Zagreb Stock Exchange
Stock exchange in Zagreb, Croatia
From Wikipedia, the free encyclopedia
The Zagreb Stock Exchange or ZSE (Croatian: Zagrebačka burza [zǎːɡrebatʃkaː bûrza]) is a stock exchange located in Zagreb, Croatia. It is Croatia's only stock exchange. The exchange trades shares of Croatian companies, as well as bonds and commercial bills.
| Zagrebačka burza | |
| |
 Headquarters in Eurotower | |
| Type | Stock exchange |
|---|---|
| Location | Zagreb, Croatia |
| Founded | 1907 1991 (reopened) |
| Owner | Zagrebačka burza d.d. |
| Key people | Ivana Gažić, MBA (CEO) |
| Currency | EUR |
| No. of listings | 119 (Jul 2025)[1] |
| Market cap | €50.3 billion (31 Dec 2024)[2][3] |
| Volume | €459.41 million (2024)[4] |
| Indices | CROBEX, CROBIS |
| Website | Official website |
The ZSE was established in 1991 as the successor of "Zagreb Stock Exchange for the goods and values" which was co-founded by Samuel David Alexander in 1907. In March 2007 it incorporated VSE, forming a single Croatian capital market, leading in the region by market capitalization and trading volume. As of 31 December 2016, ZSE's total market capitalization was 232.4 billion kn (€30.8 billion).[3]
The exchange has pre-market sessions from 09:00 to 10:00 and normal trading sessions from 10:00 to 16:00 on all days of the week except Saturdays, Sundays and holidays declared by the exchange in advance.[5]
The Zagreb Stock Exchange is located in the skyscraper Eurotower at the intersection of Vukovarska and Lučićeva street.
The Zagreb Stock Exchange is a member of the Federation of Euro-Asian Stock Exchanges.
In 2015, the Zagreb Stock Exchange purchased the Ljubljana Stock Exchange (Ljubljanska borza) from the Wiener Börse. In 2020, the exchange acquired a 5.3% ownership stake of the Macedonian Stock Exchange (MSE)[6] and further raised its stake in the Macedonian Stock Exchange up to 29.98% in August 2022.[7]
The Zagreb Stock Exchange publishes the following indices:
In November 2024, the European Bank for Reconstruction and Development (EBRD) and the stock exchanges from eight Central and Eastern Europe countries (Bratislava Stock Exchange, Budapest Stock Exchange, Bucharest Stock Exchange, Bulgarian Stock Exchange, Ljubljana Stock Exchange, Warsaw Stock Exchange and Zagreb Stock Exchange) signed a Memorandum of Understanding for deepening their cooperation, in order to strengthen liquidity and attract investors.[8] Building upon this agreement, the Finance ministers of the eight countries (Bulgaria, Croatia, Hungary, North Macedonia, Poland, Romania, Slovakia and Slovenia) signed in August 2025 a Memorandum of Understanding for formalizing their cooperation in order to foster the common development of their capital markets, through regulatory alignment and increased market integration.[9]
CROBIS
CROBIS is the official Zagreb Stock Exchange bond index. The index currently[update] tracks ten bulleted bonds with fixed interest rates, each worth a minimum nominal value of €75 million and with a maturity rate of at least 18 months. Revisions to the index are carried out four times a year.[citation needed]
Index Trackers and International Connectivity
Passive exposure for international investors to the CROBEX index is possible through an exchange-traded fund - Expat Croatia CROBEX UCITS ETF - listed in Frankfurt on Xetra (ticker ECDC, ISIN: BGCROEX03189) and traded in euro. The fund acts as a conduit for capital flows between the international financial markets and the Croatian capital market.
