Post on 30-Jan-2016
description
Minsk, BelarusMinsk, Belarus
FOUNDATION STAGESFOUNDATION STAGES
MarchMarch 1993 1993 INTERBANK CURRENCY EXCHANGE, INTERBANK CURRENCY EXCHANGE,
closed type joint stock companyclosed type joint stock company Main events: organizing foreign currencies trades
(since 24.03.1993), registration of transaction in government securities (August 1994)
SeptemberSeptember 1996 1996
INTERBANK CURRENCY EXCHANGE, INTERBANK CURRENCY EXCHANGE,
State Institution of the National BankState Institution of the National BankMain events: organizing government securities trades (since 16.01.1998)
December December 1998 1998
BELARUSIAN CURRENCY AND BELARUSIAN CURRENCY AND
STOCK EXCHANGESTOCK EXCHANGE (BCSE)
AIMSAIMS
minimization of risks and transaction charges from capital formation in the organized market;
transparency of transactions;
protection of investors’ legal rights and their interests;
implementation of programs on financial resources formation necessary for their development;
state monetary and credit policy market mechanisms development;
necessary conditions for effective controlling functioning of the State
TO BECOME THE DOMINANT POWER IN THE BELARUSIAN TO BECOME THE DOMINANT POWER IN THE BELARUSIAN FINANCIAL MARKET INFRASTRUCTURE AND TO ENABLE IT FINANCIAL MARKET INFRASTRUCTURE AND TO ENABLE IT TO PROVIDE THE FOLLOWING:TO PROVIDE THE FOLLOWING:
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 Belarusian financial market with information transparency;
to assist in realization of state investment programs and other projects aimed at financial markets developing;
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 own program and technical base, to implement modern computer technologies into the exchange.
TASKSTASKS
SERVICES ON FINANCIAL MARKETSERVICES ON FINANCIAL MARKET
Functions of the BCSEFunctions of the BCSE
Organization of the exchange trading in foreign currencies, futures and securities Clearing Center in Belarusian settlement clearing system
Registration of OTC transactions with corporate securities of all types
Financial operations control
Information serviceInformation service
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
The total annual trade volume in 2009 amounted to $ 29.2 billion.
EXCHANGE TRADES ARE CARRIED OUT WITHIN CURRENCY, STOCK AND FUTURES MARKETS SECTORS.
BCSE TRADEBCSE TRADE PARTICIPANTSPARTICIPANTS
As of January 1, 2010 Sector Members included 7272 companies including 3322 banks and 4040 broker and dealer companies
Main requirements to become a Sector Member of the BCSE:
compliance with Belarusian legislation;
an acting license on professional and exchange securities activity issued by the Securities Committee, an additional license for banks on conducting bank operations issued by the National Bank;
Professional Securities Market Participants’ financial adequacy as defined by the legislation, banks shall meet economical requirements established by the National Bank;
balance-sheet without loss
disclosing information on financial and economic activity
CURRENCY MARKETCURRENCY MARKET
Formation of market rate of national money unit to foreign currencies;Establishing the official rate of Belarusian rouble upon exchange trade totals;Providing the obligatory foreign currency sale
EXCHANGE CURRENCY MARKET FUNCTIONS:
Only banks that are members of the currency market sector and empowered to trade on their own behalf and at their own expense, as well as on their own behalf by their client’s order, have the right to trade with foreign currencies on the BCSE
Trades with 15 currencies are carried out on the BCSE in the electronic trade system, but US Dollar, Russian rouble and Euro dominate in the total amount of operations on the exchange currency market.
Settlements are carried out: via transit accounts in the National Bank (for USD/BYR, EUR/BYR, RUB/BYR, UAH/BYR) under obligatory deposition of Belarusian Roubles at the amount of net liability directly between trade participants (for other financial instruments).
The currency market turnover in 2009 amounted to $ 14.1 billion ($ 18.7 billion in 2008).
FUTURES FUTURES MARKETMARKET
The following kinds of futures contracts are circulated at the BCSE:futures on US dollar with 1, 2, 3 and 6 months redemption period futures on US dollar with 1, 2, 3 and 6 months redemption period futures on GLTB variable warrant yield
MEMBERS OF FUTURES MARKET SECTOR ARE EMPOWERED TO TRADE ON THIS SEGMENT
EXCHANGE TRADES WITH FUTURES INSTRUMENTS ARE DAILY CARRIED OUT IN THE ELECTRONIC TRADE SYSTEM SIMULTANEOUSLY WITH ALL INSTRUMENTS IN A “CONTINUOUS DOUBLE AUCTION” MODE.
The futures market trade volume in 2009 amounted to $ 11.25 million,
($ 7.6 million in 2008).
