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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010BELARUSIAN CURRENCY AND STOCK EXCHANGEPavel TsekhanovichChairman of the BoardEstablished in 1993, the Belarusian Currencyand Stock Exchange (BCSE) is a uniquetrading platform in the country that serves thefinancial market of Belarus. Today, the BCSE isa stable working organization with constantlygrowing trade turnovers.The mission of the BCSE is to become themain power on the way of reforming theBelarusian organized financial market and tomake it the basic source of investments forBelarusian enterprises.The mission of the BCSE is to become themain power on the way of reforming theBelarusian organized financial market andto make it the basic source of investmentsfor Belarusian enterprises.Functions of the BCSE• Organization of exchange trading in foreigncurrencies, futures and securities• Clearing Center in Belarusian settlementclearing system• Depository functions for corporate securities• Registration of OTC transactions withcorporate securities• Information Center functionsHISTORY AND DEVELOPMENTThe BCSE was established on the basis of thestate-run Interbank Currency Exchange inDecember 29, 1998 as a non-profit, publiccompany with administrative and financialautonomy. Having obtained the license topursue exchange activities and the depositorylicense, the exchange began to organize tradingin the main segments of the financial market ofBelarus (the currency market, the governmentsecurities market, the market of the NationalBank’s bonds, the corporate securities market,the market of bonds of local loans and themarket of bills of exchange).In 1999, the BCSE developed the first listingcriteria to provide a transparent and efficientmarket. The Exchange is governed by a fivememberboard of directors. The highest bodyis the General Meeting of Stockholders, themanagerial body is the Supervisory Board(8 members).The BCSE membership is comprised of 29banks, 64 brokerage and dealer firms and 5individuals.The Interbank Currency Exchange wasestablished 4 March 1993 by 18 leadingbusiness banks as a closed-type joint-stockcompany. Its main task was organizing tradingin foreign currencies. On 24 March 1993, firsttrades in the Russian ruble were held in theelectronic trading system. In 1995, the NationalBank of Belarus granted the Interbank CurrencyExchange the right to organize the purchaseand sale of futures on foreign currency andother financial assets.On 24 September 1996 the Interbank CurrencyExchange was made a subdivision of theNational Bank, in which capacity it organizedtrading in foreign currencies for 2 years. In 1997,the Interbank Currency Exchange was grantedthe right to organize the secondary market ofgovernment securities (except for registeredprivatization vouchers) and the securities of theNational Bank.First electronic government securities tradeswere carried out at the Interbank CurrencyExchange on 16 January 1998.The BCSE aims to:• minimize risks and transaction charges fromcapital formation in the organized market;• provide transparency of transactions;• protect investors’ legal rights and theirinterests;• implement programs on financial resourcesformation necessary for their development;• develop state monetary and credit policymarket mechanisms;• create necessary conditions for effectivecontrolling functioning of the StateFUTURE OUTLOOK• Expansion of technological capacity -upgrading the corporate network infrastructure• Expansion of SED functionality;• Works on information resources anddatabases integration based on OracleWebLogic software;• Development and upgrade of the Internetbasedexchange systems;• Introduction of new sectors and instrumentsin different segments of the exchange market;All the work performed by the BCSE and itsfuture plans are aimed at providing allnecessary conditions for civilized financialmarket functioning in the republic, which isable to protect the interests of all participantsand ensure a successful and sustainabledevelopment of their business.PAGE 64
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010BELARUSIAN CURRENCY AND STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJul-09 4.17 0.19 0.41 0.02Aug-09 5.02 0.24 1.04 0.05Sep-09 5.86 0.27 2.90 0.13Oct-09 3.80 0.17 8.72 0.40Nov-09 3.54 0.17 2.29 0.11Dec-09 2.10 0.10 1.35 0.06TOTAL 24.49 0.19 16.70 0.13BondsJul-09 1,338.68 60.85 35.44 1.61Aug-09 1,384.54 65.93 35.48 1.69Sep-09 1,556.04 70.73 39.52 1.80Oct-09 1,382.35 62.83 35.98 1.64Nov-09 981.24 46.73 21.72 1.03Dec-09 1,297.91 59.00 30.81 1.40TOTAL 7,940.76 61.01 198.95 1.53OtherJul-09 0.00 0.00 0.00 0.00Aug-09 0.00 0.00 0.00 0.00Sep-09 0.00 0.00 0.00 0.00Oct-09 0.00 0.00 0.00 0.00Nov-09 0.00 0.00 0.00 0.00Dec-09 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00MarketCapitalization(US$ millions)IndexMONTHLY STOCK VOLUME(US$ millions)StocksIndexMONTHLY BOND VOLUME(US$ millions)Jul-09 n/a 120.78Aug-09 n/a 120.45Sep-09 n/a 120.68Oct-09 n/a 120.81Nov-09 n/a 120.88Dec-09 n/a 121.04CONTACT INFORMATION6543210140 1,600120 1,4001001,2001,0008080060600404002020000Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov DecContact Name Ms. Olga Blusson E-mail blusson@bcse.by Website www.bcse.byPAGE 65
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