

„P6- >i.*.+i7+4i9 t3@i2t9 + 6-3*!,9i7*7, 638*.i!6*.* 97+t* .*

467i9* + +,+3<, 6.,- i 6t3*@.7 !* 3*!1i0iti9 651ii9* >i.*.+i7+4i? i.+t3,9.*t*

>i.*.+i7+4 *4ti i .* 467i9* +" ,! +t368* 3*i1* t386i." 638*.i!6*.6 >639i3*

i7.* >i.*.+i7+4i? i.+t3,9.*t*%“

O+.6. >,.4i7 >i.*.+i7+468 t3@i2t* 7+, *164*i7* .6* i 4*it*1*"

6-3i*.7 i7." 65!57i*.7 4*it*1* i 1i4i-.6+ti" >i.*.+i7+4* 2t-.7*"

+9*.7.7 t36246* i 3.6+ 3i!i4*% „O38*.i!6*.6 t3@i2t 3,@* 5367. 3-.6+ti:

6968,<** -* + 1*42 +,+3t., 6.,-* i t3*@.7*; 6<** 1i4i-.6+t ?*3ti7* 6-

3i7-.6+ti" t7% .7i?6, 1*42, 36-*7, i 4,6i.,; 6968,<,7 5617, 3*164*i7,

+3-+t**; 3-+t*17* .*75617i t+t ,+72.6+ti 6+16*.7* 9it.*t* i 63.7* ,

6-.6+, .* 46.4,3.i7," !568 [email protected]+ti 7*.6+ti ,ti< .* 60*.7 6-8663.6+ti i

>i4*+.6+ti 6+16*.7*; -63i.6+i +9*.7.7, t3*.+*4i6.i? t36246* 46.69i7*

65i9*; 6-+ti< 67*, .6i? ,0+.i4* i .6i? 9i+i7*; 32i -,4*ti., ,168,%“)

P3i9*3.6 t3@i2t 4*it*1* 7 t*46 t3@i2t 8-7 + 36-*7, 3i7-.6+.i *i3i

3* 36-*7*" + i179 3i4,17*.7* >i.*.+i7+4i? +3-+t**% N* 3i9*3.69 t3@i2t,

4*it*1* -61*!i -6 60**.7* +65,?*t. i96i. 5i16 -* + 3*-i 6 .*i6.*1.67

i1i i.t3.*i6.*1.67 3i3-i% O+.6.* >,.4i7* 7 *164*i7* 4*it*1* 467* 7

3*+616@i* .*7>i4*+.i7i9 i .*736>it*5i1.i7i9 463i+.ii9*% E9it.ti i 6+3-.ii

+*-*7, , 6+.6. ,0+.i4 3i9*3.68 t3@i2t* 4*it*1*% E9it.ti 3-+t*17*7,

469*.i7 + ,16869 9it6*.7* 3i7-.6+.i? *i3* 0i9 3i4,17*7, 4*it*1" -64 +,

6+3-.ii i.+tii7+4 i1i ,.i3!*1. 5*.4% Št6 + ti< 3i9*3. 9i+i7

3i7-.6+.i? *i3* 6.* 7 +t3686 38,1i+*.* !*46.69 i .7.* 4*3*4t3i+ti4* 7

65i9*. *-9i.i+t3*ti.i 6+*6 6t35*. !* 3i39, i 366.7 9i+i7% N*0i.i .*

467i + 32i 9i+i7* 3i7-.6+.i? *i3* +,: 7*.* 9i+i7*" -6-*t.* 9i+i7* !* +,574t

467i +, < .* t3@i2t," 36-*7* 346 t.-3*" 3i*t. 3i9*3. 9i+i7 i 9i+i7

3**% F,.4i6.i+*.7 3i9*3.i? t3@i2t* 3i7-.6+.i? *i3* 3i4*!*. 7 .* +1ii:

R60*.i." A%: U3*17*.7 >i.*.+i7*9*" E46.69+4i >*4,1tt , S*3*7," S*3*76"'(()%

) B3!*46i<" T%: „T3@i2t 4*it*1*" t63i7* i 3*4+*“" Č,8,3* P3i.t B683*-" '((%

#



Grafikon 3. Primarna tržišta (prodaja izdanja finansijskih instrumenata)


S*3*76 '((&%

„N* +4,.-*3.69 t3@i2t, 3i7-.6+.i? *i3* 32i + 369t < 6+t67<i?

-,86360.i? 3i7-.6+.i? *i3*" -*41 6.i? 467i +, < 9iti3*.i%“$ O6 t3@i2t -*7

968,<.6+t +,574ti9* 467i +, i.+ti3*1i" -* 3i7-.6+. *i3 36-*7, i -65i7,

63*t .* ,16@.* +3-+t*% O5!57,7,,.4i6.i+*.79 3i9*3.68 t3@i2t*% Bit.6 7 .*!.*0iti -* 66 t3@i2t .

>,.4i6.i2 ,461i46 . 6+t67i -6617*. 5367 !*i.t3+i3*.i? 4,** !* 3i7-.6+.

*i3 36-*t , *4ti.6+ti9* 3i9*3.68 t3@i2t*% U0+.ii 668 t3@i2t* +, 36-*i

4,i i 6+3-.ii" ,+1617.i 67*69 -i7 +t3*. 467 < i!32iti t3*.+*4i7,%

R*!1i4* 6* -* 1i* 7+, 604i*.7* 5,-,< 3i7-.6+ti 3i7-.6+.68 *i3*% T* !*

,0+.i4* 3i4*!*.* 7 .* +1ii:

Grafikon 4. Sekundarna tržišta


S*3*76 '((&%

$ O3+*8" S%" „Fi.*.i3*.7 9i+i769 3i7-.6+.i? *i3*“" Ri>i. -%6%6% Z*835" #&&%

#)



S17-i4 3i4*!,7 !, i!9, 3i9*3.68 i +4,.-*3.68 t3@i2t* 3i7-.6+.i?

*i3*:

Grafikon 5. Povezanost primarnog i sekunadarnog tržišta vrijednosnih papira


S*3*76 '((&%

U i17, 6+t*3. t3*.+*4i7 4,* i 36-** i9*7, +67 96ti * ti 96tii 467i +

67*17,7, 46- 6567 968, 5iti:

#% 46.69+4i .*+t67*.7 4,* 39* 6+t*3.7, 2t6 <8 3i.6+* 6-4,6i. 3i7-.6+.i? *i3*" -64 36-** 3i4,17* .6* 467i i9* @17,

,16@iti , .4, i.+tii7, i! 467 604,7 <i -63i.6+ 6- t36246* 467 +.6+i

1*<*.79 39i7 .* 3i7-.6+.i *i3;'% 24,1*ti.i !*3*-* 6 3697.i 4,3+* 6- 3i7-.6+.i? *i3*% K,,7, +

4*- i7.* .6+i 9*.7, 3i7-.6+t" -64 + 36-*7, 4*- i9 7 i7.* i+64*"

O*4i i.+tit63i +, +t*1.6 3i+,t.i .* t3@i2ti9* 4*it*1*" . !*-3@**7, -,86

3i7-.6+. *i3 , +69 1*+.i2t, t +, +416.i 3i!ii9*;

% 1i4i-.6+.i i.+tit63 36-*7 3i7-.6+. *i3 + i179 -65i7*.7*+3-+t** 467i < 6-9i3iti .786 1*+tit 65*!

$3$3 TRŽIŠTA DUŽNI<KIH VRIJEDNOSNIH PAPIRA

R60*.i." A% K*3*1i<" A%: „I.+tii7+46 5*.4*3+t6 i t3@i2t 4*it*1*“" S*3*76'((&" +t3% #$

#$



O6 t3@i2t +*-* , t3@i2t 3i7-.6+.i? *i3* 467i i9*7, >i4+.i 3i?6-% A t6 5i

!.*0i16 -* 6i 3i7-.6+.i *i3i +, 4*6 8*3*.t .* +t*5i1. 3i?6-% N* -,86.i9

t3@i2ti9* .*76!.*ti7i 3i7-.6+.i *i3i +,: 65!.i" 43*t46360.i 3i7-.6+.i *i3i

t3!63+4i" 51*8*7.i04i !*i+i"!*-,@.i" 4693i7*1.i !*i+i i -3,86% D,@.i04i

3i7-.6+.i *i3i +, -64,9.t 6 3*, .* 6t3*@i*.7 i!.6+* 6- i!-**t17*

-,@.i0468 3i7-.6+.68 *i3*% N*702<i 651i4 67*17i*.7* -,@.i04i? 3i7-.6+.i?

*i3* .* t3@i2t, +, 65!.i 4*6 -,86360.i" -64 6+t*1i +, ,81*.69 43*t468 364*"

-6 7-. 86-i. i 467i +1,@ 4*6 i.+t3,9.ti t3@i2t* .6*% K*3*4t3i+ti4 65!.i*

+,:

• *3 3i7-.6+t +6t, 467, !*7963i9* 1*<* 4*-* 65!.i* -6+i7"• 4,6.+4, 4*9*t, 4*9*t* 467* + 1*<* .* 65!.i,"• -6+i7< 3i79 4*-* 7 !*7963i9* 65*!*. 1*titi *3 3i7-.6+t%

T3*-ii6.*1.i 96-1 6-71 -,86360.i? -,@.i04i? 3i7-.6+.i? *i3* .*

t3@i2t, 3-+t*17. 7 , .*+t*4,:

#% t3!63+4 +3-.76360. i -,86360. 65!.i"

'% 9,.ii*1. 65!.i"

% 46363*ti. 65!.i"

)% ?i6t4*3. 65!.i%

T3!63+4 65!.i i!-*7, + 6- +t3*. .*i6.*1.i? 1*-* i 6. i9*7, 6.*

643i<*" ,.68 673.7* i *,t63itt* 1*-" * +*-*7, , 5!3i!i0. i i9*7, 9*1i

3i.6+% V32 + 6 97+0.69 4,6.+469 i+1*t69 i 364 -6+i7<* i9 7 -6 (

86-i.*%

M,.ii*1. 65!.i +, 3i7-.6+.i *i3i i!-*ti 6- -3@* i 164*1.i? 1*+tii +1,@ !* >i.*.+i3*.7 i ,6t,.7**.7 3i39. .3*.6t@ 63*ti.i? t36246*

i 3i9*.7* i1i + 9,.ii*1.i9 65!.i*9* + >i.*.+i3*7, -,86360.i 4*it*1.i 6+.6i

!* *4ti.6+ti 4*6 .* 3i973 i!83*-.7 2461*" 469,.*1.i? +t3,4t,3*" +i+t9* 3i76!*

i +1i0.6% Oi 3i7-.6+.i *i3i +, 6+1656.i 1*<*.7* 63!* i 9.686 3i1*0

i.+ti6t" 73 i9 .* t*7 .*0i. +t*3*7, + ,2t- *1i i 663t,.itt.i t36246i -3@*.68

+4t63*%

K6363*ti. 65!.i +, 3i7-.6+.i *i3i 467i9* + 3-,!< 65*!,7-* < , 6-3.69 364, 3*titi 6!*7917.* +3-+t* ,! 6-3., 4*9*t,% V316 +,

#



+1i0. t3!63+4i9 65!.i*9* 61,86-i2.7* i+1*t* 4,6.* *1i + 3*!1i4,7, 6

i+i.i 3i!i4* i.+tit63*% Ri!i0.i7 +, 6- t3!63+4i? i .*1*t* i9 !*i+i 6- 6+16*.7*

!*7963i9*% Ri!i0.i7 65!.i .6+ i <, 4*9*t., +t6," 2t6 i 7+t 96ti*i7+4i

>*4t63 !* ,1*8*.7 , 6, 3+t, 3i7-.6+.i? *i3*%

Hi6t4*3. 65!.i +, 65!.i 467 .6+ 1*+.i046 6t3*@i*.7 ,

+4,i.i ?i6t4* i1i 65*!, 467* 7 6+i8,3*.* 6*469 +4,i.69% O*46

6t3*@i*.7 .*+t*16 7 !568 +47,3iti!*i7 ?i6t4*3.i? 43-it*% I.+tit63i 6+t*3,7,

+67* 6t3*@i*.7* 346 9it.t* ?i6t4*3. 65!.i t*46 2t6 i9 36+172,7,

3i?6- !*-3@**7,<i -i6 4*9*t%

$393 TRŽIŠTA VLASNI<KIH VRIJEDNOSNIH PAPIRA

T3@i2t 1*+.i04i? 3i7-.6+.i? *i3* 7+t t3@i2t -i6.i*% Di6.i* 7

3i7-.6+.i *i3 467i .6+i i96i.+4* i ,3*17*04* 3** !* 1*+.i4*% T6 7

-64,9.t 6 1*+.i0469 3*," -64 ,168 , +t*3i9*" 3*, i .6, 7 t3*7.i ,168 467i

7 -i6 ,4,. i96i. 469*.i7" i 1*+.i4 .769 . 96@ i2 +1656-.6

3*+61*8*ti% J-i.i .*0i. 3*+61*8*.7* 669 i96i.69 7 -* 1*+.i4 36-* -i6.i .*

+4,.-*3.69 t3@i2t, 4*it*1*" .* t*7 .*0i. i.+tit63 !* -*t* 1*+.i04* i ,3*17*04*

3** -65i7* .60*.i i!.6+ 467i 7 7-.*4 [email protected] 3i7-.6+ti -i6.i% Di7 +, 3+t

-i6.i*" 65i0. i 3>3.i7*1.% Z*7-.i04* 4*3*4t3i+ti4* i9 7 -6-71.* +t6*

63*t* 467* 6-3*!,9i7* 4*it*1., -65it i 3i6-i0.* i+1*t* -ii-.-% Vi+i.*

-ii-.- 46- 65i0.i? -i6.i* 7 .6-3.*" -64 46- 3>3.i7*1.i? -i6.i*

-ii-.-* 7 ,.*3i7- t*0.6 6-3.*%

O.6 2t6 3*!1i4,7 65i0., -i6.i, 6- 3>3.i7*1. 7+t:

-i+43t.* i+1*t* -ii-.-i 3i7-.6+t -ii-.- + i!3*0,.** .* 6+.6,

6+16*.7* 469*.i7" , +1,0*7, 4*-* 469*.i7* . 6+t*3,7 -65it"

-ii-.-* + . i+1*<,7; +t*t,+ 3!i-,*1.68 6t3*@i*.7* 65i0. -i6.i +, 3i!i0.i7 6- 6+t*1i?

3i7-.6+.i? *i3* 73 .7i?66 6t3*@i*.7 , +1,0*7, +t<*7* + 6-9i3,7

t4 .*46. 2t6 + 6-9i3 + 65*! 469*.i7 6 it*.7, -,86*.7* !*

I5i-9" +t3% #

#



63! i -3,8 -3@*. -*5i. i -,86*.7* !*6+1.ii9*" 1*+.ii9*

65!.i* i 3>3.i7*1.i? -i6.i*; 683*.i0.* 6-8663.6+t 8,5ii i.+tit63* +, 683*.i0.i .* i+i., .78668

,168*;

81*+*04* 3** 1*+.ii 65i0.i? -i6.i* i9*7, 3*6 81*+* 6 it*.7, 6+16*.7* 469*.i7" t 5i3*.7* ,3* i -i34t63*%

P3>3.i7*1. -i6.i +, ,81*.69 ?i53i-.i 3i7-.6+.i *i3 73 i9*7,

4*3*4t3i+ti4 i 65i0.i? -i6.i* i 65!.i*% S1i0.* 7 -i6.ii 73 3-+t*17* 1*+.i04i

,-i6 , 469*.i7i" *1i i 65!.ii 73 7 -ii-.-* ,.*3i7- 6!.*t* .*

3>3.i7*1., -i6.i, i i+1*<,7 + 3i63itt.6 , +1,0*7, 1i4i-*i7 i1i +t0*7*%

#



93 POJAM I KARAKTERISTIKE INVESTICIONOGBANKARSTVA

Z* 3i7-.6+. *i3 64*3*4t3i!i3*. -,8i9 36469 , 467 +*-*7, -i6.i i

65!.i" t3@i2t 4*it*1* 7 3i36-.6 643,@.7% K*46 5i >,.4i6.i+*16 t3@i2t

4*it*1*" >i.*.+i7+4i 6+3-.ii i9*7, 417,0., ,168,% I.-,+t3i7* 3i7-.6+.i? *i3* 7

i 6+i9 i.+tit,i6.*1.i? i.+tit63* ,+6+t*i1* 0it*, 93@, t386*04i? i 6+3-.i04i?

4,<* 4*6 2t6 +, i.+tii7+4i 5*.4*3i" 53643i i -i13i% K6363*i7+4 6t35 !*

.60*.i9 +3-+ti9* .6?6-.i9 !* -,86360. i.+tii7+4 3674t 4*6 7-.6 i

,1*8*.7 , +67 +1656-. >6.-6 4*6 -3,8" ,t9 9i+i7 3i7-.6+.i? *i3*"

63-717,7, 168i4, *.8*@6*.7* i.+tii7+4i? 5*.*4* , 669 6+1,% U+1,8 6ti+i*.7*" -i+t3i5,i7" t386i. 3i7-.6+.i9 *i3i9*" i.+tii7+4 5*.4 .

65*17*7, i+417,0i, i 7-i., *4ti.6+t" *1i +i8,3.6 3-+t*17* .*7*@.i7, *4ti.6+t ,

65i9, +68 6+16*.7*% I.+tii7+4 5*.4 6ti+i*.79 i 1*+9*.69 3i7-.6+.i?

