BSE’s market structure consists of four sections where each section represents
a separate market with different trading rules. The following types of financial
instruments ara traded in different sections:
Trading rights are obtained by the brokerage firms separately in each section,
therefore the list of brokerage firms who are active in the different section
may differ in each section.
Securities, which represent ownership right (equities, investment fund shares)
are traded in the equities section. Besides these instruments also the structured
products (certificates, ETFs) and special securities (compensation notes) are
represented in this section.
Debt Securities Section
Debt securities are represented in the Debt Securities Section, such as government
debt securities (treasury bills and government bonds), corporate bonds and mortgage
Derivatives Section of BSE is consists of futures and options contracts based
on single stocks, equity indices, FX and interest rate.
As a result of the BSE and BCE merge dated November 2005, there is commodity
trading also on BSE, principally with grain products. Contrary to other sections
spot and derivative commodity instruments are traded in one single section.
The BETa Market is BSE’s alternative market launched in November 2011. On this
market, the largest and most liquid equities of mainly European companies can
be traded under trading the conditions applied on BSE’s Equities Section. The
clearing and settlement of the transactions executed on the BETa Market is done
by KELER Ltd., and KELER CCP Ltd. guarantees the transactions.
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Further parameters related to the trading of cash market products are available
in this CEO Resolution.