Stock exchanges
Number of listed companies
Domestic market capitalization
million US$

Belgrade Stock Exchange

Name Belgrade Stock Exchange
Country Serbia
Number of listed companies 342
Domestic market capitalization 4731 million US$
SSE Partner Exchange Yes
Has annual sustainability report No

ESG reporting required as a listing rule No

  • 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 Commerce.

Has written guidance on ESG reporting No

Offers ESG related training Yes

  • 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.
  • In 2022, the Belgrade Stock Exchange provided training on Climate-related Financial Disclosures (TCFD recommendations) in collaboration with the SSE, CDP and IFC. (source)

Market covered by sustainability-related index No

Has sustainability bond listing segment No

Has SME listing platform Yes

  • Smart Listing – offering relaxed listing requirements for SMEs.

Women on boards mandatory minimum rule No

Additional information
  • 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.

Regulatory bodies

Regulatory model

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.

Criteria for Stock Exchange Database

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.


Criteria Considered

Country Country of primary residence or registration
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
Regulatory model

The extent to which exchanges have regulatory authority in their market. This may include:

  • Limited exchange SRO
  • Strong exchange SRO
  • Independent member SRO
  • Government (Statutory)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.