Poštovani,
Dobrodošli na Drugu godišnju konferenciju „Budućnost tržišta kapitala
na Balkanu“ koju Ekonomistovo odeljenje za konferencije organizuje uz
podršku sponzora Wolf Theiss, Salford, Bearing Point, MV Investments,
Nomura, Sinteza Invest Group, Synergy Capital i pokrovitelja Beogradske
berze i Centralnog registra.
U većini zemalja u tranziciji postoji trend da posle privatizacije dolazi
do blagog pada aktivnosti na tržištima kapitala, koja su, između ostalog
i jedan od najboljih alokatora slobodnih sredstava i investicija uopšte.
Kako to preduprediti? Kako unaprediti zakonodavni okvir? Kako izgraditi
ambijent koji će biti stimulativan za investitore i otvoren za nove investi-
cione poduhvate? Ovo su samo neka od pitanja koja bi Konferencija tre-
balo bar da otvori, ako ne i da na njih dâ definitivan i konačan odgovor.
Pored toga, biće reči i o standardima Evropske unije, iskustvima inves-
titora iz regiona, pametnim ulaganjima i penzionim fondovima, novim
metodama i instrumentima za razvoj tržišta kapitala itd.
Na konferenciji će biti prisutno preko 150 predstavnika vlada, berzi,
komisija za hartije od vrednosti, centralnih registara, institucionalnih i
privatnih investitora, banaka, brokera, pravnih savetnika, investicionih
banaka, medija. Nadamo se da će teme o kojima se bude pričalo na foru-
mu kao i izneti podaci Vama pomoći u efikasnijem planiranju, donošenju
pravovremenih odluka i poslovanju sa više sigurnosti.
Vaš materijal sadrži sledeće:
» Program
» Listu učesnika
» Biografije govornika
» O Ekonomist Media Grupi
» Najavu predstojećih konferencija Ekonomist Media Group-e
» Informacije o sponzorima
» Informacije o medijskim partnerima.
Ekonomist magazin će 03. jula 2006. godine, objaviti specijalno izdanje
posvećeno konferenciji u kojem će se naći najzanimljiviji detalji diskusije
kao i dodatne informacije i podaci o tržištu kapitala na Balkanu.
Vaša ocena konferencije nam je veoma bitna kao uputstvo za konferen-
cije koje planiramo u budućnosti. Bili bismo Vam jako zahvalni ukoliko
biste odvojili malo vremena i poslali nam svoje komentare i sugestije u
vezi sa organizacijom, izborom tema, govornika, i sl.
(e-mail: ana@ekonomist.co.yu ili jennifer@ekonomist.co.yu).
U ime Ekonomist Media Grupe, nadam se da ćete uživati u konferenciji i
da ćemo imati prilike da Vas ugostimo i na predstojećim konferencijama
Ekonomist Media Grupe.
S poštovanjem,
Jelena Radulović
direktor
Ekonomist Media Group
Dear Madam/ Sir,
Welcome to the 2nd Annual Ekonomist Conference “The Future of Capital
Markets in the Balkans,” organized by the Ekonomist Media Group’s con-
ference division Ekonomist conferences, with the support of the sponsors
Wolf Theiss, Salford, Bearing Point, MV Investments, Nomura, Sinteza In-
vest Group, Synergy Capital and under the auspices of the Belgrade Stock
Exchange and Central Securities Depository and Clearing House.
The future of the Balkans Capital Markets is a serious issue that could be
rephrased into the question: What will happen in the post-privatization
period? In most transitional countries, during the period of post privatiza-
tion, trends show a slight fall in capital market activities, which are gen-
erally one of the top distributors of free assets and investments. How can
this be prevented? How can regulatory framework be improved? How can
a stimulating investment climate be created for investors and how can
new investment incentives be formed? These are only some of the issues
that the Ekonomist Conference will raise, and try to answer. Likewise,
the conference will cover EU standards, experiences of investors from the
region, pension funds, new methods and instruments of capital market
development, etc.
Over 150 representatives of government representatives, stock exchang-
es, securities commissions, central securities depository and clearing
house, banks, brokerages, legal advisors, investment banks, and media
are going to attend the panels.
We hope that the insights and business intelligence you gain during the
Conference, will enable you to find prospective niches in the market for
your investment, but also to plan more effectively, make timely decision
and operate with greater certainty.
Your conference pack gives you the following:
» Program
» List of participants
» Speaker biographies
» About the Ekonomist Media Group
» List of forthcoming Ekonomist conferences
» Sponsor company profiles
» Media partner profiles
After the Forum, the Ekonomist magazine will issue on July 3, 2006 a
special edition dedicated to the Conference, reviewing the main discus-
sion points raised throughout the event and bringing additional informa-
tion on the capital markets in the Balkans.
Your assessment of the conference is vital for us as we plan future con-
ferences. We would be very grateful if you could provide us with com-
ments or suggestions on organization, contents, speakers, etc.
(ana@ekonomist.co.yu or jennifer@ekonomist.co.yu).
On behalf of Ekonomist Media Group team, I hope that you will enjoy
your time at the Conference. I look forward to welcoming you to more
Ekonomist Media Group’s Conferences in the future.
Yours sincerely,
Jelena Radulovic
General Manager
Ekonomist Media Group
4
Prvi dan (Skupština grada, Beograd, svečano otvaranje)

16:00-17:00 Registracija i kafa

17:00-17:15 Predsedavajući konferencije: Uvodno izlaganje

Denis Fudurić, direktor, Interfinance, Hrvatska

17:15-17:30 Glavno izlaganje

17:30-19:00 Panel 1: Kako podržati razvoj tržišta kapitala u regionu u periodu posle privatizacije
• Od privatizacije do finansijskih tržišta: Da li je razvoj tržišta kapitala prirodan sledeći korak?
Predrag Bubalo, ministar za privredu u Vladi Srbije (TBC)
• Modernizacija regulativnog okvira: Šta treba učiniti da bi se ispunili standardi EU?
Milko Štimac, predsednik Komisije za hartije od vrednosti, Srbija
• Uloga Vlade u stimulisanju i podržavanju razvoja tržišta kapitala
Predrag Kovačević, savetnik ministra za finansije u Vladi Srbije
• Problemi investicione klime: Koji su preduslovi razvoja tržišta kapitala?
Milan Elezović, direktor, Nomura International Plc., Velika Britanija
• Kako stvoriti inicijative za investiranje na lokalnim tržištima
Florin Burnar, direktor odeljenja za strategiju i poslovni razvoj, Bečka berza, Austrija

19:00-20:00 Gala koktel, foaje Skupštine grada, sponzor Nomura International

20:30-23:00 Gala večera, Kalemegdanska terasa, sponzor M&V Investments

Drugi dan (Hotel Hyatt Regency)

8:30- 9:00 Registracija / Kafa čaj

9:00- 9:15 Uvodno izlaganje predsedavajućeg konferencije

9:15-10:45 Panel 2: Preuzimanja

• Nacionalni protekcionizam kao prepreka preuzimanjima
Dragijana Radonjić-Petrović, izvršni direktor, M&V Investments, Srbija
• Kako se odbraniti od (neprijateljskog) preuzimanja
Kristian Temel, partner, Wolf Theiss, Austrija
• Regulativni okvir - Stvaranje jasnih, transparentnih i jedinstvenih pravila
Vladimir Čupić, član UO, Hypo Alpe-Adria Banka, Srbija
• Dejstvo preuzimanja na budućnost tržišta kapitala
Marko Mićanović, partner, Altis Capital, Srbija
• Iz perspektive investitora
Nikola Živanović, partner, Synergy Capital, Srbija
• Management Buyouts i Privatni Kapital
Uroš Marter, partner, Arkas Investment Banking, Slovenija

10:45-11:00 Pauza za kafu, sponzor Synergy Capital

11:00-12:15 Panel 3: Uloga institucija tržišta kapitala

• Centralni registar: Promene načinjene u cilju stimulisanja razvoja tržišta kapitala
Vida Uzelac, direktor, Centralni registar, Srbija
• Tržište kapitala u Srbiji - 5 godina kasnije
Siniša Krneta, Beogradska berza, Srbija
• Kastodi banke - iskustva iz regiona sa fokusom na investicione i penzione fondove
Aleksandra Kraguljević, HVB banka, Srbija

5
 • Brokersko-dilerska društva (BDD) - uloga i perspaktiva
Dejan Tufegdžić, osnivač, Sinteza Invest Group, Srbija
• Perspektiva investitora
Ričard Segal, glavni strateg, Argo Capital Management, Velika Britanija

