The Prague Stock Exchange (PSE, or Burza cenn_ch papír_ Praha, BCPP, in Czech), is the country’s main bourse and the second most important in Central and Eastern Europe. Although it was founded in 1861, its current spell of activity started in 1993. The PSE is a joint stock company governed by its shareholders.
A Commission regulates and monitors transparency and solvency of trading on the basis of internal by-laws fully in line with European standards. Only member operators are allowed access to the listed company trading system.
The Exchange has two basic operating systems: the SPAD for large and medium investors, run by market makers, and the AOS, an electronic system in which securities are called and traded on a continuous basis.
Its total capitalization value is over CZK650 billion in bonds and CZK350 billon in equities.
The main names on this market are Cez, Erste Bank, Cesky Telecom, Komercni Banka, Zentiva, Cetv, Unipetrol, Philip Morris CR, Severoceske doly and Prazsca Energetika.
The main indexes are:
- the PX 50 index, showing the 50 top securities (excluding funds) updating six-monthly in terms of capitalization, share liquidity, importance in own sector.
- il PX-D, comprising the 7 equities most liquid and continually traded on the SPAD;
- Il PX-GLOB, the general index.
Clearing is done by Univyc, a subsidiary of PSE, covering both Czech and foreign securities. Univyc also holds the guarantee fund.
Dividends are taxed at 15% and capital gains at around 25%. Private investors don’t pay tax on buying and selling transactions settled within six months.

Rybna 14, 110 05 Prague 1, Czch Republic
Telephone : +420 2 2183 1111
Fax : +420 2 2183 3040
Email: info@pse.cz
Web site : www.pse.cz