0,21%
0,00%
-0,92%07.11.2008.Decision on modifications and amendments to the Rules of business operation
of the Belgrade Stock Exchange
Board of Directors of the Belgrade Stock Exchange, a.d. Belgrade, RULES OF BUSINESS OPERATION
1 |
Pursuant to article 3, paragraph 1, item 7 of the Contract of Organization of the Belgrade Stock Exchange a.d. Belgrade, for the purpose of adjusting to
the Law on Business Companies (number of Exchange: 04/1-1449-1/08, last no. of certification at IV Municipal Court III-906/08) , the Board of Directors of the
Belgrade Stock Exchange a.d. Belgrade at the
XII/08 meeting held on 7.10.2008, made the
DECISION
ON MODIFICATIONS AND AMENDMENTS
TO THE RULES OF BUSINESS OPERATION
OF THE BELGRADE STOCK EXCHANGE A.D. BELGRADE
Article 1.
By this Decision the Rules of Business Operation of the Belgrade Stock Exchange a.d. Belgrade (No: 04/2-3821/07) are changed with modifications and amendments number: 04/2‐236/08 i 04/2‐1020/08, hereinafter: Exchange Rules),
in the following manner:
Article 2.
In the text of the Exchange Rules the term „Belex“ in the appropriate case is replaced by the word “BelexFix”.
Article 3.
In article 2. the terms and meanings of the following indents are changed:
1. “BELEX” is changed in the following manner:
o “BELEXFIX ‐ The unique information system of the Exchange – the electronic system
(platform) for remote trading, based on communication with its users via the FIX protocol, which is accessed by the authorized user by means of a personal user name and password using the certificate assigned to the System User by the Exchange;
2. “HELP DESK” is changed in the following manner:
o “HELP DESK ‐ The work station with the installed trading application, within the area of the Exchange, which may be used by the Members for independent entering
of trading orders into the BelexFIX, in the cases and by means prescribed by the
Rules;
3. „CLIENT APPLICATION“ is changed in the following manner:
o „CLIENT APPLICATION ‐ The software for trading installed on servers and client work stations of the Exchange Members and on the Exchange help-desks;
4. „SYSTEM USER“ is changed in the following manner:
o „SYSTEM USER ‐ Member of the Exchange who uses BelexFIX
through Authorized users, in compliance with the Exchange regulations;
5. „AUTHORIZED USER“ is changed in the following manner:
o „AUTHORIZED USER ‐ The Broker of a Member – System User, who was authorized by
the System user touse the client application for access and use of BelexFIX, under the terms and in the manner defined by the Rules and other Exchange regulations;
6. “REGISTERED WORK STATION”
o “CLIENT WORK STATION“ ‐ The personal computer of the Exchange Member satisfying the technical requirements prescribed by the Rules, in the business premises of the Member, on which the client application is installed for access to and use of the BelexFIX under the terms and in the manner defined by the Rules;
04/2 no.3065/08
Board of Directors of the Belgrade Stock Exchange a.d. Belgrade, RULES OF BUSINESS OPERATION
7. „TRANSACTION CONTRACT“ is changed in the following manner:
o „TRANSACTION CONTRACT ‐ The contract on buying and selling securities and other
financial instruments concluded at the Exchange, produced in the electronic
form;
In article 2. new indents are added in the following manner:
o „SERVER – REGISTERED CLIENT CENTER – Server of the Exchange Member satisfying technical conditions prescribed by the Rules, on which the client application is installed for access to and use of the BelexFIX under the terms and in the manner defined by the Rules;
In article 2. the following indents are erased: „FUTUES“, „OPTION“, „SMART CARD“ and „WARRANT“.
In article 2. the indents are arranged according to the alphabetical order of the terms.
Article 4.
In article 6. paragraph 1, item 3, is changed in the following manner :
“3) to use the BelexFIX in compliance with the Rules and other rules and
regulations of the Exchange;
Article 5.
In article 14. paragraph 2. is changed in the following manner:
Beside the rights and obligations from Paragraph 1 of this Article, a broker of
the Member shall particularly have the following obligations:
1. to conduct his business with clients and at the Exchange in good faith and in
compliance with the principles of secure and good business practice;
2. to maintain the reputation of the Exchange in its business operations and in
public;
3. not to misuse the certificate assigned to the System User, user name and password with which he accesses to and uses BelexFIX exclusively personally, and must not reveal them or in any other way make available to other persons.
4. not to misuse the personal magnetic identification card issued by the Exchange and enable third persons to have unauthorized access to the Exchange premises by using the said card.
5. to notify the Exchange of the noted irregularities related to the BelexFIX
(technical errors, i.e. defects).
Article 6.
In article 16. the word „several“ is replaced with the word „a number of“
Article 7.
In article 25. paragraph 3. the words „date of the
beginning of entering of data in the Belex“ are erased as well as the comma.
In article 25. paragraph 5. the words “ the last sale price from the
primary debt securities market“ are replaced with the words „the last sale price of the security in the initial public offering in compliance with the Law“.
In article 25. paragraph 6. the third indent is erased.
Article 8.
In article 38. paragraph 1. the words reči “ the information system of the Exchange - the electronic trading platform
(hereinafter: the Belex) are replaced with the words “BelexFIX”.
Board of Directors of the Belgrade Stock Exchange a.d. Belgrade RULES OF BUSINESS OPERATION
Article 9.
In article 45. paragraph 2. the word reč “registered” is replaced by the word “client”
In article 45. after paragraph 2, new paragraph 3 is added:
„Maximum number of trading orders entered by the same Exchange Member in the time unit is established by the decision of the Exchange Director.
In article 45, previous paragraph 3, becomes paragraph 4.
Article 10.
