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Belarusian Currency and Stock Exchange
Activity Report
2006
MAIN ACTIVITY.
TECHNOLOGIES AND RESOURCE BASE
The increase of the authorized capital by changing the par value from
BYR 130 to BYR 160. As of January 1, 2007 the authorized capital
amounted to USD 3.06 mln (BYR 6.55 bln) .
A new Charter of the BCSE was adopted to meet the requirements of
the Law “On economic companies” that came into force in 2006.
The change of organization structure aimed at increasing the
effectiveness the BCSE's activity
Introduction of the BCSE Development Strategy for 2007-2011
RESULTS OF 2006. THE DEVELOPMENT OF
TRADE AND SETTLEMENT TECHNOLOGIES
CURENCY MARKET
Introduction of new trade and settlement complex based on modern on-line
systems technologies and providing a to wide range of functional facilities
Stepwise realization of the price policy program aimed at reducing trade
participants’ expenses. Exchange fees for all quoted currencies were
lowered twice within 2006
FUTURES MARKET
Transactions with a new instrument such as futures on the GLTB variable
interest rate
The development of legal base for the futures market, the formation of
favourable tax policy, and the creation of standards for accounting policy.
In 2006, the list of measures aimed at promoting the appeal of this segment
was submitted for the Securities and Lottery Council's consideration.
RESULTS OF 2006. THE DEVELOPMENT OF
TRADE AND SETTLEMENT TECHNOLOGIES
STOCK MARKET
Updating the securities trade system in the directions of interface
development and the enhancement of analytical and service functions
Improving listing procedures in terms of information disclosure and
liberalization of securities admission to trades
The development of new local standard acts aimed at creating a general
unified legal base for all kinds of securities, as well as widening the range
and kinds of operations
Defining and testing a new for Belarusian market class of securities such as
bank mortgage bonds
Joint efforts together with the Ministry of Finance to abolish 100%
reservation of monetary funds for primary government securities
distribution purposes and to realize partial reservation mechanisms
Cooperation with the National Bank in developing the auction trade methods
THE BCSE ACTIVITY TOTALS
Total trade volume in 2006 – USD 13.28 bln
The increase to 2005 (in USD) – 14.2 %
Trade volume in 2005-2006, USD mln
12 000,00
10 004,73
10 000,00
8 000,00
7 279,46
2005
6 000,00
2006
4 336,26
3 274,08
4 000,00
2 000,00
9,62 1,76
0,08 1,42
0,00
Currency m arket
GS, SNB RB
Corporate securities
Futures m arket
TRENDS AND MAIN EVENTS.
THE CURRENCY MARKET.
The exchange currency market total turnover – USD 10.01 bln
The increase to 2005 (in USD) – 37.4 %
USD
EUR
RUB
Other
currencies
Total
USD
mln
USD
mln
YEAR
USD
mln
EUR
mln
2005
4 760.4
542.2
673.3
51 660.7
1 824.7
21.1
7 279.5
2006
6 593.7
745.2
940.6
66 420.9
2 454.4
16.0
10004.7
USD
mln
RUB
mln
USD
mln
TRENDS AND MAIN EVENTS.
THE GOVERNMENT SECURITIES MARKET.
Total volume of operations – USD 3.09 bln
Trade volume in 2005-2006, USD in millions
2409,7
2500
2000
2005
2006
1854,5
1500
1281
1000
500
656,8
487,9
575,9
32,6 0
0
Primary distribution
"Before
redemption"
transactions
"All against all"
REPO
REPO auctions
186,99
125
STB of NB RB
1,40,28
8,221,49
Equities (auctiona, Bonds (auctions,
trades)
trades)
TRENDS AND MAIN EVENTS.
THE GOVERNMENT SECURITIES MARKET.
PRIMARY DISTRIBUTION OF GOVERNMENT SECURITIES
�Number of participants – 29 (including 24 banks)
�275 auctions – (45 - primary distribution and 230 – additional distribution
of government securities)
�Actual distribution – USD 656.8 mln
�The increase of actual distributions volumes – 34.1 % in BYR,
or 34.6 % in USD equivalent
�Distribution volume at par value – BYR 1 525.213 bln
�The increase of the nominal distribution volume – 31.6 %
SECONDARY CIRCULATION OF GOVERNMENT SECURITIES
�Secondary market total volume – USD 2.43 bln
�Number of participants – 33 (including 24 banks)
TRENDS AND MAIN EVENTS.
THE NATIONAL BANK SECURITIES MARKET.
