English
The BSE must show transparency and publish the changes in the organizational chart and the earnings of the CEO, said Dan Paul, the president of the Association of Brokers.
Dan Paul is also the vice-president of the Bucharest Stock Exchange, but prior to making his presentation, he specified that he was not speaking as such, because the regulations of the BSE stipulate that the opinions of the institution may only be expressed by president Lucian Anghel and CEO Ludwik Sobolewski.
He says that, if the BSE were an example of transparency and good corporate governance, then the Romanian capital market would attract more issuers.
Mr. Paul said: "I have recently visited a company listed on the Stock Exchange and I've seen that it had on display at its headquarters the organization chart, with explanatory notes about the people that have been let go and those who changed their positions. I've thought about what something like this would look like at the BSE. Since the Bucharest Stock Exchange has replaced its CEO, two or three more Poles have come in, I don't know how many Romanians and a few journalists. No offense, but I don't think they should be over there. If the BSE did this exercise, starting tomorrow, and it published the changes in the organization structure, as well as the earnings of the CEO, it would demonstrate a lot more transparency".
The president of the Association of Brokers says that the capital market should be advertised and that the BSE isn't making "road-shows" that are effective in attracting domestic investors. Dan Paul says: "The first role of the Stock Exchange to finance companies isn't being fulfilled. On the other hand, if we reached the status of emerging market, then things would improve a lot, because there would be a lot more money coming in. The promotion that the BSE is doing is completely ineffective. Some entrepreneurs do not want to resort to the stock market because of the lack of information, the ineffectiveness, the significant costs, etc. Another reason for this would be the mentality of the domestic entrepreneurs, that want to go public, but to retain 100% ownership in their companies".
Dan Paul says that the market finds out late about the regulations and new projects that need to be implemented within a very short period of time and he thinks that the disputes between the BSE and the Central Depository around their implementation serve no purpose: "The switch to the "T+2" settlement cycle (in two days, instead of three) was announced on July 29th, 2014, when all of Europe had announced the switch and we were just getting to thinking about it. Maybe the project was conceived somewhere in the laboratories of the Central Depository or of the BSE. We still don't have the Central Counterparty. We've been talking about the separation of the systems (ed. note: trading and post-trading systems) but in the General Shareholder Meeting of the BSE we still didn't know whether we would do that using our own software or one acquired from a third-party, because the BSE and the Depository had a diverging opinion on the matter. And all we do is complain and argue through press releases. The BSE claims that the Depository is fully to blame for this situation. But I disagree with that position, simply because the Bucharest Stock Exchange is the majority shareholder of the Depository and if it didn't like the way things were going, then it could have replaced the executives of the Depository and its CEO (ed. note: Adriana Tănăsoiu), if she was obstructing things".
He said that he wanted to talk about this project with the CEO of the Depository, but he found that she wasn't available, because two thirds of the time she was abroad.
The president of the Association of Brokers has concluded that the market players should work harder to attract issuers instead of doing nothing else but discuss projects.
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