Belgrade Stock Exchange

What Belgrade Stock Exchange does

Beogradska berza a.d. (Belgrade Stock Exchange) is the sole licensed organized securities market operator in Serbia, founded in 1894 and headquartered in Belgrade. The company operates three market segments — Regulated Market (prime listings for the most liquid equities and corporate bonds), Listing, and Open Market — and provides regulated venue, clearing infrastructure, and price discovery for Serbian equity and debt securities. Its product portfolio centers on the electronic trading platform with real-time market data dissemination, proprietary indices (BELEX15 tracking the 15 most liquid stocks, BELEXline as a total-return broad market index, and SRX distributed in cooperation with Wiener Börse for international visibility), the BELEXFIX reference interest rate, and the BELEX Upload Portal enabling issuer regulatory disclosures. Selected prime listings include Aerodrom Nikola Tesla (AERO), Dunav osiguranje (DNOS), Energoprojekt Holding (ENHL), Metalac (MTLC), Fintel energija (FINT), and Jedinstvo (JESV); total listed market capitalization stood at 491.2 billion RSD (~€4.19 billion) as of 30 June 2026.

The business model combines four revenue streams: recurring annual subscription fees from issuers (payable by January 15 each calendar year, with loss of portal access on non-payment), transaction-based fees on securities trades across all three segments, subscription revenue from market data and information services (daily and historical data, indicators, real-time market information), and education and conference services. The go-to-market operates through a membership model in which licensed brokerage firms execute trades on behalf of investors, supplemented by direct engagement with prospective issuers via the dedicated IPO Serbia Portal (serbiaipo.com), corporate reporting tooling (upload.belex.rs), the annual Exchange Conference, and education programs. Customers span four segments: listed issuers and member brokerage firms (both primary), investors and traders, and regulatory authorities (the National Bank of Serbia).

Ownership is structured as a Serbian joint-stock company (akcionarsko društvo, a.d.) that is itself not publicly listed on the exchange it operates, with no disclosed parent, subsidiaries, or institutional shareholders in the available data. The exchange operates under regulatory oversight of the National Bank of Serbia and maintains international cooperation with Wiener Börse for SRX index distribution. The entity is small in scale (11-50 employees), focused exclusively on the domestic Serbian market with limited international footprint beyond the SRX index distribution channel.

Name

Belgrade Stock Exchange

Legal name

Beogradska berza a.d.

Website

https://belex.rs

Company type

Private

Founded year

1894

Operating status

Operating

Headcount range

11–50 employees

Short description

Beogradska berza a.d. (Belgrade Stock Exchange) is Serbia's sole licensed organized securities exchange, operating regulated trading in equities and bonds for domestic issuers, member brokers, and investors, and generating revenue from listing fees, transaction charges, market data, and education services.

Ownership category

akta.pro rank

Product category

Securities Exchange Services

NAICS

Securities and Commodity Exchanges (523210)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA)

Keywords

• Securities exchange services
• Equity trading platform
• Market data services
• Regulatory market operator
• Capital markets infrastructure

Headquarters

HQ city

Belgrade

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Listing Fees and Annual Issuer Fees: Companies listed on the exchange pay annual fees for organizing securities trading, including access to the corporate reporting application. Fees are structured as annual subscriptions payable by January 15 of each year for continued market access.
2. Trading Transaction Fees: Transaction fees collected on securities trades executed on the regulated market, open market, and listing segments. Revenue generated per transaction based on trading volume.
3. Market Data and Information Services: Revenue from providing market data, indices, and information services to market participants and data subscribers
4. Education and Conference Services: Revenue generated from educational programs and annual exchange conference events

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Beogradska berza a.d. operates the only organized securities exchange in Serbia, facilitating trading of equities, bonds, and other financial instruments across prime listing, regulated market, and open market segments. The exchange offers market indices (BELEX15, BELEXline, SRX), a reference interest rate (BELEXFIX), market data products, corporate disclosure infrastructure (BELEX Upload), and ancillary services including education, publications, and an annual conference for issuers, member brokers, and investors.

Product overview

Beogradska berza a.d. (Belgrade Stock Exchange) operates a unified trading platform for securities including stocks, bonds, and other financial instruments. The product portfolio centers on market indices (BELEX15, BELEXline, SRX), benchmark rates (BELEXFIX), market data products (daily data, historical data, indicators), and issuer services (listing, BELEX Upload for corporate disclosures). Supporting services include education programs, annual conferences, and publications. The exchange connects to international index providers like Wiener Börse for SRX distribution and maintains supplementary platforms for IPO information and mobile trading.

