1894-1941
Annual reports of the Stock Exchange speak about the efforts and pioneering work that were invested in the establishment and functioning of the stock exchanges, while the calm and coolness of the stockbrokers could be seen from the writing of dr. Bajkić, stating that the Belgrade Stock Exchange is run by “hajduk” blood. In this way, he wanted to explain the peace, calmness and coolness shown in the most critical situations. "Summer days in 1914, after the Sarajevo assassination, were outrageously nervous in whole of Western Europe, and in late July and early August panic prevailed. Here, however, on the day of the ultimatum, it was quiet on the Exchange, as well as on 12th July, when mobilization was announced. "
The last official data on the Exchange operations originate from the first half of 1914 and relate to the year 1913. Official data for 1914 do not exist, nor the reports on the Stock Exchange activities in that year. This also relates to the entire war period, until its ending in 1918. During this period, Belgrade Stock Exchange was closed, there was no trading of any kind, no market, no economy, no money, there was nothing that could be reminiscent of the domestic stock market. Everything was subordinated to the war and the struggle for survival of the state and nation.
Ending of the First World War brought a great victory for Serbia and marked the creation of a new state, the Kingdom of Serbs, Croats and Slovenes. Due to the great destruction and loss of population, at the end of the war the country was in a state of extreme exhaustion. Destroyed economic resources resulted in a drastic decline in production and a slow economic recovery. In extremely difficult economic circumstances, after a four year break, Belgrade Stock Exchange resumed its activities and achieved certain results. On 11th September 1919 Act on Expanding the Scope of the Law on Public Stock Exchanges On the Entire Territory of the New State was passed. All exchanges were founded and regulated its organization (statutes, rules and regulation ) in accordance with new legislation. The existence, reputation and experience of the Belgrade Stock Exchange had a great influence and was very helpful as it served as an example with its organization and functioning.
During 1920 and 1921, the Stock Exchange defined a new Statute. In addition, new Rules were developed. Adopted Statute was approved by the relevant Ministry in 1922. The existence of a larger number of stock exchange institutions in one country created the need for harmonizing the rules on their operations that would represent grounds for their further work and development. Thus, already in 1927, a proposal was made, and later Regulations on the Establishment of the Stock Exchanges Delegation of the Kingdom of Yugoslavia was adopted by all stock exchanges. The aim of the the Delegation was to bring together all local stock exchange, to represent them, defend and promote their interests, to facilitate, simplify and enhance trading, to improve and harmonize the rules, regulations, and their institutions, and to influence the state government. A particularly important task was to foster, expand and build-on to the highest level principles of faith and honesty, so these rules of conduct and moral codex could embed as deep as possible among the members of local stock exchanges. Delegation work began in 1928 and lasted until 1941.
In the period between the two World Wars, after a four year break, and in a very difficult economic circumstances, the Exchange again resumed its activities with new rules and regulations. With the development of national economy, new exchanges were established gradually, among which: Zagreb, Novi Sad, Ljubljana, Sombor .. operations of each of them represented a reflection of the political, economic and cultural specificities of the environment and the region in which they were established.
Further growth of the Belgrade Stock Exchange created the need for providing the home for the exchange that would ensure modern working conditions and the appropriate space for the functioning of the Exchange Court. In 1934 the Exchange moved to the new building at King's Square no. 13. By far this period was the most extensive and the most intense for the Stock Exchange, turnover increased, stock exchange operations were on the rise, and exchange quotes were printed in thousands of copies.
However, in the late thirties changes in the international relations had an adverse impact on our country, and hence on the development of the stock exchange. In its last years, the Exchange president was the Prime Minister of the Kingdom of Yugoslavia, university professor Milan Stojadinovic. The last meeting of the Board of Directors of the Stock Exchange was held on 28 March 1941.
The Second World War in Europe had already started and it was approaching our country fast. Business was becoming increasingly difficult, although significant results were achieved. Last annual meeting with the results for the year 1939 was held in 1940. Ten months later the country was occupied. During World War II financial market was not functional, and its institutional parts, primarily stock exchanges, discontinued its operation. One of the last regular meetings of the Board of the Stock Exchange was held on 28 March 1941.
After the Second World War ended, Yugoslavia was transformed into a federal state with a socialist economic system which in the domain of financial markets followed the course of the real-socialist countries. As an institution the Belgrade Stock Exchange did not resume its work, but existed until 1953, when it was formally abolished by the Decision of the Presidium of the Government of Serbia, as an institution incompatible with the existing social and political system.
