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==History== |
==History== |
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The first ideas about establishing an institution which would control the movement of the value of money appeared in Serbia in the 1830s. The Serbian Trading Association, important for the development of the entire Serbian economy, initiated the passing of the Stock Exchange Law. The national Assembly adopted the Law on 3. November 1886, and the Law was proclaimed by the then King of Serbia Milan M. Obrenović. Several years later, on 21. November 1894, in „Građanska kasina“ the Belgrade Stock Exchange held its Founding Assembly and selected the management and exchange intermediaries. The purpose of founding the Exchange was to promote, facilitate and regulate trading in various commodities, all securities allowed to be quated, cheques and coupons, coins and paper money. |
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Prve ideje o osnivanju ustanove koja bi kontrolisala kretanje vrednosti novca pojavile su se u Srbiji tridesetih godina devetnaestog veka. Srpsko trgovačko udruženje, koje je bilo značajno za razvitak celokupne srpske trgovine, dalo je inicijativu za donošenje Zakona o javnim berzama. Narodna skupština je 3. novembra 1886. godine usvojila Zakon, koji je proglasio i objavio tadašnji kralj Srbije Milan M. Obrenović. Nekoliko godina kasnije, 21. novembra 1894. godine, u Građanskoj kasini održana je Osnivačka skupština Beogradske berze, izabrana je stalna uprava i berzanski posrednici. Cilj osnivanja Berze bilo je unapređenje, olakšanje i regulisanje trgovinskog prometa: svakovrsne robe (naročito zemaljskih proizvoda), svih hartija od vrednosti čije je kotiranje dopušteno, čekova i bonova, kovanog i papirnog novca. |
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Prvi berzanski sastanci održani su u hotelu «Bosna» na obali Save, gde su se sastajali izvoznici i pripremali zaključke na hranu i suve šljive. Tada se održavao samo jedan berzanski sastanak i u jednom odeljenju sklapani su svi berzanski poslovi (valute, efekti i roba). Razvojem trgovanja, formiraju se dva odeljenja: odeljenje za robu, koje ostaje na obali Save kao Produktna berza, i odeljenje za valute i efekte, Valutna berza, koja počinje da radi u prostorijama hotela «Srpska Kruna». U tom periodu, Beogradska berza je važila za najbolje organizovanu privrednu ustanovu, bila je jedna od najstarijih berzi u Evropi, a cene koje su utvrđivane bile su reperne cene proizvoda na drugim evropskim berzama. |
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The first trading sessions were held in the hotel „Bosna“ on the bank of the river Sava, where exporters met and prepared contracts for food and prunes. At that time, only one trading session was held and in one room all transactions were concluded (currency, money, goods). As trading developed, two departments were founded: one for commodities, which stayed on the same side of the Sava as the Commodity Stock Exchange, and the department for currencies and receivables, the Currency Exchange, which started operation on the premises of the hotel „Srpska kruna“. The Belgrade Stock Exchange was considered to be the best organized financial institution, was one of the oldest exchanges in Europe and the prices established on the Exchange were the referent prices for products on other European exchanges. |
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Početkom XX veka, na Berzi su se kotirale različite hartije od vrednosti. Najtraženije i najstabilnije bile su državne hartije, što je i razumljivo – poverenje u državu bilo je veće nego u akcionarska društva. Tada je važilo pravilo da «ako hoćeš da dobro jedeš, treba ulagati u akcije. Opet, ako hoćeš mirno da spavaš, treba ulagati u državne papire». Na Berzi su se kotirale akcije preko 140 novčanih zavoda. U periodu između dva svetska rata, posle pauze od četiri godine i u izuzetno teškoj privrednoj situaciji, Berza ponovo pokreće aktivnosti - priprema pravne regulative, nove uzanse i, shodno tome, postižu se i novi rezultati. |
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Razvojem Berze, stekli su se uslovi i za izgradnju doma Berze, a u želji da se obezbede neophodni i savremeni uslovi za rad, adekvatan prostor, nove tehničke mogućnosti, upotreba savremenih sredstava komunikacije, laboratorije, funkcionisanje berzanskog suda i sl. Već 1934. godine Berza se useljava u novu zgradu na Kraljevom trgu br. 13. Promet Berze se povećavao, berzansko poslovanje beležilo je uspon, svakoga dana Berzu je posećivalo 100-150 lica, a kursni list se štampao u hiljadu primeraka i na tri jezika. |
