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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 BELARUSIAN CURRENCY AND STOCK EXCHANGE Pavel Tsekhanovich Chairman of the Board Being the unique centre of exchange trading in the Republic of Belarus, the BCSE is empowered to trade different financial instruments, such as currency values & all types of securities. Being the unique centre of exchange trading in the Republic of Belarus, the Belarusian Currency and Stock Exchange (BCSE) is empowered to trade different financial instruments, such as currency values and all types of securities. The constantly increasing trade turnover at the BCSE demonstrates the possibility of the BCSE to perform in the near future its main task–to form a powerful and stable infrastructure of an organized market focused on the ultimate investor. Functions of the BCSE • Organization of exchange trading in foreign currencies, futures and securities • Clearing Center in Belarusian settlement clearing system • Settlement Depository for corporate securities and municipal loan bonds • Registration of OTC transactions with corporate securities and Private Housing Checks “Zhilje” We render such Information service as • 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 (Web-site www.bcse.by is a key element of the system of information disclosure with information on the currency, stock and futures markets). HISTORY AND DEVELOPMENT The Belarusian Currency and Stock Exchange (BCSE) was established on the basis of the state-run Interbank Currency Exchange in 29 December 1998 as a non-profit, public company with administrative and financial autonomy. Having obtained the license to pursue exchange activities and the depositary license, the exchange began to organize trading in the main segments of the financial market of Belarus (the currency market, the government securities market, the market of the National Bank’s bonds, the corporate securities market, the market of bonds of local loans and the market of bills of exchange). In 1999, the BCSE developed first listing criteria to provide a transparent and efficient market. The Exchange is governed by a five-member board of directors. The highest body is the general meeting of stockholders, managerial body is the Supervisory Board (8 members). The BCSE membership is comprised of 29 banks, 64 brokerage and dealer firms and 5 individuals. The Interbank Currency Exchange was established 4 March 1993 by 18 leading business banks as a closed-type joint-stock company. Its main task was organizing trading in foreign currencies. On 24 March 1993, first trades in the Russian ruble were held in the electronic trading system. In 1995, the National Bank of Belarus granted the Interbank Currency Exchange the right to organize the purchase and sale of futures on foreign currency and other financial assets. On 24 September 1996 the Interbank Currency Exchange was made a subdivision of the National Bank, in which capacity it organized trading in foreign currencies for 2 years. In 1997, the Interbank Currency Exchange was granted the right to organize the secondary market of government securities (except for registered privatization vouchers) and the securities of the National Bank. First electronic government securities trades were carried out at the Interbank Currency Exchange on 16 January 1998. The BCSE is aimed at: • minimizing risks and transaction charges from capital formation in the organized market; • providing transparency of transactions; • protecting investors’ legal rights and their interests; • implementing programs on financial resources formation necessary for their development; • developing state monetary and credit policy market mechanisms; • creating necessary conditions for the effective control function of the State. FUTURE OUTLOOK The BCSE will continue the development of its main segments such as futures, stock and currency market. The BCSE tasks can be summarized as follows: • 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 the Belarusian financial market with information transparency; • to assist in realization of state investment programs and other projects aimed at developing financial markets; • 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 our own program and technical base, to implement modern computer technologies into the exchange. Particularly, developments in the futures market implies increasing the range of futures market, introducing commodity and interest futures and options quotations. The stock market development implies introducing new rules for securities trades defining conditions and order of conducting transactions with all kinds of securities at the BCSE, their program and technical realization, Internet trading development, and working out an automated listing system. The currency market development implies trading modes («double auction», «call (forward) transactions») increased, organizing SWAP market and conversion operations. Information products and technological development implies improving of the information systems, program and technical, and telecommunication infrastructures, creation of a reserve computer center, introducing systems of cryptographic information security and electronic documentation circulation. PAGE 50
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 BELARUSIAN CURRENCY AND STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul-06 0.0 0.0 0.0 0.0 Aug-06 0.0 0.0 0.0 0.0 Sep-06 0.0002 0.00001 0.0001 0.0 Oct-06 0.002 0.0001 0.006 0.0003 Nov-06 0.0 0.0 0.0 0.0 Dec-06 0.001 0.00006 0.003 0.0001 TOTAL 0.004 0.00003 0.009 0.0001 Bonds Jul-06 0.0008 0.00004 5.3 0.26 Aug-06 0.001 0.00004 8.2 0.36 Sep-06 0.0008 0.00004 5.3 0.25 Oct-06 0.0009 0.00004 5.6 0.25 Nov-06 0.0008 0.00004 5.8 0.28 Dec-06 0.0011 0.0001 7.5 0.36 TOTAL 0.01 0.00004 38 0.29 Other Jul-06 0.0008 0.00004 0.0 0.0 Aug-06 0.001 0.00004 0.0 0.0 Sep-06 0.0008 0.00004 0.0 0.0 Oct-06 0.0009 0.00004 0.0 0.0 Nov-06 0.0008 0.00004 0.0 0.0 Dec-06 0.001 0.00004 0.0 0.0 TOTAL 0.005 0.00004 0.0 0.0 Market Capitalization (US$ millions) Index Jul-06 n/a n/a Aug-06 n/a n/a Sep-06 n/a n/a Oct-06 n/a n/a Nov-06 n/a n/a Dec-06 n/a n/a 2005-2006 TOTAL REPO TRANSCATIONS (US$ millions) 140 120 100 80 60 40 20 2006-BREAKDOWN OF TOTAL TRADES IN (%) Exchange market GSTB/GLTB (trades) Exchange market GSTB/GLTB (Ministry of Finance auctions) Exchange market of STB of NBRB (trades) Exchange market of equities (trades) Exchange market of corporate bonds (trades) 74.19 20.05 5.71 0.01 0.05 0 J F M A M J J A S O N D CONTACT INFORMATION Contact Name Ms. Olga Blusson E-mail blusson@bcse.by Website www.bcse.by PAGE 51
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