INTRODUCTION OF THE EURO CURRENCY
Kuna to become a thing of the past
Stock Market – Legal & Private Persons
- How will the Zagreb Stock Exchange, Inc. display prices of quoted financial instruments in the dual display period?
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At the end of every trading day, the Zagreb Stock Exchange, Inc. will display data of total turnover in the stock exchange and closing prices of individual financial instruments dually – in the kuna and in the euro.
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- When does the dual price display start for clients of brokerage and custodian services and what will be displayed dually?
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Dual price display starts on 05 September 2022 and lasts until 31 December 2023.
To customers who are private persons using brokerage and custodian services, RBA will provide dual display for the following:
• Fee Tariff for brokerage and custodian services
• Amounts of initial and closing balance in the Client’s account or monetary value of closing balance in the Client’s account of financial instruments
• Aggregated amount of ex ante and ex post information of costs and fees
• In the main menu/screen of the digital channel via which the investment or ancillary service is provided: closing balance in the Client’s cash account
• Invoice for custodian services
• Real-time trade reporting for every transaction immediately after it is completed on the Zagreb Stock Exchange, Inc.
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- Will eBroker have dual display?
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Yes. Clients who use the eBroker service in the Internet Banking will be provided with dual display:
• when placing buy/sell orders for financial instruments
• for cash account balance, current and total portfolio values, cash account movements and registration of security papers.
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- Will the balance of a custody account be displayed dually in the Internet Banking?
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Yes. Clients who use the Internet Banking and hold a custody account at RBA will have dual display of balances and transactions for the Client’s custody account in the menu Accounts – Custody.
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- What will reports, displays and overviews look like in the dual display period?
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In the first period until introduction of the euro, reports, displays and overviews will be displayed in the kuna first, followed by the euro amount.
After the changeover to the euro as the legal currency, euro amounts will be displayed first, followed by kuna amounts according to the fixed conversion rate (1 EUR=7.5345 HRK).
After the expiry of 12 months from the date of changeover to the euro, the above reports, displays and overviews will be displayed in the euro only.
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- What will happen to my cash in the securities account (brokerage or custody account)?
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On the day of changeover to the euro as the legal currency, securities in the kuna held by the Client at RBA for securities trading (in a brokerage or custody account) will be recalculated into the euro amount at the fixed conversion rate (1 EUR=7.5345 HRK).
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- What will happen to my securities balance?
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On the day of changeover to the euro as the legal currency, securities held by the Client at RBA or registered with RBA as the broker will be converted into the euro in keeping with the Law on Introduction of the Euro as the Legal Currency in the Republic of Croatia.
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- Will the quantity of stocks traded in the Zagreb Stock Exchange, Inc. that I own be changed after introduction of the euro as the legal tender?
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Quantities of equities (shares) that you own and are traded in the Zagreb Stock Exchange, Inc. will not change after introduction of the euro.
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- Will the Zagreb Stock Exchange, Inc. recalculate market value of shares from kuna to euro?
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Market value of stocks quoted on the Zagreb Stock Exchange, Inc. will be recalculated and displayed in the euro on the day of changeover to the euro, rounded to the nearest euro cent by applying the fixed conversion rate (1 EUR=7.5345 HRK) and in compliance with the rules for recalculation and rounding as under the Law on Introduction of the Euro as the Legal Currency in the Republic of Croatia.
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- What will happen with my open buy/sell orders on the Zagreb Stock Exchange, Inc?
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On the last day of trading in kuna, all orders on the Zagreb Stock Exchange, Inc. will be canceled by the stock exchange. The next working day after the introduction of the euro as the official currency, you will be able to place new orders with price in euros.
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If you have any other questions, do not hesitate to contact us. We are here for you and will try to answer all of them as soon as we can.
You can reach us at info@rba.hr, by calling 072 62 62 62, at our 62 branches across Croatia, via direct message on social networks or by postal service at Magazinska cesta 69, Zagreb.
Also, the Croatian National Bank launched their euro-related website, www.euro.hr. There you can find details and news about the introduction of the euro.