Skip to main Content
Site Search

Advanced Search

  • Mondo Visione
  • Mondo Visione - Worldwide Exchange Intelligence
Member Login

Member Login

Forgotten your password?

Belgrade Stock Exchange

Contact Details

Telephone: +381 11 311 73 11
Fax: +381 11 2138 242
Email: info@belex.rs, marketing@belex.rs
Web: www.belex.rs/

Principal Officers and Directors of Belgrade Stock Exchange

Director Sinisa Krneta
Business Operations Director Miroljub Ristic
Information Technology Director Radojko Miladinovic
Legal Affairs Lidija Seskar
Legal Affairs Irena Komlenovic

Brief history

The first exchange on the territory of the former Yugoslavia was established in Belgrade in 1894. The old Belgrade Exchange operated almost continuously until World War II in April 1941, and was officially closed in 1953. After nearly 50 years, today's Belgrade Stock Exchange was re-established in December 1989, under the name of The Yugoslav Capital Market - Beograd. The name Belgrade Stock Exchange was restored in May 1992.

In June 1995, the Belgrade Stock Exchange was, under the new Act on Exchanges and Broker and Dealer Organisations, transformed into a mixed, financial exchange on which instruments of the money market, stocks, long term securities, foreign exchange, securities denominated in foreign currency, financial derivatives and gold and other precious metals may be traded.

The transformed Belgrade Stock Exchange obtained a work permit from the Federal Ministry of Finance and the National Bank of Yugoslavia, and approval for commencement of operations from the Securities and Exchange Commission.

The Belgrade Stock Exchange is now a private company limited by shares that is owned by brokerage firms, banks, insurance companies, industrial and trade complexes and the State.

The Belgrade Stock Exchange is a a full member of Federation of Euro-Asian Stock Exchanges.

Structure

The operations of the Belgrade Stock Exchange are supervised by the Securities Commission. The Departmental Ministry of Privatisation supervises the sale of shares from privatisations on the Exchange.

The Exchange bodies are the:

  • Assembly
  • Board of Directors
  • Managing Director

The Assembly

The Assembly is comprised of all shareholders of the Exchange registered in the Central Register as lawful owners of the Exchange shares on the record date set by the Board of Directors decision to convene the Assembly in compliance with the Law. The Assembly is convened by the Board of Directors in accordance with the Law, and the decision on convening the Assembly is published on the Exchange internet page..

Board of Directors

The Board of Directors consists of 11 members elected from the shareholders of the Exchange by the Assembly. The Board of Directors has representatives of: shareholders with the highest participation in the Exchange capital; shareholders who are at the same time members of the Exchange, taking into account their stake in the Exchange capital and share turnover; and minority shareholders of the company. The term of newly elected members of the Board of Directors of the Exchange commences from the day of receiving the consent of the Securities and Exchange Commission.

Supervising Board

The Exchange Assembly elects the president and four members of the Exchange Supervising Board, from among Exchange shareholders.

Stock Exchange Disciplinary Committee

THe Stock Exchange Disciplinary Committee is the committee of the Stock Exchange that, in accordance with the Rules on Business Operation and Regulations for disciplinary proceedings and disciplinary responsibility of the members of the Exchange and authorized brokers of the Belgrade Stock Exchange, as a first instance authority, initiates and conducts proceedings against members of the Exchange and the authorized brokers to determine the existence of disciplinary violations, and outlines the responsibilities and imposes measures to the executants of the offense. The Disciplinary Committee has a chairman and two members, as well as a vice-president and two deputy members. Said persons are appointed by the Board of Directors of the Stock Exchange among qualified experts and employees of the Exchange, with experience in jobs related to trading activities and operations with securities, or economic or procedural law, on the term of one year, with the possibility of re-election. Disciplinary Committee has an obligation to annually and upon request of the Exchange Board of Directors reports the disciplinary proceedings conducted and imposed measures to the Board of Directors. Against the decision of the Disciplinary Committee an appeallation to the Board of Directors of the Exchange may be raised, as the appellate authority in the proceedings.

Members

Trading at the Belgrade Stock Exchange is carried out by broker-dealer companies which are members of the Exchange. A member of the Exchange may be a legal entity registered for performing the activities of a broker-dealer company, which fulfils the conditions prescribed by the Law on the Market of Securities and Other Financial Instruments and the Articles of Association of the Exchange.

An Exchange member may, through a licenced broker, buy and sell market instruments for which it has obtained a licence,by approval of the supervisory body and resolution of the Exchange Board of Directors.

The number of Exchange members is not limited. The Belgrade Stock Exchange currently has 49 members: 34 brokerage houses and 15 banks.

Markets

The Belgrade Stock Exchange operates a Regulated Market with Prime and Standard market segments, and the Unregulated Market.

Minimum listing requirements
  Prime Market Standard Market
Capital EUR20m EUR4m
Net income Positive  
Operating history 36 months 24 months
Auditing requirements IFRS with unqualified opinion for the last fiscal year According to IFRS standards with unqualified or qualified opinion
Distribution of equity capital 25% of equity capital owned by minority shareholders or 25% of equity capital owned by minority shareholders or
EUR10m owned by at least 500 shareholders EUR2m owned by at least 250 shareholders or at least 500 shareholders
Corporate governance Implemented CG code

Quarterly financial reporting

Dividends paid for priority shares

Website in English and Serbian

Implemented CG code

Dividends paid for priority shares

Liquidity Average daily turnover at least RSD500,000. Daily average of 5 transactions in last 6 months.  

