LJSE profile
Rules and instructions
International cooperation
Media room
Daily price list
Data archives
List of members
List of securities
LJSE Indices
Statistical data
30 Years of the Ljubljana Stock Exchange

Dear capital market participants,

At the end of this year the Ljubljana Stock Exchange will celebrate its 30th anniversary. Although this time-span does not seem very long from the perspective of developed capital markets – the oldest exchanges in the world count their years in centuries rather than decades, nonetheless our exchange has a very rich history. In Slovenia the first exchange existed even before the Second World War. It was then mainly used for trading with timber, grain and other agricultural products; only in small part the stockbrokers traded valuables, promissory notes and other materialised securities. Due to the War, the exchange closed its doors in 1942. What followed was an almost five centuries long period of centrally planned economy and prohibition of free capital market and any and all trading activities.

Only with the adoption of the federal Yugoslav legislation on securities, money market and capital market the reawakening of the Slovenian and Yugoslav capital market occurred in 1989. On 26 December of the same year the Ljubljana Stock Exchange was founded. 14 brokers participated at the first ever stock exchange meeting on 29 March, and 11 securities were listed.

Ever since then the Ljubljana Stock Exchange has served the needs of the local capital market and wider investment community as the operator of the domestic organised stock market with the highest degree of integrity. Do you remember the beginnings of privatisation when all Slovene citizens became shareholders of domestic companies or the then authorised investment companies (PIDs) over night? Those were the golden years also for the Ljubljana Stock Exchange. There were a lot of trading activities, and the list of issuers on the price list seemed endless. 

When Slovenia entered the European Union in 2004, three years later also the Euro Zone, and the socio-economic development put Slovenia far ahead of the rest of the post-socialist countries, the interest in our companies and trading on the Ljubljana Stock Exchange really increased.  Over the course of this period, the booming business of our larger companies attracted various types and sources of capital, which, throughout the entire period of Slovenia’s development and privatisation processes, more or less successfully carried out branch consolidation.

Acquisitions ended up decimating the number of securities on the exchange since with the decline of privatisation processes the only source of listing new companies on the exchange was taken away. Even though Slovenes are a highly innovative and deeply entrepreneurial nation who by our nature need the stock exchange for a safe and transparent capital flow, we were forced to manage our companies without the much-needed tradition of operating in a market economy and were thus unused to exploiting the stock exchange for purposes of financial optimisation. Unfortunately, Slovenes are not familiar with the IPO as a way of raising fresh capital; thus, in this respect, we are unique in the economically developed world.

However, everything is changing. WE, the Management Board and employees of the Ljubljana Stock Exchange, are confident that we are facing a bright future. The new role of the Ljubljana Stock Exchange, based on programmes and development of the stock market for small and medium sized enterprises (SMEs), represents a strong stepping stone for further development of our companies, economy and society, and a source of an additional set of various securities. By joining the United Nations’ international initiative to promote the financing of long-term sustainable environmental and social projects, the Ljubljana Stock Exchange has entered the community of stock exchanges which care for the next generations.

But do not forget that the stock exchange belongs to all of us. It is here to serve you, investors and entrepreneurs, for purposes of easier capital allocation, and we are certain that it will continue to perform its role with dignity also in the future. We will thus write the future together. In order to honour the past, we decided to share with you brief cross-sections of the history of the Ljubljana Stock Exchange and the capital market, which will be published on this website and social media every month.

Aleš Ipavec,                                    Nina Vičar,
President of the Management            Member of the Management
Board                                             Board