All about trading

Securities trading on the financial market of the Republic of Serbia, in line with the applicable laws may be organised at the regulated market (market which is organised by stock exchange and which has its own standards), multilateral trading facility (market which can, in addition to the stock exchange, also be organised by investment companies and whose standards are lower than those of the regulated market) and OTC (secondary market which has no market organiser) through authorised participants (broker and the bank).


Authorised Erste bank is one of the authorised participants and is at your disposal for all types of services including securities trading transactions at both domestic and foreign market.

Erste bank has a long-standing experience in taking that role which represents a basis for the efficient and reliable effectingof our clients'orders.
Current situation in the domestic market includes active trading in the Serbian companies stocks, bonds of blocked foreign currency savings, treasury bills (primarily in the primary market) and long-term bonds, as debt instruments with the Republic of Serbia as their issuer.
A greater dispersion of market material through different forms of innovation directed towards financing economic entities in the financial market (bonds of local self-governments – municipal bonds and bonds of economic entities – corporate bonds) is expected in our market in the following period).
In an agreement with the currently applicable legal regulation we are able to trade in one of the following methods for the clients:

  • Trading shares and blocked foreign currency saving bonds at the stock market
  • Trading shares of closed-end joint stock companies outside organised market
  • Primary trading of treasury billsof the Republic of Serbia
  • OTC trading bonds also as debt instrument where the the Republic of Serbiais the issuer for institutional investors
  • Sale of shares in the public offer procedure

Trading order which is placed at the stock exchange by a Broker on behalf of the client, may be placed exclusively on the basis of the client's order, i.e. person authorised by the client to issue trading orders for his account.

Trading orders placed at the stock exchange by a Broker on behalf of the client must be covered, and in line with the price terms and the volume of each individual order, irrespective of whether they are trading orders or sales orders.

Broker is obliged, prior to isssuing trading order at the Stock Exchange, to check its coverage in accordance with the Law and bylaws of the Securities Commission.


Trading order includes:

1. price of shares are stated in RSD as whole numbers, unless otherwise stipulated by the decision of the Listing Commission, i.e. the decision of the Stock Exchange Director;

2. prices of debt securities are stated as a percentage of their nominal value, stated with two decimal places, or in absolute, i.e. indexed absolute amount.

Stock exchange determines exchange rate and fluctuation zone of securities and other financial instruments traded at the stock exchange. Fluctuation zone represents highest allowed range of prices within which conclusion of transactions at the same stock exchange meeting.

In terms of the first securities trading, i.e. of each next trading in the securities concerned until the conclusion of the first transaction (hereinafter referred to as: first trading trading session), fluctuation zone is determined in relation to the indicative price ranging from:

a) -20% to +300%, in stock trade, i.e.

b) +/-10% in other securities trading.


Indicative price for the following tradings includes:

- prevailing price,i.e. auction price fixed at that previous stock exchange meeting

 – in terms of the prevailing price method, i.e.

- close price , fixed atthe previous stock exchange meeting – in terms of continuous trading method.


In terms of the following tradings, fluctuation zone is uniformly determined within the range of :

a) +20/-12%,trading of shares at the unregulated market,

b) +10/-8%, trading of shares at the unregulated market,

c) +/-10%, in trading debt securities,

d) +/-20% in trading derivatives and other financial instruments.


Clients' orders for purchase, i.e. sale of securities at the regulated market or multilateral trading platform are effect by an autorised bank by way of entering trading order, including the elements obtained from the client (price, volume, order length time…), into central information base of stock exchange information system BelexFIX (elements of the order are sent electronically to stock exchange trading system by way of entering and sending via trading application from the broker).

In terms of each new appointed stock exchange meeting, BelexFIX performs automatic verification and statuschange of the orders placed in BelexFIX, and in accordance with the new indicative price, i.e. new range of fluctuation zone for the appointed stock exchange meeting. Only active orders take part in trading at the stock exchange meeting.

Trading of Securities Issued by the Republic of Serbia

Trading of securities issued by the Republic of Serbia(bills and bonds) is organised in the primary market, by means of the Treasury Auction platform, or in the secondary market (at the Exchange or over-the-counter). In both cases trading is provided by means of authorised participants