Progress Market

What Progress Market does

Progress Market is a multilateral trading facility (MTF) operated by Zagreb Stock Exchange, Inc., functioning as a regulated SME Growth Market for small and medium enterprises in Croatia and, through cooperation with Ljubljana Stock Exchange, Slovenia. Established in 2017, the platform enables SMEs to raise capital through both share and bond listings with lower transparency requirements than the regulated market, while operating under the Croatian Capital Market Act and EU Regulation 596/2014 (MAR) with oversight from Hanfa. As of June 2026, the venue hosts 134 listed instruments with total market capitalization of EUR 134.14 million (EUR 132.90M equity, EUR 1.24M debt), though only 6 issuers are actively trading.

The platform is built on Deutsche Börse's XETRA T7 electronic trading infrastructure, supporting Continuous Trading, Low Liquidity Trading, Continuous Auction Model, and Auction Trading procedures, with real-time data dissemination through Vienna Stock Exchange's ADH feed. Supporting products include the ZSE Monitor real-time data application, the EHO Service for issuer disclosure, a market surveillance system, volatility interruption mechanisms, and pre-trade controls. Revenue is generated through five streams: one-time listing/admission fees, transaction-based trading fees, subscription market data services, adviser maintenance fees, and recurring issuer fees, all governed by a Hanfa-approved price list (e.g., EUR 265.45/year adviser maintenance, EUR 125/month end-of-day data). Pricing for data, adviser status, and issuer fees is publicly disclosed.

Distribution combines direct institutional channels with authorized advisers (Card&D, Zlata Doba, Equito, Privredna banka Zagreb) who guide SMEs through admission, and trading executes via ZSE member brokerage firms. The GTM motion is enterprise field sales, targeting SMEs that need public market capital but lack the scale for regulated market listings. Marketing occurs through ZSE Awards, Investor Days, Challenge of Change conferences, ZSE Academy educational programs, and SME workshops co-organized with Privredna banka Zagreb and Cotrugli Business School. Notable customers span manufacturing (KONČAR - Mjerni transformatori, TVORNICA STOČNE HRANE), scientific R&D (Bc Institut, GLUCODENT), electromobility (enasolAuto/Qelo), and financial/energy holding (NextGrid Energy, EBRD-backed).

Name

Progress Market

Legal name

Zagreb Stock Exchange, Inc.

Website

https://progress.market

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Capital Markets / Securities Trading

NAICS

Securities and Commodity Exchanges (52321)

akta.pro primary industry

SME / Growth Market Stock Exchanges (FSAFAAAC)

akta.pro secondary industry

Multi-Asset Alternative Trading Systems (ATS) / Multilateral Trading Facilities (MTF) (FSAFAEAC)

Keywords

• SME growth market
• Multilateral trading facility
• Securities trading platform
• Capital market access
• Equity and bond listing

Headquarters

HQ city

Zagreb

HQ country

Croatia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Listing/Admission Fees: Fees charged to issuers for admission of securities to trading on Progress Market. Includes application processing fees and listing fees.
2. Transaction/Trading Fees: Fees generated from trading activities on the platform, including turnover-based charges.
3. Market Data Services: Revenue from providing real-time, delayed, and end-of-day market data to data vendors and end users. Includes fees for ZSE Monitor service, historical data, and certificates.
4. Adviser Fees: Fees for adviser status maintenance and annual services provided to registered advisers.
5. Issuer Fees: Ongoing fees for issuers listed on the market for maintaining listing status.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Progress Market is a multilateral trading facility (MTF) operated by Zagreb Stock Exchange that enables small and medium enterprises (SMEs) in Croatia and Slovenia to raise capital through share and bond listings and trading. The platform provides a regulated trading environment with lower transparency requirements than regulated markets, supporting multiple trading models (Continuous Trading, Low Liquidity Trading, Continuous Auction Model) and serving 134 listed issuers with EUR 134.14 million total market capitalization as of June 2026. Supplementary services include market data distribution, electronic issuer disclosure (EHO Service), and periodic trading reports.

Product overview

Progress Market is a multilateral trading facility (MTF) operated by Zagreb Stock Exchange for SME securities trading across Croatia and Slovenia. The platform consists of the core Progress Market trading system, supported by the ZSE Monitor for real-time market monitoring and the EHO Service for issuer disclosure requirements. Trading operates through three models: Continuous Trading for liquid securities, Low Liquidity Trading for less active stocks, and Continuous Auction Model for structured products. Market safeguards include volatility interruptions and pre-trade controls. Data distribution services provide real-time, delayed, and end-of-day market data to vendors. Periodic trading reports and market capitalization statistics support market analysis.