In article 47. paragraph 1. Rules of the Exchange is changed in the following manner:
The elements of a trading order are:
1) the unique identification of the Member (the ordering party),
2) the mark of the security (name or symbol),
3) the mark of the number of order from the Member’s Order Book (the ordering
party),
4) the mark of the type of transaction (buy or sell),
5) the quantity of the security,
6) the mark of the order by price, with price determination
7) the mark of the time duration of the order, with expiration day for Good-till-Day Orders
8) identification of the client from the trading order in a way prescribed by
procedures harmonized between the Exchange and the Central Registry
9) security account and type of the account with choice of the account depositor
10) money account with choice of the account depositor
11) mark of the fee
12) mark of the type of operation (broker or dealer)
13) date and time of placing the order,
14) the mark of the trading method – for orders placed directly at the Exchange
desk,
15) the type of market (regulated or unregulated) – for orders placed directly at
the Exchange desk,
16) other elements determined by the decision of the Board of Directors of the
Exchange.
Article 11.
In article 48. paragraph 1. is changed in the following manner:
In securities trading, Members can place the following types of orders according
to:
a) Size:
- single client order,
- set of orders (a set of equal orders with respect to the type of transaction,
type of price and price, time duration and conditions of quantity);
b) Type of transaction:
- buy order,
- sell order;
c) Time limit:
- A Day Order,
- A Good-till-Day Order, no longer than 90 days,
-A Good-till-Cancelled Order – valid until cancelled within the period of 90
days;
d) Price:
- Limit Order,
- Market Order - a Day Order only;
e) Cancel Order;
f) Special order types:
-All-or-None,
-Edit Order,
-Order with hidden total quantity,
-Minimum fill order,
-Fill or Kill order,
-Stop order,
-At-the-Open Order,
-At-the-Close Order.
- Market Maker Order
- Order for block trading;
- Closing order
Article 12.
In article 52. paragraph 1. is changed in the following manner:
„The Member may place trading orders through the help desk if the client work
station and/or server of the Member is not functional or when, due to the lack of power supply
or other justified reasons, telecommunications connections between the Exchange
and the Member were terminated“.
In paragraph 2. of article 52. the word „help-desk (in the Serbian version) are erased.
Article 13.
In article 53. paragraph 1. the word „help desk“ and the brackets (in the Serbian version) are erased, and after paragraph 1, a new paragraph is added:
„The Member authorized to use the help-desk cannot in the period of using the help desk as referred to in Article 52 of the Rules place trading orders in the BelexFIX through its functional client work station“.
Article 14.
In article 119. paragraph 2, the word „created” is replaced by the word „formed” (in the Serbian version).
Article 15.
In article 123. paragraph 2, the words “ trading information system of the Exhange” are replaced by the word “BelexFIX”.
Article 16.
In article 126. paragraph 1. is changed in the following manner:
“During the installation of the user part of the BelexFIX, the unique identification
code (ceritificate) is generated which identifies the Exchange Member“.
In article 126 paragraph 2 is erased and the previous paragraph 3 becomes paragraph 2.
Article 17.
In article 131, paragraph 3, words “evidencija@belex.co.yu, are replaced by the words „evidencija@belex.rs“.
Board of Directors of the Belgrade Stock Exchange a.d. Belgrade RULES OF BUSINESS OPERATION
Article 18.
In article 136. paragraph 1. item 3) after the word “ in case of change” the words „the status or “
Article 19.
In article 139. paragraph 1. in:
• item 1) after the word “maturity date” the following words are added: “ or a security no longer fulfills previous legal requirements;
• item 4) the words “another exchange or OTC market” are replaced with the words “another exchange in the Republic of Serbia”,
• item 5) after the words “ upon the request of the issuer in case of” the words “change of status” and the comma are added.
Article 20.
The heading of chapter XI is changed in the following manner: “ MANNER OF ORGANIZATION AND USE OF BELEXFIX“
Article 21.
In article 161. paragraph 4. in the second indent after the words „software efficiency” the words “of the trading programs which provide“ are erased and the words „which provides”.
In article 161. paragraph 5. is changed in the following manner: “Telecommunication conditions according to Paragraph 2 of this Article shall
particularly comprise provision of the appropriate number and type of telecommunication
lines established by special instructions of the Exchange Board of Directors“.
Article 22.
The heading of chapter XII is changed in the following manner: “ CONDITIONS OF ACCESS AND USE OF BELEXFIX “
Article 23.
Article 164. is changed in the following manner:
„The Exchange shall authorize the access to and use of the BelexFIX of the System Users who have
previously fulfilled the conditions from the “Technical conditions for BelexFIX”, which are supplementary part of the Rules, and upon their written request.
System users are obliged to perform their activities with respect to the BelexFIX in compliance with the rules of access and use of the BelexFIX prescribed by the Rules and other rules and regulations of the Exchange and to bring their rules and procedures in line with the Rules and
procedures of the BelexFIX.
System users are obliged to adjust their business operations from Paragraph 2 of
this Article to all the amendments of the Rules as well as to the decisions,
measures and instructions prescribed in compliance with the Rules“.
Article 24.
In article 164a. paragraph 1, paragraph 2. and paragraph 3. the words “Trading system” and “System for remote trading” in the appropriate case, are replaced with the word „BelexFIX”.
Article 25.
Article 165. of the Exchange Rules is changed in the following manner:
„Access to and use of the BelexFIX shall be granted only to the
employees of the System users who obtained the status of the Authorized user in
compliance with the Rules.
The status of the Authorized user shall be granted to the broker of the System
user who was issued a license to trade at the Exchange by the Board of Directors
of the Exchange and who has a special written authorization of the System user
to access and use the BelexFIX in his name and for his account.
Person from paragraph 2 of this Article is registered by the Exchange as the authorized user of the BelexFIX“.
Article 26.
„Exceptionally from Article 165 of the Rules, limited access to the BelexFIX, without the right of using the system for placement of orders, shall be granted to the employees of the System user who perform the duties of:
1) internal control of the System user (hereinafter: internal controller of the System user).
