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Development of financial market in Serbia, as well as market of capital depended on great extent on development of Belgrade stock exchange. Until the end of 2004 the stock exchange mainly traded short term securities, whereas stock trade was periodical or organized every few months in auctions. In October 2004 continuos trade model was introduced. It means that security prices are changed immediately on the bases of demand and supply through existing orders. Until then the only trade model on the stock exchange was prevailing price model and it was implemented by auctions. The need for stock exchange indexes appeared in those conditions. The first Belgrade stock exchange index was BELEX fm which was replaced by BELEX line, after a quick development of the stock exchange had happened and after it had shown its disadvantages. The main disadvantage of BELEX fm was that it included all the shares that were ever traded on the stock exchange so it was not realistic. That is why it was replaced by BELEX line which included realistic capitalization and is a realistic index of trades that were done. Index BELEX 15 was also introduced in Belgrade stock exchange. It shows condition of shares trade in the best companies. We can not disregard BELEX sentiment which shows prediction of future expected stock exchange movements by participants. At the end of 2007 SRX index was founded. It was made outside of Serbia for the needs of Viena’s investors. Calculation methods and implementation of indexes mentioned are topics of this study.


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