12:15-12:30 Pauza za kafu, sponzor Synergy Capital

12:30-13:45 Panel 4: Značaj dužničkih instrumenata i tržišta dugova

• Opštinske obveznice kao podrška razvoju infrastrukture
Piter Gampel, predsedavajući UO, Meinl Capital Advisors, Austrija
• Regulatorni okvir - iskustva iz regiona
Margret Bosvel, partner, Gide Loyrette Nouel, Velika Britanija
• Međunarodno iskustvo
Lorentio Florou, šef trgovanja, EFG Securities, Rumanija
• Korporativne obveznice
- da li je konkurentan komercijalni bankarski sektor prepreka inicijativi za razvoj tržišta dugova?
Jevgenij Gavrilenkov, direktor, Troika Dialog Group, Rusija
• Efekat rangiranja u cilju unapređenja troškova finansiranja na balkanskim tržištima
Aleksandar Bebov, direktor, Balkan Advisory Company, Bugarska

13:45-15:00 Ručak (švedski sto), sponzor Sinteza Invest Group

15:00-16:15 Panel 5: Uloga novih igrača i novih instrumenata u razvoju tržišta kapitala
• Iz perspektive investicionih fondova: Strukturisanje portfolija
Dag Kralj, direktor, KD Holding, Slovenija
• Privatni kapital i njegov uticaj na razvoj tržišta kapitala
Judžin Džefi, izvršni direktor, Salford, Velika Britanija
• Iz perspektive penzionih fondova
Rosa Kiape, direktor projekta, Bearing Point, Srbija
• Da li ima prostora za šire regionalno tržište?
Rade Rakočević, direktor, brokerska kuća Senzal, Srbija
• Hartije od vrednosti osigurane sredstvima (HoV osigurane hipotekom) - da li je prerano?
Sebastian Loson, Freshfields Bruckhaus Deringer, Velika Britanija

16:15-16:30 Pauza za kafu, sponzor Synergy Capital

16:30-17:45 Panel 6: IPO - Tržišna realnost i pogrešne percepcije

• Aspekti IPO-a koji se nalaze na listingu Londonske berze, relevantnih za regionalne izdavače
Dejvid Ayres, partner, Wolf Theiss, Austrija
• Londonska berza naspram Varšavske berze naspram Beogradske berze
Džon Edvards, viši rukovodilac CIE, Londonska berza, Velika Britanija
• GDR kao deo IPO
Gregori Rot, potpredsednik, The Bank of New York, Velika Britanija
• IPO za javna preduzeća - kako, kada, gde
Slavko Carić, direktor, Synergy Capital, Srbija
• Marketing prema investitorima - značaj natupa preduzeća na berzi
Natalija Nedeljković, Beogradska berza, Srbija

17:45-18:45 Oproštajni koktel

6
Day 1 (Belgrade City Hall)

16:00-17:00 Registration and Beverages

17:00-17:15 Conference Chairman Opening Remarks

Denis Fuduric, Director of Interfinance, Croatia

17:15-17:30 Keynote Speech

17:30-19:00 Panel 1: How to Support Capital Market Development in the Region in the Post Privatization Period
• From privatization to financial markets: Is capital markets development a natural next step?
Predrag Bubalo, Minister of Economy, Serbia (TBC)
• Modernization of regulatory framework: What needs to be done in order to meet EU standards?
Milko Stimac, Chairman of the Securities Commission, Serbia
• Government’s role in stimulating and supporting the development of capital markets
Predrag Kovacevic, Advisor to the Minister, Ministry of Finance, Republic of Serbia
• Investment climate problems: What are the prerequisites for capital market development?
Milan Elezovic, Director, Nomura International Plc., UK
• How to create investment incentives in the local markets
Florin Burnar, Director - Strategy and Business Development, Vienna Stock Exchange, Austria

19:00-20:00 Gala Cocktail, Belgrade City Hall foyer, Sponsored by Nomura

20:30-23:00 Gala Dinner, Kalemegdanska Terasa, Sponsored by M&V Investments

Day 2 (Hyatt Regency Hotel)

8:30- 9:00 Registration/Coffee Tea

9:00- 9:15 Opening remarks by Conference Chairman

9:15-10:45 Panel 2: Takeovers

• National protectionism as an obstacle for takeovers
Dragijana Radonjic-Petrovic, General Director, M&V Investments, Serbia
• How to defend from the (hostile) takeover
Christian Temmel, Partner, Wolf Theiss, Austria
• Regulatory framework - Making rules clear, transparent and uniform
Vladimir Cupic, Board Member, Hypo Alpe-Adria Bank, Serbia
• Impact of takeovers on the future of Capital Markets
Marko Micanovic, Partner, Altis Capital, Serbia
• Investors’ point of view
Nikola Zivanovic, Managing Director, Synergy Capital, Serbia
• Management Buyouts and Private Equity
Uros Marter, Managing Partner, Arkas Investment Banking, Slovenia

10:45-11:00 Coffee Break, Sponsored by Synergy Capital

11:00-12:15 Panel 3: Role of Capital Markets Institutions

• Central registry: Changes made with the purpose of stimulating capital market development
Vida Uzelac, Director of the Central Registry, Serbia
• Serbian Capital Market - 5 Years Later
Sinisa Krneta, Belgrade Stock Exchange, Serbia
• Custody banks - experiences from the region with the focus on investment and pension funds
Aleksandra Kraguljevic, HVB bank, Serbia

7
 • Brokerage companies - their role and perspective
Dejan Tufegdzic, Founder, Sinteza Invest Group, Serbia
• Investors’ perspective
Richard Segal, Chief Strategist at Argo Capital Management, UK

12:15-12:30 Coffee Break, Sponsored by Synergy Capital

12:30-13:45 Panel 4: Importance of debt instruments and debt markets

• Municipal bonds as a way to support infrastructural development
Peter Gumpel, Chairman of the Managing Board, Meinl Capital Advisors, Austria
• Accessing the international capital markets
Margaret Boswell, Partner, Gide Loyrette Nouel, UK
• International experience
Lorentio Florou, Head of Trading, EFG Securities, Romania
• Corporate debts
- is competitive commercial bank sector in the region an obstacle or incentive for development of debt markets?
Evgeny Gavrilenkov, Managing Director, Troika Dialog Group, Russia
• The usefulness of rating for improving the cost of funding in the Balkan markets
Alexander Bebov, Director of Balkan Advisory Company, Bulgaria

13:45-15:00 Lunch (Buffet) Sponsored by Sinteza Invest Group

15:00-16:15 Panel 5: New players and new instruments role for the development of Capital Markets
• Investment funds’ point of view - PORTFOLIO STRUCTURING
Dag Kralj, Director KD Holding, Slovenia
• Private Equity and It’s Impact on the Development of Capital Markets
Eugene Jaffe, CEO, Salford, UK
• Pension funds’ point of view
Rosa Chiappe, Chief of Party, Bearing Point
• Is there room for a wider regional market?
Rade Rakocevic, Director of Senzal Brokerage, Serbia
• Asset backed securities (mortgage backed securities) - is it too early?
Sebastian Lawson, Freshfields Bruckhaus Deringer, UK

16:15-16:30 Coffee Break, Sponsored by Synergy Capital

16:30-17:45 Panel 6: IPO of Public Companies - Market Reality and Misperceptions

• Aspects of London-listed IPO’s relevant to regional issuers
David Ayres, Partner at Wolf Theiss, Austria
• London Stock Exchange vs. Warsaw Stock Exchange vs. Belgrade Stock Exchange
Jon Edwards, Senior Manager CEE, London Stock Exchange, UK
• GDR as part of an IPO
Gregory Roath, Vice President, The Bank of New York, UK
• IPO for public companies - how, when, where
Slavko Caric, Director, Synergy Capital, Serbia
• Investor directed marketing - the significance of listing on the stock exchange
Natalija Nedeljkovic, Belgrade Stock Exchange, Serbia

