SEE link, a joint stock company established by Bulgaria, Macedonia and Zagreb stock exchanges has joined forces with the European Bank for Reconstruction and Development (EBRD) to support the development of regional capital markets.
The EBRD is providing a €540,000 grant to establish electronic system for order-routing. In parallel, participating stock exchanges are extending €80,000 each in capital strengthening of the SEE Link, a platform set up for trading securities listed on the respective bourses.
The EBRD is working to strengthen local capital markets and encourage the use of local currencies in its countries of operation to counteract major weaknesses in their transitions.
“The SEE Link is a prominent initiative aimed at increasing liquidity in Southern and Eastern Europe. EBRD, through its Local Currency and Capital Markets Initiative, is delighted to support the regional integration efforts that will contribute to improving options for raising funding through capital markets. SEE Link will standardise and improve financial services in the region, making it more attractive to international investors, including EBRD”, said EBRD representative Jacek Kubas, at the signing ceremony in Macedonian capital Skopje.
“We strongly believe in success of the project and we think that we have found the model that could strengthen regional markets. The attention that the project already got in this early stage from the financial community certainly proves that”, stated Ivana Gažić, President of the Management Board of the Zagreb Stock Exchange.
Ivan Steriev, CEO of the Macedonian Stock Exchange added: “For many years one of the main MSE’s priorities was establishing some kind of regional network. Recent foundation of our joint company and ensuring support from the EBRD are very encouraging steps for successful creation of functional linkage model which will be beneficial for all regional securities markets players.”
“Our common project is developing rapidly and successfully and we are encouraged by the preliminary interest expressed by investors”, said Ivan Takev, CEO of Bulgarian Stock Exchange.
SEE Link is a joint stock company seated in Skopje, Macedonia, and established in May this year by Bulgaria, Macedonia and Zagreb stock exchanges, each holding an equal share of ownership.