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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BELARUSIAN CURRENCY AND STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 0.09 0.00 0.01 0.00Feb-08 0.19 0.01 0.73 0.03Mar-08 0.05 0.00 0.10 0.00Apr-08 0.56 0.03 0.25 0.01May-08 0.00 0.00 1.35 0.07Jun-08 0.01 0.00 0.01 0.00TOTAL 0.91 0.01 2.44 0.02BondsJan-08 779.83 37.13 17.90 0.85Feb-08 680.53 32.41 15.18 0.72Mar-08 603.49 28.74 11.26 0.54Apr-08 399.21 18.15 9.01 0.41May-08 316.69 16.67 7.03 0.37Jun-08 694.39 31.56 15.39 0.70TOTAL 3,474.14 27.44 75.77 0.60OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 0.00 0.00 0.00 0.00 0.00 0.00Index 118.34 119.17 116.27 116.25 116.83 117.35PRACTICES & PROCEDURESTradingDaysStock Market (SM), Currency Market (CM) Futures Market (FM)Monday-FridayHours CM: 10-12:00FM: 14-16:00SM: GS(government securities: 9:30-15:45, NGS: 10:30-12:20Auctions (Ministry of Finance) 10:30-15:30, REPO Auctions 9:30-15:45; Simple Auctions 10:30-12:20Market segmentationSystemMechanismsCurrency Market; Futures Market;SM: GS: GSTB (DGSTB) Interest GSTB (IGSTB), DGLTB, IGLTBNGS: equities, bonds, local bonds, bills of exchangeCM: Automated electronic system (AES) "Foreign Currency Trades"FM: AES "Futures Market Instruments Trades"SM: GS & NGS - AES "Exchange" depository and settlementsystem link data disseminationCM: Fixing. FM: continuous double auctionSM: GS: double continuos auction, fixed price REPO, simple auctionMarket-maker/Specialists SM: STB and GSTB marketInstrumentsCurrencyReal time informationCM: USD, RUB, EUR, UAH, AUD, GBP, DKK, ISK, CAD, LVL, LTL,NOK, PLN, SEK, CHF, EEK, JPYFM: FSUSD, FSEUR, FSIRSM: GS: DGSTB, IGSTB, DGLTB, IGLTB, STB NB RB, Doublecontinuos auctionNGS: Equities bonds local bonds, bills of exchange, continuosdouble auctionCM: Currency lot-foreign currency, adjoint currency-local currency (BYR)SM: Local currency (BYR)FM: YesSM: Yes (total volume of funds and bonds reservations; characteristics ofbids submitted to trading system withing the trade session; totalturnover of (BYR)/ in items; trade turnover toward each quoted bondissue in Byr/in items; total number of transactionsClearing & SettlementCentral Depository SM: YesPeriod SM: T+0FM: T+0CM: T+1RegisteredData not availableSettlementSM, FM, CM - Book EntryClearingSM, FM ,CM - yes, nettingDVPSM, FM, CM - yesClearing Institution BCSERisk SharingSM: yes (money & securities reservation)FM: yes (margin providing)CM: yes (money reservations)Margin/LendingCustodiansTaxesCash DividendsData not availableBanks, BCSE members, other professionalparticipants having the licence ondepository activityN/ACM: within settlements with usage of transitaccounts of the National Bank - 0.015 %,between trade participants - 0.005 %, withusage of republican and local budget funds- 0.0001 %.FM: 0.001% of transaction amount.SM: 0.0001% (for budget funds securities);0.01% (before redemption transaction, forGS & SNB RB); 0.005% (before redemptiontransaction, for GS(L)TB & STB NB RB);0.005% (for 1-3 days REPO); 0.01% (formore than 3 days REPO transactions).* for full detail refer to our member page on www.feas.orgCapital GainsN/AStructure & RegulationsLegalopen joint stock company, legal entityRegulationselfSecurities market BCSEregulationsTrading rules CM, FM ,SM: Exchange followed by theSupervisory Council approvalSurveillanceCM: National BankFM: National Bank, Securities Department of theMinistry of FinanceSM: Securities Department of the Ministry of FinanceCorporate actions Data not availableTrading haltsCM: stipulated by the Order of ForeignregulationsCurrency Trades holding.FM: stipulated by the Order of Futurestransactions holding.Investor protection Data not availableForeign ParticipationForeign investorsInvestment limitationsRepatriationAllowed in accordance with Belarusian legislation.Data not availableData not availablePAGE 41