17:45-18:45 Farewell Cocktail

8
Denis Fudurić je diplomirani ekonomista na Ekonomskom
fakultetu u Rijeci a trenutno završava poslijediplomske studije
na Ekonomskom fakultetu u Zagrebu i MBA studij na IEDC Bled
School of Management, Bled, Slovenija. Fudurić je završio General
Management Program na IEDC Bled School of Management; IN-
SEAD - Strategic Issues in Mergers and Acquisitions Programme;
ATTF Luxembourg – Fund Industry – Concepts, Management,
Distribution i ATTF Warszaw – Wealth management. Licencirani
je broker, licencirani fund manager mirovinskih fondova i licen-
cirani investicijski savjetnik. Denis je član Vijeća Udruženja bro-
kerskih kuća pri Hrvatskoj gospodarskoj komori i član Hrvatskog
udruženja brokera. Denis je osnivač i direktor InterFinance & In-
terConsult. Pre toga radio je kao direktor u Dalbank vrijednosnice
d.o.o. Zagreb zatim kao direktor sektora trgovanja vrijednosnim
papirima u ICF d.o.o. Zagreb, i kao direktor sektora trgovanja vri-
jednosnim papirima u Investmentbank Austria d.o.o Zagreb. Pre
toga, Fudurić je radio kao direktor podružnice Rijeka u FIMA d.o.o.
Varaždin i kao zastupnik za Riječku regiju u Cbb d.o.o. Varaždin.
Započeo je svoju karijeru kao USAID-ev konzultant u Makedoniji.
Denis je predsednik Nadzornog odbora Varaždinske berze i Trans-
adria d.d. Rijeka. On takođe predaje na HIBO; Hrvatskom institutu
za bankarstvo i osiguranje. Gospodin Fudurić govori hrvatski, en-
gleski i italijanski.
Predrag Bubalo, ministar za privredu u Vladi Republike Srbije je
rođen 1954. godine u Vladičinom Hanu. Doktorirao je na Pravnom
fakultetu u Novom Sadu. Bubalo je obavljao funkciju generalnog
direktora Livnice ”Kikinda” u Kikindi. Član je Demokratske stranke
Srbije. Oženjen, otac dvoje dece.
Milan Elezović je direktor za centralnu i istočnu Evropu u kom-
paniji Nomura International Plc. Radeći za ovu kompaniju, stekao
je desetogodišnje iskustvo u investicionom bankarstvu. U Nomuri
je zadužen za aktivnosti u oblasti investicionog bankarstva u
jugoistočnoj Evropi. Milan je učestvovao u savetodavnim poslovi-
ma i izvršavanju brojnih transakcija na tržištima kapitala u CIE
i JIE. Poslednje transakcije na kojima je radio obuhvataju save-
tovanje Agencije za osiguranje depozita pri prodaji Vojvođanske
banke, pete banke po veličini u Srbiji; savetovanje Delta banke pri
prodaji većinskog udela italijanskoj Banca Intesa (370m evra); sa-
vetovanje dva glavna akcionara Leka, najveće slovenačke farma-
ceutske kompanije pri prodaji strateškog udela Novartisu (855m
evra); savetovanje Agencije za privatizaciju Republike Srbije pri
privatizaciji Merime, Zorka Pharme i Zdravlja (185m evra). Milan
je magistrirao u oblasti finansija i investicija na Exeter University
i u oblasti tržišta novca i kapitala i diplomirao ekonomiju na Beo-
gradskom univerzitetu.
Denis Fuduric holds B.Sc. in Economy,Faculty of Economics
Rijeka. He is a M.Sc. candidate at the Faculty of Economics Za-
greb and a MBA candidate, at the IEDC Bled School of Manage-
ment, Bled, Slovenia. He has completed the general management
program at IEDC Bled School of Management; INSEAD - Strategic
Issues in Mergers and Acquisitions Program; ATTF Luxembourg
– Fund Industry – Concepts, Management, Distribution; ATTF
Warszaw – Wealth management. Denis is a licensed stockbroker,
licensed pension fund manager and licensed investment advisor.
He is a Council member at Association of the Brokerages at the
Croatian Chamber of Commerce and a member of the Croatian
Stockbrokers Association. Denis is founder and managing direc-
tor at InterFinance, InterConsult. In 2 years time InterFinance
has established itself as one of the most prominent brokerages in
Croatia, with solid M&A and portfolio management track record.
Prior to that he worked as managing director at Dalbank securities
Zagreb Asset Management Advisory and M&A Advisory services
where he managed to turn Dalbank securities from a company on
the edge of bankrupcy to one of best and strongest brokerages in
Croatia, with strong Sales and Trading. He also worked at ICF Za-
greb as head of sales and trading and Investmentbank Austria, Za-
greb as head of sales and trading. Before that, Mr. Fuduric worked
at FIMA d.o.o. Varaždin as head of Rijeka regional office and at Cbb
d.o.o. Varaždin as representative for Rijeka region. He started his
career as USAID’s consultant in Macedonia. Mr. Fuduric is chair-
man of the Supervisory Board of the Varaždin Stock Exchange and
Transadria d.d. Rijeka. He is also lecturer at HIBO, Croatian Insti-
tute for Banking and Insurance. Mr. Fuduric speaks fluent english,
italian and croatian.
Predrag Bubalo, the Serbian Minister of Economy was born in
1954 in Vladicin Han. He received his PhD from the Faculty of Law,
Novi Sad University. Bubalo was the general manager of Kikinda-
based foundry Kikinda. He is a member of the Democratic Party of
Serbia. He is married and has two children.
Milan Elezovic is the Director for Central and Eastern Europe at
Nomura International Plc. He has 10 years of investment banking
experience gained at Nomura. He is responsible for Nomura’s in-
vestment banking activities in South-East Europe. Milan has par-
ticipated in the origination and execution of numerous advisory
and capital markets transactions in CEE and SEE. His recent trans-
actions include advising the Deposit Insurance Agency on the sale
of Vojvodjanska Bank, the 5th largest Serbian bank, advising Delta
Bank on sale of majority stake to Banca Intesa (EUR 370m), ad-
vising two key shareholders in Lek, the largest Slovenian pharma
company on the sale of a strategic stake to Novartis (EUR 855m),
as well as advising the Privatization Agency, Republic of Serbia
on the privatisations of Merima, Zorka Pharma and Zdravlje (EUR
185m) among others. Milan has an MA in Finance and Investment
from Exeter University and a MA in money and Capital Markets as
well as a BSc in Economics from Belgrade University.
9
 Florin Burnar je viši istraživač zaposlen na Bečkoj berzi u
Odeljenju za međunarodna udruživanja. Njegove trenutne ak-
tivnosti su fokusirane na međunarodna tržišta kapitala i razvoj
udruženja regionalnih berzi u centralnoj i istočnoj Evropi. Florin
poseduje veliko iskustvo u radu na međunarodnim tržištima kapi-
tala. Diplomirao je 1999. godine na Vienna Stock Exchange Acade-
my u oblasti trgovine derivatima na berzama. Florin je 2001. godine
učestvovao na istraživačkom projektu fokusiranom na regulative
trgovanja i berzanske instrumente na najvažnijim svetskim ber-
zama derivata. Proteklih nekoliko godina, Florin je značajno dopri-
neo razvoju i implementaciji akcijskih indeksa, standardizovanih
derivata i ostalih instrumenata kojima se trguje ne Bečkoj berzi.
Iza sebe ima impresivan broj uspešno realizovanih projekata na
tržištima kapitala Austrije, Rusije, Mađarske, Slovačke, Poljske i
Rumunije.
Dragijana Radonjić-Petrović je rođena 1.10.1970. Diplomi-
rala je na Ekonomskom fakultetu u Beogradu, smer Bankarski i fi-
nansijski menadžment. Na istom smeru je upisala i postdiplomske
studije. Dragijana započinje svoju karijeru u Beogradskom eskont-
nom centru 1995, a posle dve godine prelazi u M&V Investments
na poziciju brokera. Nakon kraćeg vremena zauzima rukovodeću
funkciju. Kao generalni direktor brokerske kuće zauzela je jednu
od glavnih uloga na domaćem finansijskom tržištu. Svojim zalag-
anjem je ovu brokersku kuću dovela do vodeće pozicije na tržištu.
Član je Poslovnog udruženja berze i berzanskih posrednika kao i
predsednik Komisije za hartije od vrednosti pri Privrednoj komori
Srbije. Učestvovala je na više konferencija kao predavač (Ekono-
mist, Euromoney…), u radnim grupama EBRD-a, i drugim konfer-
encijama. Često posećuje berze i druge institucije u inostranstvu, u
cilju implementiranja njihovog iskustva na tržište Srbije.
Kristijan Temel je rođen u Beču, Austrija 1972. Priznat je u
Austriji od 2002, a iste godine je postao i partner u kompaniji Wolf
Theiss. Glavne oblasti njegovog delovanja su regulative protiv mo-
nopola, kao i regulative u oblasti korporacija i spajanja i preuzi-
manja; bankarstvo i tržište kapitala. Govori nemački, engleski
i francuski. U njegovo profesionalno iskustvo spadaju sledeće
aktivnosti: istraživač saradnik, Institut za rimsko pravo, Univerz-
itet u Beču, 1992-1996; pripravnik, pravni saradnik, Ministarstvo
odbrane, Odeljenje za međunarodno pravo, 1997-1998; pravni
službenik, 1996-1999; saradnik, Wolf Theiss, 1999-2002. Kris-
tijan je diplomirao 1996. na Univerzitetu u Beču i 2004. na Said
Business School, University of Oxford. Član je Bečke advokatske
komore; Udruženja advokata; Međunarodne advokatske komore;