Business hours

Regulated Market - Shares
Regular Phases Time
Pre-open phase, with sub-phases: 09:00 - 09:30
Order entry 09:00 - 09:25
Random period 09:25 - 09:30
Opening 09:30
Continuous trading 09:30 - 14:00
Closing, or later for the duration of the activated special phase 14:00
Regulated Market - Debt Securities
Regular Phases Time
Pre-open phase, with sub-phases: 09:00 - 09:30
Order entry 09:00 - 09:25
Random period 09:25 - 09:30
Opening 09:30
Continuous trading 09:30 - 14:00
Closing, or later for the duration of the activated special phase 14:00
MTP BELEX - Shares
Regular Phases Time
Pre-open phase, with sub-phases: 09:00 - 12:00
Order entry 09:00 - 11:55
Random period 11:55 - 12:00
Auction 12:00
Trading, or later for the duration of the activated special phase 12:00
MTP BELEX - Debt Securities
Regular Phases Time
Pre-open phase, with sub-phases: 09:00 - 09:30
Order entry 09:00 - 09:25
Random period 09:25 - 09:30
Opening 09:30
Continuous trading 09:30 - 14:00
Closing 14:00

Market size

(at 30 November 2017)

Number of listed companies
Shares
Prime listing 4
Standard listing 4
Open market 29
MTP 21
Total 58
Market capitalisation - End December 2017
  Value (RSD)
Listing Prime Shares 186,986,875,000
Listing Prime Bonds 0
Listing Standard Shares 37,851,087,100
Total Listing 224,837,962,100
Open Market Shares 81,005,763,786
Total Open Market 81,005,763,786
Total Regulated Market 305.,843,725,886
MTP Shares 243,025,046,611
MTP Bonds 0
Total MTP 243,025,046,611
Total 548,868,772,497
Top companies by market capitalisation - End November 2017
Position Company Value (RSD)
1 NIS a.d., Novi Sad 113.653,099
2 Aerodrom Nikola Tesla a.d. , Beograd 49.650,979
3 Komercijalna banka a.d. , Beograd 31.113,219
4 AIK banka a.d. , Beograd 14.913,679
5 Energoprojekt holding a.d. , Beograd 12.352,360
6 Messer Tehnogas a.d. , Beograd 11.982,730
7 Philip Morris Operations a.d. , Nis 11.746,126
8 Galenika Fitofarmacija a.d. , Zemun 7.653,360
9 Energoprojekt Entel a.d. , Beograd 7.498,441
10 Sojaprotein a.d. , Becej 6.256,120

Trading statistics

Turnover: Equities, bonds and bills
Year Value (RSD)
2000 8.9bn
2001 50.2bn
2002 102.3bn
2003 93.1bn
2004 40.6bn
2005 48.4bn
2006 100.6bn
2007 165.0bn
2008 71.9bn
2009 41.8bn
2010 23.0bn
2011 28.6bn
2012 25.0bn
2013 30.2bn
2014 20.3bn
2015 22.4bn
2016 44.6bn
2017 66.9bn
Top stocks by turnover - regulated market: 2017
Position Stock Value (RSD)
1 Energoprojekt holding a.d. , Beograd 1,987.338,796
2 NIS a.d., Novi Sad 1,060,218,855
3 Aerodrom Nikola Tesla a.d. , Beograd 845,848,975
4 Komercijalna banka a.d. , Beograd 519,039,190
5 Alfa plam a.d. , Vranje 411,199,075
6 Halkbank a.d. , Beograd 397,483,049
7 Jubmes banka a.d. , Beograd 223,291,347
8 Metalac a.d. , Gornji Milanovac 215,992,776
9 Galenika Fitofarmacija a.d. , Zemun 171,317,063
10 Messer Tehnogas a.d. , Beograd 138,963,776

Main indices

. BELEXline

. BELEX15

In 2007, BSE started publishing the general share index BELEXline, which replaced the Belgrade Stock Exchange Free Market Composite Index - BELEXfm.

BELEXline is weighted by market capitalisation. It is not adjusted for dividends and is not protected from the dilution effect of dividends payout. BELEXline consists of 100 shares of the most liquid companies on all segments of the Belgrade Stock Exchange that satisfy the criteria for inclusion in the index basket. The weight of each constituent in the index is limited to 10%. The index review is scheduled quarterly. BELEXline is calculated on the basis of closing prices and is published each working day, at the end of the exchange session. The base date of BELEXline is 30 September 2004, the base value was 1000.00 index points, and the base number of issuers of shares in the index basket was 100.

BELEX15 is a free-float market capitalisation weighted index, which is not adjusted for paid dividends, and is not protected from the dilution effect of dividends payout. BELEX15 consists of shares traded using the method of continuous trading, which have fulfilled the criteria for inclusion in the index basket. The weight of an individual component in the index is limited to 20%. The BELEX15 is calculated and published in real-time. The first value of the day is calculated from the moment when at least 30% of shares from the index basket have begun trading.

Securities traded

Shares, Republic of Serbia bonds, corporate bonds.

Trading system

Securities can be traded on the Regulated Market, within the Prime Standard and Open Market segments, and on the MTF.

Exchange trading in shares, bonds and other debt securities is carried out through the BSE trading information system and electronic trading platform BELEXFIX.

Members of the exchange place orders on BELEXFIX from workstations in their headquarters or business units. Orders are matched by the criteria of price and time. Trading contracts are transmitted to the Central Register and to the members of the exchange who concluded the transaction.

Trading is organised by the following trading methods, depending of the listing of the securities (Prime and Standard Market, or Unregulated Market): single price auction and, continuous trading method.

Exchange holiday schedule

2018

  • 01 January
  • 02 January
  • 15 February
  • 16 February
  • 06 April
  • 09 April
  • 01 May
  • 02 May
  • 12 November
  • 31 December