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Market Participants

Securities Comission   Comission is an independent specialised institution of Federation of Bosnia and Herzegovina. Comission ensures and supervises the respect of the law and the bylaws regarding the issuing and the market of securities, and supervises the work of all the others participants in the market. It is a supreme regulatory institution with broad competences.

Sarajevo Stock Exchange Stock exchange is the central place where supply and demand for securities meet. Exchange is also a place where the market price of securities is formed. Stock exchange can carry out these tasks with permission of the Securities Comission.

The Registry of Securities of the Federation of Bosnia Hercegovina   The Registry performs the registration, safekeeping, securities data maintenance and transfer in accordance with the law regulating the issuance and trading of securities. It is owned by the Federation of BiH while the Securities Commission exercises the managing rights on behalft of the Federation Government.

Brokerage house   Professional intermediary is organized as a stock company or a limited company, which has the license of the Comission for conducting intermediary business. Physical persons and companies give their orders to the brokerage house, which carries them out to the stock exchange.

Businesses that brokerage houses perform are following:

  • buying and selling securities in its own name and for the account of the client
  • buying and selling securities in its own name and its own account
  • market making
  • investment counselling
  • portfolio management

Self-Regulating Organisation of Professional Intermediaries   Self-Regulating Organisation of Professional Intermediaries is a non-profit organization of professional intermediaries in securities trading. Its main goals are establishing, enhancing and protecting the common interests of its members and development of capital market.

Depository banks   Commercial banks which have the permission of performing depositary business. Every brokerage house has its depository bank through which it carries out payments. The license for these jobs is given by the Securities Comission.

Custody banks   Commercial banks which perform following services: holding the securities, settling transactions, collecting earnings, corporate actions, representing the client, delivering reports on transactions, purchasing and holding foreign bonds, collecting the information about domestic markets.

Issuer   Legal entity which can issue securities to raise funds and which has certain obligation to the owners of securities. A company, bank, fund management company, open-end and closed-end investment fund, pension fund, insurance company, stock company and limited company can all be issuers of securities. State, entity and lower government levels (Cantons, cities and municipalities) can also issue securities according to their regulations.

Investor  domestic / foreign legal / natural person who is investing in the purchase of securities.





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  • Address: Đoke Mazalića 4/I,  Sarajevo

  • Phone: (387) 33 251-460

  • Email: contact@sase.ba