FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT APRIL 2011
BELARUSIAN CURRENCY AND STOCK EXCHANGE
Pavel Tsekhanovich
Chairman of the Board
Established in 1993, the Belarusian Currency
and Stock Exchange (BCSE) is a unique
trading platform in the country that serves the
financial market of Belarus. Today, the BCSE is
a stable working organization with constantly
growing trade turnovers.
The mission of the BCSE is to become the
main power on the way of reforming the
Belarusian organized financial market and to
make it the basic source of investments for
Belarusian enterprises.
HISTORY AND DEVELOPMENT
The Interbank Currency Exchange was
established 4 March 1993 by 18 leading
business banks as a closed-type joint-stock
company. Its main task was organizing trading
in foreign currencies. On 24 March 1993, first
trades in the Russian ruble were held in the
electronic trading system. In 1995, the National
Bank of Belarus granted the Interbank
Currency Exchange the right to organize the
purchase and sale of futures on foreign
currency and other financial assets.
On 24 September 1996, the Interbank Currency
Exchange was made a subdivision of the
National Bank, in which capacity it organized
trading in foreign currencies for 2 years. In
1997, the Interbank Currency Exchange was
granted the right to organize the secondary
market of government securities (except for
registered privatization vouchers) and the
securities of the National Bank.
The BCSE was established on the basis of the
state-run Interbank Currency Exchange in
December 29, 1998 as a non-profit, public
company with administrative and financial
autonomy. Having obtained the license to
pursue exchange activities and the depository
license, the exchange began to organize
The mission of the BCSE is to become the
main power on the way of reforming the
Belarusian organized financial market and
to make it the basic source of investments
for Belarusian enterprises.
Functions of the BCSE
• Organization of exchange trading in foreign
currencies, futures and securities
• Clearing Center in Belarusian settlement
clearing system
• Depository functions for corporate securities
• Registration of OTC transactions with
corporate securities
trading in the main segments of the financial
market of Belarus (the currency market, the
government securities market, the market of
the National Bank's bonds, the corporate
securities market, the market of bonds of local
loans and the market of bills of exchange).
First electronic government securities trades
were carried out at the Interbank Currency
Exchange on 16 January 1998.
Since 1999, BSCE has been carrying out
depositary functions in the non-government
market and clearing upon all concluded
transactions.
FUTURE OUTLOOK
• Expansion of technological capacity -
upgrading the corporate network infrastructure
• Expansion of SED functionality;
• Works on information resources and
databases integration based on Oracle
WebLogic software;
• Development and upgrade of the Internet-
based exchange systems;
• Introduction of new sectors and instruments
in different segments of the exchange market;
In 2007, the futures market sector was
launched. Futures on USD and EUR rate were
the first instruments in this market.
The BCSE aims to:
• minimize risks and transaction charges from
capital formation in the organized market;
• provide transparency of transactions;
• protect investors’ legal rights and their
interests;
• implement programs on financial resources
formation necessary for their development;
• develop state monetary and credit policy
market mechanisms;
• create necessary conditions for effective
controlling functioning of the State
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