Differentiator

Problem solved

Functional benefit

Products and services

• BELEXFIX A reference interest rate calculated and published by the Belgrade Stock Exchange, used as a benchmark for financial instruments and contracts across the Serbian market.
• BELEX15 Flagship market index tracking the 15 most liquid stocks on the Belgrade Stock Exchange regulated market, with quarterly rebalancing.
• BELEXline Total return index measuring the overall performance of the Belgrade Stock Exchange regulated market with quarterly rebalancing.
• SRX (Serbian Exchange Index) Serbian benchmark index calculated by the Belgrade Stock Exchange and distributed in cooperation with Wiener Börse, providing international exposure to the Serbian equity market.
• Information Services (Informacioni servisi) Market data, trading reports, and financial news services provided to investors and market participants.
• Daily Trading Data (Dnevni podaci) Daily trading data including prices, volumes, transactions, and market capitalization for all listed securities on the Belgrade Stock Exchange.
• Historical Data (Istorijski podaci) Historical market data allowing access to past trading sessions, historical prices, and archived market information for the Belgrade Stock Exchange.
• Market Indicators (Pokazatelji) Market indicators and financial ratios for listed companies enabling fundamental analysis by investors and analysts.
• BELEX Upload Application platform for issuers to publish corporate reports and disclosures as required by regulatory obligations, tied to annual subscription fee for market organization.
• Prime Listing Service Premium listing tier for the most liquid and established companies on the Belgrade Stock Exchange, providing enhanced visibility and trading conditions.
• Listing Service Standard listing tier for established issuers offering trading access on the Belgrade Stock Exchange regulated market segment.
• Education Programs (Edukacija) Educational programs and training services for investors, market participants, and potential issuers on securities trading and capital markets.
• Exchange Conference (Konferencija Berze) Annual conference events bringing together market participants, issuers, and investors for networking and knowledge sharing about the Serbian capital market.
• Publications (Publikacije) Publications including market reports, statistical bulletins, and research materials about the Serbian capital market.
• IPO Portal (Serbia IPO) Dedicated portal for initial public offerings providing information about IPO opportunities on the Serbian market to potential investors.

Quantifiable outcome

• Market capitalization of 491.2 billion RSD (4.185 billion EUR) as of June 2026
• +2 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core and flagship.

• Wiener Börse (Vienna Stock Exchange)coreStrategic or Co-development PartnerInternational cooperation agreement for index distribution. The SRX index (Serbian Exchange Index) is listed and distributed through Wiener Börse, providing international visibility for the Serbian market and cross-border index accessibility.
• National Bank of Serbia (NBS)flagshipOthersThe National Bank of Serbia serves as the supervisory authority for securities markets. The exchange operates under NBS regulatory oversight and uses NBS exchange rate data for EUR/RSD and USD/RSD conversions.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Regional players

• Budapest Stock Exchange (BSE): Hungary's regulated exchange and a regional benchmark for CEE mid-tier exchanges; runs BUX index family, equities/bond markets, and data products. Comparable in product breadth though typically larger and more liquid than BELEX.
• Montenegro Stock Exchange (MNSE): Montenegro's regulated securities exchange and natural regional neighbor to Serbia. Operates a comparable small-market structure with member brokers, equities listings, and indices — relevant for SEE capital-markets consolidation comparisons.
• Ljubljana Stock Exchange: Slovenia's regulated exchange with similar small-economy, multi-segment structure (prime/standard market, bonds). Comparable in scale and product scope — listed-company count and daily turnover profile roughly similar to BELEX's.
• Bulgarian Stock Exchange: Bulgaria's regulated exchange operating equities and bond segments, indices (SOFIX, BG REIT) and member-firm trading model. Functionally identical business to BELEX with similar CEE market dynamics and issuer-fee economics.
• Bucharest Stock Exchange (BVB): Romania's main regulated exchange, operating regulated markets, ATS, and indices across equities and fixed income. Closest large SEE regional peer by business model — sole national exchange operator with similar listing-fee + transaction-fee + market-data revenue mix.
• Zagreb Stock Exchange: Croatia's primary regulated exchange, part of the SEE capital-markets ecosystem with comparable structure: prime/regular/official market segments, member brokers, equities and bond trading, and domestic indices (CROBEX). Direct comparable by business model and scale tier.
• Macedonian Stock Exchange (MSE): North Macedonia's regulated exchange, a closer scale match than BVB or BSE — small country, modest trading volumes, similar member-firm structure. Useful size-comparable to gauge BELEX's fee economics and valuation precedent.
• Wiener Börse (Vienna Stock Exchange): Austrian exchange operator that directly partners with BELEX to distribute the SRX index internationally. Operates a comparable equities/indices business in a different country, sharing product DNA (cash equities, indices, market data) and a similar CEE-region positioning.

Broad incumbents

• London Stock Exchange Group (LSEG): Global incumbent operating regulated equities, fixed income, indices (FTSE Russell), and market-data services across multiple jurisdictions. Strategic competitor for cross-border listings and benchmark licensing that BELEX monetizes via SRX.
• Deutsche Börse: European incumbent operating Xetra, Frankfurt floor, Eurex derivatives, indices (DAX/STOXX), and data services. Comparable product breadth (equities, indices, data) at vastly larger scale; a structural alternative for Serbian issuers seeking EU liquidity.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/BelgradeSE
• LinkedInlinkedin.com/company/beogradska-berza

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Belgrade Stock Exchange