English
• Next on the list, the issue of the Rasdaq market
The Romanian Securities Commission (CNVM) yesterday approved the project of the Alternative Trading System (ATS) developed by the Bucharest Stock Exchange of Bucharest, named CAN-BVB, almost two years after the project was proposed for the first time.
"The people of the stock exchange made several technical changes to the initial form of the project, and we agreed to most of them. However, no major changes were made", said commissioner Bogdan Chetreanu.
The management of the exchange wants to use the ATS to list companies that don"t meet the requirements for being listed on the regulated market, or companies that don"t want to get listed on the Bucharest stock exchange but intend to raise funding using the capital market. However, the "big fish" that the management of the stock exchange is hoping to reel in for trading on the ATS is the Proprietatea Fund, which was also the focus of the Romanian Over-The-Counter (ROTC) project of the Association of Brokers.
However, the project seems to have lost ground after its initiator, Dan Paul, lost his position of administrator of the Bucharest Stock Exchange, in the last election. According to market sources, Dan Paul requested that the Bucharest Stock Exchange lease a trading software to the ROTC, but he has yet to receive a concrete answer from the management of the Exchange.
Anca Dumitru, the CEO of the Bucharest Stock Exchange, last week said that she had received the written and verbal agreement of the manager of the Proprietatea Fund, Franklin Templeton, for the pre-listing of the fund on the ATS.
• The ATS is not out of the woods yet
Once the ATS receives approval, the officials of the capital market need to start looking for potential issuers. The members of the Board of the BSE say they had preliminary talks with companies they wanted to bring to the ATS, but which have yet to yield results.
"Of course there were all kinds of trials and discussions, but here was nothing concrete we could do because we didn"t have the final approval of the Commission. Now the situation has changed, and the BSE has a marketing plan for 2010, which includes the organization of road-shows for attracting new issuers", a member of the board of the BSE said for BURSA.
• Two-month deadline for clarifying the status of the Rasdaq market
The capital market watchdog yesterday set a two month deadline for the clarification of the status of the Rasdaq market, based on the proposals of the management of the Bucharest Stock Exchange, and announced in a press release it would review these proposals.
Commissioner Bogdan Chetreanu previously said that the Rasdaq market is not a regulated market, according to the meaning of the term accepted by the MiFID and the domestic capital market legislation.
The officials of the Bucharest Stock Exchange explained that the stocks of companies listed on the Rasdaq will be tradable on the ATS only at the express request of the companies themselves.
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