*i3*" 6968,<,7, -* 3i7-.6+.i *i3i 2t6 3i7 -6, -6 i.+tit63*" 5! 65!i3* -* 1i

+ 3*-i 6 i.+tit,i6.*1.69 i1i i.-ii-,*1.69% P39*..t.i9 -716*.79 ,t9

4,636-*7.i? 63*i7* .* +4,.-*3.69 t3@i2t," 5i16 , >,.4i7i -i13* i1i 53643*"

i.+tii7+4 5*.4 6-3@**7, i 60**7, ,t3@i6+t 3i7-.6+.i? *i3*% T3*.+*4i7.* t69 t3@i2t, . 60**7, ,4,.i i!.6+ >i.*.+i7+4 *4ti , 369t," *1i 3i+,t.6+t

@i68 +4,.-*3.68 t3@i2t* 60** 1i4i-.6+t >i.*.+i7+4 *4ti i !568 t68*

656172** 4*1itt, 3i9*3.68 i1i -i34t.68 t3@i2t* !* 3i7-.6+.i%

O+t*3.7 36>it* +t*1.69 4,6i.69 i 36-*769 3i7-.6+.i? *i3* 39*

604i*.7, 3697. i7.* 3i7-.6+.i? *i3* t*46 96@ 5iti 96ti*i7* !*

t3*.+*4i7 .* +4,.-*3.69 t3@i2t,%

T3*.+*4i7 +, !*. !* 6+16 *35it3*@" 467i t*46 +, -i6 +4,.-*3.68

t3@i2t*% O-7 i.+tii7+4i 5*.4*3i i 6+t*1i +i7*1i+ti +, , .*+t67*.7, i+463i2t**.7*

3i1i4 6+t67*.7* 3*!1i0it i7. i+ti? 3i7-.6+.i? *i3* 467i + .*1*! .* 3*!1i0iti9

t3@i2ti9*" t*46 -* +67i9 *4ti.6+ti9* ,t7<, .* i!7-.*0**.7 ti? i7.*% Bit*.

>*4t63 i+463i2t.7* i.+tii7+4 2t-.7 3-+t*17* 1i4i-.6+t +4,.-*3.68 t3@i2t*

3i7-.6+.i? *i3*%

H63." V% J*9+" C% *+?6Qi!" J% M% J3%: „O+.6 >i.*.+i7+4689.*[email protected]*“" M*t" Z*835" '(('%" +t3% '

#&



P3i9*3.6 i +4,.-*3.6 t3@i2t !568 t68* +, , 5iti .3*!-67. 71i. +

6+.6.i9 !*-*t*469 -66.7* 4*it*1* , 6+16. +,574t ,! .*7.i@, 968,<,

i7., 6-.6+.6 .*7.i@ t36246%

93&3 POJAM INVESTICIJSKOG BANKARSTVA

K6..i6.*1.6 + 6- 67969 i.+tii7+468 5*.4*3+t* 6-3*!,9i7*

3,!i9*.7 i 36-*7* 3i7-.6+.i? *i3* i.-,+t3i7+4i? i -3,8i? 469*.i7*" 1*-*" t

6+t*1i? 9it.*t* .* 3i9*3.69 t3@i2t, i 3,@*.7 53643+46 -i13+4i? ,+1,8* .*

+4,.-*3.69 t3@i2t, 3i7-.6+.i? *i3*% T6 5i , 6+.6i 5i1* 2i3* ->i.ii7*

i.+tii7+468 5*.4*3+t*% U@* ->i.ii7* 6!.*0** i.+tii7+46 5*.4*3+t6 4*6

6+3-6*.7 3i 9i+i7i 3i7-.6+.i? *i3* i ,6< >i.*.+i7+46 6+3-6*.7

3i1i469 >i.*.+i3*.7* 3674*t*%& O69 ->i.ii769 +," ,+t*3i" 65,?*<.i +i

6+16i 6- 3i39 +*9 9i+i7 * -6 -i+t3i5,i7" 6-.6+.6 36-*7 3i7-.6+.i?

*i3* 43*7.7i9 4,i9* 6-.6+.6 i.+tit63i9*% Čti3i >,.4i7 +, +3@ *4ti.6+ti

i.+tii7+468 5*.4*3+t*#(:

• 6ti+i*.7 ,.-3Q3iti.8 i 36-*7* +11i.8 -i6.i* i 65!.i*

i.+tit63i9*;• +t*3*.7 t3@i2t* 9*4i.8 9*34t+ .66i!-*ti? 3i7-.6+.i? *i3* !*

i.+tit63" 467i i? @1 4,iti i1i 36-*ti;• ,+1,8 +*7t6*.7* *-i+63 +3i+% P36-*7* 6-.6+.6 3,@*.7 +i?

,65i0*7.i? ,+1,8* +*7t6*.7* !* 1i4 469*.i7 i 1*-;• t!% -6-*t.i t4,i.*.+i7+46 3962<**.7 53i-8 >i.*.i.8 6t1*t*

-,86360.68 !*79* 43*t46360.i9" >i.*.+i7+4i [email protected] 3*4i3*.7 i

36-*7* !36 6,6. 65!.i*" 3i7-.6+.i *i3i 6+i8,3*.i ?i6t4*3.i9 3*69 i -3,8i 3i7-.6+.i *i3i 6+i8,3*.i i96i.69" -3i*ti" 3674t.6

>i.*.+i3*.7" !*7*9%

& O3+*8" S%: „V3i7-.6+.i *i3i“" Ri6." S*3*76" '((% +t3% )#

#( H,8?+" J% E% M*D6.*1-" S% B%: „I.t3.*ti6.*1 B*.4i.8 Tt *.- C*++“"A--i+6. +1" '(('% +t3% #

'(



F,.4i7 i.+tii7+4i? 5*.*4* 968, + 6-i71iti i , -i7 81*. 4*t863i7"

*4ti.6+ti 3i4,17*.7* 3i?6-* i *4ti.6+ti 6-324% A4ti.6+ti 3 4*t863i7 +,:

43i3*.7 3i9*3.68 t3@i2t*" 6+16i .* +4,.-*3.69 t3@i2t," 46363*ti.6

3+t3,4t,3i3*.7" >i.*.+i7+4i [email protected]" -3,8 *4ti.6+ti 3i4,17*.7* 3i?6-* 6,t

,+1,8* +*7t6*.7*" i.+tii7+4i 9.*[email protected]" 3i!i0.i 4*it*1 i 46.+*1ti.8% A4ti.6+ti

6-324 6-3*!,9i7*7, 653*0,." i.t3.6 >i.*.+i3*.7 i i.>639*i7+4 ,+1,8%

Fi39 + *11 St3t* +67 3i?6- 6+t*3,7, 6- ,.*3i7- .*-.i?

-71*t.6+ti% A1i 81*.i -63i.6+ 6+t*3.7* 3i?6-* i.+tii7+4i? 5*.*4* 7+, 3i?6-i

3i9*3.i? 6+16* i.+tii7+468 5*.4*3+t* t7% F,.4i7* 6ti+i*.7* 9i+i7

3i7-.6+.i*" 3i?6-i 81*.i? t3*.+*4i7*" 6- 36i!i7 i ,3*17*.7* i96i.69"

+*7t6-*.i ?6.63*3i% T*46 .* 3i973" 7-.* 6- .*7+t*3i7i? >i.*.+i7+4i? i.+tit,i7* *+*-* 81*.* i.+titi,i7* !* 3,@*.7 >i.*.+i7+4i? ,+1,8* , SAD, J%P% M638*. C?*+

C6%" 6+7-,7 i96i., , 3i7-.6+ti '"' 5i1i6.* i .*1*!i +67 97+t6 , i2 6-

( !9*17* +i7t*% Fi.*.+i7+4i 64*!*t17i 6 8165*1. 469*.i7 3i4*!*.i +, .*

+17-<67 t*51i:

Tabela 1. inansijski pokazatelji !"P" #organ $hase % $o"


S*3*76 '((&%

I! t*51 7 i-17i6 -* 3i7-.6+t EBITDA 86-i2.7 7 , 63*+t," 4*6 i 3i?6-i

i .t6 -65it% Oi 6-*i + 6-.6+ .* 3i6- 3i7 67* +7t+4 46.69+4

3+i7" 467* 7 686-i1* i 6, 960., 469*.i7,%

'#



93$3 OSNOVNE KARAKTERISTIKE INVESTICIJSKIH BANAKA

I.+tii7+4 5*.4 .,- 2i364 +4t*3 ,+1,8*% V1i4 5*.4 , +6767 6.,-i

i9*7, + ,+1,8" -64 +, 6. 9*.7 5*.4 +i7*1i!i3*. !* .461i46 6-*53*.i?

,+1,8*% M*.7i9 5*.4*9* 3ii+,7 + 6-3.* „9i+ti4*“" !568 t68* 2t6 3*- ,

i+646 46.4,3.t.69 643,@.7, i ,+i7*7, -6+t* -6536 6-3@**ti !, +* 5*3

7-.69 6-<69 >i3969 , i17, +67 >4ti.6+ti% Či.7.i* 7 -* +, 9.68i

,6+1.ii 6*4i? 5*.*4* 3i7 3*-i1i , 0i9" 6-3@**7,<i +67 i.+tii7+4 !

6 +i7t," , t69 + 681-* ,+72.6+t 9*1i? i.+tii7+4i? 5*.*4*% T*46 !* 3i973

<96 ,!ti i.+tii7+4, 5*.4, *++3+ti. P311* C6% O+.6*.* 7 .* .*0i. -*

+, -* +t3,0.7*4* 5*.4*3+t* 6-1,0i1i .*,+titi Fi3+t B6+t6. i +*96+t*1.6 .*+t*iti

6+16 +*7*.7* i 3,!i9*.7*% U Fi3+t B6+t6., ti9 5*.4*3* 6- 6-+t69

*++3+t.* i P311* 5i6 ,+72*.% #& 86-i. .*,+ti1i +, <, 5*.4, !568 3*!1i4

, 3*+6-71i 3i*-*7,<i? 3i?6-*% F53,*3* #&%86-i. .* t3@i2t, +, 6.,-i1i ,+1,8

+t3*t24i? +*7t* 39* !*?t7i9* 41i7.*t*" t 3*!. ,+1,8 !* i.+tit63 i

46363*i7 , +i7t,% Fi39* 7 3*!i1* t3i 1i.i7 5i!.i+*##:

• +*7t6*.7 8165*1. 5*! 41i7.*t* 6 it*.7i9* 46363*ti. +t3*t8i7"

+*7*.7* i 3,!i9*.7*" 36-*7* i96i." 3+t3,4t,3i3*.7* i 46363*ti.68

>i.*.+i3*.7*;• ,417,0i*.7* , +i7*1i!i3*.* i+t3*@i*.7*" 6ti+i*.7*" 36-*7 i t386*.7*

3i7-.6+.i9 *i3i9* 6,t -i6.i* i 65!.i* i• ,3*17*.7 i.+tii7+4i9 >6.-6i9* i 36i!6-i9* 467i t3*@ +,3i63.

3i!i4, 3i1*86. 63*t i.+tit63i9*%

*++3+ti. P311* C6% ,! 5*!, 41i7.*t* 6- F63t,. 7 6+t*1* 3i1*0.*

i96i.* <i9 i.+tii7+4i9 5*.4*9*" ,! .*81*+*4 .* 36+-4 i.+ti363" 467i +,

+67i9 i.+tii7*9* @171i + 362i3iti 4* *93i0469 t3@i2t,% *++3+ti. P311*

C6% S, '(((% 86-i. ,21i , 3863 +* D3+-.3 5*.469 467* 3,!i9*.79 6

>i39 5i ,6t,.i1* +67 63*i7 i.+tii7+468 5*.4*3+t*%

## R60*.i." A% K*3*1i<" A%: „I.+tii7+46 5*.4*3+t6 i t3@i2t 4*it*1*“" S*3*76'((&" +t3%)

''



9393 ORGANIZACIONA STRUKTURA INVESTICIJSKIHBANAKA

Št6 + ti0 638*.i!*i76. +t3,4t,3 i.+tii7+4i? 5*.*4*" 6. *3i3*7, 6i+.6

6 1i0i.i 5*.4% P6+t67 8165*1. 9,1ti>,.4i6.*1. 5*.4 4*6 2t6 7 M638*.

St*.1 D*. itt3" 467 65*17*7, + 6+16 i.+tii7+468 5*.4*3+t* !*

469it.t 2i369 +i7t*" +* ,3-i9* , NQ 634," L6.-6.," H6.8 K6.8, i ,

-3,8i9 <i9 +7t+4i9 .t3i9* , ' !9*17* +i7t* i +* )%((( !*6+1.i? i 9*.7

5*.4%#' N 6+t67i tii0.* 638*.i!*i7+4* +?9* i.+tii7+4 5*.4" i 6.6 2t6 3i7-i

, 7-.67 5*.i 96@-* .< 3i7-iti , -3,867% O38*.i!*i6. +t3,4t,3 @, + +*

i.t3.i9 61iti4*9*% U 2i39 +9i+1," 6+t67 t3i 638*.i!*i6. +t3,4t,3 ,

i.+tii7+469 5*.4*3+t,:

&3 *3t.3+t6"$3 46.81693*t 7-i.i"93 -i6.i046 -3,2t6%

U 369 3i6-, i.+tii7+468 5*.4*3+t*" *3t.3+t6 7 i9*16 31*+t *1i

7 t6469 39.* 6*16% T*46 7 7-.* 6- 6+17-.7i? 1i4i? 5*.*4* G61-9*. S*?"

467* i9* 6, +t3,4t,3,% I.+tii7+4* 5*.4* 7 -i6 83, 46.81693*t 7-i.i 467,

-3@i 6-3.* i.+tit,i7* i 6.* 7 6-8663.* 36-it17+467 469*.i7i% I.+tii7+4* 5*.4* , 669 +9i+1, 7 3,!t* 6- +t3*. .4 6-3. i.+tit,i7" 65i0.6 t

i.+tit,i7 +, .>i.*.+i7+4 i .7i?6 i17 7 6+t*3iti >i.*.+i7+4i 1*. +*+t*17. 6- .i!*

>i.*.+i7+4i? 6+16* 6+i8,3*.7*" 53643+4i? ,+1,8* i +1%% P3i973 t68* 7 S*1696.

B36t?3+ i1i D*. itt3 467i 7 -i6 46.81693*t* S*3+%

„Di6.i046 -3,2t6 3*-i .* 39i+i >,.4i6.i+*.7* 6 .*3-5i -i6.i0*3*%

V1*+.i2t6 >3i9 7 36-*t6 7*.6+ti ,t9 36-*7 -i6.i* i1i 7 , it*.7, 36-*7*

-i6.i* 6-*53*.69 43,8, i.+tit63*" .* t*7 .*0i. 3,@*7,<i -i6.i0*3i9* 3*6 -*6-*53, ,3*.i 6-563% O-563 7 6-8663*. !* 8.3*1., +t3*t8i7, i 61iti4,

469*.i7% O-7" +*4*46" *@ i+t* 3*i1* 4*6 !* +* -i6.i04* -3,2t*% V1i0i.*

i.+tii7+4 5*.4" 4*6 i 5367 6+16.i? *4ti.6+ti 467 65*17* 67-i.*

i.+tii7+4* 5*.4*" 6-.6+.6 „643i.6+t !*?t7* 41i7.*t*“" 6-3,7, .7.,

638*.i!*i6., 29,%

#' H,8?+" I% E% M*D6.*1- " S% B%: „I.t3.*ti6.*1 B*.4i.8 Tt *.- C*++“"A--i+6. +1" '(('%%+t3%#)(

'



N*3*.6" t6 7 6- i!,!t. *@.6+ti !* 6-<8 9.*-@3*" 467i .* 6+.6,

+?9 t35* -* ,i-i 6+t67< +t*.7 6+16*.7*" t 968,<.6+t .t,*1. 4634i7

67-i.i? +4t63*% T*46" .*6-i96 i!7*, D6.*1-* M663 i! M638*. St*.1 467i4*@: T246 7 1i-3, 5iti >i4*+*. 5! -,56468 6!.**.7* +4t63*“%#

Tabela 2. Struktura usluga investicijske &anke

# D*i+" S% I%: „I.+t9.t 5*.4i.8A--3++i.8 t? M*.*89.t I++,+“" P*183*M*9i11*." '((% +t3% '

')




S*3*76 '((&%

Z* i.+tii7+4, 5*.4, . 6+t67i tii0.* 638*.i!*i6.* +t3,4t,3* i 6.6 2t6

3i7-i , 7-.67 96@-* .< 3i7-iti , -3,867 5*.i% Z568 3697.* .* t3@i2t, 5*.4+*96+t*1.6 -i!*7.i3*7, 638*.i!*i7+4 +?9" +67+t. +*467 i.+tii7+467 5*.i%

K17,0 +t3,4t,3 i.+tii7+4 5*.4 36i!i1*!i i! 5*.4*3+4i? 6+16* 467i +t*3*7,

3i?6-% S17-<* +1i4* 64*!,7 67-.6+t*17., +?9, 8.3i+*.7* 3i?6-*

i.+tii7+4 5*.4%#)

Grafikon 6. 'ljune funkcije generisanja prihoda u investicijskom &ankarstvu


S*3*76 '((&%

#) D*i+" S% I%: „I.+t9.t 5*.4i.8 A--3++i.8 t? M*.*89.t I++,+ P*183*M*9i11*.“" '((% +t3%)

'$



:3 NASTUP INVESTICIONIH BANAKA NA TRŽIŠTUKAPITALA

:3&3 INVESTICIONE BANKE NA PRIMARNOM TRŽIŠTUKAPITALA

I.+tii7+46 5*.4*3+t6 +* 46..i7*1.68 +t*7*1i2t* 6-3*!,97* !.*0*7*.