2) Management of securities in the name and on the account of the investor (portfolio manager)
3) Consulting services in connection with securities operation (investment advisor).
At the request of the System User, the Exchange provides limited access to the BelexFIX to persons from paragraph 1 of this Article, provided they were previously successfully trained to work on the BelexFIX.
Along with the Request from paragraph 2 of this Article, the System User shall deliver to the Exchange a certified statement that the person from paragraph 1 of this Article performs the job as referred to in paragraph 1 of this Article.
The obligations of the Authorized user defined by the Rules shall apply to the
obligations of persons from paragraph 1 of this Article“.
Article 27.
In article 167. paragraph 1. is erased and in the previous paragraph 2, which becomes paragraph 1, the words „client work stations“ are erased.
Article 28.
Article 169. is changed in the following manner:
„For the requirements of the System user and according to the fees of the Tariff
Book the Exchange shall provide the following:
• client application for trading, for the server and the client work station;
• Certificate for access to and use of the BelexFIX“
Article 29.
Article 170. is changed in the following manner:
„The authorized persons from the Exchange perform the following:
1) Installation of the client application on the server and client work stations of the System User;
2) The plugging of the server and client work station on the BelexFIX and final adjustment of the client application“
Article 30.
In article 171. paragraph 1. before the words “Users” the word “System” is added, and the words “Technical conditions for remote trading” are replaced with the words «Technical condititons for use of the remote trading system – BelexFIX“.
In article 171. paragraph 2. the words “provided ... the Exchange approved it by a special decision” are erased.
Board of Directors of the Belgrade Stock Exchange a.d. Belgrade RULES OF BUSINESS OPERATION
Article 31.
In article 173. in paragraphs 1. i 2. the words “System for remote trading” in the appropriate case are replaced with the word “BelexFix”.
Article 32.
Article 174. is changed in the following manner:
„In using the software and technical equipment of the BelexFIX the principle of equality shall be applied, which implies the following:
- equal possibility of accessing the BelexFIX for all system users,
- data released from the BelexFIX are simultaneously accessible to
all system users on their servers.
The BelexFIX provides equal treatment of all trading orders
received to the server“.
Article 32.
In article 175. before the words “User” the word “System” is added, and the words “System for remote trading” are replaced by the word “BelexFIX”.
Article 33.
Article 176. is changed in the following manner:
„The BelexFIX is accessed by the certificate assigned to the System User and by the personal user name and password assigned by the Exchange to the Authorized user who is obliged to use it only for personal access and use of the BelexFIX.
The password consists of 8 digits or numerical signs and is initially defined by the Exchange as “00000000”, which the Authorized user changes when accessing the BelexFIX for the first time and must not communicate nor in any other way make it available to third
persons.
In case an unauthorized person discovers the password from Paragraph 2 of this Article, the Authorized user shall immediatelly change the password and notify the Exchange accordingly.
The System user whose Authorized user is the person from Paragraph 3 of this
Article is responsible for any consequences of a possible damage arising from a misuse of the discovered password due to his failing to comply with the obligation referred to in Paragraph 3 of this Article“.
Article 34.
U članu 177. posle reči “shall inform the Exchange” the words “shall return the SMART card issued to the person whose Authorized user status has expired“ are erased.
Article 35.
In articles 178, 179, 180, 182, 183. i 184. the words “Remote trading system” in the appropriate case are replaced with the word “BelexFix”.
Article 36.
In article 180. paragraph 1. the words “installed in the premises” are erased.
Article 37.
In article 183. paragraph 3. the words „help desk“ (Serbian version) and the brackets are erased.
Board of Directors of the Belgrade Stock Exchange a.d. Belgrade RULES OF BUSINESS OPERATION
Article 38.
Article 185. is changed in the following manner:
“The Exchange shall perform the following jobs:
1) maintainance and adaptation of client aplications for the server and client work stations
2) replacement of the old version with the new version of the client application
The Exchange does not perform the jobs of installatio, maintainance and technical support for the functioning of harware and system software on the System User’s equipment“.
Article 39.
Article 186. of the Exchange Rules is changed in the following manner:
“ The Exchange is responsible for proper functioning of the client application under the terms defined by these Rules and is liable for the damage incurred by the System User, his clients or third persons only in case the damage was caused by improper functioning of the client application due to negligence or an intentional mistake made by an employee of the Exchange“.
Article 40.
In article 187. paragraph 1 is erased, and paragraph 2. becomes paragraph 1. in which the words “Remote trading system” in the appropriate case are replaced with the word “BelexFix”, and in item 2) the words “System User location” are replaced with the words „System User equipment“ and the words „for which liability is regulated by the contract between the System user and the deliverer of the equipment“ are erased.
Article 41.
In article 188. paragraph 2. number “3.” is replaced with number “1.”, and in the second indent the words “total turnover” are replaced with the words „total value”.
Article 42.
Article 189. of the Exchange Rules the words “from their client work stations to the Remote trading system” are replaced with the word “u BelexFIX”.
Article 43.
Article 190. of the Exchange Rules is changed in the following manner:
“ If the authorized persons in the course of trading ascertain that the activities
of the server or the client work station have caused distraction of the normal
functioning of the BelexFIX, the Exchange shall temporarily
disconnect the aforesaid server from the BelexFIX , stating the reasons for
disconnection and shall warn the System user to discontinue the forbidden
activities.
The System user shall immediately undertake all the activities necessary to
cease the activities from Paragraph 1 of this Article or remove their cause and
shall immediately notify the Exchange on that matter, which, on its part, upon
considering his report, shall reconnect the server to the BelexFIX.
The System user, as defined in this Article, shall be liable to the Exchange and
other System users for the damage caused by the activities from Paragraph 1 of
this Article.
