to our shareholdersbvfb.bcse.by/eng/2011_en.pdf · 8 / annual report 2011 belarusian currency and...

4 5/ Annual Report 2011 Belarusian Currency and Stock Exchange / / Annual Report 2011 Belarusian Currency and Stock Exchange /

TO OUR SHAREHOLDERS

Dear shareholders, clients and partners!

The Belarusian Currency and Stock Exchange (BCSE) continued its stable work, introducing new technological decisions and expanding the range of trading instruments during the previous year.

The trading turnover of all exchange market segments reached more than BYR 141 trillion in 2011, having increased by 60.8 per cent in comparison with the similar period of the last year.

In 2011, the currency market was in the center of the Belarusian Currency and Stock Exchange attention. Our main efforts in the currency market were concentrated on implementing the state policy on regulation of operations in this segment. The introduction of measures aimed at reducing the demand for foreign currency and the gradual liberalization was accompanied by accelerated modification of the trading system and of the regulations, by launching an additional trading session.

The key event of 2011 was the first IPO organized on the Belarusian Currency and Stock Exchange trading floor. Joint-Stock Company BROSTOK organized the issue for Borisovsky Factory of Medical Supplies, OJSC.

Upon the National Bank’s initiative, the Belarusian Currency and Stock Exchange increased the number of exchange trading modes for bonds issued by the National Bank, providing their circulation with traditional modes, such as simple auction, double auction and REPO, as well as with additional ones - call auction and forward contracts. It enabled the National Bank of Belarus to use instruments

more flexibly while carrying out operations in the open market.

The development of the securities trading system was directed at creating a comfortable working environment for broker and dealer companies, banks and customers. Introduced abbreviations for securities - tickers, automated process of package client registration based on the data import from back-office market participants’ systems to the trading system, the possibility to register multiple DEPOT accounts for one client were the main service improvements in 2011.

Changing the market pricing order for securities, increasing the government control over the price manipulation in the stock market encouraged the Belarusian Currency and Stock Exchange to develop new mechanisms and monitoring systems for professional participants operations.

In line with the Development Concept of the Securities Settlement and Clearing System of Belarus for 2010 – 2015 approved by the Ministry of Finance of Belarus and the National Bank of Belarus, the Belarusian Currency and Stock Exchange started the development of an integrated clearing and settlement system, and the creation of a settlement and clearing organization on its base as one of the strategically important development directions in 2011.

The Belarusian Currency and Stock Exchange took an active part in developing legal acts regulating the clearing activities, the accumulation of financial resources for authorized capital increase purposes,

the IT-infrastructure analysis and a draft plan to adapt it to clearing and settlement operations procedures, as well as staff training. The activities mentioned above contribute a lot to the successful reformation.

Due to investing in technology, the Belarusian Currency and Stock Exchange implemented a project on introducing virtual servers based on VMware vSphere in 2011. It allowed to create an IT infrastructure that can be easily modified in accordance with existing and planned activities, to raise resilience and to reduce the hardware expenses and its maintenance.

Solved tasks and implemented projects in 2011 were indicators of successful development of the Belarusian Currency and Stock Exchange, trade turnover growth and financial stability, grounds for new achievements.

A five-year Development Concept for the Belarusian Currency and Stock Exchange is to be devised in 2012. What are its priorities? What will the Belarusian Currency and Stock Exchange be oriented at in line with the integrated economic space functioning, global integration and globalization?

The answers to these questions can only be the growth of its competitiveness, increasing its own capitalization and its role in the financial market. Certain steps in this direction have already been made today. Tasks for the next two years are to complete the process of the Belarusian Currency and Stock Exchange reorganizing, to consolidate the functions of settlement and clearing center for all assets

traded at the BCSE, to develop an effective risk management system and post-trade technology, aimed at attracting foreign investors to the domestic market, launching new financial instruments, providing complex financial transactions on the trading floor.

We hope to achieve our goals with an active participation of our shareholders and customers and we believe in fruitful collaboration.

We thank all our partners, company members and our staff for their confidence, understanding, and daily professional assistance and personal contribution to our common goal - developing an organized market in our country.

Chairman of the Supervisory Council of the Belarusian Currency and Stock Exchange

Taras Nadolny

Chairman of the Board of the Belarusian Currency and Stock Exchange

Pavel Tsekhanovich


MARKETS AND SERVICES DEVELOPMENTS IN 2011

Projects for the Exchange Services Development

The total trading value increased by 60.8 per cent if compared to 2010 in ruble equivalent and amounted to BYR 141.1 billion (USD 25.7 billion) in 2011.

Daily average trading value increased up to BYR 553.4 billion (USD 100.8 million), accordingly.

The main volume accounted for the currency market sector (69.4 per cent) and the government securities sector (24.5 per cent).

In 2011 the turnover of the currency market sector totaled BYR 97,915.3 billion or USD 17.0 billion BYR (BYR 63,278.0 billion or USD 21.2 billion in 2010). The trading value in ruble equivalent increased by 54.7 per cent if compared to 2010.

The key changes in the segment of organized trading in foreign currency in 2011 were caused by the necessity of implementing state policy in the sphere of currency market regulation.

Currency Market

Changing Conditions for Organized Currency Market Functioning

Improving Access Trading Mechanisms

The arising problems in the currency market in spring 2011 led this segment of the exchange trading to a number of legal and technical changes.

The Belarusian Currency and Stock Exchange aspired to create all necessary conditions for successful implementation of state policy in the field of internal currency market regulation. Thus, within the last year the following projects were successfully completed:

x In the first half of the year - introducing the barrier measures aimed at reducing demand

In 2011 the Belarusian Currency and Stock Exchange developed and introduced changes in the monitoring system of Currency Market Section members’ financial state.

The Belarusian Currency and Stock Exchange decision-making on imposing sanctions for non-observance of financial requirements to

for currency (increase in exchange fees, preliminary reservation terms, determining the priority of order filling);

x In the second half of the year - gradual removal of restrictions and liberalization of the exchange rate (introducing an additional trading session, return to a single rate and cancelling the additional trading session).

Each of those stages implied the change of the legal base and upgrading the trading and settlement system.

banks that are residents of Belarus was applied on the base of prudential data of the National Bank of Belarus.

The Belarusian Currency and Stock Exchange developed and introduced a special system for non-resident banks to disclose their financial information.


Stock Market

The total volume of the exchange trades in all types of securities amounted to BYR 43,147.9 billion, or USD 8,688.3 million in 2011 (BYR 24,440.1 billion, or USD 8,216.4 million in 2010, accordingly), having increased by 76.51 per cent in ruble equivalent in relation to 2010. The maximum volume of operations was fixed in the government securities sector, accounting for 80.2 per cent of the exchange turnover. The sector of exchange-traded bonds was developed more actively and provided a 93.3 per cent increase.

Within 2011 the Belarusian Currency and Stock Exchange undertook measures on improving interface functions of the trading system and point-based updating of separate algorithms:

x Simplification of administration procedure for customer base, enhancement of algorithms for mass registration of clients concerning data processing speed;

x Automation of procedure of full or partial cancellation of trading results in case of contingency conditioned by blocking bank’s correspondent account by the National Bank of Belarus;

In order to expand the list of trading modes for circulation of the National Bank bonds including short-term bonds, indexed bonds for legal entities and bonds nominated in hard currency, the bonds of the National Bank were transferred from the government securities sector into the sector of non-government securities circulation.

On June 29 last year, the first IPO was organized on the Belarusian Currency and Stock Exchange trading floor. Joint-Stock Company BROSTOK organized the issue for Borisovsky Factory of Medical Supplies, OJSC.

Projects for Exchange Services Development

Improving Algorithms of the Trading System

Transfer of the Issued by the National Bank Bonds into Non-Government Securities Circulation Mode

Organizing and Holding IPO of Additional Issue of Shares

x Development of circulation conditions for interest rate bonds nominated in foreign currency;

x Transition to the usage of abbreviation names (tickers) for securities in the trading system;

x Updating the mechanism of market prices evaluation and control algorithms for orders price deviations from the market price;

x Automation of procedure of package registration of trade participants’ customers through exporting data from banks’ back-office and broker and dealer companies systems to the trading system.

These measures enabled to increase the number of alternative transactions modes for this kind of securities from two (Before Redemption and REPO) to five modes (Continuous double auction, Forward transactions, Simple auction, Call auction, Free pricing REPO), and provided the National Bank with full-featured and flexible opportunities to carry out operations in the open market accordingly.

The distribution model implied the possibility of simultaneous sale of shares in a simple auction for Belarusian rubles, in a forward transactions mode for US dollars, Euro and Russian rubles.

In accordance with the requirements of the Ministry of Finance decision No. 117 as of November 15, 2011 «On fixing demand and (or) supply parameters for a security, its market price or trade value of a security paper in case of essential deviations that could influence the demand and (or) supply, market price of a security paper or trade volume of a security paper» the Belarusian Currency and Stock Exchange carried out intensive organizational and technical works on introducing mechanisms aimed

In the changing market environment the regulatory base of the Belarusian Currency and Stock Exchange underwent several changes concerning operation order aimed at extending professional participant’s potential while carrying out transactions.

The most essential changes were connected with the following:

x Describing government securities transactions procedure within trust managing, including bank management funds;

x Defining a type of transactions carried out in a simple auction mode. In particular, simple auctions are authorized only in case of primary distribution of securities when either the State Property Fund of the State Property Committee of Belarus or the National Bank of Belarus is trading agent, when Belarus or their administrative units are clients of the trading agent. A simple auction is also accepted regardless a category of the trade participant and/or his client only if the period of the announced auction does not exceed 30 calendar days and the cut off price specified by the trading agent during this auction varies within 20 per cent range of a market price upon issued securities based on the day previous to the day on which an application was submitted to perform trading agent functions;

x Introducing a new order of current information disclosure for owners of large packages, insiders, etc.;

x Reducing terms for analyzing documents submitted for Section membership purposes to 15 working days (30 days before);

x Cancelling requirements for resident banks to their financial condition and possibility

Introducing Control Mechanisms Over Price Manipulation in the Non-Government Securities Market

Developing Regulatory Base

at detecting possible price manipulation by the participants in the organized securities market. In particular, a number of measures were developed to reveal operations to be controlled if their deviations exceed specified parameters, as they essentially influence the demand (supply), prices or volumes of transactions in securities. In order to automate a daily reporting on manipulation, the Belarusian Currency and Stock Exchange software on securities statistics processing was upgraded.

to exclude a bank from the Section upon recommendations of the National Bank of Belarus;

x Specifying alternative ways of submitting orders in case if one participant participates in simple auction;

x Expanding the list of cancellation (failure) reasons for simple auction based on the practice.

Besides, the Belarusian Currency and Stock Exchange traditionally took part in developing legal acts regulating republican securities market functioning. During the period under report the following projects were studied and amended:

x The decision of the Ministry of Finance of Belarus No.118 dated 18.08.2003 «On approval of the Instruction about the order of issue, placing, circulation and redemption of certain kinds of government securities and cancellation of some legal acts of the Ministry of Finance of Belarus that became inoperative»;

x The legal act draft on increase of liquidity of the exchange share market through the state share holdings sale and organizing obligatory quotations in the Belarusian Currency and Stock Exchange trading system;

x A draft of changes and amendments to the Decree of the President of Belarus «About some questions on regulation of the securities market» No.277 dated 28.04.2006. This document stipulates expanding powers of the supervisory body over the market, introducing a number of restrictions on separate transactions in shares, specifying the term and the indications of price manipulation,


increasing ways of corporate bonds backing;

x A draft of changes and amendments to the Instruction on issue, distribution and

In 2011, the Belarusian Quotation Automated System (BEQAS) IQS «OTC Market» module was automated to provide the following:

x Improving import mechanisms for data on registered OTC transactions in securities from external systems of professional participants of the securities market;

In order to comply with the Decree of the President of Belarus No.107 dated 18.03.2011, a number of measures were carried out to organize the realization of the priority right to acquire equities (shares in authorized capitals) of some corporations to regional and Minsk Executive Committees.

In particular, the information processing was automated to provide its daily submission to executive committees. Besides, general arrangements aimed at providing maintenance of this kind of quotations were carried out.

New Rules were developed and came into force to submit indicative sale orders

There were 895 quotations offered for sale and 368 quotations offered for purchase of 171 issuers in the “Indicative Bids” BEQAS module through 2011. There were 16 974 transactions registered in the “OTC Market” BEQAS IQS module amounting to 90.9 trillion that is 14.5 times or 41.2 per cent more than in 2010.

redemption of coupon income bonds of the National Bank of Belarus nominated in hard currency, for legal entities, etc.

x Improving statistic formats to control the observance of the established by Belarusian legislation terms to provide information on transactions by professional participants of the securities market;

x Improving algorithms of foreign currency transactions records at a rate different from the rate of the National Bank of Belarus.

into the Belarusian Quotation Automated System of the Belarusian Currency and Stock Exchange (BEQAS system) where regional committees and Minsk Executive Committee have the priority right to acquire them. These Rules specify standards of order formation, publication order of information received from executive committees regarding realization of their priority right.

The import of data on indicative orders from back-office systems of banks and broker and dealer companies was automated to conform to the established format of data transmission.

OTC Stock Market Services. Belarusian Quotation Automated System (BEQAS)


Developing Functionality of the BEQAS Module IQS «OTC Market»

Creating Conditions for Providing the Priority Right to Acquire Equities (Shares in Authorized Capitals) of Corporations

During the period under report, the main efforts for developing the futures market were directed at expanding the range of financial instruments and improving conditions of their circulation. In line with these measures, the Belarusian Currency and Stock Exchange ran several meetings with the participants, studied the demand for new financial instruments, and analyzed practical possibility and suitability of introducing new instruments in current situation.

Besides, the Belarusian Currency and Stock Exchange regularly offered consultations to

In 2011, the total volume of the exchange futures market trading amounted to BYR 45.1 billion, or USD 8.6 million (BYR 40.9 billion, or USD 13.6 million in 2010, accordingly), having increased by 10.1 per cent in ruble equivalent in relation to 2010.

The amount of rendered by the Belarusian Currency and Stock Exchange clearing services in the currency, stock and futures markets totaled BYR 282.2 trillion in 2011.

participants and potential investors of this segment of the financial market concerning the use of offered by the Belarusian Currency and Stock Exchange instruments aimed at hedging risks the enterprises face.

Within the work on increasing attractiveness of the futures market, upon request of the Professional Participants Association of the Securities Market, the Belarusian Currency and Stock Exchange developed proposals on Belarusian legislation change in the sphere of tax regulation upon futures transactions.


Settlement and Clearing System Performance in 2011, BYR in Billions

Futures Market

Settlement and Clearing System

Feature Currency Market Stock Market Futures Market

Type of clearing centralized multilateral

Daily average volume of deposited funds 766.7 235.5 0.003

Daily average trading value 388.6 169.2 0.18

Daily average volume of net liabilities 164.8 146.3 0.003

Daily average volume of deposited funds to daily average volume of net liabilities 4.65 1.61 1.0


The main development efforts for the settlement and clearing securities system and the futures market instruments in 2011 were directed at decreasing settlement and transaction risks, at increasing the current software efficiency and its adaptation to new conditions of the exchange market functioning.