Total market volume - USD 186.99 mln
The increase to 2005 (in USD) – 50 %
В«All against allВ» REPO operations - USD 9.2 mln
«Before redemption» transactions – USD 177.76 mln
Number of participants - 17
STB of NB RB trade volume in 2005-2006,
USD in millons
Trade volume in 2005-2006, USD in millions
USD 87 m ln
(2006)
USD 9.2 m ln
(5%)
"Before
redem ption"
transactions
USD 125 m ln
(2005)
"All against
all" REPO
1
Р 2
USD 77.8m ln
(95%)
Р 1
GS and SNB RB market index increase
to the beginning of the year – 5.18 percentage items
27.12.2006
12.12.2006
28.11.2006
14.11.2006
30.10.2006
16.10.2006
02.10.2006
18.09.2006
04.09.2006
21.08.2006
07.08.2006
24.07.2006
10.07.2006
23.06.2006
09.06.2006
26.05.2006
12.05.2006
25.04.2006
11.04.2006
28.03.2006
14.03.2006
27.02.2006
13.02.2006
30.01.2006
17.01.2006
03.01.2006
TRENDS AND MAIN EVENTS.
INDEX OF GS AND SNB RB MARKET IN 2006
114,00
113,00
112,00
111,00
110,00
109,00
108,00
107,00
106,00
105,00
104,00
TRENDS AND MAIN EVENTS.
THE CORPORATE SECURITIES MARKET
Number of companies whose securities were admitted to trades,
as of January 1, 2007
Quotation List
РђI
Рђ II
B
1
28
83
Out-of-list securities
Total
40
152
Number of listed companies, whose securities were traded
Equities
�Total trade volume in 2006 –
USD 0.28 mln
пѓ�Number of participants - 15 (6
banks and 9 broker and dealer
companies)
пѓ�Privatization transactions of State
Property Fund – BYR 21.5 mln
11
Bonds
�Total trade volume in 2006 –
USD 1.5 mln
пѓ�Number of participants - 6
пѓ�В«All against allВ» REPO operations
volume – USD 0.34 mln
пѓ�В«Continuous
double
auctionВ»
operations volume - USD 1.15 mln
TRENDS AND MAIN EVENTS.
THE OTC SECURITIES MARKET– purchase and
sale of equities of open-type joint-stock companies
Since 2006, the BCSE has been empowered to register all kinds of JSC securities
transactions, carried out in the OTC market
�Total volume of purchase and sale operations in the OTC in 2006 – BYR 34.7 bln,
the increase to 2005 - 27%, or USD 1.43 mln.
The share of the OTC market segment in the total turnover – 98.3%
пѓ�Number of enterprises equities of which were traded in the OTC market - 137
�Number of registered transactions – 3 029
�Number of participants – 38
Total volume of local market of JSC equities (purchase and sale transactions)
including all its components – BYR 35.3 bln. Number of traded enterprises totalled.
The following branches of economy provided the maximum volume of operations:
пѓ�Finance, credit, insurance, pensions
пѓ�Industry of building materials
пѓ�Light industry
TRENDS AND MAIN EVENTS.
THE OTC SECURITIES MARKET– registration
totals
Equities of close-type JSC
Equities of open-type JSC
Number
of
transacti
ons
Number of
securities,
BYR mln
88028
3029
402.0
23.8
344.37
672
1
480
0.31
Equities deposition
into the capital
1
10.7
Passing of
property according
to the marriage
agreement
1
Swap
Bonds of legal entities
Number of
transactio
ns
Number
of
securities,
mln
Volume,
BYR
mln
34700.5
8
938
4715.2
3.2
5132.08
-
-
-
47
875.1
299757.1
-
-
-
2787.1
5
216.8
176166.6
-
-
-
8
8.24
-
-
-
-
-
-
2
2.6
161.98
3
3.6
2021.9
-
-
-
Allocation
1
20
0.8
-
-
-
-
-
-
Free assignment
-
-
-
1
37023
37,02
-
-
-
1538
354.9
91330.8
3757
150,1
517815,1
8
938
4715.2
Number of
transactio
ns
Number of
securities,
mln
1479
317.8
53
Release-money
Kind of operation
Purchase and sale
Donation
Total
Volume,
BYR mln
Volume,
BYR mln
TRENDS AND MAIN EVENTS.
THE FUTURES MARKET
Total number of futures transactions in 2006 - 30
Futures market turnover – USD 1.42 mln,
The increase to 2005 (in USD) – 1675 %
Number of participants in 2006 - 6
Number of circulated futures series - 16
INFORMATION AND ANALYTICAL ACTIVITY,
MASS-MEDIA AND PUBLIC RELATION,
INTERNATIONAL COOPERATION. MAIN EVENTS
Information system development:
1. Information System “Stock Market"
www.stock.bcse.by:
пѓ�Address change of soft-and hardware
base
�Creation of new part named “A letter to
the specialist”, etc.