Board of Directors of the Belgrade Stock Exchange a.d. Belgrade RULES OF BUSINESS OPERATION
Article 44.
In article 191. the words “Remote trading system” in the appropriate case are replaced with the word “BelexFix”, and paragraph 4. is changed in the following manner:
“ In case of the use of the user name and password contrary to the provisions of the Rules,
the Exchange shall immediately block the access of the Authorized user to the BelexFIX and the proceedings shall immediatelly be taken according to Article 160 of the Rules“.
Article 45.
In article 192. the words “Remote trading system” are replaced “BelexFix”.
Article 46.
Article 193. of the Exchange Rules is changed in the following manner:
„The provisions of the Rules related to the conditions for access to and use of
the BelexFIX are applied accordingly to the conditions for direct
access to and use of the BelexFIX through help-desks“.
Article 47.
After article 201. a new article 202. is added:
„The Exchange, through the Belex service, enables the distribution of data from trading on the Exchange, in real time and out of real time.
The volume and terms of distribution and use of data referred to in paragraph 1. Of this article are established by a special contract concluded between the user and the Exchange depending on the type of service“.
Previous articles 202-210 of the Exchange Rules become articles 203-211 of the Exchange Rules.
Article 48.
Previous articles 211, 212, 213 i 214. are erased brišu se, and previous articles 215 - 218 of the Exchange Rules become articles 212 – 215 of the Exchange Rules.
Article 49.
The title and content of the appendix to the Exchange Rules „Technical conditions for remote trading on the Belgrade Stock Exchange” are changed in the following manner:
“ Technical Conditions for Use of the Remote Trading System - BelexFIX
For the purpose of providing conditions for transfer to remote trading on the Remote trading system – Belex on the
basis of the FIX protocol, the Member is obliged to provide the following technical conditions:
- Server:
o 2 Dual core processors
o 4 GB RAM,
o 3 HDD (Raid 5),
o Network card 100 Mbps, with UTP connection,
o CD ROM,
o Monitor, keyboard and mouse,
o Microsoft Windows Server 2003
- Personal computers (client work station) with the following characteristics:
o Processor Pentium IV,
o 1 GB RAM-a,
o 160 GB Hard Disk,
o Network card 100 Mbps, with UTP connection,
o CD ROM,
o Monitor, keyboard and mouse,
o Windows XP Professional
Technical equipment of the Member for access to and use of the BelexFIX is defined at the level of the server and client work stations.This computer structure is linked to the Exchange by the communication line of a certain type defined by special instructions of the Exchange Board of Directors.
In order to provide more security in work, the Member can provide a reserve line of a different type, in addition to the basic telecommunication line.
The provision of the cited technical conditions is the precondition for installation and testing of the BelexFIX.
Article 501.
Modifications and amendmends to the Exchange Rules established by this Decision are incorporated into the updated text of the Exchange Rules as an integral part of this Decision.
The Decision is delivered to the Securities Commission for approval. Upon obtaining approval, the text of this Decision is published on the Exchange internet page and in the Bulletin.
This Decision enters into force on the first working day after it is published on the Exchange interent page.
CHAIRMAN OF THE BOARD OF DIRECTORS
Veroljub Dugalić, Prof. PhD
1 By the Decision of the Board of Directors of the Exchange (number: 04/2 no. 3153/08, from 15.10.2008), article 50 of the Decision on modifications and amendmends of the Rules of Business Operation of the Belgrade Stock Exchange a.d. Belgrade (number: 04/2‐3065/08, from 7.10.2008. godine) is changed in the following manner:
»Into the updated text of the Exchange Rules (number: 04/2 no. 3154/08) which is an integral part of this Decision, modifications and amendmends of the Exchange Rules established by the decisions on modifications and amendmends to the Rules of Business Operation of the Belgrade Stock Exchange number: 04/2 br. 3065/08, from
7.10.2008, and 04/2 no. 3153/08, from 15.10.2008 are incorporated.
This Decision is delivered to the Securities Commission for approval. Upon approval, the text of this Decision is published on the Exchange internet page and the Bulletin.
This Decision enters into force on the eight from the day on which it is published on the Exchange internet page.«
01/1 br. 3372/08
DECLARATION OF MODIFICATIONS AND AMENDMENTS OF THE RULES OF BUSINES
The Rules of Business Operations of the Belgrade Stock Exchange (No.: 04/2‐3821/07, including changes and
amendments No.: 04/2‐236/08 and 04/2-1020/08, hereinafter the Rules) were changed and amended by the Decision of the Board of
Directors (No.: 04/2‐3065/08, from 7.10.2008, and 04/2-3153/08, from 15.10.2008).The Securities Commission (Decision No.
5/0‐06‐5471/8-08, from 15.10.2008) approved the Decision on modification and amendments to the rules No: 04/2-3153/08 from 15.10.2008 (and the Decision, with the updated text of the rules No: 04/2-3153/08 came into force on 16.10.2008), and by the Decision No. 5/0-06-5471/11-08, from 6.11.2008 on the Decision on modifications and amendments of the Rules (No: 04/2-3065/08, from 7.10.2008) the updated text of the Rules of Business Operations 04/2 no. 3154/08 from 15.10.2008.
