• Борис Тодоровић, M.Sc. Securities Commission of Republika Srpska


information technology, globalization, capital markets, XBRL, eTrading, transparency, electronic data interchange, data exchange standards, optimization of business processes, Web 2.0


Globalization as a process implies interconnection between several physically disjointed locations, or unification of several different markets into one global market. Capital markets first joined the globalization course, only by following the exponential development of information technologies and with the usage of all of its goods and advantages. We can call information technologies the infrastructure of globalization, because they enabled the publication (placement) of information, exchange, acceptance and detailed computer-based analysis in any given time in any part of the world. Today, Internet is the most available information technology, the only global communication network, which ensures quality and cost-effective information exchange. New technologies, which have appeared in the beginning of the 21st century, like Web 2.0 (new software development paradigm) and XBRL (new financial and business data exchange standard) are offering wide applications in information systems of institutional investors, other institutions on capital markets, regulatory agencies and stock exchanges. Using these modern technologies, companies can maximize their efficiency in data exchange and also ensure to deliver new added value to their customers – investors.


Download data is not yet available.


Бобан, Марија. Сигурносни и правни аспекти електроничког пословања. Загреб : Свеучилиште у Загребу, Економски Факултет, 2005.

Моровић, Кристијан. Информацијска технологија као чимбеник стварање вриједности у новој економији. Загреб : Свеучилиште у Загребу, Економски Факултет, 2002.

Ерић, Дејан. Финансијска тржишта и инструменти. Београд : Чигоја Штампа, 2003. 86-7558-155-6.

Information Systems and Control Association. Certified Information Security Manager – CISM Review Manual. s.l. : Information Systems and Control Association, 2006.

Greenwood, Lawrence. Globalization and Economic Development in East Asia: A New Model for Development. New York : s.n., 2007.

Комисија за хартије од вриједности РС. Анализа транспарентности берзанских посредника, инвестиционих фондова и друштава за управљање инвестиционим фондовима на тржишту капитала РС. Бања Лука : Комисија за хартије од вриједности РС, 2009.

Waldt, Dale. XBRL: The Language of Finance and Accounting. O'Reilly [Na mreži] O'Reilly Media, Inc., 12. 03. 2004. [Citirano: 10. 01. 2009.]

After Sarbanes-Oxley, XBRL? Stone, Amey. February 8, 2005, New York : Business Week, 2005.

The Canadian Institute of Chartered Accountants. Audit and Control Implications of XBRL. Toronto : The Canadian Institute of Chartered Accountants, 2002.

Standards Association of Australia. Risk management. s.l. : Standards Association of Australia, 1999. 0-7337-2647-X.

Kuroda, Mr. Haruhiko. Information Technology, Globalization, and International Financial Architecture. Japan's Views on the Main Topics of the Fukuoka Finance Ministers' Meeting. s.l. : Ministry of Finance, Japan, 15. 06. 2000.

Gilson, Ronald J. Transparency, Corporate Governance and Capital Markets. Sao Paulo, Brazil : Organisation for Economic Co-operation and Development, 2000.

The Committee of European Securities Regulators. CESR set out how a Single Point of Information on all EU Corporate Issuers might be realised. s.l. : The Committee of European Securities Regulators, 2005.

O'Reilly, Tim. What Is Web 2.0: Design Patterns and Business Models for the Next Generation of Software. O'Reilly. [Na mreži] O'Reilly Media, Inc., 30. 09. 2005. [Citirano: 27. 12. 2008.]

Wikimedia Foundation Inc. XBRL (eXtensible Business Reporting Language) . Wikipedia - The Free Encyclopedia. [Na mreži] Wikimedia Foundation Inc., 13. 12. 2008. [Citirano: 06. 01. 2009.]

Microsoft Corporation. Microsoft and Rivet Software Work Together to Pioneer Streamlined XBRL-based Financial Reporting for SEC. Microsoft Case Studies. [Na mreži] Microsoft Corporation, 11. 11. 2005. [Citirano: 27. 12. 2008.]

AICPA. XBRL. AICPA. [Na mreži] The Americal Institute of Certified Public Accountants, 2006. [Citirano: 08. 01. 2009.]

Узелац, Александра. Утјецај нових информацијских технологија на културни развој: улога виртуелних мрежа. Загреб : Свеучилиште у Загребу, 2003.




How to Cite

Тодоровић, Б. (2009). INFORMATION TECHNOLOGY ROLE IN CAPITAL MARKET GLOBALIZATION. Acta Economica, 7(10), 387–402. Retrieved from



Review article