SBL Studienvereinigung Kartellrecht i Oxford Business Alumni.
Objavio je nekoliko publikacija: “Austrija”; u “Merger Control - the
International Regulation of Mergers and Joint Ventures”; “Corpo-
rate Governance und die Auswirkungen für die Berater von Ak-
tiengesellschaften,” i “Legal Do’s and Don’ts in Austrian Venture
Capital Transactions”, u “Global Venture Capital Transactions”.
10
Florin Burnar is a senior research and business developer work-
ing with Vienna Stock Exchange in the department for Interna-
tional Alliances. The main areas of Florin’s current activities are
focused on the international capital markets and the development
of a regional exchanges alliance in the Central and Eastern Euro-
pean area. Florin has a strong background in international capital
markets. In 1999, with Vienna Stock Exchange Academy, Florin
earned the market maker diploma for derivatives trading. In 2001,
Florin participated at Vienna Stock Exchange in a research project
focused on trading regulations and exchange tradable instruments
of the world’s most important stock and derivatives markets. Dur-
ing the last few years, Florin brought a valuable contribution in
developing and implementing equity indices, standardized de-
rivatives and other exchange tradable instruments at Vienna
Stock Exchange. He has an impressive track record of successfully
implemented projects regarding the Austrian, Russian, Hungarian,
Slovak, Polish and Romanian capital markets.
Dragijana Radonjic-Petrovic was born on October 1, 1970.
She earned her Bachelors degree in Banking and Financial Man-
agement from the Faculty of Economics in Belgrade. She has en-
tered postgraduate studies in Banking and Financial Management
at the same Faculty. Dragijana started her career at the Belgrade
Discount Center in 1995. Two years later she joined M&V Invest-
ments as a broker. After a short period, she became the general
manager. As the general manager of this brokerage firm, she took
one of the key positions on the domestic financial market. Dragi-
jana managed to put the company into a leading position on the
market. She is a member of the professional Association of Stock
Markets and Stock Market Mediators, and the President of the Se-
curities Commission, Serbian Chamber of Commerce. Dragijana
was a speaker at numerous conferences (Ekonomist, Euromoney,
etc.), and is a member of working groups of the EBRD. She often
visits stock exchanges and other institutions abroad with the aim
to implement their experiences on the Serbian market.
Christian Temmel was born in Vienna, Austria in 1972. He is
admitted in Austria since 2002 and is a partner at Wolf Theiss
since 2002. Christian’s main practice areas are Corporate, Antitrust
and Merger Regulation, Mergers & Acquisitions, Banking and Cap-
ital Markets. He speaks German, English and French. Christian’s
professional experience includes: research assistant, Institute of
Roman Law, University of Vienna, 1992 - 1996; internship, legal
assistant, Ministry of Defense, department for public international
law, 1997 - 1998; law clerk, 1996 - 1999; associate, Wolf Theiss,
1999 - 2002. Christian graduated from the University of Vienna in
1996, the University of Oxford, Said Business School in 2004. He
is a member of the Vienna Bar Association; Lawyers Association;
International Bar Association, SBL Studienvereinigung Kartellre-
cht e.V. and Oxford Business Alumni. He has several publications
including: “Austria”, in “Merger Control - the International Regula-
tion of Mergers and Joint Ventures,” “Corporate Governance und
die Auswirkungen für die Berater von Aktiengesellschaften,” and
“Legal Do’s and Don’ts in Austrian Venture Capital Transactions,”
in “Global Venture Capital Transactions.”
Vladimir Čupić je maja 2003. postao član Upravnog odbora
Hypo Alpe-Adria banke u Beogradu, srpske filijale jedne od najvećih
i najaktivnijih austrijskih banaka. Na ovoj poziciji, Vladimir je for-
malno zadužen za upravljanje i razvoj nekoliko važnih funkcija
uljučujući pružanje bankarskih usluga privredi i stanovništvu, fi-
nansije, pravna pitanja, računovodstvo i internu kontrolu. Pre
dolaska na ovu poziciju, Vladimir je bio direktor Agencije za priva-
tizaciju; savetnik ministra za privredu i privatizaciju; direktor za
transakcije i procenu vrednosti u Odeljenju za savetodavne usluge
u oblasti finansija (Deloitte & Touche, Srbija).
Marko Mićanović, trenutno partner i direktor Altis Capital-a,
vodi poslove vezane za tržište akcija u firmi. Bio je član Komisije
za hartije od vrednosti Republike Srbije (2003-2004) i pravni sa-
vetnik srpskog ministra finansija i ekonomije, u domenima tržišta
kapitala, restrukturiranja i privatizacije finansijskog sektora i
zaduživanja države u inostranstvu. Pored toga, Marko je član Nad-
zornog odbora Fonda za osiguranje i finansiranje spoljnotrgov-
inskih poslova Srbije i Crne Gore. U prethodnom periodu, bio je
član nadzornih odbora DDOR Novi Sad, jednog od dva najveća
osiguravajuća društva u zemlji, kao i Udruženje Fulbrajtovih sti-
pendista SCG. Marko je advokat po struci, upisan u imenik advoka-
ta Njujorka, sa specijalizacijom u oblastima korporativnog i prava
hartija od vrednosti.
Nikola Živanović je rođen 1969. godine u Beogradu. Magistar
je ekonomskih nauka. Radio je kao stečajni upravnik Beograd-
ske banke. Nakon toga biva postavljen za viceguvernera Narodne
banke Srbije gde radi na uspostavljanju trgovanja dužničkim har-
tijama od vrednosti. Učestvovao je u pripremanju Zakona o tržištu
hartijama od vrednosti i u uspostavljanju rada Centralnog registra
u Srbiji. Od 2003. godine Nikola je partner u kompaniji Synergy
Capital.
Uroš Marter je partner u Arkas Investment Banking u Sloveniji.
Diplomirao je finansije i matematiku na Northern Arizona Uni-
versity, a magistrirao finansije na Boston College. Uroš je osnivač
kompanije Karos Limited, a radio je i za Merril Lynch u Njujorku
kao finansijski analitičar u oblasti investicionog bankarstva sa
fokusom na prikupljanje kapitala za fondove privatnog kapitala,
rizičnog kapitala i nekretnina. Takođe je radio za AF Partners iz
Londona, kao stručnjak za investicije, zadužen za pregled, anal-
iziranje i strukturu investicija privatnog kapitala i rizičnog kapi-
tala u Evropi, Aziji i Latinskoj Americi.
Vladimir Cupic took over the position of the Member of the
Board of Hypo Alpe-Adria-Bank in Belgrade, the Serbian subsid-
iary of one of Austria’s largest and most active banks, in May 2003.
In this position, Vladimir is formally in charge of the establish-
ment, development and management of several functions includ-
ing corporate banking, retail banking, treasury, legal, accounting
and internal audit. Prior to his current position, Vladimir was the
Director of the Privatization Agency; acted as Advisor to the Min-
ister for Economy and Privatization; and was the Director of the
Transactions and Valuation, Department of Financial Advisory
Services (Deloitte & Touche Yugoslavia).
Marko Micanovic, currently Managing Partner of Belgrade’s
corporate finance advisory firm Altis Capital, heads the firm’s eq-
uity markets practice. He served as Commissioner of the Securities
and Exchange Commission of Serbia (2003-2004) and was a Legal
Advisor to the Serbian Minister of Finance and Economy, focusing
on capital markets, financial services industry restructuring and
privatization, and sovereign debt matters. Marko is a Supervisory
Board member of Serbia and Montenegro Export Credit Agency.
He held board positions in DDOR Novi Sad, one of the two largest
insurers in the country, and Fulbright Alumni Association of Ser-
bia and Montenegro. Marko is an attorney by training, specializing
in securities and corporate law. He is a member of the New York
Bar.
Nikola Zivanovic was born in 1969 in Belgrade. He holds an MA
in economic sciences. Nikola worked as the bankruptcy director of
the Beogradska Bank. He was later appointed Vice-governor of the
National Bank of Serbia where he worked on the establishment of
debt securities trading. He had a significant role in the preparation
of the Law on Securities and in the establishment of the Serbian
Central Registry. In 2003, Nikola was appointed a Partner at Syn-
ergy Capital.
Uros Marter is managing partner at Arkas Investment Bank-
ing in Slovenia. He has an undergraduate degree in Finance and
Mathematics from Northern Arizona University and a Master of
Science in Finance from Boston College. Uros was the founder of
Karos Limited and he also worked at Merrill Lynch in New York as
a financial analyst in investment banking with a focus on capital