Differentiator

Problem solved

Functional benefit

Products and services

• Progress Market Multilateral trading facility (MTF) operated by Zagreb Stock Exchange for SME securities trading in Croatia and Slovenia. Enables small and medium enterprises to raise capital through shares and bonds listing and trading with lower transparency requirements than regulated markets.
• ZSE Monitor Web-based application for real-time monitoring of trading information, available to end users. Provides live market data access for investors monitoring Progress Market securities.
• EHO Service Electronic issuer disclosure and announcement system for regulated information dissemination. Enables issuers to meet mandatory public disclosure obligations under CMA and MAR regulations.
• Market Data Distribution Data vending service providing real-time, delayed, and end-of-day market data to licensed data vendors and professional users. Real-time data requires Market Data Agreement with Vienna Stock Exchange.
• Periodic Trading Reports Subscription-based monthly, quarterly, semi-annual, and annual trading reports in Excel format documenting trading activity, volumes, and market statistics for Progress Market.
• Market Capitalization Reports Monthly and annual market capitalization statistics showing equity instruments, debt instruments, total market cap, and number of trades over 36-month periods for Progress Market.

Quantifiable outcome

• Market capitalization growth from EUR 40.97 million (2022) to EUR 134.14 million (June 2026)
• +1 more outcomes

Named customers6 records

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Vienna Stock Exchange ADH FeedcoreTechnology or Integration · 1 April 2017ADH (Advanced Data Feed) is the technical mechanism for disseminating real-time trading data from Progress Market. Data vendors must conclude Market Data Agreement with Vienna Stock Exchange.
• Ljubljana Stock Exchange (Ljubljanska borza)coreStrategic or Co-development PartnerCooperation between Zagreb Stock Exchange and Ljubljana Stock Exchange enables small and medium-sized companies to raise capital in both Croatia and Slovenia. Progress Market operates across both countries with unified rules and procedures.
• Vienna Stock Exchange (Wiener Börse)coreTechnology or IntegrationReal-time market data for Progress Market is disseminated exclusively via the Vienna Stock Exchange ADH data feed since April 1, 2017. Technical details available at Wiener Börse website.
• Croatian Financial Services Supervisory Agency (Hanfa)coreOthersRegulatory oversight of Progress Market operations. Hanfa approved the Zagreb Stock Exchange Price List in November 2023. Hanfa also receives market abuse case referrals from the Exchange.
• Central Depository & Clearing Company (SKDD)minorStrategic or Co-development PartnerCo-organizer of Annual Education for ZSE Issuers alongside Hanfa. Provides clearing and settlement services for securities traded on ZSE markets.
• Deutsche Börse XETRAcoreTechnology or IntegrationXETRA T7 trading platform provided by Deutsche Börse powers the electronic trading on Progress Market, handling order matching and trade execution.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• AIM (London Stock Exchange): London Stock Exchange's SME growth market — the original and largest global example of a growth-market venue. Comparable in regulatory philosophy (lighter rules for smaller issuers) but operates at vastly larger scale, serving international SMEs that Progress Market targets regionally.

Others

• Deutsche Börse XETRA: Not a direct competitor but a critical infrastructure provider — XETRA T7 powers trading on Progress Market. Also operates its own Regulated Market/Scale segment for SMEs, making it both a technology partner and an indirect competitor at the venue level.

Regional players

• Bulgarian Stock Exchange: Bulgaria's main exchange and SEE Link partner. While not exclusively an SME growth market, it serves comparable regional issuers in the SEE region and was named alongside Progress Market in regional ESG and capital markets cooperation initiatives.
• Macedonian Stock Exchange: North Macedonia's main exchange, mentioned alongside Progress Market in SEE Link ESG cooperation initiatives. Operates as a small regional exchange serving a similar SME issuer profile in a neighbouring SEE economy.
• Bucharest Stock Exchange (AeRO Market): Romania's AeRO market is an emerging SEE/Central European growth market for SMEs. Comparable regional positioning to Progress Market in serving smaller companies from an EU emerging market, though with a larger potential issuer base than Croatia/Slovenia.

Direct peers

• Euronext Growth: Euronext's pan-European SME growth market operating across Paris, Brussels, Amsterdam, Milan, Dublin, Lisbon, and Oslo. Directly comparable as a multilateral trading facility / SME growth market offering lighter disclosure regimes for small-cap issuers, with broader investor reach than Progress Market.
• NewConnect (Warsaw Stock Exchange): Poland's SME growth market operated by WSE. Functions as an MTF/alternative trading system with comparable SME-focused framework, EU regulatory backdrop, and emerging-market positioning to Progress Market in Central Europe.
• Spotlight Stock Market (Sweden): Nordic MTF focused on SME listings, comparable in regulatory model (multilateral trading facility with reduced transparency requirements). Operates at a larger scale than Progress Market and serves as a benchmark for what a mature Nordic SME growth venue can achieve.
• Nasdaq First North: Nasdaq's European growth market covering Stockholm, Helsinki, Copenhagen, and Iceland. Functions as an MTF for SMEs with the same lighter regulatory framework that Progress Market offers, serving similar early-stage and growth companies seeking public capital markets access.
• Vienna Stock Exchange m:access: Vienna's m:access market is an MTF for SMEs and medium-sized companies in Austria and CEE. Functionally identical to Progress Market — a regulated MTF segment with lighter disclosure rules — and an obvious cross-border competitor for regional issuers.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/progress-market

Compliance2 records

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 Progress Market