Minsk, Belarus
FOUNDATION STAGES
March 1993
INTERBANK CURRENCY EXCHANGE,
closed type joint stock company
Main events: organizing foreign currencies trades
(since 24.03.1993), registration of transaction in government
securities (August 1994)
September
1996
INTERBANK CURRENCY EXCHANGE,
State Institution of the National Bank
Main events: organizing government securities trades (since
16.01.1998)
December
1998
BELARUSIAN CURRENCY AND
STOCK EXCHANGE (BCSE)
AIMS
TO BECOME THE DOMINANT POWER IN THE BELARUSIAN
FINANCIAL MARKET INFRASTRUCTURE AND TO ENABLE IT TO
PROVIDE THE FOLLOWING:
minimization of risks and transaction charges from capital formation
in the organized market;
transparency of transactions;
protection of investors’ legal rights and their interests;
implementation of programs on financial resources formation
necessary for their development;
state monetary and credit policy market mechanisms development;
necessary conditions for effective controlling functioning of the State
TASKS
to raise competitive capacity, quality and quantity of services rendered by the
BCSE;
to increase the efficiency of exchange currency, stock and futures market
functioning;
to contribute to the effective settlement and clearing system formation, that
service main segments of the organized financial market;
to provide Belarusian financial market with information transparency;
to assist in realization of state investment programs and other projects aimed
at financial markets developing;
to promote integration processes between Russian and Belarusian financial
systems;
to create program and technical infrastructure for electronic documents
circulation in the organized market;
to develop own program and technical base, to implement modern computer
technologies into the exchange.
SERVICES ON FINANCIAL MARKET
Functions of the BCSE
 Organization of the exchange trading in foreign currencies, futures and securities
 Clearing Center in Belarusian settlement clearing system
 Registration of OTC transactions with corporate securities of all types
 Financial operations control
Information service
 On-line information products providing current information about trading sessions on
different exchange market sectors
 Periodical information products on the base of primary stock exchange information
data on separate financial market sectors
 Information products based on Internet technology
The total annual trade volume in 2009 amounted to $ 29.2 billion.
BCSE TRADE PARTICIPANTS
EXCHANGE TRADES ARE CARRIED OUT WITHIN CURRENCY, STOCK AND
FUTURES MARKETS SECTORS.
Main requirements to become a Sector Member of the BCSE:
compliance with Belarusian legislation;
an acting license on professional and exchange securities activity issued by the
Securities Committee, an additional license for banks on conducting bank operations
issued by the National Bank;
Professional Securities Market Participants’ financial adequacy as defined by the
legislation, banks shall meet economical requirements established by the National Bank;
balance-sheet without loss
disclosing information on financial and economic activity
As of January 1, 2010 Sector Members included 72 companies
including 32 banks and 40 broker and dealer companies
CURRENCY MARKET
EXCHANGE CURRENCY MARKET FUNCTIONS:
Formation of market rate of national money unit to foreign currencies;
Establishing the official rate of Belarusian rouble upon exchange trade totals;
Providing the obligatory foreign currency sale
Only banks that are members of the currency market sector and empowered to trade
on their own behalf and at their own expense, as well as on their own behalf by their
client’s order, have the right to trade with foreign currencies on the BCSE
Trades with 15 currencies are carried out on the BCSE in the electronic trade
system, but US Dollar, Russian rouble and Euro dominate in the total amount of
operations on the exchange currency market.
Settlements are carried out:
 via transit accounts in the National Bank (for USD/BYR, EUR/BYR, RUB/BYR, UAH/BYR)
under obligatory deposition of Belarusian Roubles at the amount of net liability
 directly between trade participants (for other financial instruments).
The currency market turnover in 2009 amounted to $ 14.1 billion
($ 18.7 billion in 2008).
FUTURES MARKET
MEMBERS OF FUTURES MARKET SECTOR
ARE EMPOWERED TO TRADE ON THIS SEGMENT
The following kinds of futures contracts are circulated at the BCSE:
futures on US dollar with 1, 2, 3 and 6 months redemption period
futures on US dollar with 1, 2, 3 and 6 months redemption period
futures on GLTB variable warrant yield
EXCHANGE TRADES WITH FUTURES INSTRUMENTS ARE DAILY
CARRIED OUT IN THE ELECTRONIC TRADE SYSTEM
SIMULTANEOUSLY WITH ALL INSTRUMENTS
IN A “CONTINUOUS DOUBLE AUCTION” MODE.
