Organization

Stock Exchange was governed by a Board of Directors consisted of nine people. The Board of Directors was elected at the annual meeting of the Exchange, between exchange members - five members each year, with those whose 2 year term expired stepped down. Management had its Bureau composed of the Secretary and support staff for ensuring stock market operations. Financial control, accounting and treasury review was performed by the Exchange Finance Committee consisted of five persons, who were elected at each annual general meeting of the Exchange.

Rules of the Belgrade Stock Exchange were defined by the adoption of the Stock Exchange regulation. According to the Rules for currencies, foreign exchange and the effects, those transactions for which confirmations contracts were issued were considered as operations performed on the Exchange. These could also be issued for the businesses concluded outside the Exchange, if both parties would require and agree on it, in writing or orally. The size of a business on the Stock Exchange had to be at least one stock exchange conclusion, and the size of the stock exchange conclusion, for the various asset types and items was determined by the Management of the Stock Exchange. Stock brokers were required to compile stock exchange confirmations as soon as a trade was input into the stock exchange diary. Foreign exchange and currency were recorded a in dinars, except for those who were made in US dollars or French francs.

Like today, transactions were conducted through stock exchange intermediaries. A member of the exchange could be a local citizen, owner or member of a partnership firm, who persisted on the Stock Exchange for two years as a visitor. A member of the exchange could be a person who earned his reputation by working in the field of economic and financial sciences or who acquired merits in the economic field in general. Exchange visitor could be a local citizen who is an owner or a member of a partnership trade company, recommended by three Belgrade companies that are members of the Exchange. Foreign sitizens could be members or visitors of the Exchange under the term of reciprocal rights in their respecitve countries.

Trading sessions were held each day, except on Saturdays, at a certain time. The right to work on trading sessions was given only to members and visitors of the Exchange who owned the stock market card. Guests were able to get approval for access, but without the right to trade at the Exchange.

Official rates on the Stock Exchange were determined by Exchange Commission by majority vote, based on the contracts concluded on the Stock Exchange during the trading session. The Stock Exchange had its own accounting department that represented a kind of bank vaults, where visitors deposited securities. There was a treasury and clearing service through which just in one place – a cash register, by mid or at the end of the month, one could obtain a difference between the amounts bought and sold. All quotations achieved on the Exchange were published immediately and their availability to the public was a prerequisite for the successful operation of the Exchange. Stock market had its official exchange quotes report, which was printed and delivered to all interested parties.

Court of Arbitration of the Belgrade Stock Exchange was established, in accordance with the Law on Public Stock Exchanges, for the purposes of resolving any disputes. The main feature of this Court were quick and simple procedures, free of any unnecessary formalities which are inherent to ordinary courts. The Court of Arbitration of the Belgrade Stock Exchange consisted of sixty judges divided into four sections. Renewal of the Court members was performed each year at the annual meeting between the members of the Exchange, domestic sitizens with permanent residence in Belgrade who were not younger than 25 years.

Upon establishing, the stock market started its operations with a small income from membership fees and modest aid from 5,000 dinars, given by the Belgrade municipality. Even more modest were the conditions regarding the premises where the work was done. Despite great difficulties, the Stock Exchange succeded to increase turnover from million 10.5 dinars of the total annual turnover in 1895 to nearly 84 million dinars prior to the War.

With its organization and regulation Belgrade Stock Exchange organized belonged among the best organized economic institutions in general, and with its structure and internal organization served as an example.