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Bucharest Stock Exchange (BVB) Ordinary General Meeting of Shareholders Meeting
BVB to be Listed on the Regulated Market of the BVB Platform
Bucharest Stock Exchange Presidency Elections
BUCHAREST STOCK EXCHANGE: FUTURE OUTLOOK 2010
Future Outlook
| Official 12 Month Statistics |
|
 |
| |
US$ Millions |
# Shares Millions |
| Total Volume |
Avg. Daily Volume |
Total Volume |
Avg. Daily Volume |
| Stocks |
| 9/2009 |
223.3358
|
10.1516
|
1,980.0509
|
90.0023
|
| 10/2009 |
174.5877
|
7.9358
|
1,129.4498
|
51.3386
|
| 11/2009 |
147.4814
|
7.0229
|
734.6433
|
34.9830
|
| 12/2009 |
187.1953
|
11.0115
|
781.7713
|
45.9865
|
| 1/2010 |
139.9512
|
6.9976
|
652.6496
|
32.6325
|
| 2/2010 |
272.6542
|
13.6327
|
4,408.8766
|
220.4438
|
| 3/2010 |
230.4373
|
10.0190
|
2,969.3503
|
129.1022
|
| 4/2010 |
176.4980
|
8.4047
|
829.2887
|
39.4899
|
| 5/2010 |
240.7008
|
12.0350
|
1,242.0944
|
62.1047
|
| 6/2010 |
146.9320
|
6.6787
|
594.7142
|
27.0325
|
| 7/2010 |
113.5887
|
5.1631
|
510.8202
|
23.2191
|
| 8/2010 |
91.8725
|
4.1760
|
359.1342
|
16.3243
|
| TOTAL |
2,145.2350
|
8.5128
|
16,192.8434
|
64.2573
|
| Bonds |
| 9/2009 |
68.1109
|
3.7839
|
0.1424
|
0.0079
|
| 10/2009 |
125.0670
|
6.5825
|
0.3800
|
0.0200
|
| 11/2009 |
4.5757
|
0.2692
|
0.0173
|
0.0010
|
| 12/2009 |
82.2998
|
5.4867
|
0.3707
|
0.0247
|
| 1/2010 |
118.7366
|
7.9158
|
0.0372
|
0.0025
|
| 2/2010 |
207.8095
|
10.9373
|
0.1265
|
0.0067
|
| 3/2010 |
173.5614
|
8.2648
|
0.0471
|
0.0022
|
| 4/2010 |
154.8860
|
10.3257
|
0.0725
|
0.0048
|
| 5/2010 |
66.7781
|
5.5648
|
1.0192
|
0.0849
|
| 6/2010 |
2.5586
|
0.2559
|
0.0014
|
0.0001
|
| 7/2010 |
5.5509
|
0.4626
|
0.0328
|
0.0027
|
| 8/2010 |
33.2758
|
3.6973
|
0.6794
|
0.0755
|
| TOTAL |
1,043.2103
|
5.7319
|
2.9264
|
0.0161
|
| Other |
| 9/2009 |
6.8649
|
0.4038
|
0.0047
|
0.0003
|
| 10/2009 |
1.8068
|
0.1390
|
0.0012
|
0.0001
|
| 11/2009 |
0.0015
|
0.0001
|
2.3445
|
0.1675
|
| 12/2009 |
4.2780
|
0.2852
|
0.0028
|
0.0002
|
| 1/2010 |
1.5889
|
0.0794
|
0.0011
|
0.0001
|
| 2/2010 |
4.2414
|
0.2121
|
0.0030
|
0.0002
|
| 3/2010 |
2.4895
|
0.1132
|
0.0018
|
0.0001
|
| 4/2010 |
2.3391
|
0.1299
|
0.0017
|
0.0001
|
| 5/2010 |
3.9321
|
0.2070
|
0.0031
|
0.0002
|
| 6/2010 |
9.8465
|
0.7033
|
0.0078
|
0.0006
|
| 7/2010 |
3.9105
|
0.2444
|
0.0030
|
0.0002
|
| 8/2010 |
1.6163
|
0.0951
|
0.0012
|
0.0001
|
| TOTAL |
42.9154
|
0.2093
|
2.3760
|
0.0116
|
| 5 Year Statistical Comparison |
|
|
| |
2006 |
2007 |
2008 |
2009 |
YTD 2010 |
|
Number of Companies |
100
|
157
|
170
|
175
|
171
|
|
Market Capitalization (US$*) |
28204.04
|
35326.0414
|
16272.5628
|
27455.6818
|
26490.2903
|
|
Total Vol.-Stocks (US$*) |
3468.1427
|
5560.1722
|
2780.2357
|
1697.606
|
1412.6347
|
|
Total Vol.-Stocks (# Shares*) |
14015.0974
|
13832.4164
|
11794.0503
|
14398.556
|
11566.9281
|
|
Avg. Daily Vol.-Stocks (US$*) |
13.9283
|
22.5108
|
11.1209
|
6.7904
|
8.3096
|
|
Avg. Daily Vol.-Stocks (# Shares*) |
56.2855
|
56.0017
|
47.1762
|
57.5942
|
68.0408
|
|
Total Vol.-Bonds (US$*) |
393.2445
|
332.834
|
73.5788
|
1617.6271
|
