Zakonski monopol berzi u preprodaji vrednosnica

Abstract

Članak objašnjava novi sistem preprodaje vrednosnica, koji je predviđen Zakonom o tržištu hartija od vrednosti i drugih finansijskih instrumenata iz 2002. godine. Pisac najpre daje kratak prikaz novog sistema i organizacije celog tržišta vrednosnica, sa posebnim osvrtom na sistem njihove preprodaje. Nakon toga objašnjava prednosti i mane novog sistema, dajući svoje viđenje verovatnih posledica koje će izazvati u praksi. Zaključuje da novi sistem uspostavlja zakonski monopol berzi u javnoj trgovini vrednosnicama, te da je ekonomski preskup i pravno suviše složen za efikasnu i nesmetanu praktičnu primenu u našim privrednim uslovima.

This article deals with the new system of secondary securities trading provided for by the Securities and Other Financial Instruments Market Act in 2002. The author presents outlines of the whole system and organization of securities market, which the Act regulates, with a special view to the system of secondary trading. After that, the author explains good and bad features of presented system, giving its own view on consequences which such a system will probably make in practice. His conclusion is that the new system establishes a legal monopoly in public secondary trading of securities, which is economically too expensive and legally too complicated for efficient and smooth enforcement in our practice.