ZAGREB STOCK EXCHANGE

What ZAGREB STOCK EXCHANGE does

Zagreb Stock Exchange (Zagrebačka burza d.d.) is Croatia's sole regulated securities market operator, founded in 1991 and headquartered in Zagreb at Ivana Lučića 2a. The exchange is itself a public joint-stock company listed on its own venue under ticker ZB (ISIN HRZB00RA0003, 2,317,850 shares outstanding) and is regulated by Hanfa, the Croatian Financial Services Supervisory Agency. ZSE operates a regulated trading platform supporting equities, bonds, ETFs, treasury and commercial bills, and structured products across four market segments: Prime Market (Vodeće tržište), Official Market (Službeno tržište), Regular Market (Redovito tržište), and the Progress Market for SMEs. Trading modalities include continuous trading, continuous auctions, low-liquidity share sessions, and block trades, with pre-trade controls, tick-size regimes, volatility auctions, and a market-surveillance framework providing investor protection.

The exchange's technology stack includes the trading system itself, the zseAPA Authorised Publication Arrangement and ZSE OTC Servis for OTC transaction reporting, the zseMonitor end-user data service, the EHO electronic disclosure platform for issuers, and the CROBEX family of indices covering equity, sector (industrija, konstrukt, nutris, transport, turist), bond (CROBIS), and regional (ADRIAprime) benchmarks. Market data is redistributed through approved data vendors and, since April 2026, via TradingView's global platform under the ZSE: prefix.

ZSE generates revenue from five principal streams: trading and transaction fees from exchange members, listing fees (initial and ongoing) by market segment, annual membership fees for brokerage firms and banks, market-data distribution fees to vendors and end users, and corporate services such as IPO facilitation and EHO disclosure support. Pricing is published in the ZSE fee schedule (Cjenik usluga) but is not fully disclosed in marketing materials. The customer base spans domestic and international issuers seeking capital-market access, licensed exchange members executing trades, data vendors redistributing feeds, and retail/institutional investors accessing Croatian securities. Recent activity demonstrates renewed market engagement: ING-GRAD's €60.72M IPO in March 2025, Hanfa-approved Tokić prospectus in 2025, and BOSQAR trading debut in July 2026, alongside the eight-country SEE merger MoU signed in Zagreb in August 2025 positioning ZSE as the prospective headquarters of a unified regional venue covering approximately 85 million people.

Name

ZAGREB STOCK EXCHANGE

Legal name

Zagrebačka burza d.d.

Website

https://zse.hr

Company type

Public

Founded year

1991

Operating status

Operating

Headcount range

11–50 employees

Short description

The Zagreb Stock Exchange (Zagrebačka burza d.d.) is Croatia's sole regulated securities market operator, running the CROBEX index family and offering equities, bond, ETF, and structured-product trading across Prime, Official, Regular, and Progress market segments for domestic issuers, exchange members, data vendors, and investors.

Ownership category

akta.pro rank

Product category

Securities Exchange Operations

NAICS

Securities and Commodity Exchanges (523210)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Market Surveillance & Trade Monitoring Platforms (FSAFAKAA)

akta.pro secondary industries

Securitized Products Trading Platforms (MBS/ABS/CLO) (FSAFACAK), Regulatory Reporting Hubs & Aggregators (Multi-Regime/Multi-Asset) (FSAFAJAF)

Keywords

• Securities trading platform
• Equity market indices
• Listed issuer services
• Market data feeds
• Exchange membership

Headquarters

HQ city

Zagreb

HQ country

Croatia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Trading and Transaction Fees: Fees charged to exchange members for trades executed on the platform. The exchange operates trading systems with various modalities including continuous trading, auctions, and block transactions.
2. Listing Fees: Fees for companies listing securities on the exchange, including initial listing and ongoing listing maintenance across market segments (Prime Market, Official Market, Regular Market).
3. Membership Fees: Fees charged to exchange members (brokerage firms, banks) for trading rights and access to the trading system.
4. Market Data Distribution: Revenue from redistributing market data to data vendors, financial information providers, and end users through ZSE Monitor and vendor feeds.
5. Corporate Services: Services to issuers including IPO facilitation, corporate governance support, and periodic reporting through EHO (electronic issuer disclosure system).

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

The Zagreb Stock Exchange (Zagrebačka burza) operates Croatia's sole regulated securities market, providing a trading platform for equities, bonds, ETFs, structured products, treasury bills, and commercial paper. The exchange offers multiple market segments (Prime Market, Official Market, Regular Market, and the Progress Market for SMEs), distributes market data and the CROBEX family of indices to data vendors and end users, and supports issuers with listing services, the EHO electronic disclosure system, and the ZSE APA OTC transaction reporting service.

Product overview

Zagreb Stock Exchange (Zagrebačka burza) operates as a unified exchange platform offering securities trading, market data distribution, and issuer services. The core platform encompasses the ZSE Trading Platform for equities, bonds, ETFs, and structured products, complemented by data products including zseMonitor for end-user market data, zseAPA for OTC transaction reporting, ZSE OTC Servis, and the CROBEX family of indices. Supporting services include the EHO electronic announcement system for issuers, Akademija ZSE for investor education, and the Progress Market as an alternative listing segment for SMEs. Market data is distributed to third-party vendors and integrated platforms like TradingView.

