SMALL TRANSITION EMERGING MARKET FUTURE

Changing conditions in modern capital markets environment transforms stock exchanges from non for profit organizations with central positions in capital market and special governmental treatment to profit oriented companies with own listed stocks. This changes increase competition between stock exchanges and force increase in business combinations, from some form of cooperations to M&A activities. The new conditions in modern capital markets environment challenge futures for small, emerging capital markets in European transition countries. This paper contains brief discussion about the future of small transition emerging markets focusing on certain central and south‐east countries. There are many arguments for cooperation between these markets. Cooperation can range from simple cross listing to creation of regional stock quotation and some complex forms of business combinations. There are also arguments for cooperation between these small emerging markets and other developed small and big European markets, but with certain loss of control and loss of possibilities to use nation stock exchange for developing other national capital markets segments