Thus, in the period under review the Settlement and Clearing System was upgraded. The following patterns had undergone changes:

x Processing directories of settlement participants identification bank codes received from the financial information transfer system;

x Rating bonds of the National Bank of Belarus as a non-government securities record unit and getting the conclusion of transactions under control as well as recording of this type of securities in authorized depositaries only;

x Controlling depositaries codes by providing the Settlement and Clearing System with the access to existing directories of the Automatic Control System “The Stock Exchange”;

x Introducing the requirements to impose a ban on settlements upon securities transactions in case of blocking the correspondent account, and resolution of this emergency situation by processing messages received from the clearing bank

In the period under report the settlement and clearing system was adapted to use new formats of electronic messages of the Republican Central Depositary Securities in the securities market. Besides, upon the Belarusian Currency and Stock Exchange initiative, the Securities Market Electronic Messages Formats were amended to provide the data accessing procedures from

to provide activity restriction of the bank - settlement participant, and further transfer of information on closing the corresponding trading positions to trading system; by withdrawing the information transferred from the trading system upon trading results; by transferring information on implementation of all necessary measures to update trading results to the trading system;

x Automating balance verification of securities on trading divisions of the depositaries correspondent DEPOT accounts, that record financial assets blocked for trading. A control algorithm was introduced to verify parity positions in the securities balance statement received from the Republican Central Depositary Securities together with securities balance data recorded by the Settlement and Clearing System. Besides, a number of follow-up service functions were developed;

x Improving fund reserve control for participation in futures trading during the pre-trading period including implementing algorithm for electronic messages processing on fund reservation upon the bank participant request; providing a possibility to form electronic message for fund reduction and transfer them to the National Bank of Belarus without transferring the information through the trading system.

depositaries concerning the actual state of trading divisions necessary for verification with the trading system data. These changes streamline interaction between the Belarusian Currency and Stock Exchange and depositaries concerning opening and closing of trading divisions of DEPOT account, as well as depositors data changes (message 515 «Depositor Inquiry Form»).


Developing Settlement and Clearing System of the Stock and Futures Markets

Transition to New Formats of Electronic Messages, and Expanding the List of Settlement Procedures

The settlement and clearing system in the currency market was developed to enable the performance of the Belarusian Currency and Stock Exchange task to implement the state policy in the field of the currency market regulation. Thus, the Trading in Foreign Currencies System settlement module was upgraded in 2011 in the following directions:

x The information history on money resources prior reserved by trade participants

During the period under report for the purpose of implementing the Development Concept of the Belarusian Settlement and Clearing Securities System for 2010 – 2015 (hereinafter the Concept) approved by the decision of the Ministry of Finance and the National Bank No.20/40 dated 04.03.2010 the Belarusian Currency and Stock Exchange carried out works in the following directions:

x Participating in developing legislation drafts aimed at regulating the clearing order;

x Developing basic approaches to the risk control system;

x Measures encouraging the Belarusian Currency and Stock Exchange to obtain the status of non-bank credit and financial organization;

x Creating IТ-platform.

Following these directions a draft decision of the Ministry of Finance On Clearing Activity continued to be developed in 2011 together with all interested organizations such as Belarusian Association of Professional Participants of the Securities Market, Securities Department of the Ministry of Finance, National Bank of Belarus, and Republican Central Securities Depositary.

Amendments and additions into the Agreement on Information Interchange between the National Bank and the Ministry of Finance were analyzed and developed. This information concerns clearing participants’ financial state and clearing organization’s potential risks arising from supervisory state bodies’ decisions on restricting their activity.

Developing the Settlement and Clearing System of the Currency Market

Measures on Implementing the Development Concept of the Belarusian Settlement and Clearing Securities System for 2010 – 2015

was created due to the reservation terms increase;

x The settlement module was adjusted in order to facilitate a separate control of funds reserved for main and additional trading sessions;

x Control and analysis procedure was organized as well as further information transfer on the reserved funds in the trading system, and its renewal if needed, etc.

The Belarusian Currency and Stock Exchange formulated proposals on creation and use of insurance products in the securities market to provide depositary, clearing and other professional activity followed by a survey on Stock Market Section members’ interest in developing the insurance market able to lower risks related to the fulfillment and execution of transactions in the stock market.

In order to make new settlement models in the securities market ready to be introduced, suggestions on updating formats of electronic messages of the securities market were prepared to reflect net-positions on trading divisions of DEPOT accounts.

In line with measures aimed at obtaining the status of non-bank credit and financial organization, the Belarusian Currency and Stock Exchange carried out the following activities during the period under report:

x Launching the development of the business plan project on creation of Open Joint-Stock Company “Non-Bank Credit and Financial Organization Belarusian Currency and Stock Exchange”;

x Increasing the authorized capital up to EUR 5 million in equivalent required by the legislation for non-bank credit and financial organizations. By the end of 2011 the authorized capital of the Belarusian Currency and Stock Exchange had totaled BYR 48.72 billion;

x IFRS program training for experts in order to meet the requirements of the National Bank Board decision No. 122 as of 28.08.2008.

In line with the task solution on obtaining a new status and on changing the clearing


and settlement model, the Belarusian Currency and Stock Exchange launched the analysis of own IT infrastructure to develop a detailed plan of its upgrading. The first stage of IT upgrade implies the increase

A number of measures were undertaken in 2011 to provide the transition to new formats of electronic messages of the securities market.

During the realization of this project the Belarusian Currency and Stock Exchange made some suggestions on modification of Formats of Electronic Messages of the Securities Market concerning statement forms to be used by depositors and

Within the participation in the Securities Department board meeting concerning the functioning of the Republic Central Securities Depositary and depositary systems of Belarus, the Belarusian Currency and Stock Exchange developed proposals on amendments to standard documents regulating depositary activity, including the following suggestions:

of information systems safety level. In this connection the document package development has been launched to define the risk control system in the sphere of information technologies.

inquiry forms of depositors to be used for interaction between second level depositaries and depositors, the clearing organization and depositaries, and also concerning inquiry forms for securities, etc.

Concurrently, a Depositary Stock Exchange software package was adjusted to new formats of electronic messages regarding locked-in pledged securities.

x To amend the synthetic depositary account plan with new balance accounts;

x To define legislatively a depositary record keeping order for securities remained on DEPOT account of a liquidated entity.

x To fix legislatively the order of opening the necessary number of DEPOT accounts for one person in order to record securities belonging to different balance accounts, etc.

Operation Structure of BCSE Depository as of 01.01.2012

Transition to New Formats of Electronic Messages of the Securities Market

Developing a Legislation Base Regulating the Depositary Activity Procedure

Depositary Activity

Kind of operation Number of completed operations Increase to 2010, %

Administrative 7 826 18.0

Accounting 1 873 47.1

Informational 1 903 9.5

Number of depositors 1 002 0.2

Number of issuers in service 7 0.0


Developing Information Activity

Developing the System of Exchange Indices

Information Activity

Besides, the Belarusian Currency and Stock Exchange participated in developing the project of changes into the Instruction on the Depositary Activity Procedure. The Belarusian Currency and Stock Exchange proposed to introduce requirements to depositaries to provide the Belarusian Currency

Within the previous year, the Belarusian Currency and Stock Exchange exchanged information with different companies, such as “YrSpektr” LLC, Reuters, News Agencies “Media Market”, «Vladimir Grevtsov’s Agency», «Ecopress», Cbonds, “Infobank”, ISS “Bank”, Internet portal «TUT.by», Belteleradiocompany, etc.

In order to organize an additional trading session and to provide a further transition to the unique trading session in foreign currencies, the Belarusian Currency and Stock Exchange closely co-operated with mass media regarding explaining questions on carrying out transactions on the exchange currency market. A number of recordings and interviews were organized with the representatives of the Belarusian Currency and Stock Exchange and the National Bank of Belarus. The specialists of the Belarusian Currency and Stock Exchange took part in several information and analytical TV programs. Since October 2011, there has been a daily radio program reporting the trading in foreign currencies.

In order to provide state authorities with information support, the Belarusian Currency and Stock Exchange continued servicing special

In line with developing exchange indices, the Regulation for Indices of the Exchange Non-Government Securities Secondary Market was developed to define types and methodology for calculating indices of the market of listed equities and bonds. According to this document the Belarusian Currency and Stock Exchange will launch calculation and publication of the following indices groups in 2012:

and Stock Exchange with depositors inquiry forms while opening and closing trading sections, or in case of profile change in order to form the directory of the clearing organization, to organize verification system for trading and clearing systems data about clearing participants, their clients and issuers of securities.

versions of the remote information terminals providing on-line exchange trading broadcast for the State Control Committee, the Ministry of Finance, the National Bank, the Securities Department at the Ministry of Finance, etc. Since December 2010, trade participants have been provided with these remote terminals to maintain an information access of their clients. The number of served terminals has totaled 22 as of 01.01.2012.

The total number of customers provided with the exchange information on a contract basis remained unchanged in 2011.

Traditionally, the Belarusian Currency and Stock Exchange actively co-operated with the State Educational Centre for Professional Development and Retraining of the personnel of the Ministry of Finance, the Belarusian State Economic University, the Academy of Management under the President of the Republic of Belarus, the Belarusian State University, the Minsk Financial And Economic College, etc. organizing together lecture seminars on the Belarusian Currency and Stock Exchange activities, and provided demonstration of training trade sessions.

x Price indices; x Yield indices and indicators; x Liquidity indicators, including turnover

factors and price spreads; x Duration indicators; x Capitalization indicators; x Group of bonds indices; x Group of shares indices.


The creation of new Internet portals that function with the usage of the service level of the Belarusian Currency and Stock Exchange information system (an official site and information system of information disclosing in Belarusian stock market IS «Stock Market») was completed in 2011. Within the introduced VMware technology, the software for websites was deployed on virtual servers. For the purpose of providing clients with smooth adaptation to new web portals of the Belarusian Currency and Stock Exchange, new websites were concurrently published on Internet network together with the operating ones.

The Belarusian Currency and Stock Exchange maintained its membership in two foreign associations in 2011: International Association of Stock Exchanges of the CIS countries (IAS CIS) and Federation of Euro-Asian Stock Exchanges (FEAS). Within this membership work, the Belarusian Currency and Stock Exchange took part in decision-making during council meetings, working and executive committee and task group meetings, and regularly published its data in information resources of these associations.

The largest project under the aegis of the IAS CIS was the development of stock exchanges in CIS countries and EurAsEC regarding the creation of the Uniform Economic Space. In particular, within the previous year a joint project was launched by Moscow Interbank Currency Exchange and RTS on creating an integrated

There were several international meetings in 2011 including meetings with representatives of 10 largest financial organizations of Lithuania (Association of brokers of Lithuania; Lithuanian broker house Evli Securities A/S; Bank Swedbank AB; Bank SEB AB; Bank Ukio bankas, AB; Bank Snoras AB; Bank S iauliu bankas AB;

In line with an additional trading session launch in the currency market and further transition to a single trading session, the Belarusian Currency and Stock Exchange websites were adjusted to facilitate the development of a separate block of indicators on the main page of the Belarusian Currency and Stock Exchange official website disclosing summary statistical data, the change of current and archival tables with trading results, the change of traded currencies directories, changes to database tables providing information storage for its further broadcasting on the Belarusian Currency and Stock Exchange websites.

settlement and clearing infrastructure, organizing cross-trading and cross-listing. These issues were discussed during the session of Council of Heads of Government Authorities to regulate the securities market of CIS countries. Besides, the technical estimation of the Ukrainian Interbank Currency Exchange software «FTN Monitor» as a technological platform for the financial markets integration of CIS countries or other joint projects was carried out.

During the FEAS General Assembly the Belarusian Currency and Stock Exchange participated in the international marketing exhibition aimed at attracting foreign investors to emerging markets. This exhibition offered an opportunity to present video and publications about the Belarusian Currency and Stock Exchange activity and investment advantages of the Belarusian stock market to its visitors.

the Lithuanian branch of bank Danske bank A/S; Hedge-Fund and Tiltra Group), Korean Stock Exchange KRX, GET Belarus (the German Economic Group in Belarus) and German Embassy, and UniCredit Bank. The main topics discussed during those meetings were presenting the Belarusian stock market and the role of

Developing Information Technologies

Association Membership

Developing International Cooperation on a Bilateral Basis

International Cooperation

The main efforts for providing the software functioning were directed at introducing VMware vSphere software aimed at transferring the server equipment into a virtual platform, as well as creating conditions for the continuity of the whole infrastructure in general.

Licensed VMware software was purchased, installed, adjusted and tested within the previous year. In order to provide effective work of the virtual environment, the data storage systems (EVA) were reconfigured. By the end of 2011, the procedures of partial transfer of servers to the virtual environment and necessary resources redistribution had been completed.

In the period under review the works were directed at increasing the safety level, fault-tolerance and continuity of key elements of the Belarusian Currency and Stock Exchange technical infrastructure.

The Belarusian Currency and Stock Exchange specialists continued their works on backup of basic components of systems supporting the Belarusian Currency and Stock Exchange activity. So, backup servers were installed and the following settlement and clearing software of the Belarusian Currency and Stock Exchange was developed: Settlement and Clearing System, Gateway hardware and software,

The Belarusian Currency and Stock Exchange IT infrastructure was maintained during the year under report to provide its stable work and to facilitate technologies updating.

Following the SED software development, the system of electronic document circulation of the Belarusian Currency and Stock Exchange was updated and transferred to Oracle database.

Taking into consideration the importance of the Belarusian Currency and Stock Exchange as an infrastructural element of the financial market of Belarus, software support procedures were organized during the period under report to prevent technological risks of its functioning, as this software provides maintenance of the most significant business processes such as trading in securities, in foreign currencies, informing the public about transactions in the financial market.

transfer and information delivery systems. A backup server was also installed and the installation of the software for the electronic document circulation system of the Belarusian Currency and Stock Exchange was launched last year.

Besides, the Belarusian Currency and Stock Exchange started to structure technological risk control system, in particular, the methodology development for estimation and analysis of risks and risk-management as well as classification and formation of information assets register of the Belarusian Currency and Stock Exchange was launched in 2011.

Software Package

Hardware Package

the Belarusian Currency and Stock Exchange on the Belarusian securities market. In line with the signed Memorandum of cooperation between the Belarusian Currency and Stock Exchange and the Warsaw Stock Exchange, there

was an exchange of information about current condition of the financial and capital markets between the Belarusian Currency and Stock Exchange, Warsaw Stock Exchange and Polish Committee on the financial control (KNF) in 2011.

Organizational and Technological Development


PROJECTS FOR 2012

The main efforts for the Belarusian Currency and Stock Exchange development in 2012 will be focused on improving the quality of clients servicing and developing an effective organized financial market in Belarus as the main objectives of the Belarusian Currency and Stock Exchange activity.

Implementing the state project planned documents is one of the primary goals for the Belarusian Currency and Stock Exchange for 2012: the Development Concept of the Settlement and Clearing Securities System of Belarus for 2010 – 2015 and the Development Program for Securities Market of Belarus for 2011-2015 regarding preparatory measures necessary for the functioning of the Belarusian Currency and Stock Exchange as a non-bank credit and financial organization and for introducing essentially new clearing and settlement systems to the Belarusian financial market.

In particular, in line with the preparatory measures necessary for acquiring the status of a non-bank credit and financial organization by the Belarusian Currency and Stock Exchange, the following activities are planned:

x Increasing the authorized capital to meet the required minimum defined by the legislation for non-bank credit and financial organizations;

x IFRS program training for BCSE specialists;

Besides, the analysis of own IT infrastructure was carried out in 2011 to define the necessity of its upgrade in accordance with the Belarusian Currency and Stock Exchange tasks. Within the first stage of its upgrade in 2012 the safety level of information systems of the Belarusian Currency and Stock Exchange is supposed to be increased. Thus, the following projects are planned to be introduced:

Besides the projects mentioned above, the following main tasks are planned for 2012 in order to develop IТ infrastructure of the Belarusian Currency and Stock Exchange.

x Creating software and hardware of the centralized system for monitoring and journalizing critical events providing responsible persons with notification. This solution enables to provide continuous tracking and control over the events in the Belarusian Currency and Stock Exchange IT infrastructure at all technological levels (network, software, equipment) and to provide a prompt reaction and debugging of the system;

x Introducing the safety level of network equipment. This solution will enable to remove a single point of failure and to raise safety level of the corporate network data access by replacing the existing access scheme to symmetric one with two equivalent access points (the main and back-up computer centers);

x Introducing a storage system for backup copies will enable to expand the list of various objects and their storage time, including OS application servers, backup copies of OS databases, backup copies of important critical parts of software and hardware infrastructure (DNS - servers, domain controllers, mail server, etc.);

x Purchasing Veeam Backup Replication software for backup copying of virtual infrastructure;

x Preparing information system of the Belarusian Currency and Stock Exchange for further certification in the Operative Analytical Centre of the President of Belarus, including documenting, software upgrading, and introducing information cryptographic protection solutions.