Differentiator

Problem solved

Functional benefit

Brands

• ZSE Prime: Premium market segment for leading companies with higher listing standards
• Progress tržište
• Akademija Zagrebačke burze
• ZSE Monitor
• ZSE APA
• ZSE OTC Servis

Quantifiable outcome

• Croatian companies can raise capital through IPOs and secondary offerings on a regulated market with investor protection
• +1 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Seven partnerships are on record, tiered major, core and minor.

• TradingViewmajorTechnology or Integration · 6 April 2026TradingView integrated ZSE data in April 2026, making Croatian stocks, funds, bonds, and indices (ZSE: prefix) available on its platform covering 2M+ instruments globally. Connects Croatian markets with global investors.
• Ljubljana Stock Exchange (Ljubljanska borza)coreStrategic or Co-development Partner · 25 August 2025Slovenia's national stock exchange. ZSE and Ljubljana Stock Exchange are central to the multi-country stock exchange merger initiative. Slovenia rejected Croatia's Fina agency bid to acquire Ljubljana Exchange in November 2025, citing legal criteria and classifying it as critical infrastructure.
• Macedonian Stock Exchange (Makedonska berza)coreStrategic or Co-development Partner · 25 August 2025One of 8 Central and SEE countries signing MOU in Zagreb to establish a unified capital market through stock exchange merger. The new management company would be headquartered in Croatia.
• EBRD (European Bank for Reconstruction and Development)coreStrategic or Co-development Partner · 21 February 2025EBRD supports Croatia's Ministry of Finance in developing Strategic Framework for Capital Markets Development 2025-2030. Five strategic directions: regional integration and positioning Croatia as financial hub, digitalisation, improving corporate governance, enhancing market liquidity, developing new investment products.
• EHO (Electronic Issuer Disclosure System)coreTechnology or IntegrationEHO is the electronic system for market participants including listed companies, trading members, and investors to submit and access regulated information disclosures.
• Interreg MESTRI-CEminorStrategic or Co-development PartnerEuropean regional cooperation project focused on strengthening the Central European capital market ecosystem.
• HANFA (Croatian Financial Services Supervisory Agency)coreOthersCroatian financial regulator that approves IPO prospectuses (e.g., Tokić IPO), supervises the exchange, and sets regulatory standards for capital markets.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Euronext: Pan-European exchange operator covering Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, and Paris. Represents the structural ceiling for SEE exchanges - the venue to which larger SEE issuers migrate for depth and index inclusion. Direct competitor for cross-listings and benchmark visibility.
• Budapest Stock Exchange: Hungary's national exchange and CEE regional venue. Comparable scale to a growing ZSE and member of multiple regional integration initiatives. Operates similar equity, bond, and structured product segments.
• Prague Stock Exchange: Czech Republic's national exchange serving a small EU member economy. Comparable scale and product mix to ZSE, with broader index family and stronger secondary liquidity. Regional incumbent participating in CEE capital markets integration initiatives.
• Warsaw Stock Exchange: Poland's national exchange and the dominant CEE equity venue by market cap and liquidity. Operates a similar multi-tier regulated market structure (Main Market, NewConnect, Catalyst for bonds). Larger incumbent that benchmarks ZSE's product and technology roadmap.

Direct peers

• Macedonian Stock Exchange: North Macedonia's national exchange and core MoU partner in the regional merger initiative. Operates under similar SEE regulatory/supervisory framework and trades a comparable small market of regional equities and bonds. Most directly comparable in size and product scope to ZSE.
• Bucharest Stock Exchange: Romania's national exchange and largest SEE venue by market cap. Operates the same multi-tier regulated market structure (Prime/Regular/SME segments) and serves as a reference point for SEE regional consolidation. Stronger comparable in scale and issuer depth than ZSE.
• Bulgarian Stock Exchange: Bulgaria's national exchange serving a small EU member economy similar to Croatia. Comparable in scale, single-country focus, and product mix including equities, bonds, and government securities. Operates under EU MiFID-aligned regulatory framework identical to ZSE.
• Belgrade Stock Exchange: Serbia's national exchange operating in the same SEE region with similar small-cap equity focus. Comparable in regulatory role, revenue model (listing + trading + data fees), and target issuer profile. Regional peer pursuing similar EU-adjacent market integration.
• Ljubljana Stock Exchange: Slovenia's national exchange and ZSE's most direct regional peer. Both operate as small EU single-country venues, signed the August 2025 MoU for SEE market merger, and serve similar cap structures of mid-cap regional issuers. Comparable in scale, regulatory framework, and product mix (equities, bonds, ETFs, structured products).
• Montenegro Stock Exchange: Montenegro's national exchange participating in the SEE regional merger initiative. Smallest SEE peer, similar single-country regulatory monopoly model, and comparable revenue mix dominated by listing and trading fees.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/zagreb-stock-exchange
• Xx.com/zse_zagreb

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ZAGREB STOCK EXCHANGE