In order to make a transaction in securities on the stock exchange, these securities shall undergo the procedure of admission to placement trading on the stock exchange.
The admission of securities can be initiated by their issuer, trading participant or, in some cases, the stock exchange.
The following types of securities may be admitted to trading on the stock exchange:
- shares and bonds of legal entities of the Republic of Belarus;
- government bonds of the Republic of Belarus;
- bonds of the National Bank of the Republic of Belarus;
- bonds of local executive and administrative bodies of the Republic of Belarus;
- exchange-traded bonds.
In addition, in accordance with the legislation on securities, equity securities of non-resident issuers are allowed for placement and (or) trading on the stock exchange.
The admission procedure assumes two implementation options for the initiator:
- listing procedure (assessing the quality and reliability of securities with their subsequent inclusion into the quotation list);
- admitting securities to trading on the stock exchange as unlisted securities.
Listing of securities is based on the principles of securities classification traded on the stock exchange according to their liquidity, investment quality and reliability criterion.
Admission to trading on the stock exchange is carried out with division into platforms, i.e. specialized segments of the on-exchange stock market, within which securities are combined in accordance with some general characteristics of their issuers, and have special requirements and (or) conditions for admission to trading.
There are the following platforms:
- Main Market;
- Market for State-Owned Enterprises;
- Market for Small-and-Medium sized Enterprises;
- Innovation Market.
Within each platform, securities are divided into the following admission levels:
- First Level Quotation List;
- Second Level Quotation List.
Thus, securities admitted to any of the platforms are considered listed securities.
Note. Securities admitted to trading into the list of unlisted securities do not pass quality and reliability assessment (listing).
Securities are admitted to quotation lists upon the initiative of the issuer or a trading participant.
Structure and Requirements of On-Exchange Listing of Securities at BCSE
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