The Decision on changes and amendments of the Rules of Business Operations of the Belgrade Stock Exchange
(04/2‐3065/08) with the updated text of the Rules of Business Operations of the Belgrade Stock Exchange (nNo: 04/2-3154/08) with incorporated modifications and amendments established by the decisions of the Board of Directors number: 04/2-3065/08, from 7.10.2008, and 04/2-3153/08, from 15.10.2008,
WAS PUBLISHED ON THE INTERNET PAGE OF THE BELGRADE STOCK EXCHANGE, on 7.11.2008, and
IT COMES INTO FORCE
on the eight day after being published on the Internet page of the Exchange, (first working day)
‐ 17 NOVEMBER 2008 –
BELGRADE STOCK EXCHANGE
Gordana Dostanić, Managing Director
1 |
Pursuant to article 3, paragraph 1, item 7 of the Contract of Organization of the Belgrade Stock Exchange a.d. Belgrade, for the purpose of adjusting to
the Law on Business Companies (number of Exchange: 04/1-1449-1/08, last no. of certification at IV Municipal Court III-906/08) , the Board of Directors of the
Belgrade Stock Exchange a.d. Belgrade at the
XII/08 meeting held on 7.10.2008, made the
DECISION
ON MODIFICATIONS AND AMENDMENTS
TO THE RULES OF BUSINESS OPERATION
OF THE BELGRADE STOCK EXCHANGE A.D. BELGRADE
Article 1.
By this Decision the Rules of Business Operation of the Belgrade Stock Exchange a.d. Belgrade (No: 04/2-3821/07) are changed with modifications and amendments number: 04/2‐236/08 i 04/2‐1020/08, hereinafter: Exchange Rules),
in the following manner:
Article 2.
In the text of the Exchange Rules the term „Belex“ in the appropriate case is replaced by the word “BelexFix”.
Article 3.
In article 2. the terms and meanings of the following indents are changed:
1. “BELEX” is changed in the following manner:
o “BELEXFIX ‐ The unique information system of the Exchange – the electronic system
(platform) for remote trading, based on communication with its users via the FIX protocol, which is accessed by the authorized user by means of a personal user name and password using the certificate assigned to the System User by the Exchange;
2. “HELP DESK” is changed in the following manner:
o “HELP DESK ‐ The work station with the installed trading application, within the area of the Exchange, which may be used by the Members for independent entering
of trading orders into the BelexFIX, in the cases and by means prescribed by the
Rules;
3. „CLIENT APPLICATION“ is changed in the following manner:
o „CLIENT APPLICATION ‐ The software for trading installed on servers and client work stations of the Exchange Members and on the Exchange help-desks;
4. „SYSTEM USER“ is changed in the following manner:
o „SYSTEM USER ‐ Member of the Exchange who uses BelexFIX
through Authorized users, in compliance with the Exchange regulations;
5. „AUTHORIZED USER“ is changed in the following manner:
o „AUTHORIZED USER ‐ The Broker of a Member – System User, who was authorized by
the System user touse the client application for access and use of BelexFIX, under the terms and in the manner defined by the Rules and other Exchange regulations;
6. “REGISTERED WORK STATION”
o “CLIENT WORK STATION“ ‐ The personal computer of the Exchange Member satisfying the technical requirements prescribed by the Rules, in the business premises of the Member, on which the client application is installed for access to and use of the BelexFIX under the terms and in the manner defined by the Rules;
04/2 no.3065/08
Board of Directors of the Belgrade Stock Exchange a.d. Belgrade, RULES OF BUSINESS OPERATION
7. „TRANSACTION CONTRACT“ is changed in the following manner:
o „TRANSACTION CONTRACT ‐ The contract on buying and selling securities and other
financial instruments concluded at the Exchange, produced in the electronic
form;
In article 2. new indents are added in the following manner:
o „SERVER – REGISTERED CLIENT CENTER – Server of the Exchange Member satisfying technical conditions prescribed by the Rules, on which the client application is installed for access to and use of the BelexFIX under the terms and in the manner defined by the Rules;
In article 2. the following indents are erased: „FUTUES“, „OPTION“, „SMART CARD“ and „WARRANT“.
In article 2. the indents are arranged according to the alphabetical order of the terms.
Article 4.
In article 6. paragraph 1, item 3, is changed in the following manner :
“3) to use the BelexFIX in compliance with the Rules and other rules and
regulations of the Exchange;
Article 5.
In article 14. paragraph 2. is changed in the following manner:
Beside the rights and obligations from Paragraph 1 of this Article, a broker of
the Member shall particularly have the following obligations:
1. to conduct his business with clients and at the Exchange in good faith and in
compliance with the principles of secure and good business practice;
2. to maintain the reputation of the Exchange in its business operations and in
public;
3. not to misuse the certificate assigned to the System User, user name and password with which he accesses to and uses BelexFIX exclusively personally, and must not reveal them or in any other way make available to other persons.
4. not to misuse the personal magnetic identification card issued by the Exchange and enable third persons to have unauthorized access to the Exchange premises by using the said card.
5. to notify the Exchange of the noted irregularities related to the BelexFIX
(technical errors, i.e. defects).
Article 6.
In article 16. the word „several“ is replaced with the word „a number of“
Article 7.
In article 25. paragraph 3. the words „date of the
beginning of entering of data in the Belex“ are erased as well as the comma.
In article 25. paragraph 5. the words “ the last sale price from the
primary debt securities market“ are replaced with the words „the last sale price of the security in the initial public offering in compliance with the Law“.
In article 25. paragraph 6. the third indent is erased.
Article 8.
In article 38. paragraph 1. the words reči “ the information system of the Exchange - the electronic trading platform
(hereinafter: the Belex) are replaced with the words “BelexFIX”.
Board of Directors of the Belgrade Stock Exchange a.d. Belgrade RULES OF BUSINESS OPERATION
Article 9.
In article 45. paragraph 2. the word reč “registered” is replaced by the word “client”
In article 45. after paragraph 2, new paragraph 3 is added:
„Maximum number of trading orders entered by the same Exchange Member in the time unit is established by the decision of the Exchange Director.
In article 45, previous paragraph 3, becomes paragraph 4.
Article 10.
