tailieunhanh - Bond Markets in Serbia: regulatory challenges for an efficient market

The stock exchange Statute stipulates the scope of activities of the stock exchange: first, the organization of public tender of securities, which implies con- necting supply and demand for securities, and providing information relating to sup- ply, demand and market price of securities, as well as other data of relevance for securities’ trading. Another task of the stock exchange is to determine the securities’ price quotation lists and to make them public. The stock exchange itself cannot trade securities, provide advice related to trades, advise on choosing the brokerage/deal- ers’ society or the authorized bank, nor conduct activities specified as the activities of the brokerage/dealers’ society | Bond Markets in Serbia Bond Markets in Serbia regulatory challenges for an efficient market Bond Markets in Serbia Bond Markets in Serbia regulatory challenges for an efficient market Jefferson Institute 2005 Published by Jefferson Institute Stevana Sremca 4 11 000 Belgrade Serbia Design typeset by Branko Otkovic ISBN 86-905973-3-6 Bond Markets in Serbia TABLE OF CONTENTS Executive Summary 1 1. Bonds and the Development of the Financial Market in Serbia 3 . Debt Repayment Program 5 . The Roots of the SegHienled Bond Market in Scrbai 7 2. NBS Bills and RS T-bill 9 3. Regulatory Environmentfor Bond Trading and Related Institution 11 . Belgrade Stock Exchange 11 . Central Secnriiies Depository 14 . The Nationat Bank o feerbi a 15 . The Dinar Exchange Rate 16 . Securities Exchange C c n niii iik n 17 . Ministry of Finance and tis Deb t 18 . National Savings Bank 19 4. Regulation and Blond. Trading in Practice 21 . Bond Trading BSE and OTC 21 . Law on Securities and Other Financial Instruments Market 21 5. Bond markets in Central Europe Lessons and Experiences 27 . Czech Republic 30 . Hungary 32 . Poland 34 . Slovakia 31 . Comparison and Summary 37 6. Serbian Yield Curve 39 . Term Structure Models 39 . Data 41 . Methodology 42 . Forecasting the Term Structure 49 . Summary of the Yield Curve Estimation 11 7. Macroeconomy and the Yield Curve 57 8. Bond as Collateral 61 . Legislative Framework 61 . Models of Credit Risk 63 9. Conclusions Recommendations 65 References 69 Table of Contents .