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Measuring performance of stock market presents both a theoretical and practical challenge. Efficient financial markets considered the main condition for economic growth and development in developing countries and for developed countries. The aim of the study is to show the level of development and common features of capital markets in the countries in the region. The paper applied the techniques of descriptive statistics and correlation analysis in order to reach key results. The study covers eleven stock indices, three stock exchange indices (SP500, DJI, NIKKEI225) are indicators of changes in global capital markets while the remaining eight are indicators of changes in capital markets in the region (Serbia - BelexLine, Montenegro - Monex, Bosnia and Herzegovina - Birs and Sasx, Croatia - Crobex, Macedonia - MVI-10, Romania-BET, Bulgaria - Sofix).Analysis of the results observed countries in the region confirms the fact that capital markets in the countries in the region, mainly small and under-developed.

In the first part of the paper we analyze core limiting factor for sustainable development in Serbia - delay of transition process, and unused experience of countries that had been in transition. Even one decade later, Serbia is not acknowledged post-Washington consensus recommendations based on the experiences of some countries in Central and Eastern Europe. If sustainable development is understood as a country's ability to function in the given capacity, it is clear why in that second part of the paper we analyze the external imbalance of the Serbian economy. In the third part of the paper we analyze the recommendations for a new strategy of sustainable development. The economic development today is based on three sectors: financial intermediation, retail and wholesale trade, transportation, and telecommunications - that belong to non-exchangeable sector of the economy. Serbia needs to strengthen exchangeable sector in order to have export-stimulated growth instead of demand-stimulated growth.

Offshore centeres (or centers of non-resident operations) are the stage for operations of offshore companies, whose activities are bigger and bigger in last decades. In the introductory part explained are basic characteristics of offshore centers. In the second part of the paper examined are motives for doing business in offshore centers. In the third part we discuss advantages and disadvantages of doing business in offshore centers.

Islamic banking is only a segment of overall banking industry, but its significance is rising steadily. Although still only a 'niche' of the global banking market, it plays presently important role, while its significance will be even more important in the future. Islamic banking is relatively unknown to us. In our nearest neighborhood there are only two banks operating under Islamic i.e. Shariah principles. There is one bank in Bosnia&Herzegovina, although operates for fifteen years, only lately begun to significantly increase its assets and activity. There is also one small bank in Albania. Islamic banks, especially in light of the latest economic and political developments in Serbia (Etihad's acquisition of JAT, the project 'Belgrade Waterfront', etc.) are not so far away from the Serbian banking system, so it is necessary to understand the basic products of Islamic banking, which is the topic of this paper.

For many companies the most of their value consists of the increase of their brands value. Precisely because of the fact that brands' value determine the value of the company significantly, its management should constantly monitor the capitalization of brand i.e. increase the company's value regarding increased brand value. In modern 'buyer's economy' parameters determining the company's value evolves. Numerous from the tertiary and quaternary sector companies bases its value on their customers, i.e. clients. In near future, most companies will be evaluated according to the 'size' and the level of development of relationship with customers, as their 'major' asset. In modern accounting theory there is a growing interest for the customer value, i.e. the Customer Life Time Value - CLV, the Customer Relationship as Equity - CRE, Customer Relationship Capital - CRC, Value based marketing - VBM and so on. On the other hand a sharp change in the value creation (from the tangible to intangible assets) influences the growing discrepancy between the value of net assets of the company and its market valuation. The combination of a growing brand's economic importance and the reform of accounting standards had increased the importance of the values that brands adds to the companies. This paper presents the analysis of brand's financial valuation. After the introduction, firstly we described relationship between the brand valuation and company's value. Secondly, we have analyzed in details brand valuation focused on its financial effects, including different approaches and methods.

The Code is a set of rules and principles stated as the recommendations and provisions to participants in order to define more precisely good practice for stock exchange stakeholders in their corporate governance. The Code is intended primarily to shareholders companies, but also to public companies. In the first part of the paper it is presented what is contained in the Code of Corporate Governance, that is a document issued by the stock exchanges. Since it is difficult to make investment decisions in the securities market without analyzing indicators of the quality of corporate governance, stock exchanges are trying to codify the best practices. Each of the following sections presented briefly codes of Belgrade Stock Exchange, as well as other stock exchanges codes in the Western Balkans. The most important part is the last one, in which comparative analysis is made, which is followed by a brief conclusion and a list of references.

The authors' explores the development of the banking market in Vojvodina, unbreakable part of the banking sector in Serbia. The aim of the paper is to analyze the degree of development of the banking sector in Serbia, and The Autonomous Province of Vojvodina, as well as to indicate its further development. During the research, a method of content analysis of primary data is used, primarily from the NBS website. Highlights of the banking sector in Serbia, and therefore AP Vojvodina, are presented in the introductory section, followed by the proposed measures for the restructuring and improvement of the existing banking system. The structure, the network of the banking system, with all the distribution channels and their representation in the APV is analyzed in the second part. The third part of the paper is focused on the analysis of banks in the field of work with the retail banking. It is followed by concluding remarks.

Multinational companies encounter with translation type of foreign exchange risk exposure owing to the need to periodically consolidate parents' and foreign subsidiaries' financial statements. Translation exposure is determined by taking the difference between a subsidiary exposed foreign currency assets and liabilities. Exposed foreign currency balance sheet items are those items that are translated at current exchange rates. Keeping in mind the fact that translation exposure results in unrealized translation gains and losses, one may ask why are their figures considered important? Although translation gains and losses are paper character, translation exposure effects affect company ability to raise capital, stock price and key financial ratios. Hence, significant attention has to be paid to their properly measurement.

Financial market of Autonomous Province of Vojvodina (APV) has some fundamental market elements - Market of Goods in Novi Sad is operating ten years now - there is also certain number of financial market participators onto Belgrade Stock Exchange from APV, such as broker&dealer companies, investment funds, banks, insurance companies etc. However, a lag is noticable in comparison with developed financial markets. In addition to significantly narrower and shallower financial market, there is also modestly developed financial infrastructure, fewer market participators, and much less diversity of available financial instruments - i.e. less developed financial institutions and financial markets. There is a lot of ways to further improvement regarding overall set of issues regarding financial market in aforementioned Serbian Autonomous Province.