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In the beginning of XX century, various securities were listed on the Exchange. The most wanted and the most stable ones were government securities, which is quite understandable as people trusted the state more then public companies. The rule to observe was „if you want to eat well, invest in shares. But, if you want to sleep well, invest in government bonds“. Between the two world wars, after a four-year break and in a difficult economic situation, the Exchange resumed its business. It prepared the regulatory framework and internal rules and regulations and consequently achieved new results. |
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Ovaj period je po razvojnim karakteristikama bio najobimniji i najintenzivniji, sve do velike svetske krize, koja se odrazila i na poslovanje naše privrede. U poslednjim godinama postojanja, za predsednika Berze izabran je predsednik Vlade Kraljevine Jugoslavije, univerzitetski profesor dr Milan Stojadinović. Jedan od poslednjih sastanaka Uprave Berze održan je 28. marta 1941. godine. Kao institucija, Berza je postojala sve do 1953. godine, kada je formalno ukinuta Odlukom Prezidijuma Vlade Srbije. Mnogi poznati trgovci, bankari, časnici i članovi Berze nestali su tokom rata, ili su nakon rata osuđeni kao neprijatelji režima ili, jednostavno, kao nepoželjna lica. Na taj način, sa Berzom su otišli i ljudi koji su osnovali Berzu, odnosno, omogućavali njen rad. Mnogima je oduzeta imovina, a uništen je i veliki deo dokumentacije i materijala iz zgrade stare Beogradske berze. |
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S promenom opšte klime u društvu i početkom privrednih reformi i nakon usvajanja Zakona o tržištu novca i tržištu kapitala, 1989. godine održana je Osnivačka skupština Jugoslovenskog tržišta kapitala, osnovanog od strane 32 najveće banke sa teritorije nekadašnje Jugoslavije. Tokom 1992. godine Jugoslovensko tržište kapitala menja ime u Beogradsku berzu. Na Beogradskoj berzi se tokom 90-ih godina uglavnom trgovalo kratkoročnim dužničkim hartijama od vrednosti preduzeća, državnim obveznicama i sl. Iako je 1991. godine obavljeno prvo trgovanje akcijama (preduzeća Sintelon i Auto kuće Kikinda), značajniji pomak u trgovanju na Berzi ostvaren je tek 2000. godine, kada su u sekundarno trgovanje uključene akcije iz prethodnih postupaka privatizacije, a trgovanje se još intenzivnije nastavlja od 2001. godine. U toku 1996. godine na Beogradskoj berzi trgovano je i robno-komercijalnim zapisima Direkcije za robne rezerve sa podlogom u pšenici, kukuruzu, šećeru i ulju, a prve opštinske obveznice trgovane su na Berzi tokom 2000. godine, kada su u promet uključeni i blagajnički zapisi NBJ. Uvođenje obveznica Republike Srbije 2001. godine, za pokriće duga države po osnovu stare devizne štednje, dalo je još veći zamah razvoju domaćeg tržišta kapitala. Od reosnivanja, poslovanje Beogradske berze nije prekidano, čak ni u vreme NATO agresije 1999. godine. |
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The development of the Exchange enabled the building of the Exchange own offices, as it needed modern working conditions, adequate premises, new technical possibilities, modern means of communication, laboratories, functioning of the Exchange court, etc. In 1934, the Exchange moved into the new building on the King’s Square no. 13. The turnover increased, the business results were better , each day the Exchange was visited by 100-150 persons and the quotations were printed in 1000 copies, in three languages. |
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Tokom 2003. i 2004. godine urađena su značajna unapređenja na polju razvoja BELEX sistema za trgovanje, uvodeno je kontinuirano i daljinsko trgovanje i intenzivirana je međunarodna saradnja sa drugim razvijenim berzama i berzama u okruženju. Prvi indeks Beogradske berze BELEXfm objavljen je krajem 2004. godine, a do danas se nastavlja sa razvojem drugih berzanskih pokazatelja. U toku 2005. godine akcenat je stavljen na unapređenje procesa informisanja i izveštavanja sa Berze, a u rad su pušteni i prvi informacioni servisi za distribuciju podataka iz trgovanja u realnom vremenu. U toku 2006. godine otpočeo je i proces edukacije najšire javnosti, kao i unapređenje saradnje sa izdavaocima hartija od vrednosti, što je u aprilu 2007. godine dovelo i do prvog listiranja akcija. |
