20.500.12556/DKUM-18830 SPREMEMBE NA TRGU DRŽAVNIH OBVEZNIC PO VSTOPU SLOVENIJE V EMU Changes on the Government Bond Market after entering Slovenia into EMU Republika Slovenija je pred prevzemom evra izdajala državne obveznice predvsem na domačem trgu na avkcijski način. Na primarnem in sekundarnem trgu državnih vrednostnih papirjev so do vključno leta 2006, kot udeleženci primarnega trga oziroma primarni vpisniki ter kot uradni vzdrževalci sekundarnega trga državnih vrednostnih papirjev, neposredno sodelovale le domače finančne institucije. Trgovanje na sekundarnem trgu je sprva potekalo preko organiziranega trga Ljubljanke borze, kasneje pa preko posebnega segmenta TUVL. Likvidnost na sekundarnem trgu je bila slaba. Po vstopu Slovenije v EMU je bil med strateškimi cilji njenega zadolževanja vključen tudi cilj širjenja investitorske baze na integriranem trgu državnih obveznic v evroobmočju, gradnje krivulje donosnosti ter pospeševanja sekundarne likvidnosti državnih obveznic. Za dosego teh ciljev je sindicirani način izdajanja obveznic nadomestil avkcijskega, v skupino primarnih vpisnikov so bile vključene tudi tuje finančne institucije in ustanovljena je bila nova elektronska trgovalna platforma MTS Slovenija. Before entering the EMU, Republic of Slovenia issued government bonds mainly in the domestic market via auctions. Up to and including 2006, only domestic financial institutions had directly participated in the primary and secondary government securities market as primary market participants or primary dealers and as official market makers on the secondary market of government securities. Trading in the secondary market was initially carried out through a regulated market Ljubljanke Stock Exchange, but later, through a specific segment called TUVL. Liquidity in the secondary market was weak. After Slovenia entered into EMU, one of the strategic goals was broadening the investors' base on the common government bond market in the eurozone, building the yield curve and enhancing the secondary liquidity of Slovenian government bonds. To achieve this goal auction method of bond issuance was replaced by a sindicated one, into primary dealers group non-resident financial institutions have been included and a special designated electronic trading platform MTS Slovenia was introduced. EMU trg državnih obveznic avkcije sindicirana izdaja TUVL MTS Slovenija krivulja donosnosti. EMU government bond market auctions syndicated issue TUVL MTS Slovenia yield curve. true true false [G. Juteršek] Slovenski jezik Angleški jezik Magistrsko delo 2011-06-03 11:31:07 2011-10-14 11:43:05 2022-04-13 11:04:49 2023-12-24 03:23:41 2011 0 Celje 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 336.76 10781724 URN:SI:UM:DK:ACOUMYIY MAG_Jutersek_Gregor_2011.pdf MAG_Jutersek_Gregor_2011.pdf 1 8CDA51FE4C2EE2A059A873B94603B738 c696fab88fc53bdc9aaf25e55361a26c7202d46ce067088d42ee29d711cb1469 3e1aefcf-7c05-11eb-bb7a-00155d0001ca 20.500.12556/dkum/6e9935be-4fb4-43f0-b661-cc89470cd568 https://dk.um.si/Dokument.php?lang=slv&id=22645 Ekonomsko-poslovna fakulteta 0 0 0