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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 BELGRADE STOCK EXCHANGE Gordana Dostanic Managing Director On the Belgrade Stock Exchange (BSE) turnover rose by 65% (in EUR), posting positive trends in the securities participation in the turnover structure. In accordance with the official statistics, in first half of the 2006 production and export, bank investments and foreign exchange reserves within the National Bank of Serbia continued their upward trend, while inflation and monetary indicators slowed down. Structural and economy transformation affected the capital market, as well. On the Belgrade Stock Exchange (BSE) turnover rose by 65% (in EUR), posting positive trends in the securities participation in the turnover structure (shares increased participation to 84% while the Republic of Serbia bonds accounted 16% of total trading). The most traded stocks came from the food industry. Market capitalization of the BSE of over EUR 7.3 billion, composite BELEXfm all shares index which in the first six months gained 3%, and foreign investors participation of 46% all together confirmed optimistic expectations of capital market participants. In comparison with the previous period, positive changes were recorded in the emergence of new trading material, new trading participants (stock exchange mediators with foreign capital), higher number of different profile investors, continuous enhancement of capital market institutions inducing the change of overall securities trading ambiance and capital market organization. New set of laws and by-laws is another novelty, like the Law on Investment Funds and the Law on Takeover of Share Companies, and alterations and supplements of the existing laws regulating capital market. As for trading, new securities were admitted, the number of securities trading in the continuous trading method rose, existing analysis were refined and upgraded and new ones introduced, the reporting process was improved, cooperation established with various partners both in country and abroad, the number of end users of information service offering real time quotes has widen, new publications were published by the BSE and the first round of training and educational courses was organized, which has been very well accepted by public and is expected to be gaining in popularity over time. At the beginning of the year new internet presentation was prepared and launched, of the up-to-date design and the user friendly access to data offering additional tools, indicators and charts. Promotional activities of stock exchange operations have resulted in rising attention and participation of businessmen and proffesional investors on the financial market and therefore in the stock exchange operations. Interest of general public in the stock market has risen, as well. HISTORY AND DEVELOPMENT The BSE was originally founded in 1894. The last meeting was held in 1941. Formally, the Stock Exchange was closed in 1953, as an unnecessary and wasteful institution. The BSE was refunded in 1989, first as a “Yugoslav Capital Market,” by the force of Money Market and Capital Market Law. In 1992, the BSE officially got its 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 of the BSE are: • 2002: Republic of Serbia bonds trading began; the 1st international conference of the BSE was held; • 2003: The series of expositions and shows in honour of 110 years of the BSE was held; the 2nd international conference of the BSE was held and the project of informational platform of the Stock Exchanges of SE Europe was introduced; testing of remote trading has begun; • 2004: Remote trading was launched; the BSE achieved full membership in <strong>FEAS</strong>; continuous trading of stocks has begun; the 3rd international conference of the BSE was held. With the Academy and Exhibition, 110th anniversary of the BSE was celebrated; BELEXfm index has been lunched. The composite index represents all stocks on the BSE free market; • 2005: The BSE became an associate member of Federation of European Stock Exchanges; the on-line system for attending the real time trading, BELEX.info, has been launched. Furthermore, from that moment, it is possible to get a real time information on securities via SMS and WAP; the data distribution via Data Feed agreements has begun; the BELEX15 index, which represents 15 most liquid stocks on continuous trading has been introduced; the 4th international conference of Belgrade SE on “Preserving integrity and efficiency of the capital market” was held; • 2006: New, advanced internet presentation of the BSE was launched; a Memorandum of Cooperation between Vienna SE and Belgrade SE, was signed in Vienna; the BSE has started training courses for professionals, general public and media; Memorandum of Understanding was signed between International Finance Corporation (IFC) and the BSE to establish cooperation in promoting and improving the level of corporate governance in Serbia; FUTURE OUTLOOK In the second part of year 2006, the BSE will: • design and develop new trading platform so that by 2007 it is compliant with FIX Protocol; • develop the BELEX Listing which will handle securities listing before they enter BELEX trading; • refine the BELEX Reporting and Data Warehouse to allow more comprehensive and instantaneous access to trading data and statistics; • develop and put in production RSS service; • further upgrade existing services for end users in order to enhance their efficiency; • monitor the BSE rules and their application, in order to eliminate possible problems and improve securities’ liquidity; • motivate the most liquid companies to list their shares on the Official Market (A and B) and explore the possibilities for introducing new securities and other instruments to the market; • sign contracts with additional data vendors; • introduce training program for public and media representatives which covers financial market; • maintain and enhance communication with the BSE members, and activities in presenting the Exchange to the general public in Serbia and abroad; • further develop human resources; • take an active part in international meetings organized by <strong>FEAS</strong>, FESE or similar international organizations and organize one or more international or regional meetings, with the goal of promoting international cooperation; and • organize the 5th Annual International Conference ‘Where Are the Exchanges Heading’, in Belgrade in November 2006. 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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 BELGRADE STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jan-06 42.4 2.5 1.3 0.08 Feb-06 49.2 2.6 2.3 0.12 Mar-06 103.7 4.5 1.8 0.08 Apr-06 60.6 3.6 1.5 0.09 May-06 84.7 4.0 2.4 0.12 Jun-06 114.6 5.2 1.7 0.08 TOTAL 455.2 3.7 11.0 0.09 Bonds Jan-06 7.2 0.43 5.9 0.35 Feb-06 13.5 0.71 11.3 0.60 Mar-06 12.5 0.54 10.4 0.45 Apr-06 11.3 0.66 9.2 0.54 May-06 23.8 1.1 18.6 0.88 Jun-06 16.6 0.75 13.1 0.59 TOTAL 84.8 0.70 68.5 0.57 Other Jan-06 0.0 0.0 0.0 0.0 Feb-06 0.0 0.0 0.0 0.0 Mar-06 0.0 0.0 0.0 0.0 Apr-06 0.0 0.0 0.0 0.0 May-06 0.0 0.0 0.0 0.0 Jun-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) Jan-06 5,495.1 1,601.4 Feb-06 5,614.0 1,662.8 Mar-06 6,044.4 1,702.4 Apr-06 6,068.4 1,668.7 May-06 6,956.1 1,712.5 Jun-06 6,806.1 1,643.7 CONTACT INFORMATION 120 100 80 60 40 20 0 1,800 7,000 1,600 6,000 1,400 1,200 5,000 1,000 4,000 800 3,000 600 400 2,000 200 1,000 0 0 Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun Contact Name Ms. Svetlana Cerovic E-mail svetlana.cerovic@belex.co.yu Website www.belex.co.yu PAGE 57
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