In article 47. paragraph 1. Rules of the Exchange is changed in the following manner:
The elements of a trading order are:
1) the unique identification of the Member (the ordering party),
2) the mark of the security (name or symbol),
3) the mark of the number of order from the Member’s Order Book (the ordering
party),
4) the mark of the type of transaction (buy or sell),
5) the quantity of the security,
6) the mark of the order by price, with price determination
7) the mark of the time duration of the order, with expiration day for Good-till-Day Orders
8) identification of the client from the trading order in a way prescribed by
procedures harmonized between the Exchange and the Central Registry
9) security account and type of the account with choice of the account depositor
10) money account with choice of the account depositor
11) mark of the fee
12) mark of the type of operation (broker or dealer)
13) date and time of placing the order,
14) the mark of the trading method – for orders placed directly at the Exchange
desk,
15) the type of market (regulated or unregulated) – for orders placed directly at
the Exchange desk,
16) other elements determined by the decision of the Board of Directors of the
Exchange.
Article 11.
In article 48. paragraph 1. is changed in the following manner:
In securities trading, Members can place the following types of orders according
to:
a) Size:
- single client order,
- set of orders (a set of equal orders with respect to the type of transaction,
type of price and price, time duration and conditions of quantity);
b) Type of transaction:
- buy order,
- sell order;
c) Time limit:
- A Day Order,
- A Good-till-Day Order, no longer than 90 days,
-A Good-till-Cancelled Order – valid until cancelled within the period of 90
days;
d) Price:
- Limit Order,
- Market Order - a Day Order only;
e) Cancel Order;
f) Special order types:
-All-or-None,
-Edit Order,
-Order with hidden total quantity,
-Minimum fill order,
-Fill or Kill order,
-Stop order,
-At-the-Open Order,
-At-the-Close Order.
- Market Maker Order
- Order for block trading;
- Closing order
Article 12.
In article 52. paragraph 1. is changed in the following manner:
„The Member may place trading orders through the help desk if the client work
station and/or server of the Member is not functional or when, due to the lack of power supply
or other justified reasons, telecommunications connections between the Exchange
and the Member were terminated“.
In paragraph 2. of article 52. the word „help-desk (in the Serbian version) are erased.
Article 13.
In article 53. paragraph 1. the word „help desk“ and the brackets (in the Serbian version) are erased, and after paragraph 1, a new paragraph is added:
„The Member authorized to use the help-desk cannot in the period of using the help desk as referred to in Article 52 of the Rules place trading orders in the BelexFIX through its functional client work station“.
Article 14.
In article 119. paragraph 2, the word „created” is replaced by the word „formed” (in the Serbian version).
Article 15.
In article 123. paragraph 2, the words “ trading information system of the Exhange” are replaced by the word “BelexFIX”.
Article 16.
In article 126. paragraph 1. is changed in the following manner:
“During the installation of the user part of the BelexFIX, the unique identification
code (ceritificate) is generated which identifies the Exchange Member“.
In article 126 paragraph 2 is erased and the previous paragraph 3 becomes paragraph 2.
Article 17.
In article 131, paragraph 3, words “evidencija@belex.co.yu, are replaced by the words „evidencija@belex.rs“.
Board of Directors of the Belgrade Stock Exchange a.d. Belgrade RULES OF BUSINESS OPERATION
Article 18.
In article 136. paragraph 1. item 3) after the word “ in case of change” the words „the status or “
Article 19.
In article 139. paragraph 1. in:
• item 1) after the word “maturity date” the following words are added: “ or a security no longer fulfills previous legal requirements;
• item 4) the words “another exchange or OTC market” are replaced with the words “another exchange in the Republic of Serbia”,
• item 5) after the words “ upon the request of the issuer in case of” the words “change of status” and the comma are added.
Article 20.
The heading of chapter XI is changed in the following manner: “ MANNER OF ORGANIZATION AND USE OF BELEXFIX“
Article 21.
In article 161. paragraph 4. in the second indent after the words „software efficiency” the words “of the trading programs which provide“ are erased and the words „which provides”.
In article 161. paragraph 5. is changed in the following manner: “Telecommunication conditions according to Paragraph 2 of this Article shall
particularly comprise provision of the appropriate number and type of telecommunication
lines established by special instructions of the Exchange Board of Directors“.
Article 22.
The heading of chapter XII is changed in the following manner: “ CONDITIONS OF ACCESS AND USE OF BELEXFIX “
Article 23.
Article 164. is changed in the following manner:
„The Exchange shall authorize the access to and use of the BelexFIX of the System Users who have
previously fulfilled the conditions from the “Technical conditions for BelexFIX”, which are supplementary part of the Rules, and upon their written request.
System users are obliged to perform their activities with respect to the BelexFIX in compliance with the rules of access and use of the BelexFIX prescribed by the Rules and other rules and regulations of the Exchange and to bring their rules and procedures in line with the Rules and
procedures of the BelexFIX.
System users are obliged to adjust their business operations from Paragraph 2 of
this Article to all the amendments of the Rules as well as to the decisions,
measures and instructions prescribed in compliance with the Rules“.
Article 24.
In article 164a. paragraph 1, paragraph 2. and paragraph 3. the words “Trading system” and “System for remote trading” in the appropriate case, are replaced with the word „BelexFIX”.
Article 25.
Article 165. of the Exchange Rules is changed in the following manner:
„Access to and use of the BelexFIX shall be granted only to the
employees of the System users who obtained the status of the Authorized user in
compliance with the Rules.
The status of the Authorized user shall be granted to the broker of the System
user who was issued a license to trade at the Exchange by the Board of Directors
of the Exchange and who has a special written authorization of the System user
to access and use the BelexFIX in his name and for his account.
Person from paragraph 2 of this Article is registered by the Exchange as the authorized user of the BelexFIX“.
Article 26.
„Exceptionally from Article 165 of the Rules, limited access to the BelexFIX, without the right of using the system for placement of orders, shall be granted to the employees of the System user who perform the duties of:
1) internal control of the System user (hereinafter: internal controller of the System user).
