The number of brokerage houses-members of the Sarajevo Stock Exchange (SASE) might be more than halved from one-time 20, because small trading volumes are insufficient to cover their costs, analysts think.

Croatia-owned Auctor folded in early 2011, because operation became unprofitable, and the owners re-registered this operation as a consultancy firm.

Crisis in the capital market has lasted for three years already, and many brokerages are forced to reconsider their operation.

Last year, the number of employees in brokerages and the number of brokerage offices almost halved in comparison with 2008. A majority cancelled their dealership licences, and there is only one left that still provides investment consultancy services.