To maintain the storage of constantly growing volume of information in the existing trading and information systems databases (the volume of kept information almost doubled

Implementing State Project Planned Documents

Software and Hardware Solutions

The organization of maintenance of the main software supporting basic profitable and strategically important directions of the Belarusian Currency and Stock Exchange activity, in particular trading systems for securities and foreign currencies, as well as information systems, is planned for 2012. Today the main risks of these systems are first of all connected with the growing number of transactions caused by stirring up of financial operations, and the necessity to maintain the operative reaction to change legislative and other conditions of the market functioning. These risks can be leveled by providing constant operating support of the software by the developers in the direction of solution

Innovations in the stock market will be focused on the following issues:

x Developing and improving service functions of trading securities system, increasing the level of its technical and communication support, and updating the software servicing processes of admitting securities to circulation and placing at the Belarusian Currency and Stock Exchange;

x Developing a system of indices and indicators of the exchange securities market;

x Improving the monitoring system for the exchange share market in order to prevent price manipulation;

x Legal support and software and hardware implementation of new trading mechanisms (updating the existing ones), launching new

of the most topical issues on algorithms development, prompt response to emergencies, and by increasing the speed and stability of work due to the optimization of the carried out procedures.

Other software and hardware solutions for 2012 will be directed at maintaining working capacity and developing electronic trading and settlement and clearing systems, the currency, stock and futures markets, Internet resources of the Belarusian Currency and Stock Exchange, book keeping systems of the Belarusian Currency and Stock Exchange, document circulation and administrative decisions, the anti-virus software, etc.

sectors of the exchange organized market in order to meet legislation requirements and to contribute to the market development.

The currency market development will imply the creation of conditions and dynamic response solutions in view of carrying out the effective currency policy directed to the stabilization of the national currency.

Improving the futures market functioning will be traditionally focused on analyzing and estimating the possibility of further diversification of financial instruments circulating in the futures market, and holding events aimed at popularizing the futures market among banks, broker and dealer companies, and potential investors.

Software Technology

Developing the Exchange Markets

in 2011), and due to the necessity of creating new systems (electronic document circulation system, disk space for the virtual environment, etc.) disk space volumes of data storage system is planned to be increased.

For further development of the project virtualization, physical servers involved in implementing a virtual infrastructure are supposed to be upgraded. During its implementation in 2011 the main attention was paid to providing continuity of virtual servers. In this connection the virtual environment was developed on cluster-based solutions with the installation of VMware software on four physical servers in order to provide a full-

function virtual cluster development supporting 20 virtual resilient servers. By today computing capacities of virtual clusters have been completely involved that makes it impossible to add new virtual servers. Consequently, the increase in operative memory volume up to 16 Gb for each server is strongly recommended. This solution will enable to provide full working capacity of all virtual servers in other computer centre in case of equipment failure on one of the computer centers.

Besides, there will be updating of personal computers and of other office equipment, as well as its differentiated redistribution upon their operation failure.


The primary goals of the clearing and depositary activity development will be connected with developing local legal acts regulating a clearing activity procedure (The Clearing Activity Rules, the Order of Creating, Placing and Using Guarantee Fund/Funds, the Information Storage and Protection Order, the Order of Interaction between Clearing Organization and Clearing Bank and Banks, Settlement Depositary and Depositaries), as well as with developing measures for settlement documents execution

The main efforts for developing information technologies will be concentrated on expanding the information component of the exchange business in 2012, including:

x Further functional development of information systems of the Belarusian Currency and Stock Exchange;

x Full transfer of interaction between news agencies and the Belarusian Currency and Stock Exchange on a service level, implying automation of information disclosing procedures;

control, maintaining information confidentiality and internal control providing in case of introducing the Instruction on Clearing Activity and Guarantee Fund.

Besides, clearing and depositary activity development will be connected with adaptation of the settlement and clearing system to possible introduction of new instruments and to operation range expansion in the stock, currency and futures markets, and to a growing number of clients.

x Increase of the level of total and analytical information disclosing, increasing the number of customers of services and clients of the Belarusian Currency and Stock Exchange;

x Increase of the Belarusian Currency and Stock Exchange participating in the activity of various international associations providing integrated trading platforms, suppliers of financial information, as well as in joint projects with leading stock exchanges of the CIS and foreign countries.

Clearing and Depositary Activity

Information Activity

Account Statement of the Belarusian Currency and Stock Exchange as of December 31, 2011

FINANCIAL PERFORMANCE

Assets BYR in millions USD in thousands1

Tangible fixed assets, including: 28 359 3 396.3

Fixed assets 26 028 3 117.1

Intangible assets 1 556 186.4

Earning investments in tangibles 518 62.0

Investments in non-current assets 257 30.8

Current assets, TOTAL, including: 115 433 13 824.3

Resources and expenses 1 078 129.1

Bought valuables tax 3 0.4

Accounts receivable 940 112.6

Funds 110 090 13 184.4

Funds investments 3 320 397.6

Other current assets 2 0.2

Balance-sheet 143 792 17 220.6

1Financial indicators of the BCSE activity were recalculated in dollar equivalent upon an official rate established by the National Bank as of January 1, 2012.

Liabilities BYR in millions USD in thousands

Equity and reserves, TOTAL, including: 133 244 15 957.4

Share capital 48 717 5 834.4

Reserve fund 830 99.4

Additional fund 25 002 2 994.3

Retained income 58 694 7 029.2

Prepaid income 1 0.1

Short-term liabilities, including: 10 548 1 263.2

Payables 10 548 1 263.2

Balance-sheet 143 792 17 220.6


Profit and Loss Account for 2011

BYR in millions USD in thousands

Income from sales (received after vat and other taxes) 251 689 30 142.4

Service and commodity cost 7 411 887.5

Sales income 244 278 29 254.9

Balance of operational income and expenses 27 701 3 317.5

Balance of non-sale income and expenses -683 -81.8

Total profit for the accounting period 271 296 32 490.5

Profit tax and other compulsory payments 65 433 7 836.3

Net profit 205 863 24 654.3

Yield Structure by Activity Kinds in 2011

Service , in less detail Share in the total yield, %

Organization of trading in the currency and futures markets and clearing services provided in this segment

98.74%

Organization of trading in the stock market and clearing services provided in this segment

1.17%

Information, analytical and depository services 0.04%

Services for providing the System of Electronic Document 0.05%

АUDITOR’S REPORT

Аuditor’s Report on Financial Statement of the Belarusian Currency and Stock Exchange JSCfor the Period from 01.01.2011 till 31.12.2011

To the Chairman of the Board of the JSC Belarusian Currency and Stock Exchange Mr. Pavel Tsekhanovich

Audited entity: Name: Open Joint-Stock Company Belarusian Currency and Stock Exchange Address: 48a, Surganova str., room 35a 220013, Minsk, Belarus;State registration information: registered by Decision No.698 dated June 20, 2000 of the Minsk City Executive Committee, state registers No.101541722. UNP - 101541722 in Soviet district of Inspectorate of the Ministry of Taxes and Levies of Minsk

AUDITOR COMPANY:Name: LLC «Auditor Centre «Erudit».Address: RB, 220116, Newspaper “Pravda” avenue, 1-st floor of A office, room 2The certificate of state registration: decision of the Minsk City Executive Committee on April 26, 2010; Uniform state register No. 191404329.UNP - 191404329 in Moscow district of Inspectorate of the Ministry of Taxes and Levies of Minsk.

We have audited the financial statements of the Belarusian Currency and Stock Exchange. The financial statements consist of:

x balance sheet as of January 1, 2012 (form 1); x profit and losses report (form 2), report on capital change (form 3), funds flow report (form 4),

balance sheet annexes for the period from January 1, 2011 to December 31, 2011 (form 5); x explanatory notes.

These financial statements are the responsibility of the Belarusian Currency and Stock Exchange’s Management in accordance with the Belarusian legislation on accounting reporting bookkeeping. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Our responsibility is to express an opinion on certainty in all essential relations of these financial statements based on our audit and on adequacy of the Belarusian Currency and Stock Exchange financial (economic) activities to Belarusian legislation.

We conducted audit pursuant to the Law of the Republic of Belarus “On Auditor’s Activity” and to the Republic Auditor’s Activity Rules. These auditing standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the accounting (financial) report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the accounting report. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Belarusian Currency and Stock Exchange preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the this system functioning.


An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates, as well as evaluating the overall presentation of the accounting report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our audit opinion.

In our opinion, the financial statements of the Belarusian Currency and Stock Exchange are fairly presented in accordance with accounting bookkeeping principles in Belarus to reflect in all essential relations the financial state of the Belarusian Currency and Stock Exchange as of January 1, 2012 and financial outcomes of its activity for 2011. However, the financial (economic) operations of the Belarusian Currency and Stock Exchange were performed in accordance with the legislation.

STOCK EXCHANGE RESULTS IN FIGURES

Market Sector Members

As of 01.01.2012

Members Currency Market Sector

Stock Market Sector

Futures Market Sector

Absolutbank, CJSC + + +

Agrocapital, CJSC +

Aktsiya, LLC +

Aktsiya-Service, LLC +

Alfa-Bank, CJSC + + +

Andes Capital, JSC +

Atlant-Invest GRCSD, LLC +

Aygenis, CJSC + +

Bank BBMB, CJSC +

Bank Moscow-Minsk, JSC + + +

Bank VTB (Belarus), CJSC + + +

Belagroprombank, JSC + + +

Belarusbank, JSC + + +

Belgazprombank, JSC + + +

Belinvestbank, JSC + + +

BelMezhKomInvest, JSC + +

Belrosbank, CJSC + + +

BelSwissBank, CJSC + +

Belvnesheconombank, JSC + + +

BG Capital, FLLC +

BNB-Bank, JSC + + +

BPS-Sberbank, JSC + + +

Brokerage company Analytic, LLC +

BrokerInvest, PC +

BROSTOK, CJSC +

BTA-Bank, JSC + +

BММ-Trust, LLC +

Capital–Active, CJSC +



Stock Market Sector


Credexbank, CJSC + +

Delta-Bank, CJSC + +

Denim Trading, UE + +

Derzhavainvest, JSC + +

Diamondinvest, PC +

Egal-Invest, LLC +

Energocapital, LLC +

ESPAS, UE +

Eurobank, CJSC +

Finansovy Impuls, PC +

Fondovy Alliance, LLC + +

Fransabank, JSC + + +

General Investment System, CJSC +

Gomel Regional Depository Center, CJSC +

HCBank, JSC + + +

Honorbank, CJSC + +

International Reserve Bank, JSC +

Intertrust Group, JSC + +

Investment Company BelASKO-Invest, CJSC +

Investment Company GRB, CJSC +

Kaskad-93-Invest, LLC + +

LeaderInvest, LLC +

Leovest, JSC +

MTBank, CJSC + + +

MTG, CJSC +

National Bank of Belarus + + +

Paritetbank, JSC + + +

Paternus Aer, LLC +

Priorbank, JSC + + +

Profit Investments, LLC + +

ProfRateInvest, LLC +

Promreestr, LLC + +

Reestr IC, LLC + +

RRB-Bank, CJSC + + +

Sombelbank, CJSC + + +


Stock Market Sector


Sovmedia, UE + +

State Property Fund of the State Property Committee of Belarus +

Technobank, JSC + + +

TK Bank, CJSC + +

Trustbank, CJSC + + +

Trust-Zapad, CJSC +

Western Stock Bureau, CJSC +

Zepter Bank, CJSC + + +

Total 32 68 34

The Number of Registered in Belarus Participants Empowered to Carry Out Operations With Exchange-Traded Assets to the Number of Participants Who are the Members of the Belarusian Currency and Stock Exchange sections, as of 01.01.2012

Ten Leading Section Members by Trade Turnover 2011

RateCurrency Market

SectorStock Market

SectorFutures Market

Sector

Unit weight 100% 93.2% 43.8%

Rating Participant

1 Belarusbank, JSC

2 National Bank of Belarus

3 BPS-Sberbank, JSC

4 Priorbank, JSC

5 Belvnesheconombank, JSC

6 Belagroprombank, JSC

7 Bank Moscow-Minsk, JSC

8 Belinvestbank, JSC

9 Belgazprombank, JSC

10 MTBank, CJSC


Total Exchange Market Activities

Belarusian Exchange Market Dynamics for 5 years, BYR in billions

Belarusian Exchange Trading Value and GDP Dynamics for 5 years, BYR in Billions

Exchange Stock Market Structure

Stock Market

Exchange Market Sector

Trade volume, BYR in billions Increase

2010 2011 in % BYR in billions

Government bonds, including: 17 514.2 34 601.2 +97.6 +17 087.0

Secondary government securities market 17 514.2 34 601.2 +97.6 +17 087.0

National Bank securities market 84.8 - -100.0 -84.8

Equity market 278.8 249.5 -10.5 -29.3

Non-government bond market, including: 6 562.3 8 297.1 +26.4 +1 734.9

Mortgage bonds, including: 368.1 241.5 -34.4 -126.6

Primary market - 1.1 - +1.1

Secondary market 368.1 240.4 -34.7 -127.7

Investment bonds, including: 2 606.8 3 793.8 +45.5 +1 187.0

Primary market 211.9 168.2 -20.6 -43.7

Secondary market 2 394.9 3 625.6 +51.4 +1 230.7

Exchange-traded bonds 1 603.3 3 098.6 +93.3 +1 495.3

Primary market 1 002.0 1 458.2 +45.5 +456.2

Secondary market 601.4 1 640.3 +172.7 +1 038.9

Municipal bonds 1 984.0 1 163.3 -41.4 -820.7

Primary market - - - -

Secondary market 1 984.0 1 163.3 -41.4 -820.7

Total 24 440.1 43 147.9 +76.5 +18 707.8


Structure of Securities Trading at the Exchange Stock Market in 2011 (by Securities Types), BYR in Billion

Government securities

EquitiesLocal Municipal

bondsBank bonds

Corporate bonds

Primary placement - 0.1 - 1130.8 496.7

Secondary circulation, including: 34601.2 249.4 1163.3 4781.7 724.6

REPO 30284 - 1035.5 163.9 494.7

Total 34601.2 249.5 1163.3 5912.5 1221.3

Ten Leading Stock Market Participants in 2011

Rating

Participant

by turnover by number of transactions

1 Belarusbank, JSC Belinvestbank, JSC

2 BPS-Sberbank, JSC Bank Moscow-Minsk, JSC

3 Belvnesheconombank, JSC MTBank, CJSC

4 Bank Moscow-Minsk, JSC BPS-Sberbank, JSC

5 MTBank, CJSC Belarusbank, JSC

6 Belinvestbank, JSC LeaderInvest, LLC

7 Belgazprombank, JSC Aktsiya, LLC

8 Belagroprombank, JSC Brokerage company Analytic, LLC

9 Bank VTB (Belarus), CJSC Belagroprombank, JSC

10 Belrosbank, CJSC Aktsiya-Service, LLC

Structure of GS Circulated at the BCSE as of 01.01.2012

Ten Leading GS Market Participants in 2011

Investment Structure in GS Market in 2011

Government Securities Market

Securities name Number of issuesVolume in circulation (by par

value), BYR in billionsNumber

of securities

Interest yield GLTB 60 8 353.51 40 654 575

RatingParticipant

By turnover By number of transactions

1 Belarusbank, JSC Bank Moscow-Minsk, JSC

2 Belvnesheconombank, JSC BPS Sberbank, JSC

3 BPS Sberbank, JSC Belarusbank, JSC

4 Bank Moscow-Minsk, JSC Belinvestbank, JSC

5 MTBank, CJSC MTBank, CJSC

6 Belgazprombank, JSC Belagroprombank, JSC

7 Belinvestbank, JSC Belvnesheconombank, JSC

8 Belagroprombank, JSC Belgazprombank, JSC

9 Bank VTB (Belarus), CJSC BelSwissBank, CJSC

10 Belrosbank, CJSC Priorbank, JSC

Type of transaction Share in turnover, %

Transactions concluded by participants on their own behalf and at their own expense 84.70