The futures market trade volume in 2009 amounted to $ 11.25 million,
($ 7.6 million in 2008).
STOCK MARKET: securities admission to circulation
at the BCSE
GOVERNMENT SECURITIES OF THE NATIONAL BANK ARE
ADMITTED TO TRADES AT THE BCSE UNDER OFFICIAL
ISSUE CONDITIONS
ONLY LISTED NON-GOVERNMENT SECURITIES ARE
ADMITTED TO TRADES AT THE BCSE
In 2009, the stock market turnover amounted to $ 15.06 billion
($ 9.1 billion in 2008)
STOCK MARKET: Listing
FIRST LEVEL
QUOTATION LIST A
SECOND LEVEL
QUOTATION
LIST A
QUOTATION LIST B
ISSUER, BCSE,
STATE PROPERTY
FUND, MEMBERS
OF THE STOCK
MARKET SECTOR
ADMISSION INITIATOR
ISSUER
ISSUER
ACTIVITY PERIOD
OF ISSUER
AT LEAST 3 YEARS
AT LEAST 1
YEAR
NUMBER OF
SHAREHOLDERS
AT LEAST 1000
AT LEAST 500
MAKE-OUT
REQUIREMENTS
ABSENCE OF LOSSES BY TOTALS OF 2
YEARS FROM ANY OF LAST 3 YEARS
NET WEALTH COST OF
ISSUER
From EURO 10 mln
OWN CAPITAL AMOUNT
(FOR BANK)
AT LEAST EURO 10 mln
OWN CAPITAL AMOUNT
(FOR NON-BANK ISSUERS)
From EURO 10 mln
NUMBER OF SHARES
BELONGING TO ONE
SHAREHOLDER
NOT MORE THAN 75 %
OF SIMPLE EQUITIES
OF AN ISSUER, EXCEPT
STATE-OWED EQUITIES
n/a
from
EURO 1 mln
from
EURO 1 mln
n/a
OUT OF LIST
SECURITIES
ISSUER, BCSE,
MEMBERS
OF THE STOCK
MARKET SECTOR
n/a
CLEARING AND SETTLEMENT SYSTEM
PARTICIPANT 1, Seller
Client of PARTICIPANT 1
Trade position «securities» of
a Client
Settlement Depository
RUE «RCSD»
DEPO corr. accounts
LORO of authorized
depositories
BELARUSIAN CURRENCY
AND STOCK EXCHANGE
Trade position «securities» of
a participant
CLEARING
AND SETTLEMENT
Trade organizer
SYSTEM OPERATOR
BCSE
UPON SECURITIES, FUTURES
MARKET INSTRUMENTS AND
Trade position «money» of a
FOREIGN CURRENCY
participant
Settlement Bank
National Bank
Bank corr. accounts/
bank personal
account
Banks
2-d level Depositories
Trade position «money» of a
Client
Client of PARTICIPANT 2
PARTICIPANT 2 Buyer
INFORMATION PRODUCTS: BEQAS System
BELARUSIAN QUOTATION AUTOMATED SYSTEM BEQAS (WWW.BCSE.BY/BEKAS),
SERVICING THE OTC MARKET ALLOWS TO PUT-UP INDICATIVE BIDS FOR COUNTER-PART
SEARCH, AS WELL AS TO DISCLOSE INFORMATION ON CONCLUDED TRANSACTIONS
MAIN CHARACTERISTICS:
ANY LEGAL ENTITY OR AN INDIVIDUAL MAY BE USERS OF THE BEQAS SYSTEM.
POSSIBILITY OF QUOTING ANY KIND OF SECURITIES
QUOTATION SUPPORT BY THE
STATE PROPERTY FUND FOR
ANALYZING DEMAND FOR
STATE-OWNED EQUITIES
BEQAS SYSTEM IS THE ONLY
SOURCE OF FULL
INFORMATION ON THE STATE
OF THE OTC MARKET OF
EQUITIES OF BELARUSIAN
ENTERPRISES
BEQAS System: 2 PRODUCTS
The BCSE functions as a central registrar of all securities transactions
information in the OTC market. The BCSE offers professional participants
two BEQAS program modules in the OTC market:
1. "INDICATIVE BIDS" aimed at facilitating the submission of indicative
bids on a charge-free basis.
