Zagreb Stock Exchange, Inc conducts public consultation in accordance with the provisions of the Capital Market Act and Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 in order to improve transparency, efficiency and effectiveness of Stock Exchange regulation.
Public consultation announcements prior to 2025 are available only in Croatian.
Open Public Consultations
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- Public Consultation on Amendments to the Index Calculation Methodology (until 2 May 2025)
Considering the importance of benchmarks for market integrity, financial stability, consumers, and the real economy, and in an effort to clearly and unambiguously define the market or economic reality measured by a benchmark, the Zagreb Stock Exchange Inc. (hereinafter: the Exchange) is launching a public consultation on the proposed amendments to the methodology for calculating the CROBEX, CROBEXtr, CROBEX10, CROBEX10tr, CROBEXprime, and ADRIAprime indices.
The proposed amendments to the index calculation methodology primarily concern the introduction of two additional regular reviews for the aforementioned indices. These additional reviews will serve to update the following calculation parameters: the number of listed shares, the free float factor, and the weighting factor of each constituent stock, without altering the index composition. Furthermore, the timing of the implementation of the maximum weight cap for individual stocks within the index will be changed. Additionally, for the CROBEX10 and CROBEX10tr indices, it is proposed that the maximum weight cap for individual constituents be reduced to 19%.
To ensure the accuracy and integrity of benchmarks and the process of their determination at the EU level, Regulation (EU) 2016/1011 of the European Parliament and of the Council on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds, and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (hereinafter: the Benchmark Regulation), has been adopted.
The Benchmark Regulation sets out specific requirements for persons who have control over the provision of benchmarks (administrators), relating to:- governance and conflict of interest requirements,
- oversight function requirements,
- control framework requirements,
- accountability framework requirements,
- complaints handling mechanism,
- outsourcing of functions,
- input data, methodology, and breach reporting.
These requirements increase the responsibility of benchmark administrators, while also contributing to greater transparency in methodology and improving the quality of benchmark data.
Given that benchmark administrators are required, under the Benchmark Regulation, to conduct a public consultation in the event of changes to the benchmark calculation methodology, the Exchange hereby opens a public consultation on the proposed amendments to the methodology for calculating the CROBEX, CROBEXtr, CROBEX10, CROBEX10tr, CROBEXprime, and ADRIAprime indices.
The proposed methodology changes and questions for public consultation can be found in the attached document.
The aim and purpose of this public consultation is to gather feedback from interested stakeholders regarding the proposed amendments to the index calculation methodology.
Your comments and suggestions may be submitted via email to: legal@zse.hr, or by post to: Zagreb Stock Exchange d.d., Ivana Lučića 2a/22, 10000 Zagreb, Croatia.
The public consultation will remain open until 2 May 2025.
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