raising for private equity, venture capital and opportunistic real
estate funds, as well as for AF Partners, London as an investment
professional responsible for reviewing, analyzing and structuring
private equity and venture capital investments in Europe, Asia
and Latin America.
11
 Vida Uzelac, diplomirala na Univerzitetu u Beogradu, Ekonom-
skom fakultetu, smer ekonomske statistike i kibernetike. Rukovo-
dila je projektovanjem i implementiranjem projekta Centralnog
registra, depoa i kliringa hartija od vrednosti i uspostavljanjem
procesa i procedura rada i elektronske komunikacije izmedju
Centralnog registra, depoa i kliringa hartija od vrednosti i njegovih
članova. Završila je seminare iz finansijskih tržišta, globalizacije
tržišta kapitala, finansijskih tržišta zemalja EU, upravljanja IS, kao
i kurseve iz projektovanja IS i STP (Straight Through Processing),
implementiranja baze podataka na SQL serveru, dizajniranja i
implementiranja OLAP solutions using Microsoft SQL server, diza-
jniranja i implementiranja Data Warehouse using Microsoft SQL
server, programming Microsoft SQL server, dizajniranja i imple-
mentiranja Distributed Applications with Microsoft Visual Basic
6.0, programming COBOL, Assembler, PL/1 itd.
Direktor je Centralnog registra, depoa i kliringa hartija od vrednosti
od februara 2002. godine do danas.
Siniša Krneta je rođen 29. jula 1974. Trenutno se nalazi na
poziciji direktora za poslovanje Beogradske berze. Siniša je takođe
radio u Kapital banci i na Univerzitetu Braća Karić, kao i na In-
stitutu 3M u Beogradu. Siniša je 1997. god. diplomirao poslovnu
administraciju sa specijalizacijom u oblasti finansijskih tržišta,
na Univerzitetu Braća Karić u Beogradu. U aprilu 2006. Siniša je
objavio knjigu Portfolio hartija od vrednosti i strategije upravljanja
portfolijom. Član je Federation of Euro-Asian (FEAS) Working
Committee od 2004.
Aleksandra Kraguljević je rukovodilac kastodi odeljenja u
HVB banci u Srbiji. Aleksandra je radila i za kompaniju Altis Capi-
tal gde se bavila savetovanjima banke Credit Agricole pri preuzi-
manju Meridian banke. Bila je i specijalni savetnik u Ministarstvu
finansija 2004.god, gde se bavila trenutnom situacijom na srpskom
finansijskom tržištu i detaljnim ispitivanjem rasta finansijskih
tržišta ekonomija u tranziciji, čija iskustva je ugradila u akcioni
plan za srpsko finansijsko tržište. Takođe je razvila i sveobuhvatan
plan za produbljivanje postojećeg finansijskog tržišta i stvaranje
novog sekundarnog tržišta i predložila promene važećeg zakono-
davstva i poreskih režima, i izložila integrisani akcioni plan svim
relevantnim institucijama koje su odgovorne za implementaciju
predloženih promena na tržištu (Ministarstvu finansija, Narodnoj
banci Srbije, Beogradskoj berzi, Komisiji za hartije od vrednosti i
Centralnom registru za depo i kliring hartija od vrednosti između
ostalih). Aleksandra je radila i za Jubanku, Societe Generale, The
English School of Business i GPX Financial Services.
Dejan Tufegdžić je rođen 20.04.1971. Diplomirao je menadžmet
na Fakultetu organizacionih nauka Univerziteta u Beogradu.
Poseduje brokersku licencu. Aktivno je učestvovao u privatizaciji
preko 80 preduzeća, uključujući i privatizaciju Sojaprotein AD
Bečej, Potisje AD Kanjiža, Fabrika akumulatora AD Sombor i dr.
Dejan je aktuelni predsednik Etičke komisije Udruženja berzi i
berzanskih posrednika. Takođe je i član Komisije za listing Beo-
gradske berze AD Beograd i osnivač brokersko-dilerskog društva
Sinteza Invest Group AD Beograd.
12
Vida Uzelac earned her Bachelors in Economic Statistics and
Cybernetics from the Faculty of Economics in Belgrade. She led
creation and implementation of the Central Securities Depository
and Clearing House project and introduction of working proce-
dures and electronic communication between the Central Secu-
rities Depository and Clearing House and its members. Vida has
attended seminars on financial markets, globalization of capital
markets, financial markets of EU countries, and IS management.
She has also attended courses in IS Projecting and STP (Straight
Through Processing), database implementation using SQL server,
designing and implementation of OLAP solutions using Microsoft
SQL server, designing and implementation of Data Warehouse
using Microsoft SQL server, programming using Microsoft SQL
server, designing and implementation of Distributed Applications
with Microsoft Visual Basic 6.0, programming in COBOL, Assem-
bler, PL/1 etc. Vida has been the director of the Central Securities
Depository and Clearing House since February 2002.
Sinisa Krneta was born on July 29, 1974. He is currently the
Director of Business Operations at the Belgrade Stock Exchange.
Sinisa has also held positions in Kapital Bank and Braca Karic Uni-
versity as well as the 3M Institute in Belgrade. Sinisa earned his
Bachelors degree in Business Administration with a specialization
in Financial Markets from Braca Karic University in Belgrade in
1997. In April 2006 Sinisa published the book Securities Portfo-
lio and Portfolio Management Strategies. He has been a Member
of the Federation of Euro-Asian (FEAS) Working Committe since
2004.
Aleksandra Kraguljevic is the head of the custody depart-
ment at HVB Bank in Serbia. Aleksandra has also worked for Al-
tis Capital where she focused on advising Credit Agricole on the
acquisition of Meridian Bank. Aleksandra also served as special
advisor to the Minister of Finance in 2004 where she reviewed the
current situation of Serbian financial markets, examined in detail
growth of financial markets in transition economies and incorpo-
rated their experience in an action plan for the Serbian financial
market and developed comprehensive plan for deepening existing
financial markets and creation of new secondary markets, pro-
posed changes to current legislation and tax regimes, and commu-
nicated an integrated action plan to all relevant authorities (inter
alia, Ministry of Finance, National Bank of Serbia, Belgrade Stock
Exchange, Securities and Exchange Commission and Central Se-
curities Registry and Clearing) responsible for implementing the
proposed changes in the market. Aleksandra has also held posi-
tions at Jubanka, Societe Generale, The English School of Busi-
ness, and GPX Financial Services.
Dejan Tufegdzic was born on April 20, 1971. He earned his
Bachelors Degree in Marketing from the Faculty of Organizational
Sciences, University of Belgrade. Dejan has a broker’s license. De-
jan was involved in the privatization of more than 80 companies,
including the privatizations of Sojaprotein, Becej Potisje, and Kan-
jiza Fabrika akumulatora AD Sombor, etc. Dejan is the President of
the Ethical Commission of the Association of Stock Markets and
Stock Market Mediators. He is also a member of the Listing Com-
mission of the Belgrade Stock Exchange and a founder of the bro-
ker-dealer company Sinteza Invest Group AD Belgrade.
Ričard Segal je rođen 12.06.1960. Diplomirao je ekonomiju
– MIT. Richard je stručnjak u oblasti finansija, specijalnost - razvoj
finansija, ekonomski model određivanja očekivanog prihoda na
sredstva. Trenutno je glavni strateg u firmi Argo Capital. Njegovo
ranije radno iskustvo obuhvataju pozicije stratega za obveznice u
firmi Salomon Brothers (danas Citigroup), u Njujorku i Londonu,
višeg ekonomiste za tržišta zemalja u razvoju u kompaniji Bank
of America u Londonu, rukovodioca istraživanjima fiksnih prihoda
u firmi Santander Investment Securities u Njujorku. Često je gos-
tovao kao komentator u emisijama o biznisu za televizijske kuće
BBC World, Bloomberg TV i CNBC. Takođe je i autor knjiga The
Russian Economy in 1994 i Trilogy Year (2006).
Piter E. Gampel je predsednik Upravnog odbora kompanije
Meinl Capital Advisors AG. Bio je savetnik vlada Bugarske, Make-
donije, Crne Gore, Rumunije, Slovačke i Ukrajine pri privatizaciji
i restrukturiranju preduzeća. Takođe je bio savetnik strateških
investitora u centralnoj i istočnoj Evropi. Peter je trenutno direk-
tor Meinl Bank, zadužen za savetovanje u ime makedonske vlade
pri restrukturiranju i privatizaciji kompanije Elektrostopanstvo na
Makedonija, elektronske industrije ove zemlje. Bio je i vođa tima
Meinla u savetovanju slovačke vlade pri privatizaciji aerodroma
Braislava i Košice. Peter je doktorirao prava na Columbia Univer-
sity u Njujorku, a studirao ekonomiju na St. Gallen School of Eco-
nomics u Švajcarskoj.
Margaret Bosvel je engleski pravni partner u londonskoj
kancelariji firme Gide Loyrette Nouel. Diplomirala je 1987. na
University of Edinburgh. Do sada je radila u Londonu, Amster-
damu i Hong Kongu. Pet godina je bila engleski pravni partner u