>*4t63 3*!67* 3i9*3.68 t3@i2t* 4*it*1*% I!9, 9it.*t* i ,1*8*0*" i.+tii7+4

5*.4 -71,7, 4*6 6+3-.ii% U 64*469 36+," i.+tii7+4 5*.4 32 t3i

>,.4i7 467 +, 9,+65.6 ,+1617. * t6 +,:

#% P643t*.7 9i+i7; F,.4i7* +*7t6-*.68 4*3*4t3* 467* 367.7,7:* 461i0i. 3i7-.6+.i? *i3* 467 968, 5iti 9it6*. 5 ,+16i 6- 467i9* 9i+i7* 96@ -* + 3*1i!,7 3i79 9it6*.7* 3i7-.6+.i? *i3*'% P3,!i9*.7 3i!i4* 46- +*9 9i+i7 3i7-.6+.i? *i3*; F,.4i7* 467* +

+*+t67i , 8*3*.i7i -* < 3-i.* 461i0i.* 3i7-.6+.i? *i3* 5iti 36-*t*

.* 3i9*3.69 t3@i2t, 6- +t3*. 46.!63i7,9* 5*.*4*;% P36-*7* i1i -i+t3i5,i7* 9it6*.i? 3i7-.6+.i* >i.*1.* 36-*7* 346

6-86*3*7,< 36-*7. 93@%

U972*.6+t i.+tii7+4i? 5*.*4* 4*-* 7 , it*.7, 6*7 36+" 6-3.* 7

+* i2 >*4t63* 6- 467i +,: 3+t 9it.t*" 364 -6+i7<* 3i7-.6+.i? *i3*" 3+t

t3@i2t*% N* 3i9*3.69 t3@i2t, 4*it*1*" >,.4i7 i.+tii7+4i? 5*.*4* 3-+t*17. +,

, 83*>i46.,:

Grafikon 7. unkcije investicionih &anaka

'




S*3*76 '((&%

:3&3&3 Tr.i/ -i1(ia

S*+t*.i -i6 t3@i2t* 4*it*1*" ,7-.6 i 643t*04* +.*8* t3@i2t* 7+, -i6.i%

O+i9 3i4,17*.7* 4*it*1*" 469*.i7 .* t3@i2t, -i6.i* -61*! -6 i.>639*i7* 6

+69 37ti.8, .* t3@i2t,% N* +t3*t24 6+16. 6-1,4 469*.i7* i i.+tit63* ,t7<

>i.*.+i7+4* +i8.*1i!*i7*" * +t68* 43t*.7* .* t3@i2t, -i6.i* +, 5it*. >*4t63 !*

469*.i7 + .*97369 65!57.7* 4*it*1* .* 669 t3@i2t,%

O5!57.7 4*it*1.i? >6.-6* 469*.i7 +t7<, 436! 3*!. i!63" * 6.i +,:

# 1*+tit* +3-+t*:• 6+.i*04i 4*it*1" *4,9,1i3*.* -65it" +3-+t* *963ti!*i7

' 9i+i7* 3i7-.6+.i? *i3*:• -i6.i" 65!.i

+3-+t* 65!5i7.* ,t9 43-it* 5*.*4*%

N* .*7<9 t3@i2t, 4*it*1*" , SAD," >i39 + >i.*.+i3*7, 9i+i769 -i6.i*

467* + 67*17,7 , -* 651i4*: 7*.* 6.,-* -i6.i*" 467* !*?t7* -* >i39* 36

436! 36-,3, 467* 5i t35*1* -* !*2titi" 3i7 +8* 9*1 i.+tit63% O* 36-,3*

7 36i+*.* !*46.69 6- -3@*. 38,1*t63. 469i+i7%

O*7 651i4 6.,- + 60it,7 , -* i-*:

O2t* 6.,-*" 467* 96@ 5iti: i.ii7*1.* 7*.* 6.,-* 3-+t*17* 3,

9i+i7, -i6.i* 469*.i7" .6 9i+i7 3i7-.6+.i* i!-**.7

3i7-.6+.i? *i3* !* 467 < 6+t67i t3@i2t" P3ii186*.* 7*.* 6.,-* 6*7 i- 7*. 6.,-" 6-.6+i + i+417,0i6 .*

9i+i7, -i6.i* 6+t67<i9 -i6.i0*3i9* 467i 3*+61*@, 3*69 3< 4,.7%O6 7 6i7* 46- -3,8 i +i? 6+t*1i?" .*3-.i? 9i+i7* -i6.i* !* 3*!1i4, 6-

62t 467* + 6-.6+i .* 3, 9i+i7,%

:3&3$3 Tr.i/ *a5(1 % 0ra5(ih 5ri*-(1)(ih 0a0ira

V3i7-.6+.i *i3i -i71 + 6 43it3i7i9* * 3i 7 6.*7 467i + 0+t6 463i+ti i

61*!i 6- 9it.t*% P39* t69 43it3i7, 3*!1i4,7, + 6 3+t 3i7-.6+.i? *i3*:

'



• 3i7-.6+.i *i3i 0i7i 7 9it.t -3@**/1*-* i .7.i 638*.i i

638*.i!*i7"• 3i7-.6+.i *i3i 467 9it,7, 3-,!<* i -3,8* 3*.* 1i*

D3@** .* >i.*.+i7+469 t3@i2t, + 7*17* 4*6 9it.t" i.+tit63 i i9* ,168,467* 7 46.t361.* i 38,1*ti.*% N* *93i0469 t3@i2t, 7*.63*. 3i7-.6+.

*i3 968, i!-**ti: t3!63" >-3*1. *8.i7" 164*1. +*96,3*%

:3&393 Tr.i/ +1r01ra/i5(14 -4a

„I.+t3,9.ti 46363*ti.68 -,8* ,417,0,7, 4693i7*1. *i3" +3-.76360.

65!.i !*-,@.i i 46363*ti. 65!.i% D,86360. -,@.i04 3i7-.6+.i

i!-*t 6- +t3*. 46363*i7* 65i0.6 + .*!i*7, 46363*ti. !*-,@.i 4*-*-6+i7*7, ,.,t*3 t 86-i.* i1i 46363*ti. 65!.i 4*-* i9*7, -,@ -6+i7<%

P6+t67 9.68i 3*!1i0iti 651ii" !*i+.6 6- 3+t !*16@. 3i7-.6+.i .*

3i973" ?i6t4 , 6-.6+, .* !*-,@.7*" +3? i!-**.7*" t ,+16* i!-**.7*% U

36216+ti" 0i.* 46363*ti.i? 65!.i* 7 i9*1* -6+i7< 6- #( -6 ( 86-i.*" *1i ,

.6i7 3i79 t3.- + 43< 39* 43*<i9 -6+i7<i9*% Oi 3i7-.6+.i *i3i

3,@*7, <, 36+7<., -65it 6- 1*-i.i? 3i7-.6+.i? *i3* 467i i9*7, i-.ti0.*

-6+i7<*%

K693i7*1.i *i3 7 *@*. i!63 43*t46360.i? 43-it* !* 1i4"

i+6464*1itt. !*796-* i tii0.6 7 .6+i8,3*.% D6+i7<* +, 683*.i0.* .*

'( -*.* i1i 9*.7" *1i +, 65i0.6 , -69t, 6- $ -6 )$ -*.*" !568 t68* +, 6

3i7-.6+.i i!,!t 6- 38i+t3*i7 46- SEC*% P3i+,t.* 7 t.-.i7*" -* 1i4i

9it.ti CP 1*+i3*7, +67 3i7-.6+. *i3 -i34t.6 i.+tit63i9*; t*4

46363*i7 +, 6!.*t 4*6 -i34t.i i!-**0i% D3,8i 9it.ti 36-*7, CP 346 -i13*%

G1*.i CP -i13i +, G61-9*. S*?+" M33i11 L.?" L?9*. B36t?3+ i C3-it S,i++

Fi3+t B6+t6.% Z* 469*.i7 i+6468 37ti.8*" 3i+t, CP t3@i2t, 7 1i4* 3-.6+t" 73

+, 6.i , 968,0.6+ti -* 6+,,7, 6 +t6*9* i+6- EURIBOR* i1i 6 6

EURIBOR,%

V0i.* i!-**0* , 669 t3@i2t, ,@i* 37ti.8 6- A' i1i 5617i i2i% P3i.6+ 467i

+ 6+t*3,7 6- CP <i 7 , 6-.6+, .* 3i.6+ 51*8*7.i0468 !*i+* i! t3i 3*!168*% P3i

7 43-it.i 3i!i4 467i9 7 i.+tit63 i!16@." -3,8i 7 4*9*t* .* 467, + 653*0,.**

63!" 2t6 .i7 +1,0*7 +* 51*8*7.i04i9 !*i+69 i t3< 7" 1i4i-.6+t 7* 9*.7* 46- CP ,

'



6-.6+, .* 51*8*7.i04i !*i+% O6 +, -i+46.t.i 3i7-.6+.i *i3i 467i . .6+

4*9*t. 4,6." < + 36-*7, 6 -i+46.t.67 3i7-.6+ti" 467* 7 .i@* 6- .69i.*1."

t*46 -* i.+tit63 6 -6+i7<, -65i* .69i.*1., 3i7-.6+t%

K69*.i7 467 9it,7, 6 3i7-.6+.i 463i+t ,+1,8 i.+tii7+4i? 5*.*4*% I.+tii7+4* 5*.4* 7 , >,.4i7i -i13*" 467* CP 1*+i3* i.+tit,i6.*1.i9

i.+tit63i9*" + ti9 -* 3i7-.6+.i 467 . ,+i7 36-*ti 6t4,i 2t6 7 ->i.i+*.6

,866369" * 4*-* + .* t3@i2t, +t4., 5617i ,+16i 65*i .7i?6, 36-*7,% MTN 7

i.+t3,9.t 46363*ti.68 -,8* 0i7* 7 ,168* -* i+,.i 3*!.i. , >i.*.+i3*.7, i!9,

CP i -,86360.i? 65!.i*% MTN +, 38i+t36*.i 3i SEC, 6- P36i+69 )#$" 467i

-*7 46363*i7i 9*4+i9*1., >14+i5i1.6+t !* i!-**.7 3i7-.6+.i? *i3* .* +t*1.67

6+.6i% GMAC 7 3i 463i+ti6 MTN #&'%8" 3*-i >i.*.+i3*.7* !*796* !**,t6965i1" +* 9*4+i9*1.i9 -6+i7<9 6- t 86-i.*% K6363*i7* 467* @1i MTN

3683*9 < i+,.iti 38i+t3*i7, 61i 46- SEC* !* 6.,-, 3i7-.6+.i? *i3*%

R8i+t3*i7* < ,417,0i*ti 1i+t, i.+tii7+465*.4*3+4i? 4,<*" 65i0.6 -i7 -6 0ti3i"

467 -71,7, 4*6 *8.ti !* -i+t3i5,i7, MTN*% I!-**0 6.-* 657*17,7 +t6 467 <

5iti i2 6- 6.i? 467 +, 6-86*3*7,< !* 1*-i. 3i7-.6+.i +* -,@i9 -6+i7<9%

A8.ti < 6.-* .*3*iti 3*+63- 6.,-5.i? +t6*" -6+t,*. .7i?6i9 41i7.ti9*%

I.+tit63 !*i.t3+6*. !* 6.,-, < 6-3-iti 6-86*3*7,< -6+i7< i 6.-*

46.t*4ti3*ti *8.t*" 467i" !*,!3*t" 46.t*4ti3* i!-**0* -* 6t3-i ,+16 t3*.+*4i7%

P36+ 7*+.6 i.-ii3* -* + 6 3i7-.6+.i 6ti+,7, .* 6+.6i .*75617i? 64,2*7*

i t6 6-3*@** -i+43i7, i.+tit63* , 6-*5i3, i!9, i7168 3683*9* -6+i7<* i

+t3,4t,3* 4*9*t. +t6%

K6363*ti. 65!.i +, -,86.i 3i7-.6+.i *i3i 467i9* + 8.3*1.6

1*0*7, 3i6-i0.i 4,6.i i 81*.i* 6 -6+i7<,% D6+i7< 7 8.3*1.6 , i.t3*1,

6- #( -6 '( 86-i.*% U .*3-.67 t*51i i-i96 .*7< 9i+i7 65!.i* i2843-it.68 37ti.8*" 467* 64*!,7 -* 6!.*t 469*.i7 -i6 +67i? 6t35* !*

>i.*.+i7+4i9 +3-+ti9* 65!57,7, ,3*6 .* 6*7 .*0i.“#$

#$ R6+" P% S%: „M.*[email protected] 4693i7*1.i? 5*.*4*“" Čt3t6 i!-*.7" M*t" Z*835"'((% +t3% #

'&



Grafikon 8. ajve*e emisije o&veznica rejtinga +aa ili više

I!63: R60*.i." A% K*3*1i<" A%: „I.+tii7+46 5*.4*3+t6 i t3@i2t 4*it*1*“"S*3*76 '((&%

:3$3 INVESTICIJSKE BANKE NA SEKUNDARNOM TRŽIŠTUKAPITALA

O+i9 3i+,+t* i.+tii7+4 5*.4 .* 3i9*3.69 t3@i2t," , ,16!i 43i3*.7*

>i.*.+i7+4i? i.+t3,9.*t* i *164*i7 4*it*1*" 6 5*.4 +, 3i+,t. i .*

+4,.-*3.69 t3@i2t," + ,16869 t3*.+>3* 1*+.i2t* .*- >i.*.+i7+4i9 i.+t3,9.ti9*%

O3*i7 467 + -2**7, .* +4,.-*3.69 t3@i2t, . ,ti<, .* 3697., 1i0i.

i96i. *.8*@6*. , 3i3-i" < + 9i7.7* +t3,4t,3* 1*+.i4* -i6.i04i? -3,2t** i

+t3,4t,3* 43-it63*% T3*.+*4i7 467 + -2**7, .* +4,.-*3.69 t3@i2t, 4*it*1*"

643.,t +, 3*!1i0iti9 96tii9*; i.+tii7+4i" 469 7 i17" . +ti*.7 .60*.i?

+3-+t**" .86 36>it .* -,86360.67 6+.6i 467i 5i + -+i6 436! ,1*8*.7* i

,3*17*.79 6-3.i? i.+tii7*% T6 7 968,< 6-*5i396 6-86*3*7,<8 63t>61i*"

t917.68 .* -i3!i>i4*i7i ,1*8*.7* , 6-3. 3i7-.6+.i% D3,8i 96tii

643<, t3*.+*4i7 +4,.-*3.68 t3@i2t* 4*it*1*" t7% Š4,1*i7 i *35it3*@%

Li4i-.6+t 668 t3@i2t* 3-+t*17* 69* *@*. >*4t63 , 3i1*0.6+ti 2t-.7 i

7164,.68 +i+t9* t386i.%

St*3*.79 63t>61i7* 3i7-.6+.i? *i3*" t -i3!i>i4*i769 ,1*8*.7* 96@

+ , 9.6869 +9*.7iti 3i!i4 -*t68 63t>61i7*% T6 + 6+ti@ 436! 463i2t.7 96-1*

CAPM i1i 9,1ti>*4t63+4i9 96-169%

(



U461i46 7 +9*.7.* 1i4i-.6+t" 3i7-.6+.i *i3i . 8,5 .* 3i7-.6+ti *1i

+, 9*.7 3i1*0.i i.+tit63i9*% Z568 t68* i.+tit63 !*?t7* 4*6 .*4.*-," 3i3*.7 < 1i4i-.6+ti 6-

i.+tit63* [email protected]* 7 43i3*.7, +i8,3.68 i.+tii7+468 63t>61i7*" 3697. ,

>i.*.+i7+4i9 6t35*9*" 3697. , i.+tii6.i9 604i*.7i9* i -3% I.+tii7+4

5*.4 i9*7, *4ti., ,168, , +67i9 53643+46-i13+4i9 *4ti.6+ti9*" * !*7-.6 +

6+t*1i9 +,-i6.ii9* 3,@*7, <, 1i4i-.6+t >i.*.+i7+4i? i.+t3,9.*t* .*

+4,.-*3.69 t3@i2t, 4*it*1*% U 669 36+, 463i+ti i9*7,:

* i.+tit63i" 5i16 -* @1 -661i6 +14i7," 5 i!-**0i" 1*<*7,<i i!.6+ 3i.6+* .* 3i7-.6+.i i+6- 6. 3i7-.6+ti 467,

5i 1*<*1i !* 9*.7 1i4i-. 3i7-.6+. *i3" 6+3-.ii , t3*.+*4i7*9* 9i+1<i 3.+t.6 .* i.+tii6. 5*.4 467

6+t*3,7, !*3*- , 4,636-*7.i9 63*i7*9* .* +4,.-*3.69 t3@i2t,%

:3$3&3 Br1+r)+i 01)!15i i(5)/ii*)+ih a(a+a

„B3643i i1i 53!6.i 92t*3i +, [email protected] 6+3-.ii 467i .*+t,*7, 4*6 *8.ti

4,** i1i 36-**" t !* +67, ,+1,8, .*1*<,7, 36i!i7,% B3643i +, 38i+t36*.i

i1i 6,.696<.i 6- +t3*. 53! .* 46767 t38,7," 6-.6+.6 6- +t3*. -3@*.

38,1*t63. i.+tit,i7% P6+t,*4 !*. !* 4,.7, i1i 36-*7, 3i7-.6+.i? *i3* 7

-6+t* 7-.6+t**." * +*+t67i + , +17-<9: 41i7.t i1i .*1686-** 467i @1i -* 4,i i1i

36-* 3i7-.6+. *i3" 653*<* + i.+tii7+467 5*.i 6-.6+.6 .467 53643+467

4,<i i i+6+t*17* .*168% D6+t*17. .*168 53643 36+17,7 01*.6i9* 53!" 467i

+ .*1*! , +*1i !* t386*.7 6.i 65*17*7, 4,6i., i1i 36-*7,% B3643 01*. 53!"

36+17,7 .*168 +i7*1i+ti 536436 53643" 467i 7 !* ,1t69 , +*1i i 61*2t. 7

-* t38,7 6-3.i9 3i7-.6+.i9 *i369% K6- ,1t*" 53643 01*. 53! 467i @1i -*4,i 6-3., 3i7-.6+.i, 96@ + +3+ti +* -3,8i9 5364369 467i @1i -* 36-*

,3*6 t, 3i7-.6+.i, i1i 653.,t6 i t3*.+*4i7* + !*417,0,7% A46 + t6 *4 . -+i"

.*168 6+t*7 6t63. 46- +i7*1i+t 467i 6-i 4.7i8, .i!32.i? .*168* i 64,2**

-* i!32i .*168 6 6-3.67 i7.i% N*3*.6" 3-6+1i7- i!32**.7* .*168* 7 6

3-6+1i7-, .7i?668 i+6+t*17*.7*% U461i46 + 6-3.69 3i7-.6+.i69" 467,

41i7.t @1i -* 4,i i1i 36-*" . t38,7 .* 53!i" 53643 < +t,iti , 46.t*4t +*

-i13i9*%

#



P3i1i469 i+6+t*17*.7* .*168* 41i7.t 3i!i3* 1i0i., .*168*" i7.,"

39.+46 683*.i0.7 i +1% K1i7.t 467i @1i -* 4,i i1i 36-* 6-3. 3i7-.6+.

