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By passing a new Law on security market and other financial instruments from 2006, a new concept of capital market is mostly in compliance with civil law. However, the stock market in our country is still underdeveloped, which is confirmed by the fact that there are two stock exchanges: the stock exchange of Belgrade and the stock exchange of Novi Sad. In contrast to this are examples of the largest stock exchanges in the world, such as the London, New York, Paris, Zurich and Milan Stock Exchange, which perform all types of trading business. Unfortunately, Republic of Serbia in not capable of economically (financially) keeping track of such forms of business, even though this area is highly regulated by the normative. This means that the domestic law contains provisions on the organizational form, on founding of stock exchanges, ways of doing business on the stock market, organs, business control and termination of stock exchange. With regards to OTC market of Law on securities and other financial instruments, Article 115. from 2006, it contains regulations which apply to a joint stock company for organizing OTC market.


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