GOVERNMENT SECURITIES OF THE NATIONAL BANK ARE GOVERNMENT SECURITIES OF THE NATIONAL BANK ARE ADMITTED TO TRADES AT THE BCSE UNDER OFFICIAL ADMITTED TO TRADES AT THE BCSE UNDER OFFICIAL ISSUE CONDITIONSISSUE CONDITIONS
ONLY LISTED NON-GOVERNMENT SECURITIES ARE ONLY LISTED NON-GOVERNMENT SECURITIES ARE ADMITTED TO TRADES AT THE BCSEADMITTED TO TRADES AT THE BCSE
STOCK MARKETSTOCK MARKET: : securities admission to securities admission to circulation at the BCSEcirculation at the BCSE
In 2009, the stock market turnover amounted to $ 15.06 billion ($ 9.1 billion in 2008)
FIRST LEVEL QUOTATION LIST A
SECOND LEVEL QUOTATION
LIST A
QUOTATION LIST B OUT OF LIST SECURITIES
ADMISSION INITIATOR ISSUER ISSUER ISSUER, BCSE,
STATE PROPERTY
FUND, MEMBERS
OF THE STOCK
MARKET SECTOR
ISSUER, BCSE,
MEMBERS
OF THE STOCK
MARKET SECTOR
ACTIVITY PERIOD
OF ISSUER
AT LEAST 3 YEARS AT LEAST 1 YEAR
n/a n/a
NUMBER OF SHAREHOLDERS
AT LEAST 1000 AT LEAST 500
MAKE-OUT REQUIREMENTS
ABSENCE OF LOSSES BY TOTALS OF 2 YEARS FROM ANY OF LAST 3 YEARS
NET WEALTH COST OF ISSUER
From EURO 10 mln from EURO 1 mln
OWN CAPITAL AMOUNT (FOR BANK)
AT LEAST EURO 10 mln
OWN CAPITAL AMOUNT
(FOR NON-BANK ISSUERS)
From EURO 10 mln from EURO 1 mln
NUMBER OF SHARES BELONGING TO ONESHAREHOLDER
NOT MORE THAN 75 % OF SIMPLE EQUITIES OF AN ISSUER, EXCEPT STATE-OWED EQUITIES
n/a
STOCK MARKETSTOCK MARKET: : ListingListing
CLEARING AND SETTLEMENT SYSTEMCLEARING AND SETTLEMENT SYSTEM
Client of PARTICIPANT 1PARTICIPANT 1, Seller
Trade position «money» of a Client
PARTICIPANT 2 BuyerClient of PARTICIPANT 2
Settlement Depository
RUE «RCSD»
DEPO corr. accounts
LORO of authorized depositories
2-d level Depositories
Settlement Bank
National Bank
Bank corr. accounts/ bank personal account
BanksTrade position «money» of a participant
Trade organizer
BCSE
Trade position «securities» of a Client
Trade position «securities» of a participant
BELARUSIAN CURRENCY AND STOCK EXCHANGE
CLEARING AND SETTLEMENT SYSTEM OPERATOR
UPON SECURITIES, FUTURES MARKET INSTRUMENTS AND FOREIGN CURRENCY
BELARUSIAN QUOTATION AUTOMATED SYSTEM BELARUSIAN QUOTATION AUTOMATED SYSTEM BEQASBEQAS (WWW.BCSE.BY/BEKASWWW.BCSE.BY/BEKAS), SERVICING THE OTC MARKET ALLOWS TO PUT-UP INDICATIVE BIDS FOR COUNTER-PART SEARCH, AS WELL AS TO DISCLOSE INFORMATION ON CONCLUDED TRANSACTIONS
INFORMATION PRODUCTS: BEQAS SystemINFORMATION PRODUCTS: BEQAS System
MAIN CHARACTERISTICSMAIN CHARACTERISTICS::
ANY LEGAL ENTITY OR AN INDIVIDUAL MAY BE USERS OF THE BEQAS SYSTEM.
POSSIBILITY OF QUOTING ANY KIND OF SECURITIES
BEQAS SYSTEM IS THE ONLY SOURCE OF FULL
INFORMATION ON THE STATE OF THE OTC MARKET OF
EQUITIES OF BELARUSIAN ENTERPRISES
QUOTATION SUPPORT BY THE STATE PROPERTY FUND FOR ANALYZING DEMAND FOR STATE-OWNED EQUITIES
BEQAS System: 2 PRODUCTSBEQAS System: 2 PRODUCTS
1. "INDICATIVE BIDS" aimed at facilitating the submission of indicative bids on a charge-free basis.
The BCSE functions as a central registrar of all securities transactions information in the OTC market. The BCSE offers professional participants two BEQAS program modules in the OTC market:
2. IQS "OTC MARKET" launched since February 1, 2010 to automate the submission of all OTC transaction information on a contract basis.