*i3 i.>639i3* + 6 6+.6.i9 6-*i9*" 4*6 i 6 6+ti8.,ti9 i7.*9*% Ci7.* 0+t6

6i+i 6 ?it.6+ti i!32.7* .*168*" * 53643 6i+.6 6 t69 +,83i2 41i7.t, i7.,%

M,ti9" i7., 6-3,7 ,3*6 +*9 41i7.t% U461i46 7 i7.* , .*168, !.*t.6 <*

i1i .i@* 6- 6+17-.7 6 46767 + t386*16 ti9 3i7-.6+.i9 *i3i9*" 53643 <

.3*-6 3i?*titi t*4* .*168% N*7*@.i7 3*i16 !* 53643* 7 -* -6536 6!.*7 +68

41i7.t*" * 2t6 7 ->i.i+*.6 P36i+69 )($ N7,76324 53!" 467* 4*@ -* 53643 963*

-* 3*-i , .*756179 i.t3+, +68 41i7.t*" * -* 5i t6 6+t*3i6 963* i -* 8* 6!.*7% U

t69 +9i+1, -*7 3*!1i0it 363,4 !* 3*!1i0it 41i7.t +* 467i9* +*3*,7" 73 6.6

2t6 7 -6536 !* 7-.68 41i7.t* . 963* 5iti -6536 i !* -,868% B3643+4* 36i!i7*

i1i .*4.*-* 467, -65i* 53643 !* 65*17., t3*.+*4i7," 643i* t36246 467i +,

!*.i !* i!32.7 .*168* 41i7.t*% Ti t36246i + +*+t67 6- 36i!i7 467* + 1*<*

53!i" .*79* +i7*1i+ti" t t36246* 3i7.6+* i -6+t* 3i7-.6+.i? *i3*% O*

36i!i7* 96@ 5iti 6-3.* 3*i1i9* 53! i1i 7 +*4* 53643+4* 4,<* ->i.i2 ,

38663i9* + 41i7.ti9*%

P36i!i7, 1*<* 41i7.t" t7% 463i+.i4 ,+1,8* .* .69i.*1., 3i7-.6+t 65*17.

4,6. i1i 36-*7. t3*.+*4i7" 5! 65!i3* .* +t*3. t36246 467 7 53643 i9*6

!* i!32.7 .*168*% N* NQ 634 St64 E?*.8 36i!i7* 7 5i1* >i4+i3*.* .* #

+ -6 #&$% 86-i." t*-* 7 53643i9* -6,2t.6 -* ,86*3*7, t*3i> + 41i7.ti9*%

N* L6.-6.+467 53!i t4 +, + #&%8% 36i!i7 601 .6+3-.6 -686*3*ti%

B3643+4* 36i!i7* 316 7 !.*0*7*. >*4t63 53!6. 24,1*i7" i! 3*!168* 2t6

+9*.7,7 3.t*5i1.6+t 24,1*i7 , 6-.6+, .* +t3*t8i7, „4,i i -3@i“% T3*.+*4i7

467 41i7.ti 65*17*7, +* 53643i9* 6+t*3,7, + 346 -* 6+.6.* 3*0,.* i t6:

#% 86t6i.+4i 3*0,. 46- 4678* 41i7.t 1*<* 4,17. 3i7-.6+. *i3 i1i 346 4678 41i7.t -65i* +3-+t* 6- 36-*ti? 3i7-.6+.i? *i3*% O5*!

!* 1*<*.7 + 963*7, i+,.iti .*74*+.i7 .* -*. +*1-i3*.7*" , 4679 + 32i

i+63,4* 3i7-.6+.i*" , 36ti.69 -*t, 65*!, 53643 i!32** 39*

-3,869 53643,%'% 43-it.i 3*0,. 6968,<,7 41i7.t, -* 6!*79i 6- 53643+4 4,< 6-3.i

i!.6+ +3-+t** !* 4,.7, 3i7-.6+.i? *i3*% O*7 i!.6+ 7 683*.i0.

6-3.i9 i!.6+69 +3-+t** 467i 41i7.t i9* .* 3*0,.," t 38,1*ti69 FED

*%

'



O-7 7 i.t3+*.t.6 +69.,ti i 53643+4i 43-it 53643+ 16*.% T6 7 .6*

467i 53643 6+,,7 6- 5*.*4* i1i -3,8i? 53643* !* 3*!.61i4 .*97.% M6@ +

463i+titi !* >i.*.+i3*.7 !*1i?* -i6.i* 467 -3@i +i7*1i+t" !* 6ti+i*.7 6-.6+.6

8*3*.t6*.7 ,.-3Q3iti.8 3i i!-**.7, .6i? -i6.i* i1i 65!.i*" t !* 4,.7,

-i6.i* .* 9*38i., 4*-* 4,* @1i 463i+titi 53643+4i 43-it !* 4,.7, 3i7-.+.i?

*i3*% K*6 2t6 i-i96" 43-it.i 3*0,. 6-.6+.6 53643+4i 43-it 7 i!63 3i?6-* !*

53643+4, 4,<," 73 + .6* 6!*7917,7 6 +t6i 467* 7 .2t6 i2* 6- +t6 6 46767

+, +3-+t* 6!*7917.*%

P63- 6* -* 3*0,.* 6+t67i 762 i !*7-.i04i t -i+43i6.i 3*0,.% B3643 ,

,@9 +9i+1, 3-+t*17* >i!i046 1i i1i 67-i.* 467i 7 ,6+1. ,.,t*3 >i39" * ,

2i39 +9i+1, 65i0.6 + 8663i 6 53643+467 4,i39+" 467* 6!.*0** 3-,!< +i7*1i!i3*.6 !* 53!*.+46 6+16*.7 i1i i.+tii7+467 i1i 4693i7*1.67

5*.i 467 i9*7, 6-71 !* 53643+46 6+16*.7%

B3643+4 4,< 316 +, *@*. -i6 t3@i2t* 4*it*1* i ,62t >i.*.+i7+468 t3@i2t*"

+ 65!i369 -* 39*..t.69 [email protected] *.*1i!69 i -**.79 ,,t* 4*

.*736>it*5i1.i7i9 651*+ti !* i.+tit63 6- 1i4 7 6964*t* .* 53!i% U! .6+3-.i 46.t*4t + 41i7.ti9*"

53643+4 4,< 32 i!-**.7 ,51i4*i7* 8-7 657*17,7, .7i?6* 3-i*.7* i*.*1i!%

M.68 53643+4 4,< +, , 7-.69 4*6 i i.+tii7+4 5*.4% P643i*7, i716

t3@i2t *1i +, +i7*1i!6*. , 6-3.69 +89.t," 8-7 i9*7, .*+t67*.7* -*

6+t*., 6-<% T*46 +, 53643+4 4,< +89.ti3*. i !* t386i., -i6.i*" 6i7* t

65!.i*" >7,03+i9* i +1%" i1i +, +i7*1i!i3*. !* 67-i. 3+t 41i7.*t*" t*46 +,

.3% M33i1 L.? i S?*3+6. L?9*. .*76!.*ti7i , 6+16i9* !* i.-ii-,*1.

41i7.t" -64 +, G61-9*. S*?+ i M638*. St*.1 .*76!.*ti7i , 6+16i9* !*

i.+tit,i6.*1. i.+tit63% S 65!i369 .* ,+1,8 467 3,@*7," 6+t67 -i7 3+t

53643+4i? 4,<*:#

* 53643+4 4,< + 4691t.69 6.,-69" 5 -i+46.t. 53643+4 4,<%

# L63i.6i<" I%: „N60*.6 t3@i2t" +3 >i.*.+i7+468 t3@i2t*“" Oti+*4" Z*835" #&&%+t3% #)#



B3643+4 4,< + 4691t.i9 ,+1,8*9* .,- +67i9 469it.ti9* 4691t.

,+1,8 , 467 + ,53*7*7,: i+t3*@i*.7 t3.-6* .* >i.*.+i7+469 t3@i2t," ,3*17.7

+3-+ti9* 6-.6+.6 i96i.69" +*7ti 6 i.+tii7*9*" i!32.7 .*168*" 653*0,.

1*3i.8%

Di+46.t. 53643+4 4,< .,- +*96 -i7 3+t ,+1,8* : i!32**7, .*168 i

366- 653*0,. 1*3i.8" * +, 686-. !* +it.i7 i.+tit63 73 3*- ,! .i@

36i!i7% U E,36i" * 6+5.6 , N79*0467" 4*3*4t3i+ti0.6 7 -* + i 1i4

4693i7*1. 5*.4 67*17,7, 4*6 53643+4 4,<% J-.* 6- .7i? 7 D,t+? B*.4%

V<i.* 1i4i? 53643+4i? 4,<* 6+1,7 .* 8165*1.i9 t3@i2ti9* 4*it*1*" * .* +*469

6- .*i6.*1.i? t3@i2t* 3i1*86** + .7i?6i9 ,+16i9* 6+16*.7*%“#

:3$3$3 Di!r)+i 01)!15i i(5)/ii*)+ih a(a+a

„Ti >i.*.+i7+468 t3@i2t*" 467i i.+tit63i9* 3,@* 968,<.6+t 4,.7 6-.6+.6

36-*7 3i7-.6+.i? *i3* 6- -i13*" t*0.i7 i! .7i?6i? !*1i?* .*!i*96 -i13+46

t3@i2t -*13 9*34t% Di13 39* t69 i9* *4ti., ,168, .* >i.*.+i7+469 t3@i2t,

73 .*+t,* , +67 i9 i 3*-i !* +67 3*0,. !*3*,7,639i3*., 4,6., i 36-*7., i7., !* 6-3. 3i7-.6+.i%

Di13i +, 65*!.i -* i!32 4,6. i 36-*7. t3*.+*4i7 6 ti9 i7.*9* , 64i3,

6-3.i? 461i0i.*% P3i t69 -i13i 968, -* , +*469 t3.,t4, i!32 3697. ti?

i7.*" t*46 -* + 4,6. i 36-*7. i7. 46- 9*34t 9743* +t*1.6 9i7.7*7, ,

!*i+.6+ti 6- ,1+i3*.7* t3@i2t*%# N* 3*!i7.69 -i13+469 t3@i2t, i.+tit63i !.*7,

46t*i7 +i? -i13*" * -i13i , +*469 t3.,t4, + 3i!.62<, !.*7, 3*.6t@., i7.,3i7-.6+.i? *i3* 467i9* t38,7,% O.i , 46.ti.,itt, 657*17,7, i7. 6.,- 5i- i

i7. 4,.7 *+4" 0i9 +" ,+t*3i" 6+ti@ ,63-i6+t i!9, 46.4,3.*t*% S

65!i369 -* !* .4 3i7-.6+. *i3 6+t67i i2 9*34t 9743*" .* t3@i2t, < +

.7i?6 i7. 46.ti.,i3*.6 9i7.7*ti t6469 6+16.68 -*.*%

# R60*.i." A% K*3*1i<" A%: „I.+tii7+46 5*.4*3+t6 i t3@i2t 4*it*1*“" S*3*76'((&" +t3% &$%

# i36i<" M%: „B*.4*3+t6“" '((#%" B683*-" +t3% #'

)



O*7 .*0i. 3*-* -i13+468 t3@i2t* 3!,1t*t 7 3*!67* i.>639*ti4 i

t1469,.i4*i7* 467i +, 6968,<i1i 1i4, 46..t3*i7, 6.,- i 6t3*@.7" !*

>i.*.+i7+4i9 i.+t3,9.ti9* .* 6-3.69 36+t63,% T*46 66 t3@i2t 3,@*

.6+3-*. 3i+t, . +*96 +*469 +,574t, 467i 4,,7 i 36-*7" .86 i +*469

3i7-.6+.69 *i3, 467i 7 .*2*6 +68 -i13*% T6 7 .*7<* 3-.6+t 668 t3@i2t*

467 + +43*<.6 .*!i* OTC t3@i2t 63 t?6,.t3 9*34t" 467 9, 6968,<**

1i4, 3-.6+t , 6-.6+, .* 53!, i +i8,3*. 3*!67 , 5,-,<.6+ti% N*76!.*ti7i 3i973

OTC t3@i2t* 7 NASDAW% T1469,.i4*i7+4* 643i.6+t" t i+646+6>i+tii3*.*

*,t69*ti!*i7* t3*.+*4i7* 668 t3@i2t*" 6968,<**7, -* 4*-* 53643 -65i7 .*168 6-

+68 41i7.t* , 4697,t3+467 93@i NASDAW* 36.* 46t*i7, !* t*7 3i7-.6+.i

*i3 4678 t35* -* 4,i i1i 36-* i i9 6-86*3*7,<8 -i13* 467i 36-*7 i1i t3*@i

-6ti0.i 3i7-.6+.i *i3 i ti9 7 t3*.+*4i7* 65*17.*% K1i7.t" .*3*.6" 53643,

1*<* 36i!i7, !* ,0i.7., ,+1,8," * -i13 !*3*,7 .* 7.6.67 3*!1ii%

I.+tii7+4 5*.4 65*17*7, 6+16 -i13* i! t3i 5it.* 3*!168*:

#% 63*i7 .* -i13+469 t3@i2t, !* .7i? 3-+t*17*7, 36>it. .t3

i.+tii7+4 5*.4 , t69 +1,0*7, !*3*,7, .* 3*!1i4*9* , i7.i'% 72ti.* 6-3i*.7* i7. 3ii.8 +4i11+ 66 7 5it.6 !568 ,168

i.+tii7+4 5*.4 467, i9* .* 3i9*3.69 t3@i2t, 3i7-.6+.i*% 65*!* +t*3*.7* +4,.-*3.68 t3@i2t* !* 3i7-.6+. *i3 467 +,

i.+tii7+4 5*.4 3,!1 i 1*+i3*1%“#&

D* 5i + !*2titi1 6- 3i!i4* .t,*1.68 8,5it4* ,+1i7- 3697. i7.

3i7-.6+.i? *i3* 467 -3@ , +69 63t>61i," i.+tii7+4 5*.4" t7% -i13i"

6-,!i9*7, +17-< 463*4 ,3*17*.7* 3i!i469:

:3$393 I-(/i2i+ai*a i +5a(/i2i+ai*a ri?i+a

Ri!ii , t386*.7, +* 3i7-.6+.i9 *i3i9* 3*!1i4,7, + , !*i+.6+ti 6- t68*

6 4679 3i7-.6+.69 *i3, + 3*-i% A46 +, , it*.7, -i6.i" t*-* 8663i96 6

+i+t9+469 i1i [email protected] i .+i+t9+469 3i!i4,% [email protected] 3i!i4 36i!i1*!i i! 4+t3.i?

3i1i4* .* 467 469*.i7* . 96@ ,ti*ti 3i6-i0.* 43t*.7* , 3i3-i" 61iti4*

4*9*t.i? +t6*" i.>1*i7* it-%%

#& R60*.i." A% K*3*1i<" A%: „I.+tii7+46 5*.4*3+t6 i t3@i2t 4*it*1*“" S*3*76'((&" +t3% &&%

$



O*7 3i!i4 64*!,7 +t. +i+t9+468 43t*.7* 3i.6+* -i6.i 467i 7

-i34t.6 6!*. + 43t*.79 3i.6+* 7164,.68 t3@i2t* 3i7-.6+.i? *i3*" !568

08* + t*7 3i!i4 . 96@ i!57i4*i7% Si>i0.i 3i!i4 i1i

.+i+t9+4i 3i!i4 7 6i+*. 6 >*4t63i9* 467i ,ti<, .* +*9, 469*.i7, i1i i.-,+t3i7,

46767 3i*-* t* 469*.i7*% Ti >*4t63i < , 43*7.767 i.+t*.i ,ti*ti .* i7., -i6.i

469*.i7% O*7 3i!i4 + 96@ i!57i4*i769% K6- 65!.i* 3*!1i4,796

3i7 +8*: 4*9*t.i 3i!i4" 43-it.i 3i!i4" 3i!i4 1i4i-.6+ti" t i.>1*t63.i 3i!i4%

K*9*t.i 3i!i4 7 6!*. +* 43t*.79 4*9*t. +t6 .* t3@i2t," 8-7 63*+t

4*9*t. +t6 6-3*!,9i7* *- i7. 65!.i i 653*t.6% K3-it.i 3i!i4 7 t*4*

3+t* 3i!i4* -* i!-**0 65!.i .< 5iti , 968,<.6+ti -* i+,.i 65*!, i+1*t

.7. 3i7-.6+ti 6 -6+i7<,% D,@i.* 364* .* 467i + 9it,7, 65!.i ,ti< .*i+i., 668 3i!i4*" -i34t.6 3663i6.*1.6% Ri!i4 i.>1*i7 + 67*17,7 ,461i46

-6 -6 . *.tiii3*. i.>1*i7" 467* .i7 ,!t* , 65!i3 3i1i469 >639i3*.7*

.69i.*1.i? 4*9*t.i? +t6*" 2t6 3!,1ti3* , *-, 3i7-.6+ti i96i. +*-3@*. ,

65!.ii% U t69 +1,0*7, 4,i9* + 96@ 8*3*.ti3*ti 968,<.6+t 3*163i!*i7 .*

6+.6, ,t3.i? 64*!*t17*% Di13 , +69 3*-, .* +4,.-*3.69 t3@i2t,

3i7-.6+.i? *i3* t35*t < i-.ti>ii3*ti 3i!i4 467i9* 7 i!16@. .786 63t>61i6%

St. t68 3i!i4* 6-3-it 61i*%

Z* i!3*0,.**.7 +i+t9+468 3i!i4* 46- -i6.i* 463i+t + 5t*

46>ii7.t"467i 3-+t*17* 973, i.t.!itt* 3697.* 3i.6+* .* -i6.i, 39*

3697.*9* 3i.6+* .* ,4,.6 t3@i2t -i6.i* [email protected] 63t>61i6% Bt* 46>ii7.t

6-3,7 .*8i5 4*3*4t3i+ti0.68 +973* -i6.i% T*7 .*8i5 96@ 5iti #%(" 2t6 !.*0i -*

+ -6-*t.i 3i.6+ .* -i6.i, 9i7.7* 3663i6.*1.6 +* -6-*t.i9 3i.6+69 .* [email protected]

