FEDERATION OF EURO-ASIAN STOCK EXCHANGES
SEMI ANNUAL REPORT OCTOBER 2008
BUCHAREST STOCK EXCHANGE
The BSE went through a very special year
in 2007, by opening its derivative market in
September.
Stere Farmache
General Manager & CEO
In the context of the international financial
markets turmoil, the first half of 2008 has
brought at the Bucharest Stock Exchange
(BVB) many qualitative changes. A major
achievement of this period was the first listing
at the international category: Erste Bank AG,
the Austrian bank being traded also on WBAG
and the Budapest Stock Exchange.
Along with this, the BVB admitted the first
market maker on the local market: BCR
(Banca Comerciala Romana, acquired in 2006
by Erste Bank).
Four local companies went public through an
IPO on the stock exchange and raised more
than EUR 25 million. Out of the six companies
admitted to trading during H1, three of them
went through an IPO also.
FUTURE OUTLOOK
implementing some of the BVB objectives in the
first half of the year: listing of international
issuers, creating new indices, extending the
trading program and launching new futures
contracts on the most liquid stocks.
We will continue to implement the strategy by
introducing shortly the nominee accounts and
hence the short selling. We also concentrate
our efforts on promotion the BVB index family in
order to create the structured products market.
In April we launched single stock and currency
futures contracts having as underlying equities
traded on the BVB (Erste Bank, SIF s, Petrom,
Transelectrica, Transgaz and Banca
Transilvania) and as currency the Euro and the
US$. The derivatives market launched also
their own site.
Two new measures taken in this first half of the
year were meant to align the BVB at the
international stock exchanges trend: extending
the trading program with another 2 hours until
4 p.m and implementing the fixing algorithm
and the close session.
Consistent with our development strategy, the
index family was diversified with two more
indices: BET-XT (Bucharest Exchange Traded
Extended Index) which includes the most
liquid 25 stocks traded on the main market
and BET-NG (Bucharest Exchange Trading
Energy &Related Utilities Index) which reflects
the price movement of the energy sector
companies.
The diversification of the market’s “offer” will be
increased through the admission to trading in
August of the government bonds.
The BVB is also aiming to new qualitative
improvements by introducing a new market
“Rasdaq Star” to accommodate the best
performing companies traded currently on the
unregulated sector of the Exchange, the
Rasdaq market. This market will be transformed
then, according to the EU legislation, to the
local ATS market.
We also expect that two infrastructure
companies, the international airports from
Timisoara and Constanta, will be listed by the
end of this year, as the Ministry of
Transportation has begun the selection process
of the intermediary.
CONTACT INFORMATION
Contact Name Ms. Adriana Tanasoiu
E-mail [email protected]
Website www.bvb.ro
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