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Počev od 2008. godine Beogradska berza učestvuje u organizaciji Roadshow konferencija za domaća preduzeća, a akcije srpskih kompanija uključene su u sve veći broj indeksa međunarodnih agencija koji pokrivaju regionalno tržište kapitala. U prvoj polovini 2008. godine u rad je pušten BELEXFIX informacioni sistem, zasnovan na FIX protokolu, a krajem iste godine jedan od članova Beogradske berze postao je prvi market mejker na domaćem tržištu kapitala. Početkom 2010. godine unapređenje trgovačkog sistema realizovano je kroz BELEX FIX API modul, kojim se članovima Berze omogućava korišćenje sopstvenih aplikacija za trgovanje, a time i veća likvidnost i kvalitet tržišta. Sredinom 2010. godine u trgovanje na Beogradskoj berzi uključene su i prve akcije javnih preduzeća Srbije, čime je domaće tržište kapitala stiglo u centar pažnje najšire javnosti. Dalja unapređenja u oblasti odnosa sa investitorima i transparentnosti poslovanja domaćih kompanija realizovana su krajem 2010. godine, kroz dodelu prve nagrade za najbolji IR jednoj od listiranih kompanija u okviru Međunarodne konferencije Berze, kao i održavanjem Dana listiranih kompanija, u okviru kojih se predstavnici listiranih kompanija susreću sa domaćim i stranim investitorima, počev od 2011. godine. |
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This was the most intensive period until the great world crisis, which affected the Serbian economy as well. In the last days of the Exchange existence, Prime Minister of the Government of the Kingdom of Yugoslavia, university professor Milan Stojadinović, was appointed President of the Exchange. One of the last meetings of the Exchange Board of Directors was held on 28. March 1941. The Exchange lasted until 1953, when it was formally abolished by the Decision of the Presidium of the Serbian government. A number of famous traders, bankars and members of the Exchange disappeared during the war, or were convicted either as enemies of the regime or simply as unwanted persons. Thus the Exchange lost the people who had founded it and enabled its work. Many of them were deprived of their property and a large part of documentation and material from the old Exchange building was destroyed. |
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With a change in the general climate and the beginning of the economic reforms, after adoption of the Law on the capital market in 1989, the Founding Assembly of the Yugoslav Capital Market, established by 32 biggest banks from the territory of former Yugoslavia, was held. In 1992, the Yugoslav Capital Market changed its name to the Belgrade Stock Exchange. In the 1990s, the trading material mostly consisted of debt instruments of companies, government bonds and the like. Although the first share trade was carried out in 1991 (companies Sintelon and Auto kuća Kikinda), it was only in 2000 that a significant step forward was made, when shares from the previous privatization processes were included in secondary trading. In 1996, the Belgrade Stock Exchange traded in commodity-commercial notes of the Commodity Reserves with the underlying in corn, maize, sugar and oil, while the first municipal bonds were traded on the Exchange in 2000, as well as the first treasury notes of the National Bank of Yugoslavia. In 2001, the introduction of RS bonds for covering the government debt with respect to the old foreign currency savings further boosted the growth of the domestic capital market. Since its re-establishment, the operation of the Belgrade Stock Exchange has not been interrupted, not even during the NATO aggression in 1999. |
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During 2003 and 2004, there were significant improvements in the development of the BELEX trading system, continuous and remote trading was introduced and international cooperation with other developed exchanges as well as with the exchanges from the region was enhanced. The first index of the Belgrade Stock exchange was published in late 2004, and up to this day the Exchange has continued to develop other stock exchange indicators. In 2005, the Exchange focused on the improvement of the information process and launched its first information services for data distribution in real time. In 2006, the Exchange started to organize educational courses for the general public and improved its cooperation with issuers of securities, which in April 2007 led to the first security listing. |