63t>61i6% A46 7 .*8i5 61i6%

Št6 + ti< 4*.ti>i4*i7 3i!i4* 46- 65!.i*" 96@96 3<i -* 7 61*ti1.6+t

i7.* 65!.i* 6!*.* +* -6+i7<9 i 96-169 .60*.i? t646*% T6 5i 5i1*

686-.* 973* 3i!i4*" 8-7 -,@i.* t3*7*.7* 6i+i 6- 4,6.+4 4*9*t. +t6" 96-1*

.60*.68 t64* 65!.i" -6+i7<* 65!.i" t3@i2. 4*9*t. +t6%'(

'( O3+*8" S%: „V3i7-.6+.i *i3i“" Ri6." S*3*76" '((% +t3% ''$



:3$3:3 U0ra5!*a(* ri?i+1"

O6 7 !*-.7i 463*4 ,4,.68 6+t,4* ,3*17*.7* 3i!i469% Di13 463i+t<i6-3.* !.*.7* i 72ti." .*+t67i -* + !*2titi 6- .604i*.i? 3697.* , .i6,

i7.* i .* t*7 .*0i. +370** 968,<.6+t 6+t*3.7* 8,5it4*% P63- t68* 2t6 963* -*

+ !*2titi 6- 3i!i4*" i.+tii7+4 5*.4* , ,16!i -i13* .*+t67i -* 6+t*3i i 6-86*3*7,it" 6-.6+.6 -* 65!5i7-i +3-+t* !* >i.*.+i3*.7 63t>61i7*% D* 5i ,+41*-i1* +

6 *4ti.6+ti" -i13+4* 6-717.7* 3i i.+tii7+4i9 5*.4*9* 463i+t >i.*.+i7+4

-3i*t" 467i .i+, .i2t* -3,86 -6 3i7-.6+.i *i3i" 467i9* 7 3i7-.6+t 6-3.*

-3,8i9 3i7-.6+.i9 *i3i9*% P62t6 +, i!-.i i! t68 -3,868 3i7-.6+.68 *i3*"

.6+ .*!i i!-.i -3i*ti+" -3i*ti i.+t3,9.t+%

N*702< +69i.7*.i i 463i2t.i >i.*.+i7+4i -3i*ti 467i + @, !* -i6.i +,

t39i+4i ,8663i" 6i7 i *3*.ti% J-.* 6- 968,<i? 4695i.*i7* 467, -i13 96@

3-,!ti 4*6 651i4 i.+tii7+4 +t3*t8i7 7 ,t *11 *3itt i1i !*2tit.i ,t%

Z* +*96 65!57i*.7 +3-+t** !* >i.*.+i3*.7 63t>61i*" i.+tii7+4

5*.4 , .6i7 3i79 .*7i2 463i+t 36 t3@i2t*" 6-.6+.6 336-*7.* i 34,6.*

t3@i2t* 3+*1 *.- 3,3?*+ 9*34t+% U +1,0*7, 36 *3*.@9*.* i.+tii6.

5*.4" t -3,8 -i13+4 4,< 463i+t 66 t3@i2t !* >i.*.+i3*.7 +67 6-86*3*7,<

6!ii7 !* 643i*.7 43*t4 6!ii7" 2t6 7 -616 -6 3*!67* 668 t3@i2t* ,

.*7<i +4t63 .60*.68 t3@i2t*%



$% INVESTICIJSKO BANKARSTVO U FUNKCIJI RAZVOJATRŽIŠTA KAPITALA U BOSNI I HERCEGOVINI

Fi.*.+i7+4i +i+t9 , BiH 7 5*!i3*. .* 4693i7*1.i9 5*.4*9* i

6+i8,3**7,<i9 -3,2ti9*" + ti9 -* +*96 5*.4 3-+t**17*7, 7-i.i 4+t3.i i!63

>i.*.+i3*.7* 3*1.68 +4t63*% T3@i2t .6* 7 .3*!i7.6" 5,-,,.4i6.i2 18i+1*ti.6 i

i.+tit,i6.*1.6" 762 ,i74 7 .3*!i7.6% T* .3*!i7.6+t + .*7i2 6-.6+i .*

.786, 3i9*3., !*-*<," * t6 7 65!57.7 4*it*1* 469*.i7*9* ,t9 7*.

9i+i7 3i7-.6+.i*% S4,.-*3.6 t386*.7 - >*t6 7 3i+,t.6 i +*4i9 -*.69 7+ <" 9,ti9"t38,7 + +*96 7-.69 3+t69 [email protected] 9*t*3i7*1*% R*-i + 6

-i6.i*9*" -64 65!.i 762 ,i74 .i+, 3i+,t. .* t3@i2t,% P6+t67*.7 -i7 53!"

4*6 i -i7 38,1*t63. i.+tit,i7 .titt+4 K69i+i7 !* 3i7-.6+. *i3"

,4*!,7 .* 6+t67*.7 -* t3@i2t* 4*it*1* , BiH" 2t6 3-+t*17* *3*-64+ , 46.t4+t,

+t*3*.7* 7-i.+t.68 46.69+468 36+t63* i >i4*+.6+ti [email protected]? t3*.+*4i7* .*

i7169 BiH t3@i2t,% M,ti9" 39*..t.i 63*+t t3@i2. 4*it*1i!*i7 i.-ii3*

*4ti., ,417,0.6+t i.+tit63* .* t3@i2t,%P6!*.6+t .*2i? 53!i +* 53!*9* 6+t*1i?!9*17* J,86+1*i7" 3,@* 968,<.6+t -i34t.68 ,i-* , 369t 3i7-.6+.i* .*

-3,8i9 +,+7-.i9 t3@i2ti9*" 2t6 96@ 3-+t*17*ti 6+.6, !* .46 5,-,<

7-i.+t.6 38i6.*1.6 t3@i2t 4*it*1*% I.+tii7+46 5*.4*3+t6 , BiH 3i+,t.6 7 ,

>639i 53643+46 -i13+4i? *4ti.6+ti .* +4,.-*3.69 t3@i2t," 2t6 6!.*0** i!7+t*.

463*4 .*3t4*" , 6-.6+, .* +t*.7 3i7 .461i46 86-i.*" 4*-* ,62t .i+96 i9*1i

,+6+t*17*.6 t3@i2t 4*it*1*% N*3*.6" 53643+46 -i13+4 4,< .i+, ,417,0. ,

9i+i7, -i6.i* i 65!.i* ,t9 7*. 6.,- 467*" .*@*16+t" 762 ,74 . 6+t67i%E9i+i7 -3@*.i? 65!.i* .* 6+.6, ,.,t3*2.78 7*.68 -,8*" t !*46.+4*

3+t3,4t,3i3*.7* PIF6* , i.+tii7+4 >6.-6 +3-i.69 '(($% 86-i." +*96 +,

6t.i7*1. *4ti.6+ti 467 < 6968,<iti <i i 4*1itt.i7i *8*.@9*. 53643+46

-i13+4i? 4,<* .* .*29 t3@i2t,% R8,1*i7* t3@i2t* 4*it*1* .* -3@*.69 .i6," 63-

+8* .*-.68" 5iti < 81*.i 3-,+16 !* 7-i.+t.6 t386*.7 3i7-.6+.i*9*

, 64i3, i71 BiH% S.*@.6 t3@i2t 4*it*1*" 6-3@*.6 i.+tii7+4i9 5*.4*9* 4*6 i

6+t*1i9 >i.*.+i7+4i9 i.+tit,i7*9*" 6968,<it < -i6.i04i9 -3,2ti9* 3i5*17*.7>i.*.+i7+4i? +3-+t**" i!578**7,<i +4, 5*.4*3+4 43-it%



M6@-* < ,3*6 6-,@.6+t .*2i? 469*.i7* .* 7*., 6.,-, -i6.i* i1i

65!.i* +.i!iti 4*9*t. +t6 5*.4*3+468 +4t63*" !* 467 7 i-.t.6 -* +,

i!,!t.6 i+64 i*46 7 3i+,t.* t.-.i7* .7i?668 *-*% U t69 +9i+1," ,168*

i.+tii7+4i? 5*.*4* , 6+16i9* 646 9i+i7 i 1*+9*.* 3i7-.6+.i? *i3* .*2i?

469*.i7*" * !*ti9 i t386i. +* ti9 3i7-.6+.i9 *i3i9*" i9*1* 5i 1i4 ,ti*7 .*

3*!67 t3@i2t* 4*it*1* , BiH%

83&3 POSTOJE>E STANJE TRŽIŠTA KAPITALA U BIH KAOOSNOVA RAZVOJA INVESTICIJSKOG BANKARSTVA

U+6+t*17*.7 t3@i2t* 4*it*1* , 5i2i9 36+4i9 +6i7*1i+ti04i9 -3@**9*

7 !*60t6 &(ti? 86-i.* 362168 i74*% M**3+4* 7 3* 6- .7i? 467* 7 -6.i71*

Z*46. 6 3i7-.6+.i9 *i3i9* i >639i3*1* B,-i92t*.+4, 53!, #&&(%% J-i.6 .*

B,-i92t*.+467 53!i" , 63.7, +* 53!*9* , 6+t*1i9 +3-.7 36+4i9 i

7,@.6 36+4i9 t3*.!ii7+4i9 !917*9*" 6+t67 i!1i+t*. i.6+t3*. 469*.i7%

Z917 467 +, .*+t*1 3*+*-69 5i2 J,86+1*i7" t*46 +, ,+6+t*i1 +67*

.*i6.*1*.* t3@i2t* 4*it*1*" 4*46 , 18i+1*ti.67" t*46 i , i.+tit,i6.*1.67 >639i% U

t69 +9i+1," BiH .i7 i!,!t*4" * +, < #&&% 86-i. -6.2.i !*46.i 6

3i7-.6+.i9 *i3i9*" , F-3*i7i BiH i , R,51ii S3+467% O0i81-.6 7 -* ,

BiH 6+t67 -* t3@i2t* 4*it*1*" 638*.i!6*.* .* .titt+469 .i6,% St68* < +

!*+5.6 *.*1i!i3*ti t3@i2t* 4*it*1* , FBiH" t , R,51ii S3+467%

$%'% TRŽIŠTE KAPITALA U FBIH

U F-3*i7i BiH >639i3*. +, + .6?6-. i.+tit,i7 467 6968,0**7,

>,.4i6.i+*.7 t3@i2t* 4*it*1*% J-i.i 9it.ti 467i + 67*17,7, .* t3@i2t, +,-i6.i04* -3,2t*% I.+tit,i7* -3@*" 4*6 i , 6-3.i9 +1,0*7i9* -3,2t* +*

683*.i0.69 6-8663.62<," .i+, 3i+,t.i 4*6 9it.ti .* .*29 t3@i2t,% K*-* 7 3i70

6 9i+i7i 3i7-.6+.i? *i3*" 762 ,i74 +, 3i+,t. 9i+i7 -i6.i* ,t9 !*t63.

36-*7" 6-.6+.6 36-*7 ,.*3i7- 6!.*t69 4,, i1i 83,i -6 )( 4,**% J-i.*

7*.* 6.,-* -i6.i* 6+t*3.* 7 3ti>i4*t+469 3i*ti!*i769" 4*-* +, ,1*8*i4*t* 6t4,i1i -i6.i 3i*ti!*i7+46 i.+tii6.i? >6.-6* PIF i1i

.4i? -3@*.i? >i39i% B367 9it.*t* 3i7-.6+.i? *i3* +* t917.i9 4*it*169 ,

F-3*i7i BiH -*t 7 , +17-<67 t*51i%

&



Tabela 3. +roj emitenata vrijednosnih papira sa temeljnim kapitalom u ederaciji

+i,


S*3*76 '((&%

I.t3+*.t.6 7 i+t*<i -* 7 i -*17 .*+t*17.* t.-.i7* 3697. 651i4*

1*+.i2t* i! -i6.i0468 , -3,2t6 +* 683*.i<.69 6-8663.62<," 2t6 7 3!,1t*t

6+t3i*ti!*i7+468 3+t3,4t,i3*.7* 469*.i7*% E9i+i7 46363*ti.i? 65!.i* 762

,i74 .i+, 3i+,t. .* .*29 t3@i2t," t*46 -* + [email protected] 9*t3i7*1 +*+t67i i+417,0i6 6-

-i6.i*%

Z*i.t3+6*.6+t i.+tit63* !* 3i7-.6+. *i3 + 6<**" .* 2t6

,4*!,7, 6-*i 6 369t, .* S*3*7+467 53!i% U 6+17-.7i9 86-i.*9* !*5i17@. 7 46.+t*t*. 3*+t 369t* .* S*3*7+467 53!i" 2t6 ,4*!,7 .* !*i.t3+6*.6+t 4*46

83**.*" t*46 i 469*.i7* !* *4ti.6 ,02< .* t3@i2t, 4*it*1*% T386*.7 .*

S*3*7+467 53!i 638*.i!6*.6 7 t*46 -* 53643i i! +67i? ,3-*" 6+3-+t69

3*0,.*3+4i? 3*-.i? +t*.i*" 3i+t,*7, BTS, +6>t3+4i +i+t9 -6+t*17. 6-

L7,517*.+4 53!" 8-7 ,.6+ .*168 !* 4,6i., i 36-*7, 3i7-.6+.i? *i3* 467

+, -65i1i 6- +67i? 41i7.*t*% N*16!i + ,.6+ +*4i9 3*-.i9 -*.69" * *,4i7 +

638*.i!,7, -* ,t* +-9i0.6 ,t63469 i 0t3t469" 3i97.69 9t6-* 6-3i*.7*3*[email protected] 4,3+* !* +*4i 3i7-.6+.i *i3 i7. 6 46767 < + *,4i7* i!32iti

t*46 -* + 6+t*3i .*7<i 968,<i 65i9 369t*% N*46. 65*17. *,4i7 i

!*417,0.i? t3*.+*4i7*" 53!* +*0i.7** i!72t*7 6 !*417,0.i9 t3*.+*4i7*9* i

-6+t*17* 8* 53643+4i9 4,<*9*" 5*.4*9* -6!it*3i9* 53643+4i? 4,<* i R8i+t3,

3i7-.6+.i? *i3*%

)(



Z* SASE +, !*.* t3i 53!*.+4* i.-4+*" BIFX 5i>4+ „B6+.i*.

I.+t9.t F6.- I.-4+“" 467i 3*ti 43t*.7* 4,3+* i.+tii6.i? >6.-6* i SASX

#(" 467i 7 7.6.i" 6.-3i+*.i i.-4+" 3i 09, + 4*6 6.-3 463i+ti t3@i2.*

4*it*1i!*i7* 9it.t*" t SASX(" , 467i 968, 5iti ,417,0.i +*96 +i9561i

9it.t* 467i +, ,32t.i .* P3i9*3.6 S1656-.6 t3@i2t PST" +,5+89.t S1656-.68

t3@i2t* S*3*7+4 53! 5,3!% P69*4 , 669 +89.t, t3@i2t* 6+t*3,7 + i 3i9

6+.i*.79 6t63.i? i.+tii6.i? >6.-6* , BiH U!*7*9.i >6.- MFG165*1%5* i

U!*7*9.i F6.- H6 BH EY,it" 2t6 5i t35*16 61*42*ti i 6+i8,3*ti 5617 ,+16

,1*8*.7*" 6+5.6 !* i.-ii-,*1. ,1*8*0% U02< 67-i.68 9it.t* 683*.i0.6 7

.* 9*4+i9*1.6 '( 6- ,4,. t3@i2. 4*it*1i!*i7 i.-4+* .* -*. 3i!i7 i.-4+*%

R*-i + 6 6.-3i+*.i9 Qi8?t- i.-4+," 3i 09, + 4*6 6.-3 463i+ti t3@i2.*

4*it*1i!*i7* 3i7-.6+.68 *i3*" , 669 +1,0*7, -i6.i* >6.-6*%'# K*6 i .*

-3,8i9 53!*9*" 3*<.7 3i7-.6+ti 53!*.+468 i.-4+* -*7 .*75617, +1i4, 6

t3.-6i9* i7.* -i6.i* 467 +*0i.7**7, i.-4+" *1i i 6 t3@i2t, , 71i.i%''

N* S*3*7+467 53!i t3.,t.6 t38,7, 36>+i6.*1.i 6+3-.ii 53643+4 i1i

53643+46 -i13+4 4,<" 01*.i 53!% V3?6.i 38,1*t63 .* t3@i2t, 4*it*1* 7

K69i+i7* !* 3i7-.6+. *i3 F-3*i7 BiH% O.* 6-653** 9i+i7, 3i7-.6+.i?

