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The future of the Balkans Capital Markets is a serious issue that could be rephrased into the question: What will happen in the post-privatization period? In most transitional countries, during the period of post privatization, trends show a slight fall in capital market activities, which are generally one of the top distributors of free assets and investments. How can this be prevented? How can regulatory framework be improved? How can a stimulating investment climate be created for investors and how can new investment incentives be formed? These are only some of the issues that the Ekonomist�s Conference will raise, and try to answer. Likewise, the conference will cover EU standards, experiences of investors from the region, investments in pension funds, new methods of capital market development, etc.
2nd Annual Conference
“The Future of Capital Markets in the Balkans”
June 14-15, 2006
Day 1 (Belgrade City Hall)
16:00-17:00 Registration and Beverages
17:00-17:15 Conference Chairman Opening Remarks
Denis Fuduric, Director of Interfinance, Croatia
17:15-17:30 Keynote Speech
Boris Tadic, President of the Republic of Serbia (invited)
17:30-19:00 Panel 1: How to Support Capital Market Development in the Region in the Post Privatization Period
From privatization to financial markets: Is capital markets development a natural next step?
Predrag Bubalo, Minister of Economy, Serbia (invited)
Modernization of regulatory framework: What needs to be done in order to meet EU standards?
Milko Stimac, Chairman of the Securities Commission, Serbia
Government’s role in stimulating and supporting the development of capital markets
Predrag Kovacevic, Advisor to the Minister, Ministry of Finance, Republic of Serbia
Investment climate problems: What are the prerequisites for capital market development?
Milan Elezovic, Director, Nomura International Plc., UK
How to create investment incentives in the local markets
Florin Burnar, Vienna Stock Exchange, Austria
19:00-20:00 Gala Cocktail, Sponsored by Nomura
20:30-23:00 Gala Dinner, Sponsored by M&V Investments
Day 2 (Hyatt Regency Hotel)
8:30-9:00 Registration/Coffee Tea
9:00-9:15 Opening remarks by Conference Chairman
9:15-10:30 Panel 2: Takeovers
• National protectionism as an obstacle for takeovers
Dragijana Radonjic-Petrovic, General Director, M&V Investments, Serbia
• How to defend from the (hostile) takeover
Christian Temmel, Partner, Wolf Theiss, Austria
• Regulatory framework – Making rules clear, transparent and uniform
Vladimir Cupic, Board Member, Hypo Alpe-Adria Bank, Serbia
• Experiences from the region
Marko Micanovic, Partner, Altis Capital, Serbia
• Investors’ point of view
Nikola Zivanovic, Partner, Synergy Capital, Serbia
10:30-10:45 Coffee Break
10:45-12:00 Panel 3: Role of Capital Markets Institutions
Stock Exchange role in improving trading volume
Sinisa Krneta, Belgrade Stock Exchange, Serbia
Custody banks – experiences from the region with the focus on investment and pension funds
Aleksandra Kraguljevic, HVB bank, Serbia
Association of brokerages – ethic codes
Dejan Tufegdzic, Founder, Sinteza Invest Group, Serbia
Central registry: Changes made with the purpose of stimulating capital market development
Vida Uzelac, Director of the Central Registry, Serbia
Investors’ perspective
Richard Segal, Chief Strategist at Argo Capital Management, UK
12:00-12:15 Coffee Break
12:15-13:30 Panel 4: Importance of debt instruments and debt markets
Municipal bonds as a way to support infrastructural development –
Peter Gumpel, Chairman of the Managing Board, Meinl Capital Advisors, Austria
Accessing the international capital markets
Margaret Boswell, Partner, Gide Loyrette Nouel, UK
International experience
Madjid Pajic, Managing Director Structured Solutions, Renaissance Capital, Russia
Corporate debts – is competitive commercial bank sector in the region an obstacle or incentive for development of debt markets?
Evgeny Gavrilenkov, Managing Director, Troika Dialog Group, Russia
The usefulness of rating for improving the cost of funding in the Balkan markets
Alexander Bebov, Director of Balkan Advisory Company, Bulgaria
13:30-14:45 Lunch (Buffet) Sponsored by Sinteza Invest Group
14:45-16:00 Panel 5: New players and new instruments role for the development of Capital Markets
Investment funds’ point of view – PORTFOLIO STRUCTURING
Dag Kralj, Director KD Holding, Slovenia
Investment funds
Eugene Jaffe, CEO, Salford, UK
Pension funds’ point of view
Rosa Chiappe, Chief of Party, Bearing Point
Derivatives – is there room for futures? A wider regional market?
Rade Rakocevic, Director of Senzal Brokerage, Serbia
Asset backed securities (mortgage backed securities) – is it too early?
Sebastian Lawson, Freshfields Bruckhaus Deringer, UK
16:00-16:15 Coffee Break
16:15-17:30 Panel 6: IPO of Public Companies - Market Reality and Misperceptions
• Aspects of London-listed IPO’s relevant to regional issuers
David Ayres, Partner at Wolf Theiss, Austria
• London Stock Exchange vs. Warsaw Stock Exchange vs. Belgrade Stock Exchange
Jon Edwards, Senior Manager CEE, London Stock Exchange, UK
• An Overview Of Depositary Receipts
Gregory Roath, Vice President, The Bank of New York, UK
• IPO for public companies – how, when, where
Slavko Caric, Director, Synergy Capital, Serbia
• Investor directed marketing – the significance of listing on the stock exchange
Natalija Nedeljkovic, Belgrade Stock Exchange, Serbia
17:30-18:30 Farewell Cocktail
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