пѓ�System update to suit new standard of
information disclosure
2. Corporate website of the BCSE
www.bcse.by:
пѓ�New parts for disclosing trade totals,
including archives
пѓ�Introduction of market price archive
disclosure upon GS and SNB RB trade
totals
пѓ�Update of the on-line mode
Mass-media:
пѓ�organizing and running seminars
and conferencies
пѓ�publications about the BCSE activity
пѓ�cooperation between the BCSE and
educational institutions of Belarus
пѓ� cooperation between the BCSE and
information
agencies
(REUTERS,
Bloomberg, Echo-Press, AFN and
others)
International cooperation
пѓ�membership in the International
Association of Stock Exchanges of
CIS countries, cooperation between
the BCSE and leading Exchanges of
CIS countries and Europe
пѓ�Joining the FEAS (Federation of
Euro-Asian Stock Exchanges)
TRENDS OF DEVELOPMENT.
THE CURRENCY MARKET
Development of a “fixing” trade mode aimed at favouring work
conditions for banks and realization of the rate policy of the National
Bank
Joint work with the National Bank on the development of the legal base
that regulates trade rules stipulating introduction of new trade
mechanisms (В«double auctionВ» and В«call transactionsВ») and settlement
conditions
Soft- and hardware realization of new rules for transactions in foreign
currency, proving additional trade and settlement modes
Updating own legal base regulating mechanisms of concluding and
execution of transactions in foreign currency
TRENDS OF DEVELOPMENT.
THE STOCK MARKET
Enhancement of service functions of the securities trade system and the
increase of its capacity
Improvement of admission procedures for securities circulation and
distribution at the BCSE, development of the software serving these
processes
Creation of favourable conditions for state-own shares holdings sale
Approval and introduction of the soft- and hardware realization of new
uniform Rules for conducting securities transactions in the BCSE
Development of mechanisms for government securities primary distributions
carried out by the Ministry of Finance
Improvement of auction trade methods providing a wider range of operations
carried out by the National Bank in the securities secondary market
Organization of distribution and circulation of new instruments at the BCSE
TRENDS OF DEVELOPMENT.
THE FUTURES MARKET
Further range extension of financial instruments circulated in the futures
market
Methodological background for delivery futures, world currencies crossrates futures, interest rates and government securities market indices
futures introduction
Joint work together with interested authorities aimed at improving the legal
base regulating transactions rules in the futures market.
Development of new approaches to guarantee system structure directed at
lowering the price of transaction settlement
Improvement of futures instruments trade mechanisms and updating the
soft-and hardware complex
TRENDS OF DEVELOPMENT.
THE CLEARING AND DEPOSITORY ACTIVITY
Technological background to meet legislative requirements to extend the
functions of the Republican Securities Central Depository and introduction
of a new and more effective clearing and settlement model
Technological cooperation between structure elements of the clearing and
settlement system in a real time mode using cryptographic information
protection means and an electronic documentation
Methodological providing of “delivery against payment” OTC operations on
the base the BCSE depository
Clearing and settlement complex adjustment to new instruments
introduction, to a wider range of operations, and to new auction trade
methods in the stock market, to be realized in 2007
Development of new approaches directed at complex servicing issuers and
trade participants
TRENDS OF DEVELOPMENT. INFORMATION
AND ANALYTICAL ACTIVITY
The technical base update and the functional enhancement of the BEQAS
system aimed at increasing its speed and reliability, and applying the
securities quotation mechanism that corresponds to the standards of OTC
electronic systems functioning
Development of virtual consultations possibilities based on Internet websites, concerning problems on financial market activity
The BCSE Internet system soft-and hardware base updating, database
structure optimization aimed at increasing its speed, security and reliability,
as well as introducing technologies that meet modern standards
Widening the range of analytical services supported by the development of
indices system reflecting the financial market processes that allows to
compare certain elements and estimate its future development
TRENDS OF DEVELOPMENT.
SOFT-AND HARDWARE INFRASTRUCTURE
The whole hardware complex update in 2007 will provide the reliability of all soft- and
hardware means of the BCSE, contributing to:
The development of mechanisms of remote access to trades using both the
closed corporate net of the BCSE and the Internet
Improvement of service functions of trade participants` and their clients`
workstations
Introduction of cryptographic
documentation system
protection
means
and
an
electronic
Updating the electronic trade system and clearing and settlement system in the
stock and futures market
Software development for automation of the BCSE Internet resources and the
BEQAS system modification processes
Program development for statistics enumeration, ranging and analysis upon the
trade totals and the information provided by issuers and trade participants
TRENDS OF DEVELOPMENT.
NEW MARKETS
Such new segment of the organized market as credit resources market is planned to
be formed in 2007, starting with the development of the local legal base
Main advantages:
Developing mechanisms for short-term distribution of temporary free
floats and organization of deposit and credit auctions to attract necessary
funds on a competitive basis
Promoting interbank credit market development in terms of simplifying
procedures for funds redistribution between banks with surplus resources
and deficient ones.
Contributing to the development of new mechanisms for settlement risk
management in the organized financial market, maintaining the liquidity of
clearing participants by introducing credit procedures
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