*i3*" t*46 2t6 6-653** 36+4t 6 9i+i7i% P63- t68*" K69i+i7* 1i.i3*

36>+i6.*1. 6+3-.i4 .* t3@i2t, 4*it*1* 1i.i3*.7 53643*" -i13*" t

i.+tii7+4i? +*7t.i4*" 6-653** 3*i1* t386*.7* i +t*t,t 53! i .*-!i3 .7. 3*-"

t .*-!i3 3*- R8i+t3* i -6!it*3*% R8,1*i7* t3@i2t* 4*it*1*7 7 , >,.4i7i !*2tit

i.+tit63*" ,+973.* .* +t*3*.7 >3" >i4*+.68 i t3*.+*3.t.68 *95i7.t*

t386*.7* 3i7-.6+.i9 *i3i9*% T*4* *95i7.t +370** 968,< 3*3 i1i

9*.i1*i7 9it.*t* i1i 36>+i6.*1.i? 6+3-.i4* .* t3@i2t, 4*it*1*%' I.+tit,i7*

t3@i2t* 4*it*1*" 467* + 5*i 6+16i9* 38,1*i7" 0,*.7* 6-*t*4* i 3.6+*

3i7-.6+.i? *i3*" .6+i .*!i R8i+t*3 3i7-.6+.i? *i3*" * 638*.i!i3*. 7 4*6

-i6.i046 -3,2t6 , 1*+.i2t, F-3*i7 BiH% Si 6i 6+16i 6-.6+ + .* t*0., i

'# ?tt://#&$%'''%)%#/+*+>i.*1/1*.8,*8/?3HR/T3C$BEiC$A#t/I.-i/BIFX%*+ ('%#(%'(#)

'' ?tt://#&$%'''%)%#/+*+>i.*1/ ('%#(%'(#)

' P,17i<" M%: „T3@i2t 4*it*1* , F-3*i7i B6+. i H386i.“" Z563.i4 3*-6*"Ri6." N,9" M,.*36-.6 +*7t6*.7" (#% i ('% (%'((#%" +t3%#&(

)#

http://195.222.43.81/sase-final/language/hr-HR/Tr%C5%BEi%C5%A1te/Indexi/BIFX.aspx



http://195.222.43.81/sase-final/







51*8639., 38i+t3*i7, .9*t3i7*1i!6*.i? 3i7-.6+.i? *i3*" * 65*17*7, +

i+417,0i6 .* 6+.6,:

46.*0.68 i!72t*7* .*[email protected]? i.+tit,i7* 6 -i6.i*9* 36-*ti9 , 6+t,4,

3i*ti!*i7 3i3-.i? -3,2t** i 5*.*4* -6.6*.7* 9*t3i7*1i!6*.i? 3i7-.6+.i? *i3* 372.7* 6 ,i+, 3i7-.6+.i? *i3* , 38i+t3, 9it.*t* 46- K69i+i7%

D*41" .* 3*0,.i9* 9it.*t* i 1*+.i4* 3i7-.6+.i? *i3* 46- R8i+t3*

i-.ti3* + 1*+.i2t6 .*- 3i7-.6+.i9 *i3i9* i + 3697. 467 36i!i1*!

4*6 6+17-i* [email protected]? t3*.+*4i7* +* .7i9*% O6 -*17 !.*0i -* R8i+t*3 , +*469

t3.,t4, 6-3*@** +1i4, 1*+.i04 +t3,4t,3 4*it*1* 9it.*t* -i6.i*% R8i+t*3 7

6+.6*. +3-+ti9* F-3*i7" * Z*46.69 7 3-i. 364 .786 3i*ti!*i7

0i7i 6+t,*4 i 9t6- ,t3,7 K69i+i7* !* 3i7-.6+. *i3% I.+tit,i7* 467* + 5*i

,i+69 i ,1*t69 3i7-.6+.i? *i3*" 4*6 i .60*.i9 t3*.+*4i7*9* 6 6+.6,

.7i?668 369t*" .*!i* + D6!it*3% O+i9 6i? 6+16*" 4*6 6+5.* !*-*<*

D6!it*3* 7 ,t3i*.7* .t6 3i7-.6+ti i96i. i.+tii7+4i? >6.-6*%

U+16 i +t*.-*3- 3*-* D6!it*3* 36i+,7 K69i+i7* !* 3i7-.6+. *i3"

467* i9 i!-*7 -6!61 i .*-!i3 .7i?6 3*-% K*6 2t6 3*0,. 3i7-.6+.i? *i3*

36>+i6.*1.i 6+3-.i4 i9* 46- R8i+t3*" 46- D6!it*3* i9* 3*0,. 86t6i.%G6t6i., +68 .*1686-** 36>+i6.*1.i 6+3-.i4 -3@i 46- D6!it*3* .* .*

6+5.69 3*0,.,% P6+16 -6!it*3* 46- .*+ 65*17*7, 5*.4% Li+t, 5*.*4*

,t3,7 K69i+i7* !* 3i7-.6+. *i3" 6 43it3i7, -6!61* !* 65*17*.7 1*t.68

369t* 467, i!-*7 A8.i7* !* 5*.4*3+t6 FBiH i 6+i8,3*.7* -6!it* +t*.6.i2t*

46- A8.i7 !* 6+i8,3*.7 2t-.i? -6!it* 46- 5*.*4*% K69i+i7* 7 i!-*1* -6!61

!* #$ 5*.*4* -6!it*3*" t !* t3i 5*.4 467 65*17*7, 6+16 -6!it*3* !*

3i*ti!*i7+4 i.+tii6. >6.-6%

8393 TRŽIŠTE KAPITALA U REPUBLICI SRPSKOJ

N* t3@i2t, 4*it*1* , RS," 9it.ti +, -i6.i04* -3,2t* 467* 65*17*7,

*4ti.6+ti 9i+i7 -i6.i* 436! !*t63., i 7*., 6.,-," 436! 6.,-, 5! 6-653.7*

K69i+i7 3i7-.6+.i? *i3*" i +1i0.6% J*.* 6.,-* -i6.i* ,+46 7 !*.* ,! 5*.4

+* !*46.+469 65*!69 6<*.7* 6+.6.68 4*it*1*% U 3i3-i RS* 3i97<,7

)'



+ 63*+t 9i+i7 -i6.i04i? 3-,!<* , 6-.6+, .* -6 +*-*2.7 ,02< 5*.*4* i

6+i8,3**7,<i? 469*.i7*%

Št6 + ti0 +4,.-*3.68 t3@i2t*" 6.6 + !,7 !* B*.7*1,04, 53!," 467* 63-

*4ti.6+ti .* +1656-.69 t3@i2t, i9* t*46 i 53!*.+4, 46t*i7,% T3@i2t .*B*.7*1,0467 53!i + +*+t67i 6-:

* +1,@5.68 1i+t* A i 1i+t* B !* -i6.i 5 +1656-.68 53!*.+468 t3@i2t*" +*46 +* 6-86*3*7,<i9 +89.ti9*" 4*6 2t6

+,: -i6.i" 65!.i" 3i7-.6+.i *i3i 67-i.i? >6.-6* i -3,86%

P62t6 7 53!*.+4* 46t*i7* 3+ti@ .* t3@i2t," 9.68 !.*0*7. 469*.i7

t3@i2t* 4*it*1* , FBIH * i , RS, -i6 +, 668 [email protected] +89.t*" 2t6 7 +ti9,1*.+ !*

+t*.6.i2t6 -* + *4ti.i7 ,417,< , t386*.7 3i7-.6+.i9 *i3i9*%

83:3 MJESTO I ULOGA BANAKA NA TRŽIŠTU VRIJEDNOSNIHPAPIRA U BIH

Či.7.i* 7 -* +, 5*.4 .*7!.*0*7.i7 i.+tit,i7 .* >i.*.+i7+469 t3@i2t,%

K17,0.* 6!ii7* 5*.4*3+468 +4t63* 7 , >i.*.+i7+469 +i+t9,% T* 6!ii7* 7 3!,1t*t

4695i.*i7 96.t*3.i? i .96.t*3.i? i!63* +* 43-it.i9 1*+9*.69"

3i7-.6+.i? *i3* t 6+t*1i? 1*+9*.* .* +t3*.i *4ti%') B*.4*3+4 *4ti.6+ti .*

t3@i2ti9* .6* +, i!3*@.i7 , 6-.6+, .* 4*it*1.* t3@i2t*" ,!i9*7,i.*.+i7+4 i.+tit,i7" 6+3-.ii"

6+i8,3**7,<" i.+tii7+4 469*.i7" 3*!.i >6.-6i i -3,86% N4 i.+tit,i7

6+1,7, +* 5*.4*9* , >,!i7i" *4i!ii7i" i1i 5*.4 346 +67i? 638*.i!*i6.i?

6-717.7* 32 >,.4i7, 9.*-@3+4 469*.i7 i1i -6!it. 5*.4 !* 6t35

i.+tii7+4i? >6.-6*% B*.4 .* t3@i2t, 4*it*1* +, -i13i i 4*6 i.+tit63i 467i

+t*3*7, +67 63t>61i6 3i7-.6+.i*% K61i46 < 3i7-.6+.i? *i3* 5*.4* , 5i1*.+,

-3@*ti !*i+it <" 4*46 6- 46.69+4i?" t*46 i 6- >i.*.+i7+4i? ,+16* , 643,@.7,% U

,+16i9* 4*- 65i9 -6!it* 7 , 63*+t, , 6-.6+, .* 3*+t 6t3*@.7 !* 43-iti9*"

5*.4* < 6.-* ,+973iti , 3i7-.6+. *i3 i 653*t.6%

B*.4 .* 3i9*3.69 t3@i2t, 436! 6-717.7 i.+tii7+468 5*.4*3+t* i9*7,

,168, V1*-i.68 3i9*3.68 -i13* i1i 6ti+.i4*" ,461i46 + 3*-i 6 T3!63+4i9

') J6i<" S%: „B*.4*3+t6“" N*,0.* 4.7i8*" B683*- #&&(%" +t3%)$$%

)



65!.i*9*% S *4ti.6+ti i9*..t. i.+tii7+4i9 5*.4*9* 968, 65*17*ti i

4693i7*1. 5*.4 ,461i46 6+7-,7, -6617*. 4*it*1" 4*-*3+4i +, 6+6+6517.i t

*-4*t., i.>639*i6., t?.6168i7,% „Z* >i.*.+i7+4i +i+t9 , B6+.i i H386i.i

96@96 3i.*.+i3*.7 .*

-,86360.67 6+.6i" 2t6 56+*.+4i9 6+i8,3**7,<i9 -3,2ti9* . -*7 +67+t6

i.+tit,i6.*1.i? i.+tit63*% B*.4 +," -*41" 7-i. i.+tit,i7 467 968, -*

>i.*.+i3*7, 3*1.i +4t63 , BiH" * + 65!i369 .* 6+t67i.*.+i7+4i +i+t9 i

46.69+46 +t*.7 , BiH" 3*1.6 7 604i*ti -* 5*.4*3+4i 43-iti 5,-, 6+.6.i i!63

>i.*.+i3*.7* i , 51i@67 5,-,<.6+ti%'$ St3,4t,3* 5*.*4* 7 t*4* -* +*-3@i 6-717.7 !*

i.+tii7+46 5*.4*3+t6" 6-.6+.6 53643+4 6+16 i + ti9 +, -i34t.6 +,-i6.ii

t3@i2t* 4*it*1*% T*46 ,417,0.i +, .* t3@i2t 4*it*1* i 346 -3,2t** !*

,3*17*.7 i.+tii7+4i9 >6.-6i9*" 6+.6*.i? 6- 5*.*4*% S1*5 3i++t, BH

5*.*4* t3@i2t, 4*it*1* 3!,1t*t 7 +1*5 3i3- i 1i4i? +i+t9*" 8.3*t63* .6

3i7-.6+ti" t .6+t67*.7 3i7-.6+.i* i+468 4*1itt*% Pit*.7 7" -* 1i 5i BH

5*.4 !*7-.i04i9 ,1*8*.79 i1i t386*04i9 5*.4*3+t69 9681 63*iti +1i4,

3*1.68 +4t63*" * i >i.*.+i7+468 +i+t9*" 46.43t.6 t3@i2t* 4*it*1* , BiH% O-8663

.* 66 it*.7 7 , .79*0469 96-1, +i+t9* 5*.4*3+t*% U .79*0469 96-1,

.*81*+*4 7 .* -69i.*i7, ,.i3!*1.i? 5*.4* , 6-.6+, .* 53!" *1i 6+i9 2t6 6

5*.4 -*7, 43-it 3*!1i0it68 364* i 3i7-.6+ti" 6. 65*1*7, ,1*8*.7* i , -i6.i04i

4*it*1 .>i.*.+i7+4i? 469*.i7*% O 5*.4 +, *4ti. , 6+16i9* 9i+i7 .6* i

65!.i* 469*.i7* .* t3@i2t, 4*it*1*% „S1i0.6 +i.-i4*t, i.+tii6.i? 5*.*4*

3i1i469 ,i+* i 1*+9*.* 3i7-.6+.i? *i3* .4 >i39 i , 669 +1,0*7, +

67*17,7 7-.* 5*.4* 467* i9* ,168, 4663-i.*t63*" t7% 6-< 5*.4% U t69 +9i+1,

7 46.3. D*i913 B.! , 4679 7 D,t+? B*.4 81*.* 5*.4*" +* !.*t.i9,02<9 *3tii*i7 6- '$%' O* 5*.4* 7 i!32i1* 3*1i!*i7, i 6+16 >,!i7

'$ R60*.i." A%: „U3*17*.7 >i.*.+i7*9*“" E46.69+4i >*4,1tt U.i3!itt* ,S*3*7," S*3*76 '(()% +t3% )%

' L63i.6i<" I%: „N60*.6 t3@i2t" +3 >i.*.i7+468 t3@i2t*“" Oti+*4" Z*835" #&&%+t3% )

))



3i1i469 6+.,t4* 46.3.* D*i913 C?3+13% J62 7-.* 6!.*t* 5*.4* 7 D3+-.3

B*.4" 467* 7 t*46"81*.* 5*.4* !* *,t6965i1+4i 46.3. BM%'

O*7 3i973 7 3i97.7i i , BiH 8-7 5i 1i4 5*.4 +* i+6469

1i4i-.6+ti i +1656-.i9 .60*.i9 +3-+ti9* 9681 ,0+t6*ti , >i.*.+i3*.7, >i39i+ 6-86*3*7,<i9 56.itt69 .* t3@i2t," t 3*1., 3+4ti, 3*!67*% U t69 +1,0*7,"

5*.4 5i i ,! 43-it. *3*.@9*." ,0+t6*1 , 1*+.i0467 +t3,4t,3i .4 469*.i7%

A4ti.6+ti 5*.*4* .* t3@i2t, 4*it*1* 5i1 5i ,+973. .* 6+16 ,i+* i 1*+9*.*

3i7-.6+.i? *i3*" t*46 i .* 6+16i9* +4,.-*3.68 4*3*4t3*% U!i9*7,<i , 65!i3

83**. i .7i?6 63*t 673.7* , 5*.4*3+4i +i+t9" 6 *4ti.6+ti 5*.4* .* t3@i2t,

4*it*1* 5i .* i!7+t*. .*0i. *.i9i3*1 i.-ii-,*1. i.+tit63 -* ,1*@, ,

3i7-.6+. *i3% U! 0i.7.i, i965i1.6+ti ?i6t4*" +t*3* + 968,<.6+t 5*.*4*-* 436! +47,3iti!*i7, 43-it* i !*796* 6- ?i6t4* 43i3*7, 65!.i ,! -6-*t.

8*3*.i7 5i 3-+t*17*1 9.686 *t3*4ti.i7 i.+t3,9.t .* t3@i2t, 4*it*1*% N* 6*7

.*0i. -+i6 5i + 3*!67 4*46 3i9*3.68 t*46 i +4,.-*3.68 t3@i2t* 4*it*1*" t

3*!67* .6i? >i.*.+i7+4i? i.+t3,9.*t* ,! ,6t35, >i.*.+i7+468 [email protected]*%

S4t63 i.+tii7+468 5*.4*3+t* +t3,4t,3i3*. 7 46.t4+t69 ,+1,8* 3*17.i?

, +41*-, + 6t35*9* 41i7.*t* i !*?t7i9* t3@i2t*% U 669 +9i+1, +4t63

i.+tii7+468 5*.4*3+t* !*i+.6 6- 638*.i!*i7+4 +t3,4t,3 5*.4" 65,?*t*65i0.6 6-6-71 i1i 6-+74 !* +435.i04 i1i 4*+t6-i 6+16" 46363*ti.6

>i.*.+i3*.7" t 3i*-*7,< 53643+4 4,<% U3*17*.7 >6.-6i9* 7 t*46 7-*.*

6- 6-71* 5*.4% O-71i !* 6+16 >i.*.+i7+468 +*7t6*.7* i9*7, ,02< ,

+*7t6*.7, .* t3*.+*4i7+4i9 3,!i9*.7i9*" +*7*.7* i 46.+61i-*i7* -3,2t**"

4*6 i +*7t6*.7 1*-* , +i9 3+t*9* 3i*ti!*i7+4i? 36+*" 3-

3i*ti!*i7+46 +*7t6*.7 i +*7t6*.7 , 681-, +t3*t8i7 i 36-5

3i*ti!*i7%

P6+16i +435.i2t* .*- 3i7-.6+.i9 *i3i9* +, 38,1i+*.i Z*46.69 6

t3@i2t, 3i7-.6+.i? *i3* „S1,@5. .6i. F-3*i7 BiH“ 5367 $/(" t

6-!*46.+4i9 *4ti9* K69i+i7 !* 3i7-.6+. *i3" 3i7 +8* P3*i1.i469 6

65*17*.7, 6+16* +435.i4* i -6!it*3* .* t3@i2t, 3i7-.6+.i? *i3*% P6-

' i36i<" M%: „B*.4*3+t6“" B3i-8 69*." B683*-" '((#% +t3% '&

)$



6+16i9* +435.i2t* .*- 3i7-.6+.i9 *i3i9*" , +9i+1, 6-3-*5* Z*46.*"

6-3*!,9i7*7, +:'

* 6t*3*.7 i 6.7 3*0,.* 3i7-.6+.i? *i3* 46- R8i+t3* , i9 i !* 3*0,.

1*+.i4* 3i7-.6+.i? *i3* 41i7.*t* +435.i04i 3*0,. .* i9; 5 6t*3*.7 i 6.7 3*0,.* 3i7-.6+.i? *i3* 46- R8i+t3* , +67 i9" * !*

3*0,. 1*+.i4* 3i7-.6+.i? *i3* 41i7.*t*" 6-.6+.6 , i9 +67i? 41i7.*t*

467i .i+, 1*+.ii ti? 3i7-.6+.i? *i3*" * !* 3*0,. 1*+.i4* !5i3.i +435.i04i

3*0,.; i!32**.7 .*168* !* 3i7.6+ 3** i! 3i7-.6+.68 *i3* i .*168* !* ,i+

3** t3<i? 1i* .* 3i7-.6+.69 *i3, i +t*3*.7 6 3.6+, 3** i! t68

3i7-.6+.68 *i3*;

- .*1*t* 6t3*@i*.7* 6- 9it.t* 6 6+.6, -6+71i? 3i7-.6+.i? *i3*"4*9*t* i -ii-.-i !* 3*0,. 1*+.i4* ti? 3i7-.6+.i? *i3* i +t*3*.7 6

6+t*3i*.7, -3,8i? 3** 467* 3i*-*7, 41i7.ti9* 1*+.ii9* 3i7-.6+.i?