vodećoj američkoj advokatskoj firmi. Margaret ima veliko iskustvo
u međunarodnim finansijama, od opšteg bankarstva do tržišta
kapitala i strukturisanih finansiranja. Specijalizovala se za sekuri-
tizaciju na tržištima u razvoju kroz rad na transakcijama različitih
potraživanja, kao što su hipoteke, kreditne kartice i isplata radnika
u mnogim sudskim sporovima.
Jevgenij Gavrilenkov je direktor kompanije Troika Dialog. Pre
nego što se 2002.god, pridružio ovoj kompaniji, Jevgenij je radio u
Kancelariji za ekonomske analize, gde je bio zamenik generalnog
direktora i v.d. generalnog direktora. Istovremeno je bio i stipendis-
ta na moskovskom Karnegi centru i radio na Višoj ekonomskoj
školi (Hihger School of Economics – HSE) kao prorektor i direktor
Instituta za makroekonomska istraživanja i prognoze. Gospodin
Gavrilenkov je 1997. osnovao list HSE Economic Journal u kome
je bio glavni i odgovorni urednik. U periodu između 1992. i 1996.
radio je u Centru za ekonomske analize, vladinoj “think-tank” grupi
stručnjaka, prvo kao rukovodilac odeljenja, a zatim kao zamenik
direktora i v.d.direktora. Sredinom devedesetih, gospodin Gavrilen-
kov je nekoliko puta bio gostujući predavač na Univerzitetu Hitot-
subashi u Japanu i gostujući istraživač na Institutu za ekonom-
ska instraživanja (pod rukovodstvom japanske Vlade). Takođe je
bio i gostujući istraživač u Finskoj banci, gostujući predavač na
Univerzitetu Sorbonne Panteon u Parizu i gostujući istraživač pri
Međunarodniom monetarnom fondu (1994. i 2001.). Gospodin
Gavrilenkov je 1978.god. diplomirao matematiku na Moskovskom
institutu za avijaciju, a 1985.god. doktorirao u oblasti ekonomije.
Richard Segal was born on July 12, 1960. He holds a MIT Bach-
elor of Science in Economics. Richard’s expertise is in financial
economics, specialty in developing financial, economic and asset
pricing models. He is currently a Chief Strategist at Argo Capital.
Richard’s prior work experience includes: Bond Strategist at Salo-
mon Brothers (now Citigroup), New York ad London, Senior emerg-
ing markets economist at Bank of America, London, Head of fixed
income research at Santander Investment Securities, New York,
Frequent commentator on business programs for networks such
as BBC World, Bloomberg TV and CNBC. He is also the author of
The Russian Economy in 1994 and Trilogy Year (2006).
Peter E. Gumpel is Chairman of the Management Board of Meinl
Capital Advisors AG. He has advised the Governments of Bulgaria,
Macedonia, Moldova, Montenegro, Romania, Slovakia and Ukraine
in connection with privatization and restructuring of enterprises,
and has advised strategic investors in Central and Eastern Europe.
At the present time, he is director of the Meinl Bank advisory as-
signment on behalf of the Government of Macedonia for the re-
structuring and privatization of Elektrostopanstvo na Makedonija,
the country’s electricity industry, and has recently led the Meinl
team advising the Government of Slovakia in the privatization of
Bratislava and Kosice Airports. Peter has a doctorate in law from
Columbia University, New York, and studied economics at the St.
Gallen School of Economics in Switzerland.
Margaret Boswell is an English law partner in the London of-
fice of Gide Loyrette Nouel. She graduated from the University of
Edinburgh in 1987 and has worked in London, Amsterdam and
Hong Kong. For five years she was an English law partner in a lead-
ing U.S. law firm. She has an extensive background in international
finance, ranging from general banking through capital markets to
structured finance. She is particularly specialised in emerging
markets securitisation having worked on transactions involving
a wide range of receivables such as mortgages, credit cards, trade
receipts, and workers’ remittances in many jurisdictions.
Evgeny Gavrilenko is the Managing Director of Troika Dialog.
Before joining Troika Dialog in 2002, Evgeny Gavrilenkov worked
at the Bureau of Economic Analysis, where he served as Deputy
Director General and Acting Director General. Simultaneously,
he was a scholar in residence at the Carnegie Moscow Center and
served at the Higher School of Economics (HSE) as Pro-Rector and
Director of the Institute of Macroeconomic Research and Forecast-
ing. In 1997, Mr Gavrilenkov created and was Editor-in-Chief of the
HSE Economic Journal. Between 1992 and 1996, he worked at the
Center for Economic Analysis, a government think-tank, first as
Head of Department, then Deputy Director and Acting Director.
In the mid 1990s, Mr Gavrilenkov was a guest professor several
times at Hitotsubashi University, Japan, and a visiting researcher
at the Economic Research Institute (run by the government of
Japan). He has also been a guest researcher at the Bank of Fin-
land, a visiting professor at the Sorbonne Pantheon University in
Paris and a visiting researcher at the International Monetary Fund
(1994 and 2001). Mr Gavrilenkov obtained a degree in Mathemat-
ics from the Moscow Aviation Institute in 1978 and a PhD in Eco-
nomics in 1985.
13
 Aleksandar Pavlov Bebov je rođen 7.12.1967. Magistrirao je
1995. god. na Univerzitetu u Njujorku (Stern School of Business).
Takođe je i magistar u oblasti finansija i marketinga. Studirao je
na Univerzitetu Harvard. Diplomirao je na Univerzitetu u Mejnu
u oblasti međunarodne ekonomije. Poslednjih pet godina, Alek-
sander Bebov je zadužen za finansijske klijente u firmi Schro-
der Salomon Smith Barney Citigroup (1998 – 2001) gde se bavio
podrškom, privatnim i komercijalnim bankama i investicionim
fondovima, a radio je i u firmi J.P. Morgan (1996 – 1998) kao
strateg/referent prodaje za fiksne prihode i derivatitvne ugovore.
Njegove glavne delatnosti kao stratega u ovoj firmi su planirani
fiksni prihod i strategije derivativa lokalnih i spoljnih tržišta. Pre
toga je radio za firmu Prudential Securities (1993, kao marketinški
analitičar) i za Merrill Lynch (1995, gde se ponovo bavio tržištima
zemalja u razvoju). Aleks je radio sa komercijalnim i centralnim
bankama kao i sa vladama na mnogim pitanjima investicionog
bankarstva.
Dag Kralj (1969) je prvi Slovenac koji je magistrirao na ugled-
noj Harvard Business School u Bostonu, SAD. Diplomirao je na
menadžmentu, sa naglaskom na ekonomiju, na univerzitetu Web-
ster, studirajući u Ženevi, Beču i Sent Luisu (SAD). Pre nego što
je prešao u KD Group, Kralj je pomogao u osnivanju Odeljenja za
upravljanje deviznim rezervama u Slovenačkoj banci (Centralna
banka Slovenije). Radio je i u konsultantskoj kući za menadžment
McKinsey & Company u Londonu na različitim, uglavnom finan-
sijskim projektima. Takođe je bio direktor odeljenja za spajanja
i preuzimanja u vodećoj slovenačkoj M&A konsultantskoj kući.
Dag je 2004. prešao u KD Holding d.d na poziciju izvršnog direk-
tora Odeljenja za upravljanje sredstvima i brokerstvo. Bio je ug-
lavnom zadužen za nadzor svih KD-ovih kompanija (njih devet)
koje se bave upravljanjem sredstvima i brokerstvom širom Evrope,
uključujući i mrežu finansijskih tačaka. Rukovodio je pokušajima
regionalne ekpanzije ka centralnoj i jugoistočnoj Evropi. Takođe
je bio koordinator strateških ideja koje se tiču novih tržišta i uslu-
ga. Dag tečno govori engleski, slovenački, hrvatski i srpski jezik.
Takođe govori nemački, italijanski i portugalski. Hobiji su mu
košarka, putovanja i opera.
Judžin Džefi, osnivač i generalni direktor kompanije Sal-
ford Capital Partners ima 14 godina iskustva u međunarodnom
bankarstvu i privatnom kapitalu. Ranije je bio direktor kompanije
Alfa Bank/Group u Rusiji i direktor austrijske trgovačke banke
Epic i na tim pozicijama je učestvovao u sprovođenju preko 100
transakcija i realizaciji nekoliko uspelih poslova na tržištima u
razvoju. S obzirom na veliko iskustvo, Judžin je jedna od najcen-
jenijih osoba koje se bave sklapanjem poslova na tržištma u raz-
voju. Judžin je magistrirao poslovnu administraciju na Harvard
Business School. Takođe je magistrirao finansije na Suffolk Uni-
versity (Boston) i ekonomiju na Državnom univerzitetu za eko-
nomiju i finansije u Sankt Petersburgu u Rusiji. Salford Capital
Partners, osnovan pre pet godina, fokusiran je na tržišta u razvoju
i upravlja sa više od 400 miliona dolara sredstava. Ova kompanija
trenutno ima kancelarije u Londonu, Moskvi, Beogradu i Tbilisiju
i zapošljava više od 30 profesionalaca. Među najzapaženije inves-
ticije spadaju Imlek (najveća mlekara u Beogradu), kao i veliki
broj mlekara u Srbiji, Crnoj Gori, Bosni i Makedoniji, Knjaz Miloš
(najveći proizvođač mineralne vode i bezalkoholnih pića u Srbiji),
Bambi/Banat, Borjomi (najpoznatiji brend u bivšem Sovjetskom
