About us

SEE link is a project started by Bulgaria, Macedonia and Zagreb stock exchanges with the objective of creating a regional infrastructure for trading of securities listed on those three markets.
The project is supported by the European Bank for Reconstruction and Development (EBRD).

The idea behind this cross border initiative is to integrate regional equities markets without merger or corporate integration, using only technology that will enable participating stock exchanges to remain independent yet complement and to allow investors an easier and more efficient approach to those markets through a local broker.

In order to give the whole project a formal framework necessary for successful realization, Bulgaria, Macedonia and Zagreb stock exchanges have established the SEE LINK company in May 2014, seated in Macedonia with three exchanges holding an equal share of ownership.

SEE LINK project is supported by European Bank for Reconstruction and Development providing a €540,000 grant to establish electronic system for order-routing. In parallel, participating stock exchanges extended €80,000 in capital strengthening of the SEE LINK. Funding for SEE Link was generously provided by EBRD donors through the EBRD Shareholders Special Fund.

On March 29 2016 the innovative platform linking Bulgarian, Croatian and Macedonian exchanges became fully operational with the launch of an the order-routing system.
The new technology was unveiled at the Macedonian Stock Exchange’s annual conference in Skopje, in the presence of EBRD representatives and CEO’s of the SEE Link founding exchanges: Ivana Gazic (Zagreb Stock Exchange), Ivan Takev (Bulgarian Stock Exchange) and Ivan Steriev (Macedonian Stock Exchange).

On the next day April 1 2016 SEE Link started to calculate its first two blue chip equity indices, SEE LinX and SEE LinX EWI, in a move to enhance the visibility of regional markets.
The indices were composed of the 10 most actively traded regional companies listed on three participating exchanges: 5 from Croatia, 3 from Bulgaria and 2 from Macedonia. SEE LinX index is a market capitalization weighted index adjusted for the free-float of each constituent, while SEE LinX EWI is an equally weighted index with the same constituents.
SEE Link indices will create more visibility for regional capital markets as well as more transparency, enabling investors to monitor equity price movements accurately to make investment decisions easier.

The Belgrade and Ljubljana Stock Exchanges joined the platform in December 2016 expanding the number of markets to five. In August 2017 Banja Luka and Sarajevo Stock Exchange joined SEE Link, expanding the total number of market to seven. Connecting each market also expanded the composition of SEE Link indices which in August 2017 were composed of 18 most actively trading companies of the seven participating exchanges. 5 from Zagreb Stock Exchange, 3 from Bulgarian Stock Exchange, 2 from Macedonian Stock Exchange,2 from Belgrade Stock Exchange, 4 from Ljubljana Stock Exchange, 1 from Banja Luka Stock Exchange and 1 from Sarajevo Stock Exchange.

In  May 2020 SEE Link started operating The Listed SME Research Hub which is part of the Research Coverage Programme, an initiative supported by the European Bank for Reconstruction and Development (EBRD) and fully funded by the TaiwanBusiness EBRD Cooperation Fund. The pilot Programme aims to increase public access to research coverage of listed SMEs and fill the information gap for under-researched listed companies. The Programme’s partner, WOOD&Co (WOOD) independently provides research coverage for the participating companies.

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