*i3*; 3,@*.7 ,+1,8 6!*7917i*.7* 3i7-.6+.i? *i3*;> 65*72t**.7 -i6.i0*3* 6 +4,2ti.*9* -i6.i04i? -3,2t** i !*+t,*.7 .*

ti9 +4,2ti.*9*;8 65*72t**.7 6 3*i9* !*.i9 !* 3i7-.6+. *i3 i i!32**.7 .*168*

41i7.t* , !i +* 6+t*3i*.79 ti? 3**;? 65*72t**.7 6 !*46.+4i9 3697.*9* 467 6+3-.6 i1i .6+3-.6 ,ti0,

.* 65*72t**.7 41i7.t* 6 +t*.7, 3i7-.6+.i? *i3* .* +435.i0469 3*0,.,;i +t*3*.7 6 i!32**.7, 63+4i? 65*!* 1*+.i4* 3i7-.6+.i? *i3*;

7 6+t*1 ,+1,8 !*. !* 3i7-.6+. *i3" 6+t*3i*.7 3** i i+,.7**.7

65*!* i! 3i7-.6+.i? *i3*" ,8663. i!9, 41i7.t* i 5*.4 +435.i4*" *

467 .i+, , +,36t.6+ti +* !*46.69%

S435.i04i 6+16i +, ,-.i .* t3@i2t FBiH 43*79 '(($% 86-i." 0i9 7

-*t* 968,<.6+t -69*<i9 5*.4*9* -* 6- +435.i04 3*0,. i 3,@*7, -3,8 ,+1,8i! 6 651*+ti% M,ti9" 3i+,+t6 8165*1.i? +435.i4* i! i.6+t3*.+t* 7 i-.t.6 i

3i7 t68*" 8-7 +, +t3*. 5*.4 !* +67 41i7.t 4,6*1 3i7-.6+. *i3 .*

.*29 t3@i2t," *1i .i+, i9*1i 3i1i4, -* 436! !*46.+4i 64i3 i-.ti3*7, t*4

6+16% U !*-.7 -i7 86-i. i-.t.6 7 6<*.7 !.*0*7* +435.i04i? 6+16*

9, 6+t*1i9 6+16i9* i.+tii7+468 5*.4*3+t*" t 7 !.*0*7*. 5367 +t3*.i?

i.+tit63* i ,2*6 .* -69*< t3@i2t 346 +435.i04i? 3*0,.*% P369t .* SASE ,t9

' R60*.i." A% K*3*1i<" A%: „I.+tii7+46 5*.4*3+t6 i t3@i2t 4*it*1*“" S*3*76'((&%

)



+435.i04i? 3*0,.* 7 3-+t*17. .* +17-<i9 83*>i46.i9* , 4679 + i-i 6-.6+

4,6i.* i 36-*7* , '(( i '((% 86-i.i ,63-.6% Ei-.t*. 7 !.*0*7*. *-

369t* .* SASE" * +*9i9 ti9 i 369t* ,t9 +435.i04i? 3*0,.*%

Grafikon 9. 'upovina skr&nici -../0.1


S*3*76 '((&%

Grafikon 10. Prodaja skr&nici -../0.1


S*3*76 '((&%

)



D*17" , 36t4169 3i6-, 7 ,02< 369t* 346 +435.i04i? 3*0,.* ,

,4,.69 369t, .* S*3*7+467 53!i .* +t3*.i 36-*7 3*+t*6" -64 + 4,6i.*

+9*.7i1*% N*-.6 7 3i4*!*.6 , +17-<i9 t*51*9* , *+61,t.i9 i 31*ti.i9

i!.6+i9*% U *+61t,.i9 i!.6+i9* 4,6i.* 346 +435.i4* + +9*.7i1* +* #$(

9i1i6.*" .* +8* $ 9i1i6.* KM" -64 7 36-*7* 346 +435.i4* +* $ 9i1i6.* *1*

!* * # 9i1i6.* KM i , '((% 86-i.i i!.6+i1* $ 9i1i6.* KM% T*46" i!

3!.t6*.68 + i-i i *- ,02<* .* +t3*.i 4,6i. +* ##" .* &"$'" -64 7

.* +t3*.i 36-*7 i-.ti3*. 3*+t ,02<* +* $"&# .* #$")% O5!i369 -* i!*

+435.i04i? 3*0,.* <i.69 .*+t,*7, +t3*.* >i!i04* i 3*.* 1i*" .* 6+.6, 6i?

6-*t*4* + 96@ i-7ti i 4*4* 7 !*i.t3+6*.6+t !* .*2 t3@i2t 1i* i!

i.6+t3*.+t* 467i 463i+t +435.i2t6% T*0.i7" 65!i369 .* 8165*1., i 164*1., 43i!,"

-*146 9*.7i i!.6+i + ,1*@, .* t3@i2t" t 1i4i 5367 i.+tit63* 64,2** -* +67*

,1*8*.7* 36-*" 6-.6+.6 -6 -6 86t6i.%

Tabela 4. 'upovina i prodaja preko skr&nika


S*3*76 '((&%

Tabela 5. 'upovina i prodaja preko skr&nika


S*3*76 '((&%

)



P3 5*.4 467 +, 601 +* 3,@*.79 +435.i04i? ,+1,8* .* t3@i2t,

F-3*i7 BiH +, H6 5*.4*" R*i>>i+. i HVB .t3*1 36>it 5*.4*" -*.*2.7*

U.i3-it 5*.4*% U '((% 86-i.i +, -716*1 +*96 .*-. t3i 5*.4" -* 5i + < ,

'((% 86-i.i 5367 5*.*4* 467 3,@*7, 6 ,+1,8 ,-6+t3,0i6 i t6 +," 63-

.*-.i? i NLB" IKB i ABS B*.4*% N* 43*7, '((% 86-i.i .* +435.i04i9 3*0,.i9*

5*.*4* , FBiH +, + .*1*!i1i 3i7-.6+.i *i3i 3i7-.6+ti 6- 346 '# 9i1i6.*

KM% B*.4 +435.ii" t*46",t9 8165*1.i? +435.i4* 6968,<**7, t386*.7

-69*<i9 41i7.ti9* .* +t3*.i9 t3@i2ti9*% N*-.* 968,<.6+t t386i. 7 316

7-.6+t*.* i 6968,<** 41i7.t, 53!, i +i8,3., t386i.,% P39* .!*.i0.i9

6-*i9* 3i7-.6+t 369t* -69*<i? i.+tit63* *. BiH 7 , '((% 86-i.i i!.6+i1*

346 9i1i6.* KM% O*7 i!.6+ < + 736*t.6 762 6<*ti 6+5.6 +t68* 2t6 7

.669 Z*46.+469 38,1*ti69 6968,<.6 -69*<i9 >6.-6i9* -* t38,7, ,

i.6+t3*.+t," t < + 6*7 36+ 6-i7*ti ,t9 B*.*4* +435.i4*%

Z*46.69 6 t3@i2t, ?*3ti7* 6- 3i7-.6+ti „S1,@5.i 81*+.i4 RS“ 53% &'/("

6-''%(&% '((% ->i.i+*.6 7 6+16*.7 5*.*4* .* t3@i2t, 4*it*1* R,51i4

S3+4% T*46 + , 01*., (% 69.,t68 Z*46.* 4*@:

* O-3-5 668 !*46.* 467 + 6-.6+ .* 6+16*.7 53643+46 -i13+468

-3,2t*" .* 6-86*3*7,<i + .*0i. 3i97.7,7, i .* 5*.4, 467* 65*17* 6+16+* ?*3ti7*9* 6- 3i7-.6+ti%

5 B*.4* 96@ 65*17*ti 6+16 +* ?*3ti7*9* 6- 3i7-.6+ti 4*-* -65i7

-6!61, K69i+i7 !* +*4i 67-i.i 6+*6 i ,i2 6 6+16 4*6 -71*t.6+t

, +,-+4i 38i+t*3%

S435i04i 6-.6+.6 4*+t6-i 6+16i 38,1i+*.i +, 6-3-5*9* 01*.* #'% i+t68

Z*46.*" 467i +, t*4+*ti.6 65367*.i i , 6+.6i i-.ti0.i +, 6+16i9* 467i +,

->i.i+*.i 6-3-5*9* Z*46.* 6 t3@i2t, 3i7-.6+.i? *i3* F-3*i7 BiH% K*+t6-i 5*.4 , RS +,: R*ii>i+. 5*.4 -%-% B6+.* i H386i.*" H6 A1A-3i* B*.4

*%-% B*.7* L,4*" N6* 5*.4* *%-% B*.7* L,4* 6-717.7 !* 4*+t6-i 6+16" I.t+*

S*.*616 B*.4* -%-% B6+.* i H386i.*" U.iC3-it B*.4 -%-% M6+t*3" B*14*.

I.+t9.t B*.4 *%-% B*.7* L,4*%

8383 PERSPEKTIVE RAZVOJA INVESTICIJSKIH BANAKAU BIH

N* t3@i2t, 4*it*1* , FBIH 6+1,7, >i.*.+i7+4i 6+3-.ii" 01*.6i S*3*7+4 53!% P6+3-.ii t3@i2t* 4*it*1* , RS, +, 01*.6i B*.7*1,04 53!% N7i?6*

)&



*4ti.6+t 7+t i!32**.7 .*168* 6- 469it.*t*" 2t6 7 4,6i.* i 36-*7* -i6.i*%

O- 6+t*1i? 6+16* 6+3-.i4* t, 7 6+3-6*.7 , 3,!i9*.7, >i39i" , i17,

6+t*3.7* !.*0*7.i? 3i?6-*% U!i9*7,<i , 65!i3 -* +, 3,!i9*.7* 469*.i7* 3i7t4*

67** i !*.* !* i+,.7.7 !*46.+46? 6-3-5i" , +t3,4t,3i 6+16*.7* 53643+4i?

469*.i7* . 3-+t*17* i!63 3i?6-* 6- 1i468 !.*0*7* , 6-.6+, .* *4ti.6+ti

i!32**.7* .*168*% Bit 3i9*3.68 t3@i2t* 7 !*t63.* 36-*7* -i6.i* i1i .t,*1.*

7*.* 6.,-* , 6+t,4, -64*it*1i!*i7 5*.*4*% Z568 t68* . 32i + 6t3*@.7* !*

,+1,8*9* i.+tii7+4i? 5*.*4*" 53643+4i? 4,<* !*.i? !* 6+16 6ti+i*.7* i

-i+t3i5,i7 -i6.i*% H.-i4 !* t3@i2t 4*it*1* , BIH +, 65!.i 73 .7.

9i+i7 +, 69* +1*5% U63,7,<i t3@i2t* H3*t+4" S35i7 4*6 i C3. G63" 6+i9

t3@i2t* -i6.i*" 6+t67i i t3@i2t !*i+* i 65!.i* 469*.i7+4i? i -3@*.i? t t3@i2t

3** , H3*t+467% B3643+46 -i13+4 4,< i9*7, 2i364 -i7**!6. 6+16*.7*% O.

+t*3*7, +*9 +67 63t>17 3i7-.6+.i* i1i !*,!i9*7, .4 24,1*.t+4 6!ii7%

P6+t67*.7 65!.i* , H3*t+467 0i. t3@i2t 4*it*1* 69* 1i4i-.i9 i .7i?6i

9it.ti i9*7, i+64 56.itt% P369t 6i? 3i7-.6+.i* -2** + .* Z*835*0467 i

V*3*@-i.+467 53!i% „N* Z*835*0467 53!i , '((% 86-i.i 369t6*.6 +* #'

9i1i6.* 4,.* 65!.i*" #%)&$ 9i1i7*3-i 4,.* -i6.i*" #'% 9i1i6.* 3**" t #'%&

9i1i6.* !*i+*" 2t6 3-+t*17* i96!*.t. i!.6+ , 63.7, +* .*2i9 53!*9*%

I.t3+*.t.6 7 +69.,ti i t6 -* 7 H6 A1 A-3i* B*.4" 63- 1*+tit68

i!-*.7* 65!.i*" 7*.69 6.,-69 , '((% 86-i.i" 5i1* i *8.t i 6436it17

6436it17 ,32t.7* , 3, 46t*i7, S1,@5.6 t3@i2t Z*835*04 53! i!-*.7*

65!.i* 83*-* Z*-3* , '(()% 86-i.i% P63- 83*-* Z*-3* i 83*- K63i.i* 7 i9*1*

9i+i7, 65!.i* , '(()%86-i.i *8.ti i 6436it17i i!-*.7* +, E3+t V3i7-.6+.i

*i3i Z*835 -%6%6% i P6-3*+4* 5*.4* -%-%" 2t6 -6617.6 8663i 6 i.t3+6*.7,

i.+tit63* !* ,1*8*.79 , 65!.i 7*.6 3*.68 4*3*4t3*% N*3*.6" i ,

+,+7-.67 S35i7i 3i+,t.6 7 *4ti.6 t386*.7 !*i+i9* NBS i 65!.i*9* 4*46R,51i4 S35i7" 467 +, i!-*t 6 6+.6, -i!. 2t-.7 83**.*" t*46 i

65!.i*9* 469*.i7*%

N* 6+.6, i!72t*7* B683*-+4 53! !* '((% 86-i., 96@96 i-7ti -* 7

3i7-.6+t 369t* 65!.i* 3-,!<* 5i1* i2 .86 -,16 <* 6- 3i7-.6+ti

$(



369t* 65!.i* 3,51i4 S35i7 #( 9i1i6.* 65!.i RS" ' 9i1i6.*

65!.i 3-,!<*%“'&

P6 6+.6, 6-*t*4* i-17i6 7 -* 7 3i+,t.6+t 65!.i* 69* 5it.*

6-3-.i* 3*!67* t3@i2t* 4*it*1*" i + ti9 3,@* <, ,417,<.6+t 53643+4i?469*.i7* i1i 5*.*4* .* t3@i2t,% D*4*46" i , F-3*i7i BiH 7 -6.+. Z*46. 6

,t3i*.7, i .*0i., i!9i3.7* ,.,t3*2.7i? 65*!* F-3*i7 B6+. i H386i.%(

O*7 Z*46. 3-i* i i!-**.7 65!.i* 467i9* < + 7-.i9 -i7169 i!32iti

i+1*t* ,.,t*3.78 -,8* F-3*i7 BiH% P3i1i4, !* 6+.i*.79 46.!63i7* i9*t <

53643+4 469*.i7 + ti9 -* 5,-, *8.ti .*- 6i9 9i+i7*9* 65!.i*% S ti9 5i i

+4,.-*3.6 t3@i2t 6+t*16 568*ti7 !* .6i [email protected] 9*t3i7*1% I!-*.7 65!.i*

6+t*1i? 7*.6 3*.i? i.+tit,i7* -3@**" 4*.t6." 6<i.* i +1% t 469*.i7*"-63i.i71i 5i . +*96 3*!67, t3@i2t* 4*it*1*" .86 i 3*!67* 46.69i7 , 71i.i%

Oi9 .*0i.69 -3@** i 469*.i7 +t41 5i .6?6-.* +3-+t*" 2t6 5i , 43*7.79

+1,0*7, -716*16 .* +9*.7.7 4*9*t.i? +t6* 4693i7*1.i? 5*.*4*% D6216 5i -6

5*1*.+* +.*8 t3@i2t* 4*it*1* i 5*.4*3+468 +i+t9* , BIH% B3643+4 469*.i7

362i3i1 5i +67 *4ti.6+ti" 0i9 5i i 3i?6-i 6+t*1i <i% K63i2t.79 >i.*.+i7+468

[email protected]*" 53643+4 469*.i7 i.+tii7+4 5*.4 i 63- 6+t,4*

+47,3iti!*i7 96<i < 43i3*ti 65!.i 5! 4,6.* * .* 5*!i < 9it6*.i?

4,6.+4i? 65!.i*%

U+6+t*17.79 +i+t9* SEM ON NET% T? St64 E?*.8 M6.it63"

6968,<i16 + 3*<.7 t386*.7* 53!i J,86i+t60. E36" 2t6 7 3i 463*4 ,

6!i*.7* t3@i2t* 4*it*1* 668 38i6.*% O04i* + -* < 669 1*t>63969 ,

5,-,<.6+ti 6968,<iti i!32**.7 .*168* + 7-. .* -3,8, 53!,% Oi9 .*0i.69

-+i6 5i + -63i.6+ 3*!67* i.+tii7+4i? 5*.*4* , BIH * i , 38i6.,%

R+t3,4t,i3*.7 6+t67<i? < 53643+4i? 469*.i7* 38i6.* 6968,<i16 5i,+6+t*17*.7 69* 7*4i? i.+tii7+4i? 5*.*4* 4*6 1*t>639 3*!67* 4*46

.*i6.*1.68 t*46 i 38i6.*1.68 t3@i2t*%

'& R60*.i." A% K*3*1i<" A%: „I.+tii7+46 5*.4*3+t6 i t3@i2t 4*it*1*“" S*3*76'((&%

( Z*46. 6 ,t3i*.7, i .*0i., i!9i3.7* ,.,t*3.7i? 65*!* F-3*i7 B6+. iH386i. „S1,@5. .6i. F-3*i7 BiH“" 53% /()

$#



U i17, 3*!it4* t3@i2t* 4*it*1* t*46 i >i4*+.i78 3*!it4* 53643+4i?

