Association of Serbian Banks’ Symposium “Today’s Challenges in the Financial Markets Development”


The first symposium of the Association of Serbian Banks (ASB) in the field of the Financial Markets Development was held on October 24-25th, 2013 in Belgrade at the ASB premises. The aim of the Symposium was to gather institutions that are in charge of the creation and improvement of the framework for the financial markets’ development in the Republic of Serbia, to analyze achievements made in this field, but also to identify opportunities that have not been realized yet as well as future trends for development and decision making. Therefore, the views on current trends in this field were exchanged by the representatives of regulators (National Bank of Serbia, Ministry of Finance, Belgrade Stock Exchange, and Product Stock Exchange Novi Sad), representatives of market players (banks, broker-dealers), supervisors (Securities Commission), professional domestic associations (ASB) and professional international associations (European Banking Federation). The topics discussed were related to the existing legal framework, importance of the financial markets for the whole economy, necessity for improvements of certain segments of the regulatory framework, and new initiatives (Law on Commodity Exchange). This ensured the relevance and the quality of the symposium in terms of business information exchange, educational aspect, high quality of panel discussions and, finally, relevant conclusions that might be used as guidelines in daily challenges. Some of the conclusions and recommendations are as follows:

  • The development of financial markets in Serbia is the result of institutional cooperation rather than of spontaneous process on the market. Examples are Credit Bureau, Clearing and Settlement of Cheques, as the projects of joint efforts of banks, ASB and National Bank of Serbia
  • Stress the importance of communication between institutions and with banks.
  • As a precondition for financial markets development, financial education must play an important role.
  • The importance of responsible fiscal policy is crucial, as well as government support.
  • Multi-institutional Working group of the Ministry of Finance in the field of the harmonization of securities-related domestic legislation with EU directives resulted with concrete proposals for amendments of more than 20 systemic laws: Law on Capital Markets, Law on Banks, Law on Foreign Exchange Operations, Law on Companies, etc.
  • The national Bank of Serbia supports financial market development through dinarization strategy. The yield curve process creation is in place for already three years.
  • The Association of Serbian Banks supports financial market development through very active engagement of the Committee for Financial Markets Development and its Working groups.
  • However, there are many challenges ahead: 1 – to build a liquid secondary security market; 2 – to foster investors’ base, 3 – to improve money market and derivatives market functioning, 4 – to improve legal framework and global impact, 5 – to ensure continuous communication and financial literacy. 

Dr. Sladjana Sredojevic

Special Advisor for International Cooperation, Financial Markets and Education

Head of Bank Training Centre

Association of Serbian Banks