Transactions concluded by participants on their own behalf and at the expense of their clients, including:

15.30

residents 13.64

non-residents 1.67


Trading Value of GS Market in 2010 – 2011, BYR in Billion

Number of Transactions in GS Market in 2010 – 2011

GS Trading Value 2010 – 2011 (by Trading Modes)

Trading mode

Trading value, BYR in billions Number of transactionsNumber of securities,

in millions

2010 2011Increase,

%2010 2011

Increase, %

2010 2011Increase,

%

Before Redemption transactions

3 815.0 4 317.3 +13.2 3 765 4 490 +19.3 34.1 36.1 +5.9

PERO transactions

13 784.1 30 283.9 +119.7 6 607 5 379 -18.6 128.2 301.9 +135.5

Total 17 599.1 34 601.2 +96.6 10 372 9 869 -4.8 162.3 338.0 +108.3

Trading Structure in 2011 (by GS Type)

Yield of Before Redemption GS Transactions in 2010 – 20112

Average Weighted Yield of Before Redemption GS Transactions During the Period of Significant Change of the Belarusian Ruble Rate

Securities type

Number of transactions Volume, BYR in billionsAverage weighted

yield, %

Before redemption

PERO TotalBefore

redemptionPERO Total

Before redemption

PERO

Discount yield GLTB

213 110 323 182.84 56.35 239.19 18.37 10.12

Interest yield GLTB

4 277 5 269 9 546 4 134.43 30 227.60 34 362.04 28.26 33.25

Total 4 490 5 379 9 869 4 317.27 30 283.95 34 601.23 27.84 33.21

Period Average weighted yield, % per year

01.01.2011 - 23.05.2011 13.49

24.05.2011 - 19.10.2011 20.59

20.10.2011 - 31.12.2011 47.31

Annual Total 27.84


Yield of REPO GS Transactions in 2010 – 20112

GS Transactions During the Period of Significant Change of the Belarusian Ruble Rate in 2010 – 2011, BYR in Billions

3

2 2010 data include STB NB RB transactions 3 2010 data include STB NB RB transactions

Structure of REPO Transactions During the Period of Significant Change of the Belarusian Ruble Rate

REPO termNumber of transactions

Yield, % per year Turnover,BYR in billionsMin Max Weighted average

01.01.2011-23.05.2011

1-3 days 126 7.20 18.00 14.35 876.08

4-7 days 134 7.00 17.00 14.10 2 111.17

8-14 days 173 7.00 16.00 13.63 1 121.51

15-30 days 626 7.00 16.00 11.73 1 373.34

31-60 days 497 7.00 16.00 9.33 312.66

61-90 days 78 7.00 10.75 10.04 63.63

Total 1634 7.00 18.00 13.19 5 858.40

24.05.2011-19.10.2011

1-3 days 158 18.00 50.00 29.49 3 015.66

4-7 days 282 10.00 45.00 30.80 5 117.61

8-14 days 293 8.50 45.00 31.77 4 373.65

15-30 days 775 9.00 45.00 28.37 3 510.86

31-60 days 294 10.00 31.00 25.84 663.36

61-90 days 292 10.00 38.00 22.97 223.87

Total 2 094 8.50 50.00 30.01 16 905.01

20.10.2011-31.12.2011

1-3 days 80 37.00 68.00 51.92 1 705.38

4-7 days 191 28.00 65.00 55.09 2 082.32

8-14 days 266 27.00 68.00 60.59 1 797.57

15-30 days 741 28.00 68.00 55.62 1 522.96

31-60 days 360 30.00 66.00 58.90 372.80


GS/STB NB RB Market Indices

Price Index GS(STB)I

GS(STB) ITR Market Aggregate Income Index


Yield, % per year Turnover,BYR in billionsMin Max Weighted average

61-90 days 13 41.00 63.00 54.32 39.51

Total 1 651 27.00 68.00 55.98 7 520.55

Total: 5 379 7.00 68.00 33.21 30 283.95

Non-Government Securities Market

GS(STB) G Market Gross Income Index

Ten Leading Trade Participants in the Non-Government Securities Market in 2011

Investment Structure of Transactions in the Non-Government Securities Market in 2011

Rating Participant



2 Belinvestbank, JSC LeaderInvest, LLC

3 BPS-Sberbank, JSC Aktsiya, LLC

4 MTBank, CJSC Brokerage company Analytic, LLC

5 Belagroprombank, JSC MTBank, CJSC

6 Belgazprombank, JSC Aktsiya-Service, LLC

7 Belvnesheconombank, JSC Agrocapital, CJSC

8 Bank VTB (Belarus), CJSC General Investment System, CJSC

9 Alfa-Bank, CJSC Western Stock Bureau, CJSC

10 Belrosbank, CJSC Sovmedia, UE

Type of transactionShare in total turnover in

Br, per cent



30.15


Type of transactionShare in total turnover in

Br, per cent

Legal entities, including: 29.18

residents 28.81

non-residents 0.37

individuals, including: 0.97

residents 0.94

non-residents 0.03

Trading Values in the Non-Government Securities Market in 2010 – 2011, BYR in Billions

Number of Transactions in the Non-Government Securities Market in 2010 – 2011

Trading Value of the Non-Government Securities in 2010 – 2011 (by Trading Modes)

Listing Structure as of 01.01.2012

List of Issuers in Higher Quotation Lists as of 01.01.2012

Trading mode

Trading value, BYR in billions Number of transactionsNumber of securities, in

millions

2010 2011Increase,

%2010 2011

Increase, %

2010 2011Increase,

%

Primary Placement

1 213.8 1 627.6 +34.1 190 248 +30.5 4.2 5.9 +40.5

Call Auction 0.9 10.4 +1 055.6 49 1 577 +3 118.4 0.01 0.3 +2 500.0

Continuous double auction (Order-Driven Market)

2 468.5 2 088.3 -15.4 9 499 12 086 +27.2 693.3 29.7 -95.7

Forward transactions (Quote-Driven Market)

2 374.2 3 070.4 +29.3 532 607 +14.1 565.8 8.5 -98.5

REPO Transactions

776.1 1 694.2 +118.3 678 1 021 +50.6 3.9 8.4 +115.4

Simple Auction 7.6 55.8 +634.2 214 5 241 +2 349.1 0.02 1.2 +5 900.0

Total 6 841.1 8 546.7 +24.9 11 162 20 780 +86.2 1 267.3 54.0 -95.7

Equity Market

Admission Level Number of Issuers Number of issues

Quotation List “A” of the First Level 1 2

Quotation List “A” of the Second Level 19 20

Quotation List “B” 49 49

Unlisted Securities 2 266 2 299

No. Issuer

Quotation List “A” of the First Level

1 Belarusbank, JSC

Quotation List “A” of the Second Level

1 Belzoovetsnabprom JSC

2 Belmagistralautotrans JSC


No. Issuer

3 Belarusian wallpaper, JSC

4 Belremstroysviaz, JSC

5 Belsantehmontazh-2, JSC

6 BelSvyasStroy, JSC

7 Belteploizolation, JSC

8 BELFA Zhlobin, JSC

9 Lenta, JSC

10 Minsk furniture, JSC

11 MNIPI (Medical Technique and Communications Facilities), JSC

12 NerudProm, JSC

13 Iskozh, JSC

14 RemSpecStroy, JSC

15 Svitanok Zhodino city, JSC

16 Specialized RSU No.3, JSC, Novopolotsk city

17 Construction Trust No.3 named after October Revolution, JSC

18 Sukno, JSC

19 Trust Belsantechmontage No.1, JSC

Quotation List “B”

1 AutoTransStroy, JSC

2 Bank Processing Center, JSC

3 Baranovichi Bread Products Industrial Complex, JSC

4 Baranovichi Dairy Factory, JSC

5 Belarusian Mechanization Management, JSC

6 BelEnergoSanTechMontazh, JSC

7 Beresa Feed-Mill Factory, JSC

8 BobruiskStockinet, JSC

9 Borisovdrev, JSC

10 Borisov repair and engineering works, JSC

11 Brest VTI, JSC

12 Brest Electromechanical Factory, JSC

13 Paper-Mill Spartak, JSC

14 Vitebskdrev, JSC

15 GIAP, JSC

No. Issuer

16 GMZ, JSC

17 GomelPromBurVod, JSC

18 DTRZ, JSC

19 Zhlobin Furniture, JSC

20 Zhodino Research Mechanical Works Remiz, JSC

21 Mountain Wax Factory, JSC

22 Keramika, JSC

23 Kletsk Feed-Mill Factory, JSC

24 Catering and Trade Complex BorisovForest, JSC

25 Lesohimik, JSC

26 Liftservice, JSC

27 Lyahovichi Flax-Scutching Mill, OJSC

28 Minsk Furniture Design, JSC

29 Minskselstroy, JSC

30 Minsktorgautotrans, JSC

31 MLC, JSC

32 MogilevHleboProduct, JSC

33 Mogoteks, JSC

34 MolodechnoForest, JSC

35 Novogrudok Constructing-and-Mounting Department, JSC

36 Pinsk Experimental-Mechanical Works, JSC

37 Pinskelectromontazh, JSC

38 MMC-16-Agro, JSC

39 Polesje, JSC

40 Polesjeagrokomplekt, JSC

41 PolotskForest, JSC

42 Pukhovichi Board Mill, JSC

43 Radiotechnique, JSC

44 Svetlogorsk Planning and Design Technological Office, JSC

45 Slutsk Furniture Factory, JSC

46 Slutsk Bread Products Industrial Complex, JSC

47 StroyComplex, JSC

48 Fleet of Taxis, JSC

49 Trust No.16, JSC Novopolotsk city


Ten Leading Trade Participants in the Equity Market in 2011

Investment Structure in the Equity Market in 2011

Rating

Participant


1 Western Stock Bureau, CJSC LeaderInvest, LLC

2 General Investment System, CJSC Aktsiya, LLC

3 BPS-Sberbank, JSC Brokerage company Analytic, LLC

4 Capital–Active, CJSC Belinvestbank, JSC

5 BrokerInvest, PC Aktsiya-Service, LLC

6 Belinvestbank, JSC Agrocapital, CJSC

7 LeaderInvest, LLC Western Stock Bureau, CJSC

8 MTG, CJSC General Investment System, CJSC

9 Leovest, JSC Sovmedia, UE

10 Belarusbank, JSC MTG, CJSC




97.95


residents 32.11

non-residents 0.91


residents 58.94

non-residents 5.99

Trading Value in the Equity Market in 2010 – 2011, BYR in Billions

Number of Transactions in the Equity Market in 2010 – 2011


Trading Value in the Equity Market in 2010 – 2011 (by Trading Modes)

The Equity Market Trading Totals in 2011

Trading mode

Trading value, BYR in billions

Number of transactionsNumber of securities,

in millions

2010 2011Increase,

%2010 2011

Increase, %

2010 2011Increase,

%

Primary placement - 0.1 - - 27 - - 0.0002 -

Call Auction 0.9 10.4 +1055.5 49 1 577 +3118.4 0.01 0.27 +2600.0


91.5 112.0 +22.4 8 693 11 021 +26.8 687.30 20.76 -97.0


178.8 71.2 -60.2 208 130 -37.5 563.10 5.02 -99.1

REPO Transactions 0.0 0.0 - 0 0 - 0 0 -

Simple Auction 7.6 55.8 +634.2 214 5 241 +2349.1 0.02 1.23 +6050.0

Total 278.8 249.5 -10.5 9 164 17 996 +96.4 1 250.43 27.27 -97.8

IssuerNumber of transactions

Transaction volume, it.