2) Management of securities in the name and on the account of the investor (portfolio manager)
3) Consulting services in connection with securities operation (investment advisor).
At the request of the System User, the Exchange provides limited access to the BelexFIX to persons from paragraph 1 of this Article, provided they were previously successfully trained to work on the BelexFIX.
Along with the Request from paragraph 2 of this Article, the System User shall deliver to the Exchange a certified statement that the person from paragraph 1 of this Article performs the job as referred to in paragraph 1 of this Article.
The obligations of the Authorized user defined by the Rules shall apply to the
obligations of persons from paragraph 1 of this Article“.
Article 27.
In article 167. paragraph 1. is erased and in the previous paragraph 2, which becomes paragraph 1, the words „client work stations“ are erased.
Article 28.
Article 169. is changed in the following manner:
„For the requirements of the System user and according to the fees of the Tariff
Book the Exchange shall provide the following:
• client application for trading, for the server and the client work station;
• Certificate for access to and use of the BelexFIX“
Article 29.
Article 170. is changed in the following manner:
„The authorized persons from the Exchange perform the following:
1) Installation of the client application on the server and client work stations of the System User;
2) The plugging of the server and client work station on the BelexFIX and final adjustment of the client application“
Article 30.
In article 171. paragraph 1. before the words “Users” the word “System” is added, and the words “Technical conditions for remote trading” are replaced with the words «Technical condititons for use of the remote trading system – BelexFIX“.
In article 171. paragraph 2. the words “provided ... the Exchange approved it by a special decision” are erased.
Board of Directors of the Belgrade Stock Exchange a.d. Belgrade RULES OF BUSINESS OPERATION
Article 31.
In article 173. in paragraphs 1. i 2. the words “System for remote trading” in the appropriate case are replaced with the word “BelexFix”.
Article 32.
Article 174. is changed in the following manner:
„In using the software and technical equipment of the BelexFIX the principle of equality shall be applied, which implies the following:
- equal possibility of accessing the BelexFIX for all system users,
- data released from the BelexFIX are simultaneously accessible to
all system users on their servers.
The BelexFIX provides equal treatment of all trading orders
received to the server“.
Article 32.
In article 175. before the words “User” the word “System” is added, and the words “System for remote trading” are replaced by the word “BelexFIX”.
Article 33.
Article 176. is changed in the following manner:
„The BelexFIX is accessed by the certificate assigned to the System User and by the personal user name and password assigned by the Exchange to the Authorized user who is obliged to use it only for personal access and use of the BelexFIX.
The password consists of 8 digits or numerical signs and is initially defined by the Exchange as “00000000”, which the Authorized user changes when accessing the BelexFIX for the first time and must not communicate nor in any other way make it available to third
persons.
In case an unauthorized person discovers the password from Paragraph 2 of this Article, the Authorized user shall immediatelly change the password and notify the Exchange accordingly.
The System user whose Authorized user is the person from Paragraph 3 of this
Article is responsible for any consequences of a possible damage arising from a misuse of the discovered password due to his failing to comply with the obligation referred to in Paragraph 3 of this Article“.
Article 34.
U članu 177. posle reči “shall inform the Exchange” the words “shall return the SMART card issued to the person whose Authorized user status has expired“ are erased.
Article 35.
In articles 178, 179, 180, 182, 183. i 184. the words “Remote trading system” in the appropriate case are replaced with the word “BelexFix”.
Article 36.
In article 180. paragraph 1. the words “installed in the premises” are erased.
Article 37.
In article 183. paragraph 3. the words „help desk“ (Serbian version) and the brackets are erased.
Board of Directors of the Belgrade Stock Exchange a.d. Belgrade RULES OF BUSINESS OPERATION
Article 38.
Article 185. is changed in the following manner:
“The Exchange shall perform the following jobs:
1) maintainance and adaptation of client aplications for the server and client work stations
2) replacement of the old version with the new version of the client application
The Exchange does not perform the jobs of installatio, maintainance and technical support for the functioning of harware and system software on the System User’s equipment“.
Article 39.
Article 186. of the Exchange Rules is changed in the following manner:
“ The Exchange is responsible for proper functioning of the client application under the terms defined by these Rules and is liable for the damage incurred by the System User, his clients or third persons only in case the damage was caused by improper functioning of the client application due to negligence or an intentional mistake made by an employee of the Exchange“.
Article 40.
In article 187. paragraph 1 is erased, and paragraph 2. becomes paragraph 1. in which the words “Remote trading system” in the appropriate case are replaced with the word “BelexFix”, and in item 2) the words “System User location” are replaced with the words „System User equipment“ and the words „for which liability is regulated by the contract between the System user and the deliverer of the equipment“ are erased.
Article 41.
In article 188. paragraph 2. number “3.” is replaced with number “1.”, and in the second indent the words “total turnover” are replaced with the words „total value”.
Article 42.
Article 189. of the Exchange Rules the words “from their client work stations to the Remote trading system” are replaced with the word “u BelexFIX”.
Article 43.
Article 190. of the Exchange Rules is changed in the following manner:
“ If the authorized persons in the course of trading ascertain that the activities
of the server or the client work station have caused distraction of the normal
functioning of the BelexFIX, the Exchange shall temporarily
disconnect the aforesaid server from the BelexFIX , stating the reasons for
disconnection and shall warn the System user to discontinue the forbidden
activities.
The System user shall immediately undertake all the activities necessary to
cease the activities from Paragraph 1 of this Article or remove their cause and
shall immediately notify the Exchange on that matter, which, on its part, upon
considering his report, shall reconnect the server to the BelexFIX.
The System user, as defined in this Article, shall be liable to the Exchange and
other System users for the damage caused by the activities from Paragraph 1 of
this Article.
Board of Directors of the Belgrade Stock Exchange a.d. Belgrade RULES OF BUSINESS OPERATION
Article 44.
