Belgrade Stock Exchange
Number of listed companies
Domestic market capitalization
5,058 million US$
SSE Partner Exchange
Has annual sustainability report
Requires ESG reporting as a listing rule
- However, listed companies have to abide by a Corporate
Governance Code they adopted themselves or by some
other CG Code, like CG Code of the Serbian Chamber of
Has written guidance on ESG reporting
Offers ESG related training
- A yearly training course is held called "Fundamentals of Corporate Governance" started on 14 July 2017, and the second year was held on 16 March 2018.
Has sustainability-related indices
Has sustainability bond listing segment
Has SME listing platform
- Smart Listing – offering relaxed listing requirements for SMEs
- Belgrade Stock Exchange Rules of Business Conduct
- Questionnaire on Corporate Governance practices of companies
Organizational model of stock exchange
- Belgrade Stock Exchange is a joint stock company, for profit. It doesn't have the status of a public company. Shares of the Belgrade Stock Exchange can be transacted, respecting pre-emptive rights of existing shareholders of the Exchange. Exchange Articles of Association regulate the procedure for the secondary transactions of the Exchange shares.
Limited Exchange Self-Regulatory Organization (SRO) Model
- The Belgrade Stock Exchange as a market operator operates a Regulated Market and multilateral trading facility (MTP) in accordance with the Law on Capital Market, by-laws and rules & regulations.
- Securities and Exchange Commission is the primary regulatory authority for the capital market in Serbia. The Securities and Exchange Commission regulates, supervises and monitors enforcement of the Law on Capital Market, Takeover Law, Law on Investment Funds and Law Prevention of Money Laundering and Terrorism Financing, when it comes to custody and broker-dealer activities. The SEC main responsibilities in regulating the stock exchange operations is to supervise the legality of the stock exchange organization and the decisions made by the bodies of the exchange as well as the proper conduct of stock exchange trading. Rules on Business Conduct and Listing requirements are defined by the Belgrade Stock Exchange. However, as they are subject to the SEC’s approval hence the limited self-regulatory powers of the Belgrade Stock Exchange.
About the stock exchange
Location: Belgrade, Serbia
- Belgrade Stock Exchange was founded in 1894 with the first transactions concluded in 1895. After the World War II it was closed and resumed operations in 1989 as the Yugoslav Capital Market. In 1992, the Yugoslav Capital Market changed its name to the Belgrade Stock Exchange. In the 1990s, the trading material mostly consisted of corporate debt instruments, government bonds and the like. Although the first trades in shares were carried out in 1991, it was only in 2000 that a significant step forward was made, when shares from the privatization processes were included in the secondary market.
- Today, Belgrade Stock Exchange is a modern market-oriented exchange which operates the only securities exchange in Serbia. It organizes trading in financial instruments in a fair, efficient and transparent manner. Additional services include data vending, index development and specialized educational seminars and training courses.
|Ownership of Exchange (Shares >4% only)||Share|
|Beobanka ad Beograd u st..||10.34%|
|Republic of Serbia||10.34%|
|AC Holding doo Beograd||10.24%|
|Erste Group Bank AG||9.28%|
|Investbanka ad Beograd||7.21%|
|Beogradska banka ad u st.||5.77%|