Savezu), IDS/ Morshinskaya (najveći proizvođač mineralne vode
u Ukrajini). Judžin je američki državljanin, rođen u Sankt Peters-
burgu u Rusiji. Oženjen je i ima troje dece.
14
Alexander Pavlov Bebov was born on December 7, 1967.
He has an MBA from the Stern School of Business at New York
University (1995) and also an MBA in Finance and Marketing. He
studied at Harvard University (MPA program). Alex holds a BA In-
ternational Economics, from the University of Maine, USA.
For the last five years, Alexander Bebov has been responsible for
the financial clients at Schroder Salomon Smith Barney Citigroup
(1998 – 2001) in the field of prop desk, private banks, commercial
banks, investment funds/insurance companies for emerging mar-
kets, and J.P. Morgan (1996 – 1998) as Fixed Income and Deriva-
tives Strategist /Salesman. There, his main scope of activity was
as a strategist - devised fixed income, local markets and external
and local markets derivatives strategies and as a salesman -com-
mercial banks. Before that he had worked for Prudential Securities
(1993, as a marketing analyst) and Merrill Lynch (1995, focusing
again on emerging markets). Alex has worked with commercial
and central banks as well as governments on many aspects of in-
vestment banking.
Dag Kralj (1969) is the first Slovenian with a MBA degree from
the reputable Harvard Business School, Boston, USA. He has a BA
in Management, with an emphasis on Economics from Webster
University, studying in Geneva, Vienna and St. Louis, USA.
Prior to joining KD Group Dag helped set up and led the Foreign
Exchange Reserves Management Division at the Bank of Slove-
nia (a central bank), worked for management consulting firm
McKinsey & Company in London on various financial projects and
served as Director of M&A activities at a leading Slovenian M&A
advisory firm. Dag joined KD Holding as the Executive Director of
the Asset Management and Brokerage Division in 2004. His main
responsibilities include overseeing all KD Asset Management and
Brokerage companies across Europe (nine altogether), including a
network of Financial Points, leading regional expansion efforts to
Central and South Eastern Europe as well as coordinating strate-
gic thinking on new markets and services. Dag is fluent in English,
Slovenian, Croatian and Serbian.
Eugene Jaffe, founder and Chief Executive officer of Salford Cap-
ital Partners, has over 14 years of international banking and pri-
vate equity experience. Formerly Managing Director at Alfa Bank/
Group in Russia and Director at Epic (Austrian Merchant bank), he
has completed over 100 transactions and was behind the creation
of several success stories in emerging markets. With his wealth of
experience Eugene is one of the most highly regarded deal makers
in Emerging Markets. Eugene holds an MBA from Harvard Busi-
ness School; an MS in Finance from Suffolk University (Boston)
and a MA degree in Economics from St Petersburg University of
Economics and Finance in Russia. Salford Capital Partners, set up
five years ago, focuses specifically on emerging markets, with as-
sets under management of over $400 million and currently has
offices in London, Moscow, Belgrade and Tbilisi and employs over
30 professionals. Among the most notable investments are Imlek
(the largest dairy in Serbia) as well as a number of dairies in Ser-
bia, Montenegro, Bosnia and Macedonia, Knjaz Milos (the largest
mineral water and beverage company in Serbia), Bambi/Banat,
Borjomi, (the most famous brand in the former Soviet Union), IDS/
Morshinskaya, (the largest mineral water company in Ukraine).
Born St Petersburg Russia, US citizen. Married, 3 children.
Rosa Kiape je finansijski stručnjak i ekspert za pravne reforme
sa više od 15 godina međunarodnog iskustva. Specijalizovala se za
penzione sisteme i finansijske instrumente. Trenutno je rukovo-
dilac tima na projektu USAID za reformu bankarstva, osiguranja,
računovodstva i penzionih sistema u Srbiji i Crnoj Gori. Stekla je
značajno iskustvo u oblasti projektovanja, razvoja i implement-
acije penzionih sistema radeći u Latinskoj Americi, Aziji i Istočnoj
Evropi, kao i u oblasti projektovanja i implementacije reformi poli-
sa u oblasti nebankarskih finansijskih institucija, socijalne zaštite,
penzija i tržišta rada na tržištima u ekspanziji. Rosa je takođe ruko-
vodila timom na projektu koji je pomogao u formiranju bugarske
Državne agencije za nadzor osiguranja (SISA), a zatim i konsoli-
dovane Komisije za finansijski nadzor (FSC), koja je odgovorna za
regulisanje i kontrolu penzionih fondova, osiguravajućih društava
i tržišta hartija od vrednosti. Rosa je radila u Latinskoj Americi,
Centralnoj Aziji, Kini i Istočnoj Evropi za Citibank, UNDP, USAID i
Azijsku razvojnu banku.
Rade Rakočević je rođen 09.07.1971. godine u Gradačcu, Bosna
i Hercegovina. Diplomirao je na Ekonomskom fakultetu Beograd,
smer bankarstvo a trenutno zavšava postdiplomske studije na
Ekonomskom fakultetu Beograd, smer bankarski i finansijski
menadžment, u fazi izrade magistarskog rada pod nazivom „Priva-
tizacija i razvoj finansijskog tržišta u zemljama Istočne Evrope“.
Rade je licencirani broker za trgovanje na finansijskom tržištu
(diploma i licenca dobijena od Savezne komisije za hartije od
vrednosti i finansijsko tržište). Takođe, poseduje stečeno zvanje
investicionog menadžera u Republici Srpskoj 2001.god., na kursu
u organizaciji Svetske banke Od 2000. godine, Rakočević je di-
rektor i vlasnik brokerske kuće “Senzal“ a.d. Beograd. U periodu
od 2000 do 2001, radio je kao savetnik u Društvu za upravljanje
Privatizacionim investicionim fondom “ Invest Nova“ a.d. Bijeljina.
U 1999. godini, trgovao je hartijama od vrednosti na CSCE (Coffee,
Sugar, Cocoa Exchange, New York) sa futures-ima na šećer, na
Budimpeštanskoj berzi akcija i NASDAQ. Pre toga je radio kao za-
menik direktora u brokersko-dilerskoj kući “M&V investments“ a.d
.Novi Sad (1996-2000) a karijeru je započeo kao saradnik u sektoru
sredstava u “Credibel banci“ a.d. Beograd.
Sebastijan Loson je rođen 3.maja, 1972. Diplomirao je 1998.
na London College of Law. Magistrirao je u oblasti sociologije,
filozofije, političkih nauka i ekonomije na Oxford University. Se-
bastijan je bio savetnik u brojnim poslovima, uključujući: Nacio-
nalnu banku Grčke u vezi sa preuzimanjem upravljačkog udela u
Finansbank za 2,774 milijardi evra; Credit Suisse u predloženom
IPO rumunskog operatera fiksne telefonije, Romtelcom; predloženi
IPO hrvatske naftne kompanije INA; ponuda međunarodnih inves-
titora za preuzimanje Vojvođanske banke, šeste po veličini banke
u Srbiji; rumunsku vladu u privatizaciji kompanija Distrigaz Nord i
Distrigaz Sud; grad Bukurešt u izdavanju opštinskih Eurobond ob-
veznica; i Raiffeisen u preuzimanju Aval Bank u Ukrajini.
Rosa Chiappe is a financial and legal reform expert with over 15
years of international experience, specializing in pension systems
and financial securities. She is currently serving as Chief of Party
for a USAID project to reform the banking, insurance, accounting
and pension systems in Serbia and Montenegro. She has exten-
sive experience designing, developing and implementing multi
pillar Pension Systems in Latin America, Asia and Eastern Europe,
as well as designing and implementing policy reforms in the non-
banking financial institution area, social security, pensions and
labor market areas in emerging markets. Ms. Chiappe was also
Chief of Party for a project which assisted in the creation of the
Bulgarian State Insurance Supervision Agency (SISA) and after-
wards the consolidated Financial Supervision Commission (FSC),
responsible to regulate and control pension funds, insurance com-
panies and the securities market. Ms. Chiappe has worked in Latin
America, Central Asia, China and Eastern Europe for Citibank,
UNDP, USAID and the Asian Development Bank.
Rade Rakocevic was born on July 9, 1971 in Gradacac, Bosnia
and Herzegovina. He graduated from the Faculty of Economics,
Belgrade, Banking Department in 1994. He is currently prepar-
ing his master’s degree thesis “Privatization and Development of
Financial Markets in East European countries” at the Faculty of
Economics, University of Belgrade. He holds diploma and license,
Broker for Trade in Financial Markets, issued by the Federal Com-
mission for Securities and Financial Markets since 1996. Rade also
completed an Investment Management course organized by the
World Bank in Republika Srpska in 2001. In 2000, Rade founded
the company “Senzal” a.d. Belgrade and since then has been act-
ing as director. He also acted as advisor to “Invest Nova” a.d. Bijelji-