INFORMATION PRODUCTS: official site of the BCSE INFORMATION PRODUCTS: official site of the BCSE
WEB-SITEWEB-SITE ((WWW.BCSE.BYWWW.BCSE.BY)) IS A KEY ELEMENT OF THE SYSTEM OF INFORMATION DISCLOSURE UPON THE BCSE ACTIVITY RESULTS IN THE CURRENCY, STOCK AND FUTURES MARKETS.
UPON IAE CIS MEMBERS’ OPINION, THE CORPORATE SITE (WWW.BCSE.BY) AND SYSTEM SITE IS «STOCK MARKET OF BELARUS» (WWW.STOCK.BCSE.BY) BELONG TO THE MOST INFORMATIVE RESOURCES FAVOURISING AN INTERNATIONAL COMMUNICATION.
STRUCTURED BY MARKETS, IT INCLUDES INFORMATION ON:
Sector members, Listed financial instruments, Exchange trade totals (quotations, trading volumes, etc.), BCSE legal documents regulating the operation order at the BCSE.Press-releases, publications, etc. on-line mode of trade viewOfficial information of the National Bank, Ministry of Finance, Securities Committee and others.
INFORMATION INFORMATION PRODUCTS: PRODUCTS: ISIS « «Stock Stock MarketMarket»» Information System «Stock Market» WWW.STOCK.BCSE.BYWWW.STOCK.BCSE.BY based on Internet-technology and based on Internet-technology and
providing the information in the following directionsproviding the information in the following directions::
FULL LIST OF ISSUED SECURITIES IN BELARUS, THEIR PRIMARY DISTRIBUTION AND SECONDARY CIRCULATION;
ISSUERS AND PROFESSIONAL PARTICIPANTS OF THE SECURITIES MARKET, THEIR ACTIVITY RESULTS;
NEWS AND ANALYTICAL INFORMATION ON STATE OF STOCK AND FINANCIAL MARKET OF BELARUS;
EDUCATIONAL DATA
FOUNDERFOUNDERS OF THE SYSTEMS OF THE SYSTEM::BCSENATIONAL BANKSECURITIES COMMITTEE REPUBLICAN CENTRAL SECURITIES DEPOSITORY
INFORMATION PARTNERSINFORMATION PARTNERS::MINISTRY OF FINANCEMINISTRY OF JUSTICEMINISTRY OF ECONOMY «BELARUSIAN STOCK MARKET», PERIODICAL
IT COMPLEXIT COMPLEX
ASAASA « «EXCHANGEEXCHANGE» » TRADE SYSTEM FOR SECURITIESTRADE SYSTEM FOR SECURITIESTRAINING AND REAL SYSTEMTRAINING AND REAL SYSTEM
ААSASA « «LISTINGLISTING»»ААSETSET « «TRADES IN FOREIGN CURRENCYTRADES IN FOREIGN CURRENCY» » TRADING AND SETTLEMENT TRADING AND SETTLEMENT MODULEMODULE
SETTLMENT AND CLEARING COMPLEXSETTLMENT AND CLEARING COMPLEXDEPOSITORY DEPOSITORY RECORDRECORD SYSTEM SYSTEM
ААSETSET « «TRADES IN FUTURES MARKET INSTRUMENTSTRADES IN FUTURES MARKET INSTRUMENTS»»TRADING AND SETTLEMENT TRADING AND SETTLEMENT MODULEMODULE
««THE OFFICIAL THE OFFICIAL WEB-WEB-SITE»SITE» Software complex Software complex,, ««STOCK MARKETSTOCK MARKET» » ISIS ««BEQASBEQAS»» System System
EDCEDC AND EDSAND EDS
TRADE AND SETTLEMENT COMBINATIONTRADE AND SETTLEMENT COMBINATION
Trading mode Settlement codeMarket Sector
Foreign Currency
Securities
Futures market instruments
BEQAS
REPO (free pricing)
Simple auction
Indicative bids
REPO auction
GS REPO (fixed pricing)
Continuous double auction
Discreet auctions
Forward transactions
Fixing
Negotiated dealsS-T+0
S-T+n
NS
S-REPO
MEMBERSHIPMEMBERSHIP
ASSOCIATION OF BELARUSIAN BANKS
BELARUSIAN ASSOCIATION OF PROFESSIONAL SECURITIES MARKET PARTICIPANTS
INTERNATIONAL ASSOCIATION OF EXCHANGES OF THE COMMONWEALTH
OF INDEPENDENT STATES
FEDERATION OF EURO-ASIAN STOCK EXCHANGES (FEAS)
CONTACTSCONTACTS
PhonePhone: (+375 17) 209-41-03 (reception) (+375 17) 206-34-69 (information service)
FaxFax: (+375 17) 209-41-10
office@bcse.byoffice@bcse.by
www.bcse.bywww.bcse.by
AddressAddress: : 48а Surganova str., 220013 Minsk, Belarus