FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2013
BUCHAREST STOCK EXCHANGE
Key figures in 2011
New listed companies: Fondul Proprietatea,
Concefa, Retrasib, Electromagnetica, Artego
REITs: New Property Investments
New shares on the BVB Alternative Trading
System: E.ON AG, Deutsche Telekom AG and
Bayer AG, Christian Dior, Danone, Heineken and
L’Oreal shares
News:
• the trading session for structured products
and securities traded within ATS International
was extended.
• global accounts and non pre-validation
mechanisms availability for the shares in the
BET index developed by BVB.
• new Market Makers for BVB regulated spot,
derivatives and ATS markets.
Derivatives market: new futures contracts with
commodities, index, shares and currencies as
underlying.
Structured products: certificates turbo long
and short issued by Erste Group Bank AG and
Raiffeisen Centrobank AG with index, shares,
commodities, currencies as underlying.
FUTURE OUTLOOK
How does 2013 look like:
• SPO for 15% of Transgaz shares -
oversubscribed offer, process finalized on
April 22
• IPOs of SOEs included in the privatization
program - Romgaz in H2.2013,
Nuclearelectrica TBD, Hidroelectrica TBD,
Posta Romana TBD
• Support the IPOs and listing of the SOEs
and private companies on the domestic
exchange
• Consultancy for IPO rolling and listing of
SOEs in a joint BVB-OPSPI pilot program
• Support the IPOs of private Romanian
companies with sizes between 20-60 EUR m
• BVB, on the medium term, to achieve
upgrade from frontier to emerging market, as
per MSCI Market Classification Framework.
In order to upgrade, there are no criteria
on economic development to be achieved,
BVB already fulfills the market accesibility
criteria, but does not comply with the size
and liquidity requirements (at least 3 large
companies, with minimum capitalization of
US$ 898 m, float capitalization of US$ 449 m
and 15% of ATVR liquidity)
• To improve by the capital market institutions
the trading and post-trading mechanisms
and the regulatory framework in order to
ease and to make cost effective the access
of foreign investors to the market
• Develop the corporate governance
framework at national level by supporting
the implementation of the Corporate
Governance Code, the GEO 109/2011 and
the recruitment of private managers for SOEs
• Design a national strategy for capital
market, which will consolidate a series of
objectives to be reached in a predictable
and encouraging regulatory and fiscal
environment.
The main purpose of BVB is to fulfill its primary
role of offering a consistent financing alternative
to Romanian companies
Key Information Contacts
National Securities Commission www.cnvmr.ro
National Bank of Romania www.bnro.ro
National Institute of Statistics www.insse.ro
Ministry of Public Finance www.mfinante.ro
Romanian capital market www.kmarket.ro
Romanian Asset Management Association www.aaf.ro
Private Pension System Supervisory Commission www.csspp.ro
CONTACT INFORMATION
Contact Name Ms. Ileana Botez
PAGE 38
E-mail [email protected]
Website www.bvb.ro
CAPITAL MARKET DEVELOPMENT
AND ECONOMIC OUTLOOK
External Factors
• Coming from the changes in the EU capital
market regulatory framework, as well as
from the European economic and business
climate
• MIFID2 and the effects of its implementation,
like the tighter requirements on portfolio
management, investment consultancy
and investors protection. On local market,
Corporate Governance training needs to be
intensified
• EMIR and the effects on the derivatives
market and the CCP
• The foreign stock-exchanges consolidation
process brings pressure to small exchanges
in terms of market accessibility and pricing
policy
Internal Factors
• Coming from the macroeconomic climate
and the domestic capital market architecture
• The roll of the public offers through BVB,
based on a pre-established calendar
• The functioning of the domestic capital
market as per the best practices in the field,
so that foreign investors trade on BVB at the
standards they are used to “back home”