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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 BELGRADE STOCK EXCHANGE Gordana Dostanic Managing Director On the BSE, turnover at the end of November 2006 is 76% higher than the total turnover in 2005 (shares increased participation to 86% while bonds accounted 14% of total trading). According to official statistics, in first 11 months of the 2006 production, export, bank investments and foreign-exchange reserves within the National Bank of Serbia increased, compared to 2005, while annual inflation is at the level of 6.5%. On the Belgrade Stock Exchange (BSE) turnover at the end of November 2006 is 76% higher than the total turnover in 2005 (shares increased participation to 86% while bonds accounted for 14% of total trading). Market capitalization of the BSE is over EUR 10 billion, the BELEXfm increased 20% and the BELEX15 index increased its value by 50% in first eleven months, reaching their latest historical highs during November. Positive changes were recorded in the emergence of new trading material, new trading participants, higher number of different profile investors, continuous enhancement of capital market institutions changing overall securities trading ambiance. A new set of laws and bylaws were enacted, like the Law on Investment Funds and the Law on Takeover of Share Companies, as well as alterations and supplements of the existing Law on Securities. New securities were admitted, the number of securities trading in the continuous trading method rose, existing analysis were refined and upgraded and newly introduced, the reporting was improved, cooperation was established with various partners, the number of end users of real time services widened, new publications were published and training and educational courses were organized which all contributed to the BSE being well accepted by the public and seen to be gaining in popularity. A new internet presentation was launched, with an up-to-date design and user friendly access to data, offering additional tools, indicators and charts, while all information services were improved and new introduced during the year (RSS Feed). HISTORY AND DEVELOPMENT The Belgrade Stock Exchange (BSE) was originally founded in 1894, on 21 November but the first transactions were made in January 1895. The last meeting was held on 4 April 1941. The Stock Exchange was closed in 1953, as an unnecessary and wasteful institution. The BSE was refounded in 1989, as a “Yugoslav Capital Market”. In 1992, the BSE officially got it’s name back, continuing the tradition of the old stock exchange, which was one of the biggest South European stock exchanges. The key events in the latest history are: • In September 2002 Republic of Serbia Bonds trading began; • In December 2002 the First International Conference was held; • In September 2003 expositions in honour of 110 years of the BSE were held. • In September 2003 the Second International Conference was held and the project of Informational Platform of the SEE Stock Exchanges was introduced; • In March 2004, remote trading was launched; • In September 2004, the BSE achieved full membership in <strong>FEAS</strong>; • In October 2004 continuous trading of stocks has begun; • In November 2004 the Third International Conference was held. The 110th anniversary of the BSE was celebrated; • In December 2004, BELEXfm index has been launched; • In February 2005, the BSE became an associate member of FESE; • In March 2005, BELEX.info service was launched; • In May 2005 the data distribution via Data Feed has begun; • In October 2005 the BELEX15 index has been introduced; • In November 2005 the Fourth International Conference “Preserving Integrity and Efficiency of the Capital Market” was held; • In January 2006 new website was launched; • In April 2006 various training courses were started; • In April 2006 MoU was signed with the IFC to establish cooperation in improving corporate governance in Serbia; • In September 2006 BELEX RSS Feed service was launched; • In November 2006 the Fifth International Conference “Where are the Exchanges Heading?” was held; FUTURE OUTLOOK In 2007 the BSE has the following plans: Streaming the development of the Serbian capital market demands with a constant eye on the world’s practice in this area, with an accent on regional standards, and only afterwards followed by the definition of domestic circumstances and for optimal harmonization. Special attention is going to be paid to trends regarding the regulation, as well as the application of contemporary IT solutions. As the pressure of lifting the efficiency of business operations and reducing costs per transaction is constantly present, the BSE actively approached the project of redesigning the trading system and introducing the standard electronic communication protocol between market participants. The BSE opted for the FIX Protocol, to be set as the standard for the data exchange in trading on the worlds exchanges. Special activities are going to be undertaken in terms of stimulating companies to accept the advantages of higher listing levels. Development of corporate governance is an integral part of activities and closely related to the Exchange listings and development of the securities industry in Serbia. The Exchange will proceed with the project on developing financial derivatives, based on well known and used standards in this area. The BSE set its targets to aim towards upgrading the reporting process, organizing educational courses, and it will continue its active engagement in specialized working bodies with the intention to join international flows. PAGE 54
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 BELGRADE STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul-06 69.68 3.48 1.13 0.06 Aug-06 114.15 4.96 1.85 0.08 Sep-06 130.61 6.22 1.74 0.08 Oct-06 224.01 10.18 3.07 0.14 Nov-06 111.06 5.05 1.26 0.06 Dec-06 230.16 10.96 2.02 0.10 TOTAL 879.67 6.81 11.07 0.09 Bonds Jul-06 8.70 0.43 6.87 0.34 Aug-06 23.83 1.04 18.61 0.81 Sep-06 10.90 0.52 8.56 0.41 Oct-06 32.54 1.48 25.87 1.18 Nov-06 16.63 0.76 12.90 0.59 Dec-06 22.95 1.09 17.41 0.83 TOTAL 115.5 0.89 90.2 0.69 Other Jul-06 0.0 0.0 0.0 0.0 Aug-06 0.0 0.0 0.0 0.0 Sep-06 0.0 0.0 0.0 0.0 Oct-06 0.0 0.0 0.0 0.0 Nov-06 0.0 0.0 0.0 0.0 Dec-06 0.0 0.0 0.0 0.0 TOTAL 0.0 0.00 0.0 0.0 Market Capitalization (US$ millions) Index MONTHLY STOCK VOLUME VS INDEX (US$ millions) Stocks Index MONTHLY MARKET CAPITALIZATION (US$ millions) Jul-06 7,739.57 1,187.62 Aug-06 8,549.35 1,283.95 Sep-06 9,066.15 1,409.93 Oct-06 10,076.32 1,460.36 Nov-06 11,201.80 1,522.24 Dec-06 10,985.01 1,675.20 CONTACT INFORMATION 250 200 150 100 50 0 1,800 12,000 1,600 1,400 10,000 1,200 8,000 1,000 800 6,000 600 4,000 400 200 2,000 0 0 July Aug Sept Oct Nov Dec July Aug Sept Oct Nov Dec Contact Name Ms. Svetlana Cerovic E-mail svetlana.cerovic@belex.co.yu Website www.belex.co.yu PAGE 55
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