469*.i7*" 6t35.6 7 -* 9it.ti 32 7*., 9i+i7, 3i7-.6+.i*% P3i3-.6 +t*.7

BIH + 96@ 6-ii4*. 3i3-. +,574t% T35*1

5i 5iti i.*.+i7+469 t3@i2t,% T6 5i + 6-3*!i16 , <67 3i7-.6+ti i96i. 6-.6+.6 -i6.i*

469*.i7% R!,1ti3*16 5i 6<*.79 t3*@.7 !* -i6.i*9* i + ti9 5i +4,.-*3.6

t3@i2t -6@i716 +67, <, *4ti.6+t" <8 369t* i t3@i2. 4*it*1i!*i7% U

0it*69 669 36+, 53643+4 469*.i7 5i 362i3i1 +67 *4ti.6+ti" 6-

i!32**.7* .*168* .* 3i39*.7* i 3*1i!i3*.7 3i9*3.i? 9i+i7*% O*7 36+ .i7

7-.6+t3*. t 7 6t35.6 6t*4.,ti 83**.+t6 i 3i3-. +,574t , ,417,0.7

t386*.7* 3i7-.6+.i? *i3*% O+.i*.7 i.+tii7+4i? >6.-6* !.*0i16 5i ,+6+t*,

>i.*.+i7+4i? i.+tit,i7* + 6.,-69 53@8 3i+t,* t3@i2t, 4*it*1*% O*7 36+

-63i.6+i *4ti.69 ,<2<, 5*.*4* .* t3@i2t, 4*it*1*% U.i3!*1.i 96-1 5*.4*3+t*

6 .*01i9* 6-86*3* ,+16i9* , BIH% Ti9 96-169 + +t*3*7, 968,<.6+ti !*

*4ti.6 ,02< 5*.*4* .* t3@i2t, 4*it*1*%

Z* >i4*+*. 3*!67 t3@i2t* 4*it*1* i 7168 >i.*.+i7+468 +i+t9*" 6t35.6 7

6+t67*.7 !*-6617**7,< t3*@.7 !* 3i7-.6+.i9 *i3i9* 6- >i.*.+i7+4i?

i.+tit,i7* i 36i!6-.i? i -3,8i? 469*.i7* 467 5i 321 i2i1 1*+i3*.7 i24* .*

66 t3@i2t% E8!68.i >*4t63i" 61iti046" 3*.6 i 46.69+46 643,@.7 +i? ,0+.i4*

668 t3@i2* ,ti<, .* 3*!67 t3@i2t* 4*it*1*% I!9, 6+t*168 6t35.* 7 i 3>639*

.!i7+468 +i+t9* , i17, ,+6+t*17*.7* .6?6-. t3*@.7 .* t3@i2t,%

„St*.7 36+4 i +7t+4 46.69i7 6+5.6 , ,+16i9* 46.69+4i? 43i!*i 3+i7* .*7<i9 -i7169 3-6-3,7 43*t*.7 .* >i.*.+i7+469 t3@i2t,% P.!i6.i

>6.-6i !*7-.6 +* i.+tii7+4i9 >6.-6i9*" t 6+i8,3**7,<i9 4,<*9*

3-+t*17*7, .*7< i.+tit,i6.*1. i.+tit63 , +i7t,% N*2* 6+i8,3**7,<*

-3,2t*" 467* + 5* @i6t.i9 6+i8,3*.79 86-i2.7 39i7 5i t35*1 i.+ti3*ti -6

969.t* -6+716+ti 65*! , 3i7-.6+. *i3" 2t6 5i 6<*16 65i9 369t* .*

t3@i2t, 4*it*1*% P6t3*@.7* +i? 6i? i.+tit,i7* *,t69*t+4i < 6968,<iti 6<*.7

1i4i-.6+ti t3@i2t*% T6 < -*17 -6+ti -6 3i1*0.7* i.6+t3*.i? i.+tit63*" t*46 -* <

$'



i9*ti 9,1ti1i4*ti.i >4*t .* 6<*.7 i >i4*+.6+ti i 1i4i-.6+ti [email protected]?

t3*.+*4i7*%

P6+t,*4 3+t3,4t,3i3*.7* -69*<i? 469*.i7*" t*46 < .*<i +67 97+t6 ,

,4,.i9 6-.6+i9* .* t3@i2t, 4*it*1*% E9i+i769 -i6.i* i 65!.i* -69*<469*.i7 < 3i,<i i.t3+ i.+tit63* -69*<i? i i.6+t3*.i?" t 6<*ti 6+t67<i

4*it*1% O 9i+i7 < -69*<i9 53643+4i9 4,<*9* 3,@iti 968,<.6+t -i34t.68

,<2<* , 6+t,4, 6ti+i*.7* i -i+t3i5,i7 3i7-.6+.i*% Si 6i 36+i .* t3@i2t,

4*it*1* !*?ti7*7, ,4i-*.7 9*43646.69+4 i 61iti04 .+t*5i1.6+ti% U3*6

61iti04* i 9*43646.69+4* .+t*5i1.6+t" !*7-.6 +* .-6617.69 1i4i-.62<,

t3@i2t* 4*it*1*" .8*ti.6 ,ti<, i .* 9it.t i .* >i.*.+i7+4 6+3-.i4" t*46 2t6

65+?3*53,7, 67*17i*.7 .6i? 9i+i7*% N,+7+i 7*.i? 6.,-* -i6.i* .*75617i+, i.-i4*t63i t3.,t.68 .i6* 1i4i-.6+ti% N* 6+.6, +i? 6i? 1*563*i7*"

!*417,0,796 -* 7 !* 3*!67 t3@i2t* 4*it*1* .6?6-.6 6+t67*.7 43iti0.68

4*.t,9* >i.*.+i7+4 2t-.7" 467, >i.*.+i7+4i +i+t9 t35* 3t63iti , 4*1itt.

>i.*.+i7+4 i.+t3,9.t% T6 < 6-3*!,9i7*ti +39.6+t 46.69+4i? +,574*t* -*

+67, .60*., 2t-.7, t3*.+>639i2, , -3,8i [email protected] 9*t3i7*1" ti* -i6.i*" 65!.i*"

3**" t -3,8i? 3i7-.6+.i* t3@i2t* 4*it*1*% C7164,., 3*1i!*i7, 668 t3*.+>3*

.60*.i? +3-+t** + 7-. +t3*. i 3i7-.6+.i* + -3,8 +t3*." i!9, +,>iit.68 i

->iit.68 +4t63*" 65*it < 53643+4 -i13+4 4,< , BiH% N*3-. *4ti.6+ti

53643+4i? 4,<* , 6+16i9* >i.*.+i7+468 [email protected]* 6968,<i1 5i -* + .*2

t3@i2t 6568*ti .6i9 >i.*.+i7+4i9 i.+t3,9.ti9*% N66 43i3*.i >i.*.+i7+4i

i.+t3,9.ti" 6+5.6 6.i 6+i8,3*.i 6- +t3*. 7*4i? >i.*.+i7+4i? i.+tit,i7*"

3-+t*17*1i 5i !.*0*7., 4696..t, , +t3,4t,3i3*.7, 63t>61i* 3i7-.6+.i*% S

6 *4ti.6+ti" 6<*1 5i 6<, 1i4i-.6+t t3@i2t*% U+6+t*17*.7 t3@i2t* 4*it*1* .*

-3@*.69 .i6, 7 7-.* 6- 5it.i? 6-3-.i* !* -*17i 3*!67 t3@i2t* 4*it*1* , BiH% U

t69 46.t4+t," 6+.i*.7 K69i+i7 !* 3i7-.6+. *i3 BiH 6!.*0i16 5i 60t*4

+t*3*.7* 7-i.+t.68 t3@i2t* 4*it*1* BiH% B3643+4 4,< 5i -65i1 968,<.6+t

7-.*468 +,-716*.7* .* 657 53!% T6 5i 3-+t*17*16 61*42*.7 !* + +,-i6.i4

t3@i2t* 4*it*1*" 5! 65!i3* i! 4678 +, .titt*% D*41 i.t83*i7* t3@i2t* 4*it*1* .*

-3@*.69 .i6," t 7*0 6!i*.7 +* +,+7-.i9 t3@i2ti9* .+,9.7i6 <

$



65!57-iti 53643+4i9 4,<*9* 3i+,t.6+t i >i4*+.6+t .* 2i39 36+t63," 2t6 < ,

46.*0.ii 6-+t*i.*.+i7+4i +i+t9 4*6 t*4*" 7-*. 7 6- 417,0.i?

+i+t9* 467i 0i.i 46.69i7, 7-. !917% O968,<,7 3.62.7 >i.*.+i7+4i?+3-+t** 6- +,574*t* 467i 3*+61*@, i246i9* -6 6.i? 467i9* +, t* +3-+t** 6-

3i74 6t35% Ti9 .*0i.69 32i + <* >i4*+.6+t 46.69i7 , 71i.i% N* t*7

.*0i. + 6<** >i4*+.6+t 46.69i7 4*6 71i.% Fi.*.+i7+4i +i+t9 B6+. i

H386i. 0i.: 5*.4" -3,2t* !* 6+i8,3*.7" 1i!i.8 469*.i7" 9i43643-it.

638*.i!*i7 i -3,8 2t-.643-it. 638*.i!*i7" i.+tii6.i >6.-6i" 53!%

R*!i7. 3i3-.i +i+t9 .!*9i+1i 7 5! 3*!i7.68 >i.*.+i7+468 +i+t9*%

T3@i2t* 4*it*1* +, -i6 t68 +i+t9*% U3.7 t3@i2t* 4*it*1* 7 t386*.7 -,86360.i9

3i7-.6+.i9 *i3i9*% N* 669 t3@i2t, i 469*.i7 i -3@** -61*! -6 +67i?

.60*.i? +3-+t** .6?6-.i? !* 6+16*.7* i1i 3*1i!*i7 5,-@t*% O6 t3@i2t 7

6+.6.i +89.t >i.*.+i7+468 t3@i2t* .*i6.*1. 469*.i7% O5i9 t3*.+*4i7* 7

4*.tit*ti.i 64*!*t17 3*!67* i 1i0i. t3@i2t*% T*46" 4*1it*ti.i 64*!*t17

t3@i2t* 6+i9 >i4*+.6+ti i 3*i6.*1.6+t +*4 t3*.+*4i7 i .7.6 18iti9.6 366.7%

Oi 64*!*t17i +, 67.* >,.4i6.i+*.7* t3@i2t* 4*it*1*% O+i9 5*.*4* i

6+t*1i? i.+tit63* 467i + 67*17,7, .* 7169 >i.*.+i7+469 t3@i2t, 5it.6 97+t6 ,

6+3-.i2t, 3i7-.6+.i? *i3* .* t3@i2t, 4*it*1* !*,!i9*7, i.+tii7+4 5*.4"

53643+4 i -i13+4 4,<%

Fi.*.+i7+4i 6+3-.ii +, ti 467i 65*17*7, t3*.+*4i7% T, +, .*7!.*0*7.i7

i.+tii7+4 5*.4 i .7i?6 !.*0*7 7 >34.t.6+t 6+16* i 6+t*3.7 .*7<8

,-71* ,4,. +,9 3i?6-*%

H36.61624i" i.+tii7+46 5*.4*3+t6 + , +67i9 3i9 >*!*9* 6+t*.4* i

3*!67* 5*i16 +*96 6+16i9* .* 3i9*3.69 >i.*.+i7+469 t3@i2t," t 53643+46

-i13+4i9 *4ti.6+ti9*% U !*-.7 3i79" 686t66 -2**.79 6-3.i? 3697.*

i .*3-.i9 i.6*i7*9* >i.*.+i7+4 i.-,+t3i7" -61*!i -6 +t*3*.7* >i.*.+i7+4i?

46.81693*t*% S*7*.79 I.+tii7+4 +* 4693i7*1.i9 5*.4*9*" t -3,8i9

>i.*.+i7+4i9 i.+tit,i7*9*" ,032<.* 7 6!ii7* t +, 6+t*1i 8165*1.i *4t3i t3@i2t*

4*it*1*% O6 ,7-.6 i.-ii3* -69i.*.t., 6!ii7, ,.i3!*1.68 96-1* 5*.4*3+t*

.* +7t+469 .i6,% I , -3,8i9 6+16i9*" 6+16i9* +*7*.7*" 3,!i9*.7*",3*17*.7* *4ti69 i -3,86" i.+tii7+4 5*.4 +, .*21 +67 97+t6 i ,168,%

$$



Z*i+.6+t ,417,0.6+ti i.+tii7+4 5*.4 681-* + , 3*!i7.6+ti +*4

i.+tii7+4 5*.4 6+5.6% P3i973 t69 +, 1i4 i.+tii7+4 5*.4 + 1i4i9

4**itt69" -* 643<, i 3-6- 6+16 i9*..t. i.+tii7+469 5*.4*3+t,%

P3i+,+t69 i *4ti.6+ti9* , +i9 +89.ti9* t3@i2t* 4*it*1* i.+tii7+4 5*.4

6-+ti<, 3*!67 >i.*.+i7+468 t3@i2t*" . +*96 ,.,t*3 83*.i* 7-. -3@* .86

81-*7,34.t.6+t [email protected]? t3*.+*4i7*" 3!,1ti3*7,i.*.+i7+4i? i.+t3,9.*t*" +1*569 3i3-69 !917 2t6 <i.i +1*56>i.*.+i7+46 t3@i2t" 6+5.6 +89.t t3@i2t* 4*it*1*%

S.*@.6 i.+tii7+46 5*.4*3+t6 7 417,0.i >*4t63 3*!67* t3@i2t* 3i7-.6+.i?

*i3*% St*.7 3i3-.68 +i+t9* 7 6-3-.i* 3*!67* t3@i2t* 4*it*1*% N +9i7 +

!*.9*3iti .i 63*t.* +38*: 5! +.*@.68 i +t*5i1.68 >i.*.+i7+468 +i+t9* .9*

3i3-.68 3*!67*%

$



LITERATURA

K(*i4@

&3 B3!*46i<" T%: Tr.i/ +a0i/a!a, /1ri*a i 0ra+)a" Č,8,3* P3i.t B683*-"

'((%

$3 i36i<" M%: Ba(+ar)/51" B3i-8 69*." B683*-" '((#%

93 D*i+" S% I%: I(5)/"(/ a(+i(4%A--r))i(4 /h Ma(a4"(/ I)))"

P*183* M*9i11*." '((%:3 H63." V% J*9+" C% *+?6Qi!" J% M% J3%: O)(15 2i(a()i*)+14

"(a-."(/a" M*t" Z*835" '(('%83 H,8?+" J% E% M*D6.*1-" S% B%: I(/r(a/i1(a! Ba(+i(4 T/ a(-

Ca))" A--i+6. +1" '(('%3 J6i<" S%: Ba(+ar)/51" N*,0.* 4.7i8*" B683*- #&&(%"3 L63i.6i<" I%: N15a(1 /r.i/, )r 2i(a()i*)+14 /r.i/a" Oti+*4" Z*835"

#&&%3 O3+*8" S%" Fi(a(ira(* "i)i*1" 5ri*-(1)(ih 0a0ira" Ri>i. -%6%6%

Z*835" #&&%=3 O3+*8" S%: Vri*-(1)(i 0a0iri" Ri6." S*3*76" '((%&#3 P,17i<" M%: Tr.i/ +a0i/a!a F-rai*i B1)( i Hr415i( " Z563.i4

3*-6*" Ri6." N,9" M,.*36-.6 +*7t6*.7" (#% i ('% (%'((#%"

+t3%#&(&&3 R6+" P% S%: M(a-."(/ +1"ri*a!(ih a(a+a" Čt3t6 i!-*.7" M*t"

Z*835" '((%&$3 R60*.i." A%: U0ra5!*a(* 2i(a()i*a"a" E46.69+4i >*4,1tt , S*3*7,"

S*3*76" '(()%&93 R60*.i." A% K*3*1i<" A%: I(5)/ii*)+1 a(+ar)/51 i /r.i/ +a0i/a!a"

S*3*76 '((&%

&:3 Z*46. 6 ,t3i*.7, i .*0i., i!9i3.7* ,.,t*3.7i? 65*!* F-3*i7 B6+. iH386i. S!.( (15i( F-rai* BiH" 53% /()

I(/r(/ i?51ri@

$



&83 ?tt://55?%5*/i.-%?i-[1*.8[?3 #%&%'(#)%

&3 ?tt://#&$%'''%)%#/+*+>i.*1/1*.8,*8/?3HR/T3C$BEi

C$A#t/I.-i/BIFX%*+ ('%#(%'(#)

&3 ?tt://#&$%'''%)%#/+*+>i.*1/ ('%#(%'(#)

$

http://cbbh.ba/index.php?id=673&lang=hr





http://cbbh.ba/index.php?id=673&lang=hr






ILUSTRACIJE

P6i+ t*51*:

T*51* #% Fi(a()i*)+i 01+a?a/!*i J3P3 M1r4a( Cha) C13#

T*51* '% S/r+/ra )!4a i(5)/ii*)+ a(+%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%#&

T*51* % Br1* "i/(a/a 5ri*-(1)(ih 0a0ira )a /"!*(i" +a0i/a!1"

F-rai*i BiH%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%$

T*51* )% K015i(a i 0r1-a*a 0r+1 )+r(i+a%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%)

T*51* $% K015i(a i 0r1-a*a 0r+1 )+r(i+a%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%)

P6i+ 83*>i46.*:

G3*>i46. #% Or4a(i?ai*a 2i(a()i*)+14 )i)/"a%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%

G3*>i46. '% O-(1) /r.i( +a0i/a!i?ai* -i1(ia -r.a5 SAD i 1)/a!ih -r.a5a

)5i*/%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%

G3*>i46. % Pri"ar(a /r.i/a 0r1-a*a i?-a(*a 2i(a()i*)+ih i()/r"(a/a%%%%%%%%%%%&

G3*>i46. )% S+(-ar(a /r.i/a%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%&

G3*>i46. $% P15?a(1)/ 0ri"ar(14 i )+(a-ar(14 /r.i/a 5ri*-(1)(ih 0a0ira #(G3*>i46. % K!*( 2(+i* 4(ri)a(*a 0rih1-a i(5)/ii*)+1" a(+ar)/5'(

G3*>i46. % F(+i* i(5)/ii1(ih a(a+a%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%'#

G3*>i46. % Na*56 "i)i* 15?(ia r*/i(4a Baa i!i 5i%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%'$

G3*>i46. &% K015i(a )+r(ii $##'#%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%)'

G3*>i46. #(% Pr1-a*a )+r(ii $##'#%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%)'

Documents

UTICAJ INVESTICIONOG BANKARSTVA NA RAZVOJ TRŽIŠTA KAPITALA U FBIH