Transaction volume, BYR in billions

1st Minsk Poultry Factory, JSC 9 23 872 23.11

8 Marta, JSC 1 30 000 1.11

Automotoservice and trading, JSC 3 2 241 8.96

Automotoservice and trading -1, JSC 5 90 1.80

Automotoservice and trading -2, JSC 18 1 611 76.47

AutoPark No.4, JSC 39 9 010 147.85

Autospectrans, JSC 39 2 124 73.57

AutoTaxoService Minsk, JSC 66 53 971 222.28

AutoTorgService, JSC 7 2 030 11.53

Agroleasing, JSC 1 90 385.56

Agropromnaladka, JSC 12 1 424 7.12




Agrospectrans, JSC 5 11 253 596.41

Azarenne, JSC 9 311 45.79

Alexandria-Agro, JSC 239 83 786 1 089.22

Amkodor, JSC 105 6 847 406.58

Arma, JSC 785 327 177 1 635.88

АТEК, JSC Vitebsk city 52 24 722 278.99

ATEP-5, JSC 44 7 783 200.94

Grocery «Mogilev», JSC 7 12 481 5.41

Baranovichidrev, JSC 1 15 0.75

Baranovichi shoes factory, JSC 2 2 485 8.64

BATE, JSC 9 78 0.39

Belarusian People’s Insurance Pension Fund 1 4 738 0.39

Belagroprombank, JSC 27 2 846 5.69

Belarusbank, JSC 30 18 814 14.50

BelATEP, JSC 18 10 289 112.05

BelVANS, JSC 7 515 10.39

Belvnesheconombank, JSC 2 12 650 1.27

BELEUROGROUP, JSC 2 1 000 36.00

Belzavodstroy CM, JSC 2 2 456 5.68

Belinvestbank, JSC 63 589 712 146.35

Belmagistralautotrans, JSC 15 483 9.66

Belmetal, JSC 1 3 0.15

Belarusian Currency and Stock Exchange, JSC 8 8 0.12

Belremstroysvyaz, JSC 1 91 1.00

Belsantehmontazh-2, JSC 12 132 2.76

Belstroymaterials, JSC 3 808 13.00

BelSchetTekhnika, JSC 42 6 709 314.96

Beltorgstroy, JSC 2 163 0.20

Beltruboprovodstroy, JSC 11 5 197 183.79

Belhimenergo, JSC 1 5 000 8.75

Belhoztorg, JSC 155 15 307 3 019.97

Belhoztorg-1М, JSC 3 2 248 5.13

Berezina-Lada, JSC 1 3 900 1 259.76

Beresa Cheese-Making Plant, JSC 133 91 222 12 226.48

Berezovskoe, JSC 1 6 518 475.81





BiarTrans Minsk district, JSC 4 16 200 35.76

BusinessRent, JSC 2 178 200 17.82

BRMZ, JSC 54 5 348 224.31

Bobruisk public catering, JSC 294 19 104 191.15

Borisovintertran, JSC 2 2 086 53.19

Borisovsky, JSC 1 35 0.70

Borisovsky DOK, JSC 434 411 301 2 998.67

Borisov Plant of Medical Substances,JSC 28 224 106.65

Borisov Toolmaker works, JSC 1 40 580 1 036.01

Borisov meat-packing plant, JSC 2 66 5.61

Borisov repair and engineering works, JSC 1 23 036 3 000.00

Borki Starch Factory, JSC 1 1 000 12.50

BPS-Sberbank, JSC 16 31 190 20.51

Brestautotorgservice, JSC 5 110 070 311.50

BrestGasoApparat SP, JSC 1 72 69.08

Brestintertrans, JSC 9 29 593 497.09

Brestproekt, JSC 1 24 1.20

Brestselmash, JSC 15 43 212 43.94

Brest-Service, JSC 4 5 963 23.85

Brest Mobile Mechanized Column No.1, JSC 1 10 897 2.94

Brest Household Chemicals Plant, JSC 3 1 239 433.65

Brest KSM, JSC 114 44 801 8 977.91

Brest Central Department Store, JSC 70 26 772 235.46

Bresttorgreklama, JSC 1 250 10.13

Brestbreadproduct, JSC 1 38 0.76

Brest-Yubileiny, JSC 5 256 3.53

BRMZ, JSC 98 782 620 72.78

BRT, JSC 516 16 871 3 118.27

Paper-mill Spartak, JSC 1 12 550 0.19

Brest garment factory Nadzeya, JSC 403 23 849 4 723.33

Vertical, JSC 200 4 988 174.58

Vikko, JSC 101 27 838 65.96

Vitebsk Department Store, JSC 328 222 672 17 813.76

Vitebskforest, JSC 1 36 162 0.40

Vitebsk torgproekt, JSC 2 213 2.56




Volt, JSC 229 46 274 701.51

Vostok, JSC 2 67 0.63

Voshod, JSC 39 81 824 198.19

Garant VOTTZ, JSC 3 39 770 2 904.62

Haberdashery Mogilevskoe, JSC 96 58 695 729.41

Galantea, JSC 22 4 113 226.22

Garant Mogilev city, JSC 1 10 0.20

Garant GOTZ, JSC 28 700 5.60

Grocery Blesk, JSC 5 269 14.35

Grocery Divny, JSC 3 502 1.86

Grocery Moskovsky, JSC 2 5 785 5.79

GomelAgroKomplekt, JSC 203 84 128 2 080.39

GomelCable, JSC 71 20 265 183.32

Gomel-Lada, JSC 1 21 600 1 678.13

Gomel Furniture Factory Progress, JSC 130 349 854 13 360.12

Gomelsteklo, JSC 2 16 385 118.21

Grand Fashion House, JSC 2 8 744 23.01

Grodno shoe factory Neman, JSC 17 35 67.69

GrodnoATEP, JSC 157 26 019 536.23

GrodnoRemStroy PSF, JSC 20 41 0.42

Equipment for Microclimate Complex PSDO, JSC 2 1 430 143.00

Dvida-Lada, JSC 5 7 300 2 961.30

Dzerzhinsk Engine Repair Plant, JSC 237 45 782 604.32

Dialog-Gomel, JSC 14 12 734 56.03

Trade House “Detsky Mir”, JSC 3 28 300 256.84

Road Building Trust No.3, JSC 3 140 1.40

Dorozhny, JSC 7 5 775 12.13

DTRZ, JSC 1 16 000 0.56

Zhivinka, JSC 1 10 4.00

Zhidkovichiforest, JSC 5 11 599 2 015.58

Zhodino Trade Center, JSC 33 30 072 150.36

Eton Factory, JSC 4 33 2.53

Zadneprovie, JSC 1 040 341 206 1 740.15

Zaslavstroyindustry, JSC 2 1 463 19.02

Industrialization Banner, JSC 20 50 2.00





Zorina, JSC 61 1 497 178.08

Precast Concrete Plant No.1, JSC 1 368 1.10

Ivanovo rajagroservis, JSC 1 11 078 8.00

Isolation, JSC 16 3 459 147.04

Iskra-М, JSC 5 5 905 11.81

Board mill Olkhovka, JSC 1 49 2.70

Keramika, JSC 669 27 256 1 353.09

Keramin, JSC 563 77 295 37 932.23

Kobrinagromash, JSC 11 8 234 799.72

Kobrinremstroy, JSC 1 12 400 1.00

Kobrin Creamery, JSC 3 56 819 6 818.28

Kommunarka, JSC 255 9 420 1 677.55

Companion, JSC 89 9 589 540.14

Kostukovichi wood industry, JSC 9 2 642 66.05

Krasny Pishchevik, JSC 300 30 673 2 420.26

Krinitsa, JSC 4 1 140 1.09

Crystal-mag, JSC 7 17 362 121.53

KSP-92, JSC 18 552 5.81

Legautotrans, JSC 53 5 288 794.90

Leninskoe-2005, JSC 19 2 754 90.38

Lenta, JSC 5 259 10.31

Lesohimic, JSC 302 43 249 12 685.86

Lida TPF, JSC 10 9 424 1 225.12

LidaGasStroy, JSC 1 266 1.60

Lida food concentrates, JSC 1 100 1.10

LidaSelMash, JSC 2 420 12.60

Lida Service Station No.1, JSC 16 970 29.10

The Foundry and Mechanical Factory Universal, JSC 3 816 122.40

Loshnitsa feed mill factory, JSC 29 11 130 111.30

Luch, MO JSC 818 86 574 4 323.15

Lyahovichi Dairy Factory, JSC 26 12 830 312.73

Store Puteyny, JSC 6 1 218 16.82

Store Stroitel, JSC 6 1 012 2.59

Nakarov-Agro, JSC 116 59 515 773.70

MAPID, JSC 10 2 581 15.46




Mastra, JSC 5 160 564 5.74

Furniture, Housewares, JSC 3 17 830 35.66

Megacity, JSC 2 663 130 30.50

Mercury-Borisov, JSC 8 3 497 22.63

Mechanized Column No.43, JSC 1 9 000 1.36

MinskVodStroy, JSC 3 103 175.10

Minskdrev, JSC 1 328 24.60

Minsk Reinforced Concrete, JSC 10 10 0.23

Minsk House-Building Complex, JSC 6 564 3.31

Minsk Heating Equipment Plant, JSC 99 19 105 843.72

Minsk Building Materials Complex, JSC 1 217 0.78

Minsk Silicate Produce Complex, JSC 1 20 0.11

Minsk varnish-and-paint plant, JSC 25 12 015 25.97

Minsk-Lada, JSC 2 47 1.51

MinskPromStroy, JSC 16 19 991 84.50

Minskselstroy, JSC 1 900 4.63

Minsksortsemovosch, JSC 15 4 623 188.89

Minskenergostroy, JSC 10 12 296 190.75

MogilevPromBurVod, JSC 2 34 551 76.01

Mogilevsoyuzpechat, JSC 66 9 207 1 940.79

MogilevTechmontazh, JSC 25 7 795 38.98

Mogoapis, JSC Могоапис ОАО 1 574 1.86

MosyrBeer, JSC 92 49 423 319.38

Mosyrremstroy, JSC 2 208 0.73

Molodechnostroycomplect, JSC 1 591 0.08

Montazhlegmash, JSC Mogilev city 3 9 2.56

Montazhspeccomplect, JSC 2 315 2.10

Moskva, JSC 15 2 481 49.62

MOTOVELO, JSC 2 435 218 1 060.20

МHТ, JSC 84 20 901 676.62

Novobelitskautotrans, JSC 45 2 661 53.22

НТК, JSC 208 8 861 177.22

Obltorgsnab, JSC 2 13 612 28.19

Footware, JSC 4 318 7.02

ShoesTorg, JSC 40 4 035 99.11





Orbita-Service, JSC 1 8 569 440.02

Paritetbank, JSC 4 14 579 071 61.32

Perfumery and Cosmetic Factory «Modum - our cosmetics», JSC 3 5 526 5.53

Brewery Olivariya, JSC 3 153 408.88

Pinsk Experimental-Mechanical Works, JSC 96 25 455 153.01

Mobile Mechanized Column -69, JSC 1 233 0.02

Mobile Mechanized Column -16-AGRO, JSC 1 368 0.04

Mobile Mechanized Column -217, JSC 159 30 930 322.21

Mobile Mechanized Column -73, JSC 1 263 0.04

Polesjetechinformatika, JSC 22 3 515 35.15

Polygraphic Complex named after Y.Kolas, JSC 84 16 552 93.44

Polotsk Dairy Plant, JSC 4 133 856 9.92

Polotskwood, JSC 1 1 878 1.05

PostTorg, JSC 13 6 310 284.90

Premierleasing, JSC 6 24 16.80

Pridneprovje, JSC 1 3 575 96.53

Priorbank, JSC 40 28 935 165.69

Progress, JSC 264 67 416 1 201.75

Food Service Grodno city, JSC 213 35 626 943.11

ProdTovary, JSC 11 4 246 148.61

Products, JSC 538 559 548 18 276.51

PROMINVEST, JSC 1 50 0.09

PROMTECHMONTAZH, JSC 29 4 300 22.17

PromTovary- Pinsk, JSC 3 16 278 104.20

PromElectroMontazh, JSC 10 3 770 147.20

PTO MedTechnique, JSC 1 48 1.68

Pukhovichskoe, JSC 2 200 1.20

Radian-3SA, JSC 1 112 0.22

RubberTechnique, JSC 13 937 35.31

Remontnik Plus, JSC 3 277 0.87

Restaurant, JSC 12 1 469 41.98

Rechitsabeer, JSC 1 203 981 3 647.40

Savushkin Product, JSC 188 15 320 1 838.40

Sandal, JSC 3 200 12.10




Santechelectromontazh, JSC 4 13 617 244.48

Svitanak, JSC, Slonim city 54 4 712 106.32

SKBZ, JSC 1 272 13.46

Slavyanka, JSC 104 51 498 293.86

Slepyanka, JSC 18 13 188 105.54

Smolevichi broiler plant, JSC 2 40 0.18

Sovhoz-complex Sozh, JSC 1 5 0.02

SoligorskVodStroy, JSC 32 58 3.38

Soligorsk Manufacturing Equipment Factory, JSC 5 240 18.00

SoyuzPromMontazh, JSC 38 44 11.18

SoyuzPromTechMontazh, JSC 12 48 270 48.27

BelLegShveyProm, JSC 2 50 15.00

SPARTAK, JV JSC 259 17 336 1 204.42

SMMC-1, JSC Brest city 5 31 967 118.28

Stroitel, JSC 2 481 10.28

Stroydetali, JSC 121 8 181 407.46

Stroytechprogress, JSC 1 410 10.66

SUM-96, JSC 578 68 225 368.18

Tabakvintorg, JSC 96 26 715 149.60

Tatyana, JSC 55 22 872 147.91

Teplitsmontazh, JSC 22 2 885 881.52

Technobank, JSC 20 3 176 440 1 039.10

Trade, JSC 109 32 320 219.18

Commercial Establishment Nadzeya, JSC 10 163 5.71

Trade House Neman, JSC 131 9 872 444.24

Trade House Sozh, JSC 18 2 785 17.51

Trade Center Uruchje, JSC 1 2 3.89

Torgodezhda, JSC 63 14 751 997.19

TorgDevelopment, JSC 30 11 927 93.10

Trust SpecGorstroy, JSC 2 160 5.60

Trust Shahspecstroy, JSC 14 2 618 91.13

StockinetTorg, JSC 58 38 701 1 407.22

Tourist complex Brest-Intourist, JSC 2 113 1.13





Belarusian wallpaper, JSC 22 26 4.28

UM No.79, JSC 292 35 161 189.87

Departrment Store Kobrin, JSC 4 7 015 49.11

Department Store Oktyabrskiy, JSC 7 1 970 203.33

Department Store Centralnyi, JSC 418 136 666 18 001.85

Self-Service Store VITEBSK, JSC 9 615 92.25

Self-Service Store Vostochny, JSC 8 6 650 289.36

Self-Service Store Korzhenevsky, JSC 4 1 348 15.56

Self-Service Store Svisloch-94, JSC 20 4 336 54.23

Self-Service Store Selmashevsky, JSC 133 19 211 1 427.65

Self-Service Store Frunzensky, JSC 34 10 723 1 227.02

Self-Service Store Centralnyi, JSC, Zhodino city 80 7 695 192.38

Mechanization Management No.12, JSC 7 1 208 3.02

Mechanization Management No.88, JSC 2 96 0.52

Factory of Individual Fabrication and Clothes Repair, JSC 5 9 233 31.26

Firm Elma, JSC 5 8 926 23.79

Fokus, JSC 38 9 214 114.65

Center of Fashion, JSC 306 21 091 2 779.13

CentroStroyOffice, JSC 3 458 13.24

CentreEnergoMontazh, JSC 14 7 760 608.83

Chizhovsky Dvor, JSC 2 3 0.60

CTZ-service, JS C 6 1 951 15.61

Shchuchin Plant AutoProvod, JSC 1 4 700 20.02

EKTB, JSC 3 154 0.72

Elegant, JSC 16 67 823 2 642.08

Elegant, JSC, Gomel city 1 6 490 179.90

Electrical Equipment, JSC 2 3 0.01

ElectricModule, JSC 1 23 0.46

ElectroCentrMontazh, JSC 35 698 992 600.70

Elod, JSC 1 523 10 181 4 469.01

ELSAN, JSC 1 6 032 6.85

EnkoStroy, JSC 9 17 393 850.22

NF, JSC 13 955 1 451.04

Total 17 996 27 273 659 249 520.21

Unit Weight of Traded Equity Issues as of 01.01.2012

Unit Weight of Traded Issuers of Equities as of 01.01.2012


Non-Government Debt Market

Listing Structure by the Non-Government Bond Types as of 01.01.2012

Ten Leaders in the Non-Government Bond Market in 2011

Parameter Bond typeQuotation List “А” of the First

Level

Quotation List “А” of the Second Level

List BUnlisted Securities

Number of Issuers

Mortgage 2 - - -

Investment, including: 8 1 - 50

banks 8 - - 9

other companies - 1 - 41

Exchange-traded, including:

4 - - 6

banks 4 - - -

other companies - - - 6

Municipal - - - 29

Issuers in total 9 1 - 83

Number of Issues

Mortgage 10 - - -

Investment, including: 59 1 - 85

banks 59 - - 31

other companies - 1 - 54

Exchange-traded, including:

8 - - 15

banks 8 - - -

other companies - - - 15

Municipal - - - 81

Issues in total 77 1 - 181

RatingParticipant


1 Belarusbank, JSC MTBank, CJSC

2 Belinvestbank, JSC Belinvestbank, JSC

3 BPS-Sberbank, JSC Belagroprombank, JSC

4 MTBank, CJSC Belarusbank, JSC

5 Belagroprombank, JSC Technobank, JSC

6 Belgazprombank, JSC Derzhavainvest, JSC

7 Belvnesheconombank, JSC BTA-Bank, JSC

8 Bank VTB (Belarus), CJSC Paritetbank, JSC

9 Alfa-Bank, CJSC BPS-Sberbank, JSC

10 Belrosbank, CJSC RRB-Bank, CJSC

Five Leaders in the Primary Non-Government Bond Market in 2011

Five Leaders in the Secondary Non-Government Bond Market in 2011

Ten Leading Issuers in the Non-Government Bond Market in 2011

RatingIssuers


1 Belinvestbank, JSC MTBank, CJSC

2 BPS-Sberbank, JSC Belarusbank, JSC


4 Belagroprombank, JSC BPS-Sberbank, JSC

5 MTBank, CJSC Belagroprombank, JSC

RatingParticipant


1 Belarusbank, JSC MTBank, CJSC


3 MTBank, CJSC Belagroprombank, JSC

4 Belagroprombank, JSC Belarusbank, JSC

5 Belgazprombank, JSC Technobank, JSC

RatingIssuers


1 Belarusbank, JSC Technobank, JSC

2 BPS-Sberbank, JSC ASB Leasing, PUE

3 Belinvestbank, JSC Belarusbank, JSC

4 ASB Leasing, PUE MTBank, CJSC

5 Minsk REC Stroyfinproject, LLC

6 Belgazprombank, JSC Electroservice and Co, LCC

7 Technobank, JSC UniversalProjectComstruction, LLC

8 Vitebsk REC Lombard-Gold, LLC

9 Bank VTB (Belarus), CJSC Minsk REC

10 BELROSBANK, CJSC Belinvestbank, JSC


Ten Leading Issuers in the Primary Non-Government Bond Market in 2011

Ten Leading Issuers in the Secondary Non-Government Bond Market in 2011

Investment Structure of Operations in the Non-Government Bond Market in 2011

RatingIssuers


1 BPS-Sberbank, JSC ASB Leasing, PUE

2 ASB Leasing, PUE Belinvestbank, JSC


4 BELROSBANK, CJSC BPS-Sberbank, JSC

5 Agrocombine Zhdanovichi, JSC ASB Novator, PUE

6 Technobank, JSC Technobank, JSC

7 ASB Novator, PUE BELROSBANK, CJSC

8 MTBank, CJSC ASB Pervaya Vesna, PUE

9 Fransabank, JSC ASB Teterino, JSC

10 Agroleasing, JSC Agrocombine Zhdanovichi, JSC

RatingIssuers


1 Belarusbank, JSC Technobank, JSC


3 Minsk REC ASB Leasing, PUE


5 Belgazprombank, JSC Stroyfinproject, LLC

6 Vitebsk REC Electroservice and Co, LCC

7 Technobank, JSC UniversalProjectComstruction, LLC

8 Bank VTB (Belarus), CJSC Lombard-Gold, LLC

9 Mogilev REC Minsk REC

10 Paritetbank, JSC DerzhavaInvest, JSC




28.11


residents 27.91

non-residents 0.20


residents 0.0002

non-residents -

Trading Value in the Non-Government Bond Market in 2010 – 2011, BYR in Billions

Number of Transactions in the Non-Government Bond Market in 2010 – 2011


Trading Value in the Non-Government Bond Market in 2010 – 2011 (by Trading Modes)

Structure and REPO Transactions Yield in the Non-Government Bond Market in 2010 – 2011

Trading mode

Trading value, BYR in billions Number of transactionsNumber of securities, in

millions

2010 2011Increase,

%2010 2011

Increase, %

2010 2011Increase,

%

Primary placement 1 213.8 1 627.5 +34.1 190 221 +16.3 4.2 5.9 +40.5


2 377.0 1 976.4 -16.8 806 1065 +32.1 6.0 9.0 +50.0


2 195.3 2 999.1 +36.6 324 477 +47.2 2.7 3.5 +29.6

REPO Transactions 776.1 1 694.1 +118.3 678 1021 +50.6 3.9 8.3 +112.8

Total 6 562.3 8 297.1 +26.4 1 998 2784 +39.3 16.8 26.7 +58.9

REPO term

2010 2011


Average weighted yield, % per year



1-3 days 9.9 11.8 15.7 43.9

4-7 days 95.8 11.6 450.5 24.2

8-14 days 39.7 18.9 409.3 42.9

15-30 days 331.9 10.7 466.9 38.7

31-60 days 109.4 10.9 160.3 51.3

61-90 days 26.6 12.8 149.1 24.4

91-180 days 120.3 3.1 42.3 14.7

> 180 days 42.4 12.7 - -

Total 776.1 9.94 1 694.2 35.25

Structure and REPO Transactions Yield in the Non-Government Bond Market During the Period of Significant Change of the Belarusian Ruble Rate

REPO term Trading value, BYR in billions Average weighted yield, % per year

01.01.2011 - 23.05.2011

1-3 days 5.1 15.26

4-7 days 123.2 12.86

8-14 days 157.6 14.20

15-30 days 124.3 15.49

31-60 days 35.1 12.82

61-90 days 58.1 12.48

91-180 days 39.2 13.49

Total for the period 542.5 13.87

24.05.2011 - 19.10.2011

1-3 days 2.0 28.00

4-7 days 276.8 22.25

8-14 days 24.7 28.84

15-30 days 142.1 27.65

31-60 days 10.0 23.87

61-90 days 52.8 24.37

91-180 days 3.1 29.54


20.10.2011 - 31.12.2011

1-3 days 8.66 64.31

4-7 days 50.51 62.49

8-14 days 227.00 64.41

15-30 days 200.61 60.92

31-60 days 115.19 65.38

61-90 days 38.18 42.74



Yield Upon Transactions in the Secondary Non-Government Bond Market (REPO Exclusive) in 2010 – 2011

4

4Hereinafter the yield was calculated upon bonds that were involved in centralised calculation of indicators

Month 2010 2011


Average weighted yield,

% per year


Average weighted yield,

% per year

January 430.2 8.63 257.5 10.07

February 190.7 11.43 284.3 4.85

March 230.7 11.32 316.7 12.05

April 1 091.8 14.96 510.3 8.97

May 647.8 13.53 206.4 9.87

June 400.5 6.61 874.5 14.13

July 340.9 9.24 108.3 21.29

August 190.9 6.13 200.6 22.27

September 111.2 12.77 304.4 1.67

October 339.3 11.70 454.0 33.69

November 196.1 12.36 321.0 23.31

December 402.2 11.12 1 137.5 35.87

Statistics by Non-Government Bond Types

Exchange-Traded Bonds

Ten Leading Participants in the Exchange-Traded Bond Market in 2011

RatingParticipants



2 BPS-Sberbank, JSC MTBank, CJSC

3 Belarusbank, JSC Belagroprombank, JSC

4 Belagroprombank, JSC Belinvestbank, JSC

5 MTBank, CJSC BPS-Sberbank, JSC

6 Belgazprombank, JSC Belrosbank, CJSC

Investment Structure of Operations in the Exchange-Traded Bond Market in 2011

Volume of the Exchange-Traded Bonds in Circulation as of 01.01.2012 (by Category of Issuers)




24.56


residents 24.55

non-residents 0.01

individuals, including: -

residents -

non-residents -

Category of IssuerVolume of issues in

circulation, it.

Volume of registered issues, it.

Volume of issues in

circulation, BYR in billions

Volume of registered

issues,BYR in billions

Banks 4 485 862 7 580 000 944.2 1 280.0

Non-bank companies 384 908 456 150 384.9 456.2

Total as of 01.01.2012 4 870 770 8 036 150 1 329.1 1 736.2

Total increase to 01.01.2011, % 143.1 169.5 78.6 46.9

RatingParticipants


7 Bank Moscow-Minsk, JSC Alfa-Bank, CJSC

8 Alfa-Bank, CJSC BelSwissBank, CJSC

9 Belrosbank, CJSC Bank Moscow-Minsk, JSC

10 Belvnesheconombank, JSC Belgazprombank, JSC


Trading Value in the Exchange-Traded Bond Market in 2010 – 2011, BYR in Billions

Number of Transactions in the Exchange-Traded Bond Market in 2010 – 2011

Trading Value in the Exchange-Traded Bond Market in 2010 – 2011 (by Trading Modes)

Structure of REPO Transactions in the Exchange-Traded Bond Market in 2011

Structure of REPO Transactions in the Exchange-Traded Bond Market During the Period of Significant Change of the Belarusian Ruble Rate

Trading modes


millions

2010 2011Increase,

%2010 2011

Increase, %

2010 2011Increase,

%

Primary placement

1 002.0 1 458.2 +45.5 127 187 +47.2 2.6 5.0 +92.3


254.2 968.5 +281.0 91 58 -36.3 1.7 3.8 +123.5


346.2 628.9 +81.6 121 247 +104.1 0.4 1.8 +350.0

REPO Transactions

0.9 42.9 +4 666.7 7 7 0.0 0.001 0.4 +39 900.0

Total 1 603.3 3 098.5 +93.3 346 499 +44.2 4.7 11.0 +134.0



Turnover, BYR in billions

1-3 days 2 63.43 7.0

4-7 days 2 64.33 27.0

8-14 days 2 59.63 2.7

15-30 days 1 13.00 6.2

Total 7 56.47 42.9

REPO term Turnover, BYR in billions Average weighted yield, % per year

01.01.2011 - 23.05.2011

15-30 days 6.2 13.00


20.10.2011 - 31.12.2011

1-3 days 7.0 63.43

4-7 days 27.0 64.33

8-14 days 2.7 59.63



Aggregate Totals of the Primary Exchange-Traded Bond Market in 2011 (by Category of Issuers)

Aggregate Totals of the Primary Exchange-Traded Bond Market in 2011 (by Issuers)

Category of IssuersNumber of transactions

Number of securities

Volume of transactions, BYR in billions

Volume of transactions by par value, BYR in billions

Banks 50 4 519 072 961.53 947.49

Non-bank companies 137 495 456 496.71 495.46

2011 Totals 187 5 014 528 1 458.24 1 442.95

Total increase to 2011, % 47.2 92.7 45.5 43.2


Volume by trading modes

BYR in billions number

ASB Teterino, PUE 1 3.85 3 850

Agrocombine Zhdanovichi, UE 1 40.00 40 000

Agroleasing, JSC 1 15.03 15 000

ASB Leasing, PUE 126 407.96 406 956

ASB Novator, PUE 6 25.37 25 150

ASB Pervaya vesna, UE 2 4.50 4 500

Belgazprombank, JSC 1 0.30 2 983

Belinvestbank, JSC 35 400.70 3 965 444

BELROSBANK, JSC 4 50.65 50 645

BPS-Sberbank, JSC 10 509.88 500 000

Total 187 1 458.23 5 014 528

Totals of the Secondary Exchange-Traded Bond Market in 2011 (by Trading Modes and Issuers)



BYR in billions number


Belagroprombank, JSC 1 0.05 47

Belarusbank, JSC 1 0.85 838


BELROSBANK, JSC 4 129.73 130 000


Total 58 968.51 3 821 769

REPO Transactions

Belagroprombank, JSC 1 6.20 6 078

Belinvestbank, JSC 6 36.70 363 580

Total 7 42.90 369 658


ASB Leasing, PUE 167 129.51 128 163

Belarusbank, JSC 71 372.97 369 486


BELROSBANK, JSC 1 0.65 645

Total 247 628.91 1 792 443

Total in segment 312 1 640.32 5 983 870


2011 Average Weighted Yield of Transactions (REPO Exclusive) in the Exchange-Traded Bond Market During the Period of Significant Change of the Belarusian Ruble Rate

Period


Primary placementSecondary circulation

(S-T+0, S-T+n transactions)

January 9.97 10.19

February 10.45 10.40

March 11.53 11.32

April 12.30 4.70

May 13.15 13.18

Total (01.01.2011 - 23.05.2011) 11.48 8.13

June 19.52 16.80

July 22.49 19.84

August 25.43 21.09

September 26.84 2.78

October 35.90 33.09

Total (24.05.2011 - 19.10.2011) 25.37 14.25

November 40.63 6.31

December 48.48 37.93

Total (20.10.2011 - 31.12.2011) 47.54 33.32

2011 totals: 37.79 23.53

Five Leading Participants in the Market of Bank Bonds Backed by Home Equity Loans in 2011

Investment Structure of Operations in the Market of Bank Bonds Backed by Home Equity Loans in 2011

Trading Value in the Market of Bank Bonds Backed by Home Equity Loans in 2010 – 2011, BYR in Billions

Bank Bonds Backed by Home Equity Loans

RatingParticipants


1 Belarusbank, JSC Belarusbank, JSC


3 Belgazprombank, JSC BPS-Sberbank, JSC

4 BPS-Sberbank, JSC Belgazprombank, JSC

5 Zepter Bank, CJSC BelSwissBank, CJSC


Transactions concluded by participants on their own behalf and their own expense 51.02


48.98


residents 48.98

non-residents -


residents -

non-residents -


Number of Transactions in the Market of Bank Bonds Backed by Home Equity Loans in 2010 – 2011

Trading Value in the Market of Bank Bonds Backed by Home Equity Loans in 2010 – 2011 (by Trading Modes)

Aggregate Totals of the Primary Market of Bank Bonds Backed by Home Equity Loans in 2011 (by Issuers)

Trading modes

Trading value, BYR in billions Number of transactions Number of securities

2010 2011Increase,

%2010 2011

Increase, %

2010 2011Increase,

%

Primary placement

- 1.05 - - 1 - - 1 020 -


18.10 5.07 -72.0 21 7 -66.7 25 499 5 007 -80.4


349.60 235.36 -32.7 16 27 +68.7 344 176 230 868 -32.9

REPO Transactions

0.40 - -100.0 5 - -100.0 414 - -100.0

Total 368.10 241.48 -34.4 42 35 -16.7 370 089 236 895 -35.9


Volume of placing

BYR in billions Number


Aggregate Totals of the Secondary Market of Bank Bonds Backed by Home Equity Loans in 2011 (by Issuers and Trading Modes)

2011 Average Weighted Yield Upon Transactions (REPO Exclusive) in the Market of Bank Bonds Backed by Home Equity Loans During the Period of Significant Change of the Belarusian Ruble Rate


Volume of placing

BYR in billions Number





Total in segment 34 55.36 235 875

Period




January - 10.59

February - 11.98

March - 12.67

April - -

May - 14.31

Total (01.01.2011 - 23.05.2011) - 11.68

June - -

July - -

August - -

September - -

October - -

Total (24.05.2011 - 19.10.2011) - -

November - 43.04

December 47.07 46.74

Total (20.10.2011 - 31.12.2011) 47.07 45.25

2011 totals: 47.07 26.27


Investment Bank Bonds

Five Leading Participants in the Investment Bank Bond Market in 2011

Investment Structure of Operations in the Investment Bank Bond Market in 2011

RatingParticipants



2 Belgazprombank, JSC MTBank, CJSC

3 MTBank, CJSC Technobank, JSC

4 Belinvestbank, JSC Alfa-Bank, CJSC

5 Bank VTB (Belarus), CJSC Bank VTB (Belarus), CJSC


7 Alfa-Bank, CJSC Fransabank, JSC

8 Technobank, JSC General Investment System, CJSC

9 Paritetbank, JSC BPS-Sberbank, JSC

10 Fransabank, JSC Paritetbank, JSC




32.75


residents 32.25

non-residents 0.50


residents -

non-residents -

Trading Value in the Investment Bank Bond Market in 2010 – 2011, BYR in Billions

Number of Transactions in the Investment Bank Bond Market in 2010 – 2011


Trading Value in the Investment Bank Bond Market in 2010 – 2011 (by Trading Modes)

Structure of REPO Transactions in the Investment Bank Bond Market in 2011

Trading modes


in millions

2010 2011Increase,

%2010 2011

Increase, %

2010 2011Increase,

%

Primary placement

211.9 168.2 -20.6 62 33 -46.7 1.60 0.89 -44.4


481.8 776.7 +61.2 344 428 +24.4 2.70 4.33 +60.4


1 475.3 2132.8 +44.5 185 202 +9.1 2.00 1.45 -27.5

REPO Transactions

201.4 121.0 -39.9 271 245 -9.6 1.60 1.47 -8.1

Total 2 370.4 3198.7 +34.9 862 908 +5.3 7.90 8.14 +3.0

REPO term Number of transactionsAverage weighted yield, % per year


1-3 days 3 13.83 1.25

4-7 days 4 61.21 11.29

8-14 days 3 41.36 9.36

15-30 days 132 18.53 54.14

31-60 days 6 9.00 0.56

61-90 days 51 10.86 27.46

91-180 days 46 10.50 16.94

Total 245 21.32 120.99

Structure of REPO Transactions in the Investment Bank Bond Market During the Period of Significant Change of the Belarusian Ruble Rate

Aggregate Totals of the Primary Investment Bank Bond Market in 2011 (by Issuers)

