First market makers for government bonds appeared on BCSE

On September 14, 2026, the first market makers for government securities began operations on the Belarusian Currency and Stock Exchange (BCSE). The market-making functions are performed by Belagroprombank for the 412th issue of short-term government bonds denominated in Belarusian rubles, and by Aigenis for the 380th issue of long-term government bonds denominated in US dollars.

Throughout the trading day, the market maker undertakes to simultaneously maintain buy and sell orders for the bonds in the trading system, adhering to a limited spread and a minimum required volume. For the investor, this means that bonds with a market maker can be bought or sold during the trading day at a price close to the market rate, without waiting for a counterparty order to appear. For the market as a whole, this translates to limited spreads, fair pricing, and increased liquidity. Parameters of market maker obligations for the initial issuances:

The regulations on market makers and the specifications for specific issues are available on the BCSE website.

The launch of market-making operations was announced at a press conference held at BCSE. Pavel Lemekh, Deputy Minister of Finance of the Republic of Belarus, opened the event stating: “We anticipate that the continuous presence of market makers in the market will drive investment inflows and spur the development of the securities market. The systematic, collaborative efforts of the Ministry of Finance, BCSE, market makers, and the entire business community will create the conditions necessary for the sustainable development of the securities market.”

Andrei Aukhimenia, BCSE Chairman of the Board, presented on the topic Market Making for Government Securities: A New Stage in the Development of the Republic of Belarusian Securities Market. “A market maker guarantees that an investor always has a counterparty. Previously, government bond transactions depended on whether a seller or buyer could be found at the right moment; now, for issues with a market maker, two-way quotes with a limited spread are constantly available in the trading system. The next step is the introduction of market makers for the most sought-after government bond issues, followed by corporate bonds,” he emphasized.

Sergey Chugay, Deputy Chairman of the Management Board of Belagroprombank, confirmed the bank’s readiness to maintain two-way quotes for the 412th issue in accordance with the program’s parameters. “The presence of a market maker indicates that the market is entering a more stable phase, where buyers and sellers know that liquidity risks are minimized to the greatest extent possible and that a counterparty is always available. Moreover, investors can thoroughly examine the specifications and understand the spreads within which the security will trade.”

Oleg Safronenko, Director of Aigenis, noted: “The market has been moving toward this event for quite some time; launching market-making activities requires a certain level of market maturity in terms of both volume and quality. Today, we are ready to take this step. The presence of a market maker on BCSE will enable us to reach a new level – enhancing liquidity and quality while boosting confidence in the securities market.” BCSE plans to extend market-making practices to other government securities issues and corporate bonds, and invites professional market participants to collaborate as market makers.