In article 191. the words “Remote trading system” in the appropriate case are replaced with the word “BelexFix”, and paragraph 4. is changed in the following manner:
“ In case of the use of the user name and password contrary to the provisions of the Rules,
the Exchange shall immediately block the access of the Authorized user to the BelexFIX and the proceedings shall immediatelly be taken according to Article 160 of the Rules“.
Article 45.
In article 192. the words “Remote trading system” are replaced “BelexFix”.
Article 46.
Article 193. of the Exchange Rules is changed in the following manner:
„The provisions of the Rules related to the conditions for access to and use of
the BelexFIX are applied accordingly to the conditions for direct
access to and use of the BelexFIX through help-desks“.
Article 47.
After article 201. a new article 202. is added:
„The Exchange, through the Belex service, enables the distribution of data from trading on the Exchange, in real time and out of real time.
The volume and terms of distribution and use of data referred to in paragraph 1. Of this article are established by a special contract concluded between the user and the Exchange depending on the type of service“.
Previous articles 202-210 of the Exchange Rules become articles 203-211 of the Exchange Rules.
Article 48.
Previous articles 211, 212, 213 i 214. are erased brišu se, and previous articles 215 - 218 of the Exchange Rules become articles 212 – 215 of the Exchange Rules.
Article 49.
The title and content of the appendix to the Exchange Rules „Technical conditions for remote trading on the Belgrade Stock Exchange” are changed in the following manner:
“ Technical Conditions for Use of the Remote Trading System - BelexFIX
For the purpose of providing conditions for transfer to remote trading on the Remote trading system – Belex on the
basis of the FIX protocol, the Member is obliged to provide the following technical conditions:
- Server:
o 2 Dual core processors
o 4 GB RAM,
o 3 HDD (Raid 5),
o Network card 100 Mbps, with UTP connection,
o CD ROM,
o Monitor, keyboard and mouse,
o Microsoft Windows Server 2003
- Personal computers (client work station) with the following characteristics:
o Processor Pentium IV,
o 1 GB RAM-a,
o 160 GB Hard Disk,
o Network card 100 Mbps, with UTP connection,
o CD ROM,
o Monitor, keyboard and mouse,
o Windows XP Professional
Technical equipment of the Member for access to and use of the BelexFIX is defined at the level of the server and client work stations.This computer structure is linked to the Exchange by the communication line of a certain type defined by special instructions of the Exchange Board of Directors.
In order to provide more security in work, the Member can provide a reserve line of a different type, in addition to the basic telecommunication line.
The provision of the cited technical conditions is the precondition for installation and testing of the BelexFIX.
Article 501.
Modifications and amendmends to the Exchange Rules established by this Decision are incorporated into the updated text of the Exchange Rules as an integral part of this Decision.
The Decision is delivered to the Securities Commission for approval. Upon obtaining approval, the text of this Decision is published on the Exchange internet page and in the Bulletin.
This Decision enters into force on the first working day after it is published on the Exchange interent page.
CHAIRMAN OF THE BOARD OF DIRECTORS
Veroljub Dugalić, Prof. PhD
1 By the Decision of the Board of Directors of the Exchange (number: 04/2 no. 3153/08, from 15.10.2008), article 50 of the Decision on modifications and amendmends of the Rules of Business Operation of the Belgrade Stock Exchange a.d. Belgrade (number: 04/2‐3065/08, from 7.10.2008. godine) is changed in the following manner:
»Into the updated text of the Exchange Rules (number: 04/2 no. 3154/08) which is an integral part of this Decision, modifications and amendmends of the Exchange Rules established by the decisions on modifications and amendmends to the Rules of Business Operation of the Belgrade Stock Exchange number: 04/2 br. 3065/08, from
7.10.2008, and 04/2 no. 3153/08, from 15.10.2008 are incorporated.
This Decision is delivered to the Securities Commission for approval. Upon approval, the text of this Decision is published on the Exchange internet page and the Bulletin.
This Decision enters into force on the eight from the day on which it is published on the Exchange internet page.«
01/1 br. 3372/08
DECLARATION OF MODIFICATIONS AND AMENDMENTS OF THE RULES OF BUSINES
The Rules of Business Operations of the Belgrade Stock Exchange (No.: 04/2‐3821/07, including changes and
amendments No.: 04/2‐236/08 and 04/2-1020/08, hereinafter the Rules) were changed and amended by the Decision of the Board of
Directors (No.: 04/2‐3065/08, from 7.10.2008, and 04/2-3153/08, from 15.10.2008).The Securities Commission (Decision No.
5/0‐06‐5471/8-08, from 15.10.2008) approved the Decision on modification and amendments to the rules No: 04/2-3153/08 from 15.10.2008 (and the Decision, with the updated text of the rules No: 04/2-3153/08 came into force on 16.10.2008), and by the Decision No. 5/0-06-5471/11-08, from 6.11.2008 on the Decision on modifications and amendments of the Rules (No: 04/2-3065/08, from 7.10.2008) the updated text of the Rules of Business Operations 04/2 no. 3154/08 from 15.10.2008.
The Decision on changes and amendments of the Rules of Business Operations of the Belgrade Stock Exchange
(04/2‐3065/08) with the updated text of the Rules of Business Operations of the Belgrade Stock Exchange (nNo: 04/2-3154/08) with incorporated modifications and amendments established by the decisions of the Board of Directors number: 04/2-3065/08, from 7.10.2008, and 04/2-3153/08, from 15.10.2008,
WAS PUBLISHED ON THE INTERNET PAGE OF THE BELGRADE STOCK EXCHANGE, on 7.11.2008, and
IT COMES INTO FORCE
on the eight day after being published on the Internet page of the Exchange, (first working day)
‐ 17 NOVEMBER 2008 –
BELGRADE STOCK EXCHANGE
Gordana Dostanić, Managing Director
%