REPO term Turnover, BYR in billions Average weighted yield, % per year

01.01.2011 - 23.05.2011

1-3 days 1.25 13.83

4-7 days 0.84 14.00

15-30 days 34.77 14.99

31-60 days 0.56 9.00

61-90 days 27.46 10.86

91-180 days 16.94 10.50


24.05.2011 - 19.10.2011

8-14 days 4.03 21.99

15-30 days 19.37 24.88


20.10.2011 - 31.12.2011

4-7 days 10.45 65.00

8-14 days 5.33 56.00



Volume

BYR in billions items


BTA-Bank, JSC 1 4.78 4 671

Credexbank, CJSC 1 10.13 150 000

MTBank, CJSC 21 22.35 274 326

Fransabank, JSC 1 18.97 17 700

Technobank, JSC 5 26.98 347 658

Total 33 168.20 878 405


Totals of the Secondary Investment Bank Bond Market in 2011 (by Issuers and Trading Modes)





Alfa-Bank, CJSC 7 20.44 20 177

Bank VTB (Belarus), CJSC 2 52.30 55 000

Bank Moscow-Minsk, JSC 2 19.01 190



Belrosbank, CJSC 5 10.61 10 100


Delta-Bank, CJSC 2 0.56 5 256

Credexbank, CJSC 4 11.26 94 876

MTBank, CJSC 90 68.27 807 641

Paritetbank, JSC 19 163.32 223400

Priorbank, JSC 3 27.68 274 816

Technobank, JSC 238 193.02 2 298 307

Fransabank, JSC 1 18.98 17 700

Zepter Bank, CJSC 31 31.10 365 000

Total 428 776.65 4 338 803

REPO Transactions


MTBank, CJSC 54 49.10 581 136

Technobank, JSC 175 68.95 882 166

Zepter Bank, CJSC 11 0.85 8 847

Total 245 120.99 1 474 240


Alfa-Bank, CJSC 37 114.84 16810

Bank VTB (Belarus), CJSC 4 143.8 17 000

Belagroprombank, JSC 11 6.65 1 175

2011 Average Weighted Yield Upon Transactions (REPO Exclusive) in the Investment Bank Bond Market During the Period of Significant Change of the Belarusian Ruble Rate




Belarusbank, JSC 51 1408.06 1 319 352



Paritetbank, JSC 7 1.54 219

Priorbank, JSC 15 12.83 2 611

Technobank, JSC 1 2.25 24 390

Total 202 2 132.83 1 451 074

Total in segment 875 3 030.47 7 264 117

Period




January 13.27 7.37

February 12.67 0.92

March 13.43 12.10

April - 12.97

May 15.46 13.30

Total (01.01.2011 - 23.05.2011) 13.81 9.58

June - 13.80

July - 22.20

August 25.00 22.39

September - - 0.13

October - 34.42

Total (24.05.2011 - 19.10.2011) 25.00 16.63

November 41.05 38.74

December - 15.56

Total (20.10.2011 - 31.12.2011) 41.05 27.48

2011 totals: 23.29 15.45


Non-Bank Investment Bonds

Ten Leading Participants in the Non-Bank Investment Bond Market in 2011

Investment Structure of Operations in the Non-Bank Investment Bond Market in 2011

RatingParticipants




3 Belagroprombank, JSC Belagroprombank, JSC

4 RRB-Bank, CJSC Derzhavainvest, JSC

5 BTA-Bank, JSC BTA-Bank, JSC

6 TK Bank, CJSC RRB-Bank, CJSC

7 Derzhavainvest, JSC Paritetbank, JSC

8 Paritetbank, JSC Zepter Bank, CJSC

9 Bank VTB (Belarus), CJSC TK Bank, CJSC

10 Zepter Bank, CJSC Bank VTB (Belarus), CJSC




66.47


residents 66.36

non-residents 0.11


residents 0.003

non-residents -

Trading Value in the Non-Bank Investment Bond Market in 2010 – 2011, BYR in Billions

Number of Transactions in the Non-Bank Investment Bond Market in 2010 – 2011


Trading Value in the Non-Bank Investment Bond Market in 2010 – 2011 (by Trading Modes)

Structure of REPO Transactions in the Non-Bank Investment Bond Market in 2011

Trading modes


2010 2011Increase,

%2010 2011

Increase, %

2010 2011Increase,

%

Primary placement

0.01 - -100.0 1 - -100.0 10 - -100.0


41.00 98.34 +139.8 283 367 +29.6 494 961 710 152 +43.4


24.20 2.04 -91.5 2 1 -50.0 810 236 -70.8

REPO Transactions

171.20 494.74 +188.9 371 736 +98.4 2 106 305 5 650 802 +168.3

Total 236.41 595.12 +151.7 657 1104 +68.0 2 602 086 6 361 190 +144.5




1-3 days 12 30.62 7.48

4-7 days 49 30.76 21.96

8-14 days 54 34.96 39.19

15-30 days 301 30.88 239.62

31-60 days 73 38.00 39.55

61-90 days 198 27.51 121.61

91-180 days 49 17.46 25.34

Total 736 30.25 494.74

Structure of REPO Transactions in the Non-Bank Investment Bond Market in 2011 During the Period of Significant Change of the Belarusian Ruble Rate

REPO term Turnover value, BYR in billionsAverage weighted yield, % per

year

01.01.2011 - 23.05.2011

1-3 days 3.82 15.73

4-7 days 8.06 15.13

8-14 days 13.61 14.81

15-30 days 69.50 16.89

31-60 days 8.35 14.92

61-90 days 30.65 13.92

91-180 days 22.23 15.77


24.05.2011 - 19.10.2011

1-3 days 2.00 28.00

4-7 days 6.84 23.27

8-14 days 10.65 37.84

15-30 days 122.69 28.08

31-60 days 10.01 23.87

61-90 days 52.78 24.37

91-180 days 3.11 29.54


20.10.2011 - 31.12.2011

1-3 days 1.66 68.00

4-7 days 7.06 55.83

8-14 days 14.93 51.30

15-30 days 47.43 58.64

31-60 days 21.19 53.78

61-90 days 38.18 42.74



Totals of the Secondary Non-Bank Investment Bond Market in 2011 (by Issuers and Trading Modes)





Avangardleasing 39 22.93 22 616

AlfaAgro, LLC 24 4.23 48 887

Hyper Microsystem, LLC 13 2.20 23 569

GlubokoeBioProduct, CJSC 21 7.54 86 800

Derzhavainvest 43 8.49 98 745

INTECHNOSTROY 10 1.51 21 530

Kaskad-Prom 1 5.00 5 000

Lada OMS-Ing 12 3.97 45 900

Lucky Currency 3 1.71 24 700

Lombard-Gold 12 4.64 50 000

OMS AGRO 6 1.75 21 180

ProfRateInvest 3 0.88 12 000

Poultry Plant OMS 4 0.61 7 870

Royal-Trust 34 4.23 47 265

Sem Holmov Stroy 6 1.44 17 410

SI-Trading 9 1.55 18 500

UniversalProektKonstructsiya 25 9.88 122 632

Holding SPECTR Management Company 2 1.07 11 700

FIVE STARS PLUS 3 0.60 7 840

Electroservice and Co 95 13.99 15 000

UNION CENTER 2 0.10 1 008

Total 367 98.34 710 152

REPO Transactions

AlfaAgro, LLC 44 24.78 282 893




Hyper Microsystem, LLC 22 10.29 115 569

Derzhavainvest 40 22.70 260 918

INTECHNOSTROY 30 27.43 363 412

Lada OMS-Ing 45 21.51 236 212

Lucky Currency 38 18.22 262 801

Lombard-Gold 79 30.73 320 050

ОМS AGRO 41 14.34 169 297

PETRA 10 0.51 6 357

PromTechPak 17 5.35 63 533

ProfRateInvest 3 0.90 11 000

Poultry Plant OMC 27 14.90 176 076

Royal-Trust 38 11.70 149 597

Sem Holmov Stroy 20 5.50 65 068

SI-Trading 7 2.82 35 150

StroyFinProekt 104 63.71 800 747

STUDENT HOUSE 23 20.71 302 991

UniversalProektKonstructsiya 69 89.20 1 029 275

Holding SPECTR Management Company 1 1.93 20 865

FIVE STARS PLUS 7 4.24 54 282

Freliejseksim 57 73.40 862 693

Electroservice and Co 3 26.36 27 232

UNION CENTER 11 3.50 34 784

Total 736 494.74 5 650 802


GolfClub 1 2.04 236

Total 1 2.04 236

Total in segment 1 104 595.12 6 361 190


2011 Average Weighted Yield Upon Transactions (REPO Exclusive) in the Non-Bank Investment Bond Market During the Period of Significant Change of the Belarusian Ruble Rate

Period




January - 18.78

February - 17.67

March - 15.90

April - 15.89

May - 18.40

Total (01.01.2011 - 23.05.2011) - 17.86

June - 14.60

July - 21.19

August - 15.48

September - 24.18

October - 20.40

Total (24.05.2011 - 19.10.2011) - 18.47

November - 37.37

December - 34.30

Total (20.10.2011 - 31.12.2011) - 35.47

2011 totals: - 22.25

Municipal Bonds

Ten Leaders in the Municipal Bond Market in 2011

Investment Structure of Operations in the Municipal Bond Market in 2011

RatingParticipants


1 Belagroprombank, JSC Belagroprombank, JSC

2 BPS-Sberbank, JSC MTBank, CJSC

3 Belvnesheconombank, JSC Belinvestbank, JSC

4 National Bank of Belarus BPS-Sberbank, JSC

5 Belarusbank, JSC BelSwissBank, CJSC

6 Trustbank, CJSC Belvnesheconombank, JSC

7 Bank VTB (Belarus), CJSC Bank VTB (Belarus), CJSC

8 MTBank, CJSC National Bank of Belarus


10 BelSwissBank, CJSC Trustbank, CJSC




0.87


residents 0.87

non-residents -


residents -

non-residents -


Trading Value in the Municipal Bond Market in 2010 – 2011, BYR in Billions

Number of Transaction in the Municipal Bond Market in 2010 – 2011

Trading Value in the Municipal Bond Market in 2010 – 2011 (by Trading Modes)

Structure of REPO Transactions in the Municipal Bond Market in 2011

Structure of REPO Transactions in the Municipal Bond Market in 2011 During the Period of Significant Change of the Belarusian Ruble Rate

Trading modes


2010 2011 2010 2011 2010 2011


1 582.0 127.8 67 205 1 071 757 127 775

REPO Transactions

402.0 1035.5 24 33 184 661 858 967

Total 1 984.0 1163.3 91 238 1 256 418 986 742

REPO term Number of transactions Yield, % per year Turnover, BYR in billions

4-7 days 9 19.75 388.30

8-14 days 13 43.82 360.05

15-30 days 7 55.83 173.17

31-60 days 4 58.18 114.00

Total 33 38.39 1 035.52


01.01.2011 -23.05.2011

4-7 days 114.3 12.69

8-14 days 144.1 14.14

15-30 days 20.0 11.50

31-60 days 20.0 12.00


24.05.2011 - 19.10.2011

4-7 days 270.0 22.22



8-14 days 10.0 22.00


20.10.2011 - 31.12.2011

4-7 days 4.00 55.00

8-14 days 206.05 65.62

15-30 days 153.17 61.62

31-60 days 94.00 68.00


Totals of the Secondary Municipal Bond Market in 2011 (by Issuers and Trading Modes)





Baranovichi City Executive Committee 1 25.00 25 000

Brest REC 2 52.60 52 585

Vitebsk REC 40 0.04 40

Gomel REC 42 50.04 50 030

Grodno REC 40 0.04 40

Minsk REC 80 0.08 80

Total 205 127.80 127 775

REPO Transactions

Vitebsk REC 12 291.07 286 615

Gomel REC 8 77.54 77 352

Minsk REC 11 492.91 493 000

Mogilev CEC 2 174.00 2 000

Total 33 1 035.52 858 967

Total in segment 238 1 163.32 986 742

2011 Average Weighted Yield of Transactions (REPO Exclusive) in the Municipal Bond Market During the Period of Significant Change of the Belarusian Ruble Rate

Currency Market Instruments Admitted to Circulation as of 01.01.2012

Period




January - -

February - -

March - -

April - -

May - 0.00

Total (01.01.2011 - 23.05.2011) - 0.00

June - -

July - 12.50

August - -

September - -

October - -

Total (24.05.2011 - 19.10.2011) - 12.50

November - 36.39

December - 83.58

Total (20.10.2011 - 31.12.2011) - 64.64

2011 totals: - 0.15

Currency Market

Financial instrument Currency lot Conjugate currency

AUD/BYR Australian dollar Belarusian ruble

CAD/BYR Canadian dollar Belarusian ruble

CHF/BYR Swiss franc Belarusian ruble

CNY/BYR Chinese Yuan Belarusian ruble

CZK/BYR Czech koruna Belarusian ruble

DKK/BYR Danish krone Belarusian ruble


Financial instrument Currency lot Conjugate currency

EUR/BYR Euro Belarusian ruble

GBP/BYR Pound Sterling Belarusian ruble

HUF/BYR Forint Belarusian ruble

ILS/BYR New Israeli shekel Belarusian ruble

ISK/BYR Iceland krona Belarusian ruble

JPY/BYR Yen Belarusian ruble

KZT/BYR Tenge Belarusian ruble

LTL/BYR Lithuanian litas Belarusian ruble

LVL/BYR Latvian lat Belarusian ruble

NOK/BYR Norwegian krone Belarusian ruble

NZD/BYR New Zealand dollar Belarusian ruble

PLN/BYR Zloty Belarusian ruble

RUB/BYR Russian Ruble Belarusian ruble

SEK/BYR Swedish krona Belarusian ruble

TRY/BYR Turkish lira Belarusian ruble

UAH/BYR Hrivna Belarusian ruble

USD/BYR US Dollar Belarusian ruble

Ten Leading Participants in the Currency Market in 2011

Rating Participant

1 National Bank of Belarus

2 Belarusbank, JSC

3 Priorbank, JSC

4 BPS-Sberbank, JSC


6 Belgazprombank, JSC

7 Belinvestbank, JSC

8 Bank Moscow-Minsk, JSC

9 Belvnesheconombank, JSC

10 Alfa-Bank, CJSC

Foreign Currency Trading Values in 2010 – 2011 (by Currencies), BYR in Billions

Foreign Currency Trading Values in 2010 – 2011, BYR in Billions

Foreign Currency Trading Values in 2011, Additional Session (by Currencies), BYR in Billions

Currency 2010 2011 Change, %

Russian Ruble 9 569.7 26 901.8 +181.1

US Dollar 39 867.5 47 514.7 +19.2

Euro 13 741.6 22 935.6 +66.9

Other 99.2 563.2 +467.7

Total 63 278.0 97 915.3 +54.7

Currency 2011

Russian Ruble 2 716.9

US Dollar 5 174.8

Euro 2 556.3

Other 43.0

Total 10 491.1


Trading Value Dynamics and Rate of Basic Traded Instruments in 2011 (Main Session)




The Change of Rate of Basic Traded Currencies to Belarusian Ruble in 2011 (Main Session)

The Change of Rate of Basic Traded Currencies to Belarusian Ruble in 2011 (Additional Session)

Main session, from 01.01.2011 till 23.05.2011

Main Session, from 25.05.2011 till 19.10.20115

The Highest Increase and Maximum Daily Fluctuations of Exchange Rates During 2011 (Discounting the Devaluation Impact)