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Since the beginning of 2008 the Belgrade SE has been organizing the Roadshow conferences for Serbian companies and at the same time domestic shares have been included in the increasing number of regional indices of the international agencies. In the first half of 2008 the BELEXFIX information system, based on the FIX protocol, was released and at the end of that year one of the members of the Belgrade SE became the first market maker in the domestic capital market. In early 2010 the improvement of the trade system was implemented through BELEX FIX API module, which allows members of the Exchange to use their own trading applications and thus results in higher liquidity and quality of the market. The first shares of public enterprises in Serbia were listed on the Belgrade SE in 2010 and so the local capital market arrived in the center of attention of the general public. Further improvements in the investor relations area and transparency of the local companies were realized at the end of 2010, when the first Award for best IR was awarded to a listed company on the Belgrade SE International Conference, as well as through organizing the first BELEX Day of listed companies in 2011, on which representatives of listed companies meet with domestic and foreign investors. |
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==Indexes== |
==Indexes== |
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Revision as of 18:51, 20 September 2015
| Beogradska berza | |
 | |
| Type | Stock exchange |
|---|---|
| Location | Belgrade, Serbia |
| Founded | 31 December 2003 First founded on 21 November 1894 |
| Key people | Gordana Dostanić (Director) |
| Currency | Serbian dinar (RSD) |
| No. of listings | 66[1] |
| Market cap |  €6.627 billion (December 2014)US$ 9.6 billion |
| Indices | BELEX15 BELEXline |
| Website | www |
| Economy of Serbia |
|---|
 |
| Overview |
| Sectors |
| Serbia topics |
The Belgrade Stock Exchange (abbr. BELEX, [Beogradska berza] Error: {{Lang-xx}}: text has italic markup (help)) is a stock exchange based in Belgrade, Serbia.[2] The Stock exchange was founded in 1894 in the Kingdom of Serbia, after the King proclaimed the Stock exchange law of 1886. Currently, the Belgrade Stock Exchange is a full member of Federation of Euro-Asian Stock Exchanges (FEAS) and an associate member of Federation of European Securities Exchanges (FESE).[3]
History
The first ideas about establishing an institution which would control the movement of the value of money appeared in Serbia in the 1830s. The Serbian Trading Association, important for the development of the entire Serbian economy, initiated the passing of the Stock Exchange Law. The national Assembly adopted the Law on 3. November 1886, and the Law was proclaimed by the then King of Serbia Milan M. Obrenović. Several years later, on 21. November 1894, in „Građanska kasina“ the Belgrade Stock Exchange held its Founding Assembly and selected the management and exchange intermediaries. The purpose of founding the Exchange was to promote, facilitate and regulate trading in various commodities, all securities allowed to be quated, cheques and coupons, coins and paper money.
The first trading sessions were held in the hotel „Bosna“ on the bank of the river Sava, where exporters met and prepared contracts for food and prunes. At that time, only one trading session was held and in one room all transactions were concluded (currency, money, goods). As trading developed, two departments were founded: one for commodities, which stayed on the same side of the Sava as the Commodity Stock Exchange, and the department for currencies and receivables, the Currency Exchange, which started operation on the premises of the hotel „Srpska kruna“. The Belgrade Stock Exchange was considered to be the best organized financial institution, was one of the oldest exchanges in Europe and the prices established on the Exchange were the referent prices for products on other European exchanges.
In the beginning of XX century, various securities were listed on the Exchange. The most wanted and the most stable ones were government securities, which is quite understandable as people trusted the state more then public companies. The rule to observe was „if you want to eat well, invest in shares. But, if you want to sleep well, invest in government bonds“. Between the two world wars, after a four-year break and in a difficult economic situation, the Exchange resumed its business. It prepared the regulatory framework and internal rules and regulations and consequently achieved new results.
The development of the Exchange enabled the building of the Exchange own offices, as it needed modern working conditions, adequate premises, new technical possibilities, modern means of communication, laboratories, functioning of the Exchange court, etc. In 1934, the Exchange moved into the new building on the King’s Square no. 13. The turnover increased, the business results were better , each day the Exchange was visited by 100-150 persons and the quotations were printed in 1000 copies, in three languages.
