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Belarusian Currency and Stock Exchange

Belarusian Currency and Stock Exchange. Activity Report 200 6. MAIN ACTIVITY . TECHNOLOGIES AND RESOURCE BASE. RESULTS OF 2006. THE DEVELOPMENT OF TRADE AND SETTLEMENT TECHNOLOGIES. RESULTS OF 2006. THE DEVELOPMENT OF TRADE AND SETTLEMENT TECHNOLOGIES.

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Belarusian Currency and Stock Exchange

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  1. Belarusian Currency and Stock Exchange Activity Report 2006

  2. MAIN ACTIVITY. TECHNOLOGIES AND RESOURCE BASE

  3. RESULTS OF 2006. THE DEVELOPMENT OF TRADE AND SETTLEMENT TECHNOLOGIES

  4. RESULTS OF 2006. THE DEVELOPMENT OF TRADE AND SETTLEMENT TECHNOLOGIES

  5. Total trade volume in 2006 –USD 13.28bln The increase to 2005 (in USD) – 14.2 % THE BCSE ACTIVITY TOTALS

  6. The exchange currency market total turnover – USD 10.01 bln The increase to 2005 (in USD) – 37.4 % TRENDS AND MAIN EVENTS. THE CURRENCY MARKET.

  7. Total volume of operations – USD 3.09bln TRENDS AND MAIN EVENTS. THE GOVERNMENT SECURITIES MARKET.

  8. PRIMARY DISTRIBUTION OF GOVERNMENT SECURITIES • Number of participants – 29 (including 24banks) • 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 % inBYR, or 34.6 % inUSD equivalent • Distribution volume at par value – BYR 1 525.213bln • The increase ofthe nominal distribution volume – 31.6 % TRENDS AND MAIN EVENTS. THE GOVERNMENT SECURITIES MARKET. SECONDARY CIRCULATION OF GOVERNMENT SECURITIES • Secondary market total volume – USD 2.43 bln • Number of participants – 33 (including 24banks)

  9. Total market volume - USD 186.99 mln The increase to 2005 (in USD) – 50 % «All against all» REPO operations - USD 9.2 mln «Before redemption» transactions – USD 177.76 mln Number of participants - 17 TRENDS AND MAIN EVENTS. THE NATIONAL BANK SECURITIES MARKET.

  10. TRENDS AND MAIN EVENTS. INDEX OF GS AND SNB RB MARKET IN 2006 GS and SNB RB market index increase to the beginning of the year – 5.18 percentage items

  11. Equities • Total trade volume in 2006 – USD 0.28 mln • Number of participants - 15 (6 banks and 9 broker and dealer companies) • Privatization transactions of State Property Fund – BYR 21.5 mln • Bonds • Total trade volume in 2006 – USD 1.5 mln • Number of participants - 6 • «All against all» REPO operations volume – USD 0.34 mln • «Continuous double auction» operations volume - USD 1.15 mln TRENDS AND MAIN EVENTS. THE CORPORATE SECURITIES MARKET

  12. 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%, orUSD 1.43 mln. The share of the OTC market segment in the total turnover – 98.3% • Number of enterprises equities of which were traded in the OTC market - 137 • Number of registered transactions – 3 029 • Number of participants – 38 TRENDS AND MAIN EVENTS. THE OTCSECURITIES MARKET– purchase and sale of equities of open-type joint-stock companies • 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: • Finance, credit, insurance, pensions • Industry of building materials • Light industry

  13. TRENDS AND MAIN EVENTS. THE OTCSECURITIES MARKET– registration totals

  14. 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 TRENDS AND MAIN EVENTS. THE FUTURES MARKET

  15. Information system development: 1. Information System “Stock Market"www.stock.bcse.by: • Address change of soft-and hardware base • Creation of new part named “A letter to the specialist”, etc. • System update to suit new standard of information disclosure 2. Corporate website of the BCSE www.bcse.by: • New parts for disclosing trade totals, including archives • Introduction of market price archivedisclosure upon GS and SNB RBtrade totals • Update of the on-line mode Mass-media: • organizing and running seminars and conferencies • publications about the BCSE activity • cooperation between the BCSE and educational institutions of Belarus • cooperation between the BCSE and information agencies (REUTERS, Bloomberg, Echo-Press, AFN and others) INFORMATION AND ANALYTICAL ACTIVITY, MASS-MEDIA AND PUBLIC RELATION, INTERNATIONAL COOPERATION. MAIN EVENTS • International cooperation • membership in the International Association of Stock Exchanges of CIS countries, cooperation between the BCSEand leading Exchanges of CIS countries and Europe • Joining the FEAS (Federation of Euro-Asian Stock Exchanges)

  16. 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 («double auction» and «call transactions») 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 CURRENCY MARKET

  17. 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 STOCK MARKET

  18. Further rangeextension of financial instruments circulated in the futures market Methodological background for delivery futures, world currencies cross-rates futures, interest rates and government securities market indices futures introduction Joint work together with interested authorities aimed at improving the legal base regulating transactionsrules 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 FUTURES MARKET

  19. Technological background to meet legislative requirements to extend the functions of the Republican Securities Central Depositoryand 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. THE CLEARING AND DEPOSITORY ACTIVITY

  20. 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 web-sites, 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. INFORMATION AND ANALYTICAL ACTIVITY

  21. 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 protection means and an electronic documentationsystem 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. SOFT-AND HARDWARE INFRASTRUCTURE

  22. 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 TRENDS OF DEVELOPMENT. NEW MARKETS

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