Currency

Exchange rateChange,

timesas of 01.01.2011

as of 24.05.2011

as of 20.10.2011

as of 31.12.2011

Russian Ruble 98.44 173.40 277.00 261.00 2.65

US Dollar 3 000.00 4 931.00 8 680.00 8 350.00 2.78

Euro 3 972.00 6 933.00 11 900.00 10 800.00 2.72

CurrencyExchange rate Change,

timesas of 14.09.2011 as of 19.10.2011

Russian Ruble 305.00 283.00 -7.2%

US Dollar 8 600.00 8 790.00 2.2%

Euro 12 100.00 12 160.00 0.5%

Russian Ruble US Dollar Euro

max increase,

BYR

max daily fluctuations

max increase,

BYR


max increase,

BYR


1.07 1.01% 39.00 1.24% 94.00 2.38%

5As of 24.05.2011, the change of Russian ruble rate totaled BYR 60.70, or 53.9%; USD rate change - BYR 1,737, or 54.4%; EUR rate change- BYR 2461, or 55.0%


max increase,

BYR


max increase,

BYR


max increase,

BYR


4.96 2.83% 76.00 1.44% 115.00 1.63%


Main Session, from 20.10.2011 till 31.12.2011

Additional Session, from 15.09.2011 till 19.10.20116


max increase,

BYR


max increase,

BYR


max increase,

BYR


7.00 2.46% 140.00 1.62% 290.00 2.45%

6As of 14.09.2011, changes of the Russian ruble on the additional session amounted to BYR 127.87 , or 72.2%; USD rate change – BYR 3,253, or 60.8%;

EUR rate change - BYR 4819, or 66.2%


max increase,

BYR


max increase,

BYR


max increase,

BYR


30.00 10.53% 490.00 5.96% 1 160.00 9.56%

Futures Market

Characteristics of Futures that Circulated in the Belarusian Currency and Stock Exchange as of 01.01.2012

Futures on US dollar

rateFutures on Euro rate

Futures on Russian ruble rate

Futures on GLTB variable interest

(coupon) yield rate

Futures on Euro to US dollar rate set by the

European Central Bank

Type of futures financial settlement instrument

Underlying asset

US dollar Euro Russian ruble

Variable interest (coupon) yield for which no interest rate is calculated

Euro to US dollar rate set by the European Central Bank

Minimal lot 1 000 US dollars 1 000 Euros10 000 Russian rubles

Coupon yield of 10 GLTBs

1000 Euros

Maturity 6 month

Settlement date

15th day of the settlement month

The payment date of the coupon yield previous to the coupon yield which is the underlying asset for a specific futures by the Ministry of Finance

15th day of the settlement month, or the next business day

Three Leading Trade Participants by Trading Value in 2011

Trade Totals in the Futures Market in 2010 – 2011

Futures on US dollar

rateFutures on Euro rate


Futures on GLTB variable interest

(coupon) yield rate

Futures on Euro to US dollar rate set by the

European Central Bank

Last trading date

Business day preceding the settlement date

Business day, four business days prior to the settlement date of the futures

Business day preceding the settlement date

Settlement Variation margin payment

Final settlement price

US dollar to Belarusian ruble rate established upon the results of foreign currency trades at BCSE on the settlement date of the futures

Euro to Belarusian ruble rate established upon the results of foreign currency trades at BCSE on the settlement date of the futures

Russian ruble to Belarusian ruble rate established upon the results of foreign currency trades at BCSE on the settlement date of the futures

100 per cent net of the interest rate value for the coupon yield which is the underlying asset of a particular futures, approved by the Ministry of Finance

Euro to US dollar rate set by the European Central Bank on the day preceding the futures settlement date

Exchange fee

0.001 per cent of the transaction amount from the buyer and the seller

As on January 1, 2012, 25 derivatives series of 5 financial instruments had been circulated at the BCSE.

Rating Trade Participant

1 BPS-Sberbank, JSC

2 Zepter Bank, CLSC


Instrument

Volume in contracts Increase,

%

Number of transactions Increase,

%

Volume, BYR in billions Increase,

%2010 2011 2010 2011 2010 2011


- 4 660 - - 6 - - 9.3 -

Futures on US dollar rate

11 170 3 660 -67.2 40 14 -65.0 33.7 15.5 -54.0

Futures on Euro to US dollar rate

1 820 2 330 +28.0 16 16 0 7.2 20.3 +181.9

Total 12 990 10 650 -18.0 56 36 -35.7 40.9 45.1 +10.3


OTC Registration Totals in 2010 – 2011

Transaction type

2010 2011 Increase, % (by items)

Increase, % (by

volume)Number of transactions

Volume, BYR in billions

Number of transactions

Volume, BYR in billions

Equities of CJSC including:

1 859 143.8 3 631 51 351.2 +95.3 +35 610.2

Purchase and sale 1 567 127.5 3 476 173.9 +121.8 +36.4

Other 292 16.3 155 51 177.37 -46.9 +313 871.2

Equities of JSC including:

8 833 1 144.7 10 147 26 350.6 +14.9 +2 202.0

Purchase and sale 7 552 92.6 7 136 22 034.9 -5.5 +23 695.8

Other 1 281 1 052.2 3 011 4 315.7 +135.1 +310.2

Bonds including: 1 328 4 967.0 3 197 13 193.0 +140.7 +165.6

Purchase and sale 1 199 4 841.2 2 956 12 504.1 +146.5 +158.3

Other 129 125.8 241 688.9 +86.8 +447.6

7In 2011 Q2, there was an information on company shares subscription amounting to BYR 51.1 trillion registered in the "OTC Market" ICS BEQAS module.

There was no further state registration of those securities.

BCSE BASIC RULES AND REGULATIONS

Requirements to Section Members

RequirementsStock Market

Section Futures Market

SectionCurrency Market Section

Special Requirements

Valid license (permission) on professional and exchange activities issued by authorized state authority regulating Belarusian securities market, covering the following services: broker or dealer activity, investment fund activity, securities trust management activity

Valid license (permission) on bank transactions issued by the National Bank of Belarus empowering banks to carry out currency exchange operations (for non-resident banks - license (or other permission) issued by the National Bank (Central Bank of the country of registration of non-resident bank or other authorized institution regulating currency and/or bank surveillance) empowering banks to carry out currency exchange operations




Conformity of securities market participants’ qualification standards, established by the legislation

International agreements stipulating involvement of non-resident bank in Belarusian exchange currency market (for non-resident banks only)

Annual auditor report prior to the year of becoming a Section Member, and annually in case of actual staying a Section Member

Auditor’s opinion on annual financial statement according to international standards (IAS/IFRS) or USA standards (GAAP) (only for non-resident banks) for the year prior to the year of becoming a Section Member, and annually in case of actual staying a Section Member

Valid license (permission) on bank transactions issued by the National Bank (for banks only)

Compliance with the Belarusian legislation regulating order of foreign currency operations

Observation of stock legislation

compliance with Belarusian legislation regulating order of securities and futures operations

Professional and exchange activity with securities for at least one year (for non-bank Clearing members only)

Participation (without restriction) in automated interbank settlement system of the National Bank of Belarus (for banks only) or an agreement with AISS participant on service in settlement and clearing securities system (for Clearing members only)

Financial Requirements

compliance with norms for safe operating (for banks only)

Balance make-out (only for non-resident banks)

Conformity of securities market participants’ financial adequacy, established by the legislation

Balance make-out

Information Disclosure Requirements

Financial accounting report – annually and quarterly

Accounting financial statement according to international standards (IAS/IFRS) or USA standards (GAAP) (only for non-resident banks)– annually and quarterly





Information on fulfillment of norms for safe operating (for banks only) – annually & quarterly

Annual Report with Auditor’s opinion according to international standards of financial statement (IAS/IFRS) or USA financial statement standards (GAAP) (for non-resident banks only)– annually Information on fulfillment of economic

standards (only for non-banks securities market participants) – annually and quarterly

Auditor’s conclusion – annually

Information on applied sanctions for transgression- by fact

Requirements to Issuers to be Admitted to Circulation and Placement at the BCSE

Quotation list A of the first level

Quotation list A of the second level

Quotation list B Unlisted securities

Access initiator

Issuer Issuer IssuerStock Market Member BCSE

IssuerStock Market Member BCSE

Common requirements

∑ The securities should be issued & registered in accordance with Belarusian legislation ;∑ For securities issuers – non-resident – admission to circulation in Belarus in accordance with Belarusian legislation;∑ Compliance with requirements for Issuer established by Belarusian legislation for information disclosure in the securities market. Annual publication of annual balance by JSC operating one year and more in print mass media

Period of Issuer’s activity

No less than 3 years No less than 1 year Isn’t set up Isn’t set up

Number of shareholders

No less than 1000 (for equities only)

No less than 500 (for equities only)

Isn’t set up Isn’t set up

Make-out requirements

Damage absence during any 2 of last 3 years (in case of issuer’s lifetime less than 3 years – during the whole period of his existence)


Cost of issuer’s net assets

No less than 10 million euros



Equity capital (for banks)




Equity capital (for non-bank credit and financial organizations)




Quantity of shares belonging to one shareholder

No more than 75% of issuer’s registered securities, with the exception of state shares (for equities only)

Isn’t set up Isn’t set up Isn’t set up

Trading Modes

Trading mode

Mode description

Order-input kindsSettlement codes used in this mode

Traded instruments

Fixing Demand and supply balancing method based on a stepwise decreasing/increasing foreign currency rate.

∑ indicative bids∑ additional bids

S-T+n - settlements are carried out in the settlements and clearing system through established by legislation period «n» NS - settlements are carried out directly between parties

Foreign currency


A trading mechanism of continuous matching of orders for buy and sell. Trades are executed whenever the price of bids and asks is matched.

∑ market order - an order to buy or sell a certain number of financial instruments at the best available current price ∑ limit order - an order to buy certain financial instruments at not more, or sell at not less, than a specific price

S-T+0 - are carried out in the settlements and clearing system on the day of the transaction

Futures market instruments


A trading mechanism of continuous matching of orders for buy and sell. Trades are executed whenever the price of bids and asks is matched.

∑ limit order kept in quotations (an order is kept in the trading system until its full fulfillment);∑ limit order non-kept in quotations (it is automatically rejected by the trading system in case it’s impossible to fulfill this order. They can be divisible and indivisible.) Participant offers to buy securities at not more, or to sell at not less, than a specific price. Trading system verifies if there are unfulfilled orders in queue for selling/buying, the price of which is less/more or equal to the processed one. If there are such orders, a processed order is matched with the first order in queue till such orders come in or till it’s completely satisfied.∑ at-the-close orders.At-the-close order price is calculated as an average price of transactions with these securities concluded during continuous double auction.

S-T+0 - are carried out in the settlements and clearing system on the day of the transaction

Government securities, securities of the National Bank and non-government securities


Trading mode

Mode description


Traded instruments

Call auction Integration trading method when limit orders are collected over a (fixed) period. At the end of this time the orders are processed in the auction at a common price that enables the largest number of orders to be executed.

∑ limit order kept in quotations (an order is kept in the trading system until its full fulfillment);Participant offers to buy securities at not more, or to sell at not less, than a specific price. Limit orders are satisfied if its price is matched with the common price of the auction. If the buy price is not equal to the sell price, buy orders with a higher price and sell orders at a lower price are executed first. If there are several orders at the same price, the one that was submitted earlier will be executed first. At the end of call auction, all unsatisfied orders with S-T+0 settlements can participate in a continuous double auction.

S-T+0 - are carried out in the settlements and clearing system on the day of the transaction S-T+n - settlements are carried out in the settlements and clearing system within the established by parties period “n”

Non-government securities, securities of the National Bank


transaction mode on the base of direct orders sent to a particular party or group of participants, implying the possibility of conducting transactions at a fixed by contractors execution term

∑ orders to conduct S-T+n transactions; ∑ orders to conduct NS transaction.Orders are executed and transactions are concluded in the trading system when two counterbids are matched. If two or more opposing orders appear with the same entries, the one that was submitted earlier will be executed first. Orders included in the group are executed simultaneously if there is a group of counterbids.

S-T+n - settlements are carried out in the settlements and clearing system within the established by parties period «n»NS - settlements are carried out directly between parties

Non-government securities, securities of the National Bank

Simple Auction

Iterative trading method implying only one buyer - simple auction to buy, or only one seller - simple auction to sell

∑ limit orders (an order to buy certain financial instruments at not more, or sell at not less, than a specific price); ∑ market orders (An order to buy or sell a stated amount (number) of securities indicated in the order).

Limit orders are executed at a stated in these orders prices, market orders are executed at the average weighted price calculated upon executed limited orders. The average weighted price is calculated by dividing the amount of all satisfied limited orders by total number of securities in these orders. If no limited order submitted to the trading system can be satisfied fully or partially during a standard simple auction, no matter whether the starting price was announced or not, the simple auction is announced as failed. The simple auction is announced as failed if the buy or sell volume is less than stated by the auction parameters.

S-T+0 - are carried out in the settlements and clearing system on the day of the transaction S-T+n - settlements are carried out in the settlements and clearing system within the established by parties period “n”S-REPO - first REPO transaction part settlements are carried out in the settlement and clearing system on the day of its conclusion, second REPO transaction part settlements are carried out within the period established during its conclusion NS - settlements are carried out directly between parties

Government securities, securities of the National Bank and non-government securities

Trading mode

Mode description


Traded instruments

REPO (fix pricing)

Mechanism of REPO transactions conclusion when the price of a financial instrument for the first part of the transaction is fixed before operations (at the average weighted price determined upon results of a double or a call auction, the current value of the securities or other defined values or functions). In this case the item of these transactions may be a group of securities, the REPO rate is the subject to trade.

Conclusion of REPO transaction upon submitted orders is possible only when the yield rate, REPO term and the order volume are matched.The trading system compares the value of initial position on cash (securities) of the participant who submitted an order with the amount needed to meet this request (with the volume of the order). If the value of the initial position is less than the amount (volume) of the bid, the order processing is terminated. If the value of the initial position is greater than or equal to the amount (volume) of the bid, the order is processed further.The trading system verifies whether there are unsatisfied orders in the queue for REPO sale (purchase), the announced yield of which is equal to the one announced in the processing order. If such orders appear, they are executed according to the yield level in the queue.If in the queue there is no REPO sale order providing the possibility of concluding the transaction, REPO purchase (sale) order is placed in the queue of unsatisfied REPO purchase (sale) orders.Unsatisfied REPO sale (purchase) orders in the queue are arranged in order of yield decreasing (increasing), and in case of equal yield - in order of time of their submission. The REPO sale (purchase) order submitted earlier will be executed first. If an order in the queue is satisfied, it will be removed from the queue of unsatisfied REPO sale (purchase) orders.

S-REPO - first REPO transaction part settlements are carried out in the settlement and clearing system on the day of its conclusion, second REPO transaction part settlements are carried out within the period established during its conclusion

Government securities

REPO (free pricing)

Mechanism of REPO transactions conclusion when the price of a financial instrument for the first part of the transaction as well as REPO rate are subject to trade. It is the base to determine the price of redemption (repurchase), the object of these transactions can be a specific security only

Participant offers to buy (sell) securities on T+0 basis (T- a day of submitting an order) in the amount and at the price specified in the order (the first REPO part), and repurchase of the same number of securities (the second REPO part) on T + n basis (T - the date of submitting an order, n - number of calendar days specified in the order under « repurchase agreements term»). Orders are executed and transactions are concluded in the trading system when two counterbids are matched. If there are two or more counterbids with the same entries, the one that was submitted earlier will be executed first. Orders included in the group are executed simultaneously if there is a group of counterbids.

S-REPO - first REPO transaction part settlements are carried out in the settlement and clearing system on the day of its conclusion, second REPO transaction part settlements are carried out within the period established during its conclusion

Non-government securities and securities of the National Bank

Contacts

Open Joint-Stock Company Belarusian Currency and Stock Exchange

48a, Surganova str., room 35a 220013, Minsk, Belarus;

Phone:+ 375 17 209 41 03+ 375 17 306 34 69

Fax:+ 375 17 209 41 10

www.bcse.by

102 / Annual Report 2011 Belarusian Currency and Stock Exchange /