2. IQS "OTC MARKET" launched since February 1, 2010 to automate the
submission of all OTC transaction information on a contract basis.
INFORMATION PRODUCTS: official site of the BCSE
WEB-SITE (WWW.BCSE.BY) IS A KEY ELEMENT OF THE SYSTEM OF INFORMATION
DISCLOSURE UPON THE BCSE ACTIVITY RESULTS IN THE CURRENCY, STOCK AND
FUTURES MARKETS.
STRUCTURED BY MARKETS, IT
INCLUDES INFORMATION ON:
Sector members,
Listed financial instruments,
Exchange trade totals (quotations, trading
volumes, etc.),
BCSE legal documents regulating the
operation order at the BCSE.
Press-releases, publications, etc.
on-line mode of trade view
Official information of the National Bank,
Ministry of Finance, Securities Committee
and others.
UPON IAE CIS MEMBERS’ OPINION, THE CORPORATE SITE (WWW.BCSE.BY) AND
SYSTEM SITE IS «STOCK MARKET OF BELARUS» (WWW.STOCK.BCSE.BY) BELONG
TO THE MOST INFORMATIVE RESOURCES FAVOURISING AN INTERNATIONAL
COMMUNICATION.
INFORMATION PRODUCTS: IS «Stock Market»
Information System «Stock Market» WWW.STOCK.BCSE.BY based on Internet-technology and
providing the information in the following directions:
FULL LIST OF ISSUED SECURITIES IN BELARUS,
THEIR PRIMARY DISTRIBUTION AND SECONDARY
CIRCULATION;
ISSUERS AND PROFESSIONAL PARTICIPANTS OF
THE SECURITIES MARKET, THEIR ACTIVITY
RESULTS;
NEWS AND ANALYTICAL INFORMATION ON
STATE OF STOCK AND FINANCIAL MARKET OF
BELARUS;
EDUCATIONAL DATA
FOUNDERS OF THE SYSTEM:
BCSE
NATIONAL BANK
SECURITIES COMMITTEE
REPUBLICAN CENTRAL SECURITIES DEPOSITORY
INFORMATION PARTNERS:
MINISTRY OF FINANCE
MINISTRY OF JUSTICE
MINISTRY OF ECONOMY
«BELARUSIAN STOCK MARKET», PERIODICAL
IT COMPLEX
ASA «EXCHANGE» TRADE SYSTEM FOR SECURITIES
TRAINING AND REAL SYSTEM
АSA «LISTING»
АSET «TRADES IN FOREIGN CURRENCY»
TRADING AND SETTLEMENT MODULE
АSET «TRADES IN FUTURES MARKET INSTRUMENTS»
TRADING AND SETTLEMENT MODULE
SETTLMENT AND CLEARING COMPLEX
DEPOSITORY RECORD SYSTEM
EDC AND EDS
«THE OFFICIAL WEB-SITE» Software complex,
«STOCK MARKET» IS
«BEQAS» System
TRADE AND SETTLEMENT COMBINATION
Market Sector
Trading mode
Settlement code
Fixing
Foreign
Currency
Negotiated deals
S-T+0
Continuous double auction
Discreet auctions
Futures market
instruments
S-T+n
Forward transactions
GS REPO (fixed pricing)
REPO (free pricing)
Securities
NS
REPO auction
Simple auction
BEQAS
Indicative bids
S-REPO
MEMBERSHIP
ASSOCIATION OF BELARUSIAN BANKS
BELARUSIAN ASSOCIATION OF PROFESSIONAL
SECURITIES MARKET PARTICIPANTS
INTERNATIONAL ASSOCIATION OF
EXCHANGES OF THE COMMONWEALTH
OF INDEPENDENT STATES
FEDERATION OF EURO-ASIAN STOCK
EXCHANGES (FEAS)
CONTACTS
Phone: (+375 17) 209-41-03 (reception)
(+375 17) 206-34-69 (information service)
Fax:
(+375 17) 209-41-10
office@bcse.by
www.bcse.by
Address:
48а Surganova str.,
220013 Minsk,
Belarus