FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2012
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.
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 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)
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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.
Main objective – formation of the highly efficient
organized financial market in Belarus to meet
the requirements of banks, professional
participants of the securities market, investors
and the state. Up-to-date technologies, client orientation,
outreach services are the defining factors to
achieve this purpose.
First electronic government securities trades
were carried out at the Interbank Currency
Exchange on 16 January 1998. FUTURE OUTLOOK FOR 2012
Since 1999, BSCE has been carrying out
depositary functions in the non-government
market and clearing upon all concluded
transactions.
In 2007, the futures market sector was
launched. Futures on US$ and EUR rate were
the first instruments in this market.
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
• Information Center functions
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;
• Implementation of the Development Concept
of the Settlement and Clearing System in the
securities market for 2010-2015;
• Development of the exchange currency and
stock markets;
• Technological capacity enhancement
- upgrading the corporate network
infrastructure
• Development and upgrade of the Internet-
based exchange systems;
• Developing the system of indices and
indicators of the exchange securities market;
• Introduction of new sectors and instruments
in different segments of the exchange
market;
• Improving the system of monitoring of
the on-exchange share market in order to
prevent the price manipulation;
• Development of information technologies.