FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2012
BELGRADE STOCK EXCHANGE
In the 2011 at the BSE was concluded 2.8
million transactions, which is 297.5% more
than the previous year.
Gordana Dostanic
Managing Director
Investment activities on the Belgrade Stock
Exchange (BSE) in 2011 were, measured by the
value of turnover marked with a slight increase
compared to the 2010. The total annual
turnover amounted to 388, 8 US$ million, which
is 30.8% higher value compared to previous
year.
The most striking change was recorded in
number of transactions. In the 2011 at the BSE
was concluded 2.8 million transactions, which
is 297.5% more than the previous year.
If we speak about particular securities, most
investors’ attention was focused to shares of
privatized public enterprises (Naftna industrija
Srbije a.d. Novi Sad; Serbian Oil Company
and Aerodrom “Nikola Tesla” a.d. Beograd;
Belgrade Airport), and shares from the banking
sector.
HISTORY AND DEVELOPMENT
The Belgrade SE was originally founded in 1894,
but it was closed in 1953, and again refounded
in 1989. The key events in the recent history are:
• In March 2004, remote trading was
launched;
• In October 2004 continuous trading of stocks
has begun;
• In November 2004 the 110 anniversary was
celebrated;
• In December 2004, BELEXfm index has been
lunched;
• In October 2005 the BELEX15 index has
been introduced;
• In March 2007, SRX index (Serbian Traded
Index) launched by the Vienna SE;
• In April 2007, the Belgrade SE launched its
new general equity index BELEXline;
• In April 2007, first company listed on the
premium Listing A;
• In June 2007, BELEX 15 Open End - Index
Certificate issued and listed in Frankfurt and
Stuttgart;
• In November 2007, Serbian stocks included
in first Balkan Blue-Chip index - DJ STOXX
Balkan 50;
• In January 2008, ABN AMRO bought a
licence for BELEX15;
• In April 2008, the new trading system
BELEXFIX was launched;
Although there has been slight increasing of the
investment activities, measured by the value
of turnover, market is, measured by indices, at
a lower level compared to the end of previous
year. On the last trading day in 2011, value of
the BELEX15 (index of the most liquid shares
on the BSE) was 499.05 index pts. which
represents an annual decrease of 23.43%.
BELEXline, the BSE general index, 2011
ended at the level of 977.19 index pts., which
is 23.82% lower value compared to the end of
previous year.
The relative participation of foreign investors
in the total turnover amounted 39.40%. The
foreign investors in shares trading recorded
participation of 45.38%, and they were more
active on the buy side with a participation
of 55.30%, while their participation on sell
side recorded 35.46%. In RS bonds trading,
foreigners participated with 4.54%.
• in September 2008, first closed-end fund
shares admitted to trading;
• In December 2008, first market maker in
TIGR shares;
• In May 2009, Third International Roadshow
was held in Belgrade;
• In September 2009, Luxembourg Foreign
Minister Jean Asselborn visited the Belgrade
SE;
• In November 2010, Letter of Cooperation
on the data exchange was signed between
the Stock Exchanges in Sofia, Skopje and
Belgrade;
• In March 2011, The Belgrade SE and
the Vienna SE signed the Cooperation
Agreement in the field of market data
dissemination;
• In March 2011, Director of the Belgrade SE
Ms. Gordana Dostanic, was presented a
»Business lady – Creative women of the year
2010« award;
• In April 2011, Day of Listed Companies was
held.
FUTURE OUTLOOK
In 2012 the BSE will focus on following activities:
• Perform necessary reorganization, in order
to align with new Law on the Capital Market
and by-laws;
In addition to statistical data which illustrate
investment activities on the BSE in 2011,
it is important to note that the BSE during
2011 made significant efforts in the field of
promotion of capital market, as well as training
of existing and potential market participants on
various aspects of stock exchange operations.
In order to increase the knowledge about
investor relations and its importance, BSE has
organized several seminars and presentations
for the representatives of the companies.
As in previous years, on November 2011 in
Belgrade was held traditional annual gathering
of representatives of local and regional
capital markets - X International Conference
of the Belgrade Stock Exchange - UPGRADE
IN BELGRADE 2011. The conference was
attended by over 200 participants who had
the opportunity to inform and discuss current
issues, relevant for the future development of
Serbian capital market.
• Adjustment and upgrading of all operations,
rules, procedures, reports and web pages in
accordance with the new regulation;
• Promoting of IPO and listing opportunities for
Serbian non-listed companies;
• Boosting of the market-making function;
• Improvement of educational activities and
programs for citizens and students from
Universities in Serbia;
• Organization of roadshows for domestic and
international investors;
• Further development of the existing indexes
and indicators;
• Exploring the possibilities of introducing new
instruments into the market;
• Broadening the network of international data
vendors;
• Organization of specialized seminars about
IR for companies and representatives of
Universities in Serbia;
• Improvement of media coverage of stock
exchange activities;
• Editing and publishing new editions and
publications;
• Work on developing it’s human resources;
• Organization of the 11th International
Conference in November;
• Improving and widening the base of
companies and institutions that will be
involved in granting the award for the best IR
practice in Serbia.
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