na, company for privatization fund management and prior to that,
he worked on securities trading at CSCE (Coffee, Sugar, Cocoa
Exchange, New York) with features on sugar at Budapest Stock
Exchange and NASDAQ. Rade also worked as deputy director of
“M&V Investments” a.d. Novi Sad and prior to that, as an associate
in Assets Sector in the “Credibel Bank” a.d. Belgrade.
Sebastian Lawson was born on May 3, 1972. He graduated
from the London College of Law in 1998. Sebastian also earned a
M.Sc. in Sociology and MA in Philosophy, Politics and Economics
from Oxford University. Sebastian has advised on numerous deals
including: The National Bank of Greece on the agreed acquisition
of a controlling stake in Finansbank for $2.774bn; Credit Suisse on
the proposed IPO of the Romanian fixed-line telecoms operator,
Romtelcom; on the proposed IPO of the Croatian oil and gas com-
pany, INA; an international investor bidding to acquire Splitska
Banka, Croatia’s fifth-largest bank; an international investor bid-
ding to acquire Vojvodjanska Banka, Serbia’s sixth-largest bank;
the Romanian government on the privatisation of Petrom, the Ro-
manian state oil company (the largest privatisation in south-east
Europe to date); the Romanian government on the privatisation of
Distrigaz Nord and Distrigaz Sud; the City of Bucharest on a mu-
nicipal Eurobond issue; and Raiffeisen on the acquisition of Aval
Bank in the Ukraine.
15
 Dejvid Ejrs je rođen 1956. god, u gradu Worcester, SAD. Priznat
je kao pravnik 1982. u Masačusetsu, SAD, a 2005. je postao partner
u kompaniji Wolf Theiss. Glavne oblasti njegovog delovanja su:
tržišta kapitala; pravo u oblasti hartija od vrednosti; korporativne
finansije; rizični kapital i međunarodna spajanja i preuzimanja.
Govori engleski, francuski, ruski, češki, nemački i španski. U nje-
govo profesionalno iskustvo spadaju sledeće aktivnosti: saradnik
i mlađi partner u firmi Hale and Dorr, Boston, 1982-1991; evropski
partner u firmi Gibson Dunn & Crutcher, Moskva, 1992-1993; part-
ner u firmi Brobeck Hale and Dorr, Prag, London, Minhen, 1994-
2003; partner-rukovodilac u firmi Brobeck Hale and Dorr, 1997-
1999; partner u firmi Hale and Dorr LLP, 2003-2004; partner u firmi
Wilmer Cutler Pickering Hale and Dorr LLP, 2004-2005. Dejvid je
diplomirao 1978. na Middlebury College, a 1982.god i na Columbia
Law School. Član je Advokatske komore Masačusetsa.
Džon Edvards je viši menadžer za međunarodni poslovni razvoj
na Londonskoj berzi. Zadužen je za razvoj poslovanja Londonske
berze u ZND i istočnoj Evropi. Njegova ključna zaduženja su pomoć
kompanijama koje se mogu naći na listingu berze, kao i njihovim
savetnicima u dobijanju informacija na osnovu kojih donose od-
luke vezane za Londonsku berzu, i upoznavanje sa londonskom
poslovnom zajednicom radi efektivnijeg dospevanja na listing
berze. Džon je studirao na Columbia University gde je diplomirao
u oblasti ruskih studija, Magistrirao je poslovnu administraciju i
doktorirao prava na istom univerzitetu. Počeo je da radi na Lon-
donskoj berzi 2003.god, a pre toga se bavio transakcijama privat-
nog kapitala u kompanijima Incepta Ventures UK Limited, Delta
Capital i BNP Invest. Džon ima više od devet godina iskustva u radu
sa kompanijama iz ZND-a, u oblasti prirodnih resursa, potrošačkih
proizvoda, imovine, telekomunikacija i farmaceutske industrije.
Gregori Rot je potpredsednik Odeljenja za servisiranje hartija
od vrednosti u The Bank of New York u Londonu. Greg radi u ovoj
banci od 1998. i zaslužan je za razvoj novih poslova u jugoistočnoj
Evropi, Rusiji, Ukrajini i Kazahstanu. Pre nego što je počeo da radi
za The Bank of New York, Greg je radio za USAID na Balkanu, gde
je nadgledao brojne razvojne projekte američke vlade. Greg je
diplomirao lingvistiku na Berkeley, University of California, a mag-
istrirao u oblasti međunarodnih poslova na Columbia University.
Slavko Carić je rođen 5. februara 1971. Trenutno se nalazi na
poziciji generalnog direktora kompanije Synergy Capital u Beo-
gradu. Diplomirao je poslovnu administraciju 1995.god. na Uni-
verzitetu u Ženevi. Od tada je učestvovao u nekoliko najvećih auk-
cija i tendera za privatizaciju u Srbiji, kao i u poslovima spajanja i
preuzimanja i državnog duga. Pored kompanije Synergy Capital,
Slavko je radio za kompanije kao što su Citadel Financial Advisory,
Wolfman, Agrax i Procter & Gamble. Slavko govori engleski, fran-
cuski, italijanski, ruski i nemački.
16
David Ayres was born in Worcester, MA, USA in 1956. He is ad-
mitted in Massachusetts U.S., since 1982 and has been a partner
in Wolf Theiss since 2005. David’s main practice areas are capi-
tal markets, securities law, corporate finance, venture capital and
cross-border mergers and acquisitions. He speaks English, French,
Russian, Czech, German, and Spanish. David’s professional experi-
ence includes: Associate and Junior Partner, Hale and Dorr, Bos-
ton, 1982-1991; European Partner, Gibson Dunn & Crutcher, Mos-
cow, 1992-1993; Partner, Brobeck Hale and Dorr, Prague, London,
Munich, 1994-2003; Managing Partner, Brobeck Hale and Dorr,
1997-1999; Senior Partner, Hale and Dorr LLP, 2003-2004; Partner,
Wilmer Cutler Pickering Hale and Dorr LLP, 2004-2005.
David graduated from Middlebury College in 1978 and Columbia
Law School in 1982. He is a member of the Massachusetts Bar.
Jon Edwards is a Senior Manager for International Business
Development at the London Stock Exchange. He is responsible
for developing the London Stock Exchange’s business in the CIS
and Eastern Europe. Helping potential listed companies and their
advisers reach an informed decision on London and making in-
troductions to the London-based community to facilitate an effec-
tive listing process are key elements of Jon’s role. Jon studied at
Columbia University where he received his BA degree in Russian
studies and joint JD/MBA degree in business and law. He joined
the London Stock Exchange in August 2003, before which he
worked on private equity transactions for Incepta Ventures UK
Limited, Delta Capital and BNP-Invest. Jon has more than nine
years of experience working with CIS companies in the natural
resources, consumer products, property, telecommunications and
pharmaceuticals sectors.
Gregory Roath is Vice President of The Bank of New York’s
Securities Servicing division in London. Greg has been with The
Bank of New York since 1998 and is responsible for new business
development in South Eastern Europe, Russia, Ukraine and Ka-
zakhstan. Prior to joining The Bank of New York, Greg worked for
USAID in the Balkans where he was responsible for the oversight
of numerous US Government development projects. Greg received
a BA from the University of California at Berkeley in linguistics and
an MA from Columbia University in International Affairs.
Slavko Caric was born February 5, 1971. He is currently the CEO
of Synergy Capital in Belgrade. Slavko earned a Bachelor of Arts
in Business Administration at the University of Geneva in 1995.
Since, Slavko has been involved in some of the largest Serbian
privatization tenders and auctions, M&A deals and government
debt dealings. In addition to Synergy Capital, Slavko has worked
for companies such as Citadel Financial Advisory, Wolfman, Agrax
and Procter & Gamble. Slavko speaks English, French, Italian, Rus-
sian and German.
Natalija Nedeljković je završila Ekonomski fakultet u Beo-
gradu, smer Marketing. Zaposlena je na Beogradskoj berzi, na po-
slovima marketinga i odnosa sa javnošću. Radila je na pripremi i
uređivanju štampanih i elektronskih publikacija i prezentacija. Ob-
javljivala je tekstove iz oblasti berzanskog poslovanja u stručnim
publikacijama i časopisima. Učestvovala je u radu projekata iz
oblasti berzanskog poslovanja (jedinstveni portal “Informacionog
povezivanja berzi jugoistočne Evrope”), kao i u međunarodnoj rad-
noj grupi FEAS-a (Federacija evro-azijskih berzi) na temu “Odnosi
berzi i medija”.
Natalija Nedeljkovic earned her Bachelors Degree in Market-
ing from the Faculty of Economy, University of Belgrade. She is
currently responsible for Marketing and PR activities at the Bel-
grade Stock Exchange. She has worked on preparations and ed-
iting of electronic publications and presentations. Natalija has
published articles regarding stock exchange business operations
in professional publications and journals. She was involved in sev-
eral stock exchange projects (unique portal of “IT Connected Stock
Exchanges in SEE”), and she was a member of an international
working group of FEAS (Federation of Euro-Asian Stock Exchang-
es) involved in a project “Relationship Between Stock Exchanges
and Media”.