Round Table “Development of Montenegro's Capital and Financial Market” Held

05/05/2022

A round table titled "Development of Montenegro's Capital and Financial Market" organised by the Central Bank of Montenegro (CBCG), the Montenegro Stock Exchange (MNSE) and the Capital Market Authority (CMA) was held today.

With the participation of numerous representatives of financial institutions in Montenegro, the event was organised to affirm the market concept of raising capital through issuing securities and other financial instruments.

The round table participants were the CBCG Vice Governor Nikola Fabris, President of the Capital Market Authority Zoran Đikanović, the Executive Director of the Montenegro Stock Exchange Milena Vučinić, Vice President of the Istanbul Stock Exchange Güzhan Gülay, Professor at the Faculty of Economics of the University of Montenegro, Saša Popović, and Dejan Erić, Dean of the Belgrade Banking Academy, Mališa Đukić, Professor of the Belgrade Banking Academy, and Duško Bodroza, research associate at the Institute of Economic Sciences in Belgrade.

The participants agreed that the capital markets and financial markets in the world, and thus in Montenegro, are changing with intensive dynamics by developing and applying information technologies and numerous other circumstances, causing markets to react necessarily and promptly.

Opening the discussion, CBCG Vice Governor Nikola Fabris pointed out that the financial system is the healthiest segment of the Montenegrin economy. On the other hand, Vice Governor Fabris cited structural imbalances and the lack of some financial market segments such as money markets or secondary capital markets for trading with government securities as particular challenges to be addressed more intensively,

The Capital Market Authority's President Zoran Đikanović emphasised that the capital markets have changed drastically and are exposed to global competition and influences of not only inflation or digitalisation.

Montenegro Stock Exchange's Executive Director Milena Vučinić believes that the capital market requires the ability to make quick decisions in situations mot leaving time for deeper analysis. The challenge is to identify opportunities and opportunities, deal with new risks, have high ethics and respect the profession and client.

Saša Popović from the Faculty of Economics of the University of Montenegro emphasised that information technologies have changed the capital market's image and understanding. After the upcoming decentralisation, the market will become a complete digital ecosystem.

In his speech, Güzhan Gülay, Vice President of the Istanbul Stock Exchange and Vice President of the Montenegro Stock Exchange, pointed out the main challenges - the application of the best practices of the Istanbul Stock Exchange to the Montenegro Stock Exchange and improvement of the electronic system as an important precondition for the growth of initial offers and attracting investors from the country and abroad,

Presenting the monograph "Financial Markets X.O", one of the authors, Dejan Erić, pointed out the necessity to change mental attitudes and acquire new knowledge and skills in financial markets much faster. He said that the authors of the monograph researched and analysed some recent trends, such as the digitalisation of finance, the development of financial technology (FinTech), new forms of money (cryptocurrencies), and decentralised finance (DeFi).

The co-author of the monograph, Duško Bodroža believes that it is necessary to jointly support the development of alternative sources of financing in the coming period. The attention should be on establishing a financial system where the lack of funds can provide companies and beginners with good business ideas.

The monograph's co-author Mališa Đukić spoke about financial markets that have recorded a rapid recovery and contributed to economic recovery. He warned that the circumstances in which Europe finds itself today may call into question the further flow of financial instruments and the impact that markets will have on the business of companies and economies of European countries.

Representatives of commercial banks, brokerage houses, and other financial market participants also attended the round table.

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