Croatian experiences and regional cooperation: Ante Žigman participates in conferences in Sofia and Brussels
The President of the Board of the Croatian Financial Services Supervisory Agency (Hanfa) Ante Žigman has recently participated in two important European conferences, presenting Croatian experiences and key views on the future of Europe's financial markets.
On Friday, 14 November 2025, he delivered an introductory speech at the conference “FSC 2025: Dialogue and Vision for the Financial Market” organised in Sofia by the Bulgarian regulator – the Financial Supervision Commission (FSC). He shared Croatia's experience of the introduction of the euro, which was particularly interesting to Bulgarian colleagues given that this process is still ahead of them.
The introduction of the euro has significantly reduced currency risk in the portfolio of non-banking financial institutions, encouraging portfolio diversification. Žigman pointed out that Croatia’s example allows us to conclude that the introduction of the euro leads to an increase in market liquidity, without any significant impact on the valuation of shares. At the same time, it may also lead to a slight reduction in sovereign bond yields in the short term. Positive trends in the capital market are on the rise, one of them being the increased number of initial public offerings IPOs).
Joining the Economic and Monetary Union of the European Union, he added, is only the beginning of the integration. In March 2025, the EU adopted the Savings and Investments Union Strategy, which will intensify efforts to integrate European capital markets and the European financial system in general.
Žigman also stressed the importance of timely local adjustments without waiting for EU initiatives, and of maximising the market integration of retail investors. In particular, he highlighted the need for regional cooperation to strengthen competitiveness and the challenges and opportunities brought about by digital asset classes.
On 18 November 2025, the European Central Securities Depositories Association (ECSDA) held its annual conference in Brussels, with Žigman participating in the panel discussion “European Post-Trade Integration – Zoom on Eastern and Central European Market Collaboration”. The debate was focused on the Central and South-Eastern European capital market integration initiative, launched by the Memorandum of Understanding recently signed by the countries of the region.
Žigman highlighted three key pillars of regional market development: strengthening the interconnection between trade and post-trade infrastructures, harmonising regulatory and supervisory standards, and digitising and innovating financial products. Technology, he stressed, opens up the possibility of creating new regional instruments, improving efficiency and expanding investment opportunities. In particular, he emphasised the need to simplify the legislative framework in order to support market growth.
“We are starting where results are visible most quickly – in the trading area: we are harmonising market infrastructure and working on a common regional index and cross-listing of securities. The aim is for investors to be able to easily compare and trade cross-border," said Žigman.
When asked when we will be able to say that regional integration has succeeded, he answered: “When a medium-sized Croatian or Slovak company is able to raise capital anywhere in the region – with on-day settlements and in any local currency – and investors finally see Central and South-Eastern Europe as one interconnected market rather than eight separate ones.”
The active participation of the President of the Hanfa Board at expert European conferences confirms the leading role of Hanfa and Croatia in shaping the future of regional capital markets and strengthening the competitiveness of the entire CEE region on the path towards a single EU capital market.
