Despite all the skepticism, the ‘old savings’ bonds turned out to be the perfect opportunity for the development of financial market in Serbia. This was a new and liquid security that carried virtually no risk for its holders. However, for a number of reasons, the bond market became distorted, dividing into primary and secondary markets, with the secondary market further segmented into over-the-counter and stock exchange markets. Transformation of the banking system in Serbia was required for the national payment system to be transferred from the Clearing and Settlement Bureau to commercial banks. The development of the financial market required a less expensive and more efficient payment system with.
