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New Rules approved
The Zagreb Stock Exchange hereby informs you that the Croatian Financial Services Supervisory Agency has approved the new Stock Exchange Rules (Class: UP/I 975-02/19-01/04, Reg.No. 326-01-60-61-19-9) on November 25, 2019.
The Stock Exchange Rules will enter into force on December 09, 2019.

Amendments to the Exchange Rules were made due to implementation a new version of the XETRA T7 trading system and to comply with the regulations governing the capital market. With regard to the technical performance of the new version of the XETRA T7 trading system, the provisions of the Stock Exchange Rules have been amended in accordance with the functioning and technical capabilities of the trading system itself.

One of the significant innovations concerns the trading model for low-liquid stocks.

The trading model for low liquid stocks consists of the same stages as the continuous trading. The main difference between the two trading model is the different duration of each trade session and the volatility interuption.

The duration of different trading sessions in Low Liquidity Trading

Session Duration
Pre-Trading 08:00 - 09:00
Opening Auction 09:00 - 11:001
Continuous Trading 11:002 - 12:00
Intraday Auction 12:00 -14:001
Continuous Trading 14:002 - 15:00
Closing Auction 15:00 - 16:001
Post-Trading 16:002 - 16:25
1---the earliest ending due to the variable ending of the opening auction, intraday auction and closing auction, which may last up to 15 seconds. The variable ending is determined separately for each instrument using a random number generator.
2---the earliest beginning

In the trading model for low-liquid stocks, the duration of the volatility interuption is extended and the volatilitiy interuption  lasts for 15 min + variable ending.

For the purposes of setting dynamic and static limits and the extended volatility interuption limits, stocks traded in the low-liquidity trading are classified into three liquidity classes the same as those in the continuous trading:
Liquidity class Dynamic limit Static limit Limits for Extended volatility
1. class 5% 10% 20%
2. class 7,5% 15% 30%
3. class 10% 20% 40%
In the case of an extended volatility interuption triggered in the continuous trading, the stock traded in the low-liquidity trading can no longer be traded in the continuous trading. Possible transactions will be concluded at 16:00, at the same time with the closing of the trading in the continuous trading.

Since it is important for the orderly trading and pricing of shares listed on the regulated market that a sufficient number of shares are distributed to the public and that the distribution of shares provides sufficient liquidity, the condition for the distribution of shares to the public as a condition for listing on the Official Market has been changed. In addition to the distribution of shares to the public of 25%, a minimum number of 30 shareholders is prescribed, to which the stated percentage of shares must be distributed. An exception to this general rule for the distribution of shares to the public is provided with the assumption that the market can function properly with a distribution of shares of at least 10% if they are distributed to at least 50 shareholders.

Taking into consideration the high standards of transparency set for the Official Market, it is very important that issuers view investors as strategic partners and maintain the relation with them. Taking into account the importance of establishing and maintaining an active and professional level of communication between the issuer and investors, the Stock Exchange and all interested parties, an obligation to establish an investor relations function with at least one person who possesses the necessary knowledge and skills in the field of investor relations is prescribed for issuers of shares on the Official Market. The mentioned obligation, among other, tends to raise the quality of issuers reporting to investors.

Stock Exchange Rules and manuals are published on the website of the Zagreb Stock Exchange d.d.

Top 5 by turnoverTop 5 risersTop 5 fallers
MAIS7.757,85 312,00
PLAG5.475,36 1.760,00
RIVP3.640,97 37,30
HT2.795,89 180,00
OPTE730,73 8,00
ADPL663,31 198,00
KOEI296,73 630,00
SUKC287,41 160,00
ATGR247,38 1.330,00
PODR234,25 462,00

Fall: 4 Neutral: 3 Rise: 8

Live trade
Short report for 18.2.2020
Total turnover34.561.093 Kn
Regular turnover23.631.093 Kn
Equity 23.534.283 Kn
Debt 96.810 Kn
Structured 0 Kn
Block turnover10.930.000 Kn
OTC turnover5.952.500 Kn