This was the most intensive period until the great world crisis, which affected the Serbian economy as well. In the last days of the Exchange existence, Prime Minister of the Government of the Kingdom of Yugoslavia, university professor Milan Stojadinović, was appointed President of the Exchange. One of the last meetings of the Exchange Board of Directors was held on 28. March 1941. The Exchange lasted until 1953, when it was formally abolished by the Decision of the Presidium of the Serbian government. A number of famous traders, bankars and members of the Exchange disappeared during the war, or were convicted either as enemies of the regime or simply as unwanted persons. Thus the Exchange lost the people who had founded it and enabled its work. Many of them were deprived of their property and a large part of documentation and material from the old Exchange building was destroyed.
With a change in the general climate and the beginning of the economic reforms, after adoption of the Law on the capital market in 1989, the Founding Assembly of the Yugoslav Capital Market, established by 32 biggest banks from the territory of former Yugoslavia, was held. In 1992, the Yugoslav Capital Market changed its name to the Belgrade Stock Exchange. In the 1990s, the trading material mostly consisted of debt instruments of companies, government bonds and the like. Although the first share trade was carried out in 1991 (companies Sintelon and Auto kuća Kikinda), it was only in 2000 that a significant step forward was made, when shares from the previous privatization processes were included in secondary trading. In 1996, the Belgrade Stock Exchange traded in commodity-commercial notes of the Commodity Reserves with the underlying in corn, maize, sugar and oil, while the first municipal bonds were traded on the Exchange in 2000, as well as the first treasury notes of the National Bank of Yugoslavia. In 2001, the introduction of RS bonds for covering the government debt with respect to the old foreign currency savings further boosted the growth of the domestic capital market. Since its re-establishment, the operation of the Belgrade Stock Exchange has not been interrupted, not even during the NATO aggression in 1999.
During 2003 and 2004, there were significant improvements in the development of the BELEX trading system, continuous and remote trading was introduced and international cooperation with other developed exchanges as well as with the exchanges from the region was enhanced. The first index of the Belgrade Stock exchange was published in late 2004, and up to this day the Exchange has continued to develop other stock exchange indicators. In 2005, the Exchange focused on the improvement of the information process and launched its first information services for data distribution in real time. In 2006, the Exchange started to organize educational courses for the general public and improved its cooperation with issuers of securities, which in April 2007 led to the first security listing.
Since the beginning of 2008 the Belgrade SE has been organizing the Roadshow conferences for Serbian companies and at the same time domestic shares have been included in the increasing number of regional indices of the international agencies. In the first half of 2008 the BELEXFIX information system, based on the FIX protocol, was released and at the end of that year one of the members of the Belgrade SE became the first market maker in the domestic capital market. In early 2010 the improvement of the trade system was implemented through BELEX FIX API module, which allows members of the Exchange to use their own trading applications and thus results in higher liquidity and quality of the market. The first shares of public enterprises in Serbia were listed on the Belgrade SE in 2010 and so the local capital market arrived in the center of attention of the general public. Further improvements in the investor relations area and transparency of the local companies were realized at the end of 2010, when the first Award for best IR was awarded to a listed company on the Belgrade SE International Conference, as well as through organizing the first BELEX Day of listed companies in 2011, on which representatives of listed companies meet with domestic and foreign investors.
Indexes
Belgrade Stock Exchange currently has two indices:[4]
- BELEXline, the general benchmark index of the Belgrade Stock Exchange.
- BELEX15, representing the 15 most liquid stocks.
See also
- List of European stock exchanges
- List of companies of Serbia
- Economy of Serbia
- National Bank of Serbia
- Serbian dinar
References
- ^ "Listings". belex.rs. Retrieved 17 August 2014.
- ^ "Belgrade Stock Exchange: Belex15 ended 2-year downward trend". Invest in Serbia. 2013-01-17. Retrieved 23 May 2013.
- ^ "Important Dates". belex.rs. Retrieved 17 August 2014.
- ^ "Indices". Belgrade Stock Exchange. Retrieved 25 May 2013.