763.1568
|
|
Total Vol.-Bonds (# Shares*) |
3.5529
|
6.6944
|
0.8644
|
2.8929
|
2.016
|
|
Avg. Daily Vol.-Bonds (US$*) |
1.5793
|
3.7822
|
0.5794
|
7.8909
|
6.7536
|
|
Avg. Daily Vol.-Bonds (# Shares*) |
0.0143
|
0.0761
|
0.0068
|
0.0141
|
0.0178
|
|
Total Vol.-Other (US$*) |
1.8006
|
0.2018
|
20.7944
|
20.5116
|
29.9643
|
|
Total Vol.-Other(# Shares*) |
416.1908
|
0.0001
|
1.887
|
2.3585
|
0.0229
|
|
Avg. Daily Vol.-Other (US$*) |
0.0375
|
0.0072
|
0.9902
|
0.1566
|
0.2052
|
|
Avg. Daily Vol.-Other (# Shares*) |
8.6706
|
0
|
0.0899
|
0.018
|
0.0002
|
|
Monthly Avg. Turnover Ratio |
0.0102
|
0.0131
|
0.0142
|
0.0052
|
0.0067
|
|
Index |
2332
|
3047.87
|
2901.1
|
4690.57
|
5072.95
|
|
Currency/US$ |
2.5673
|
2.4334
|
2.8342
|
2.9361
|
3.2679
|
* in millions
| Days |
Monday-Friday
|
| Hours |
Spot market:
Equities: 9:30 16:30
Bonds: 11:00 15:00
T-bills: 9:30 16:30
Fund units: 9:30 16:30
Wrights/ allotment certificate: 9:30 16:30
Derivatives market:
Futures: 9:30 16:30
BER (Bucharest Electronic Market) 9:30 16:30
|
| Market segmentation |
Equities: international tier& domestic tier.
The equities domestic tier is divided into three categories:
Category I (min Euro 30 mil capital; 25% free float, min 2,000 shareholders);
Category II (min Euro 2 million shareholders equity),
Category III (min Euro 1 mil).
Bonds: Corporate bonds/ Municipal bonds/ Government bonds/ Mortgage bonds/ International bonds/ Other debt instruments category.
Corporate bonds sector is divided into three categories:
Category I (min Euro 200,000 bonds issue) and min 1,000 bond holders;
Category II (min Euro 200,000 value of bonds issue and min 100 bond holders);
Category III (min Euro 200,000, but no liquidity requirements).
Funds sector: fund units category and shares category.
|
| System |
Equities: electronic systems integrated in real time (trading system, clearing-settlement and registry system)
Bonds: electronic integrated trading platform designed and implemented in-house (trading system, clearing-settlement and registry system)
|
| Mechanisms |
Common shares: Single price auction, Multiple price auction, Order driven, Dealing
Corporate bonds: Multiple price auction, quote driven, dealing
Municipal bonds: Order driven, quote driven, dealing
|
| Market-maker/ Specialists |
Market maker allowed on the derivatives markets ensuring liquidity for the currency futures contracts
|
| Instruments |
Equities: common shares
Wrights/ Allotment certificates
Debt instruments: Government & municipal bonds, corporate bonds, Government Treasury Bills
Derivatives market: Index Futures, Single Stock Futures, Currency Futures
|
| Currency |
Local Romanian Lei (RON/ ROL)
|
| Real time information |
Equities and bonds: market depth and basic data (volumes, prices, indexes) + 15 min delay
|
| Central Depository |
Central Security Depository set up in January 2007, responsible for the clearing& settlement and registry of the transactions
|
| Period |
T+3 (common shares & municipal bonds); Today, tomorrow, spot and forward (government securities)
|
| Registered |
All instruments are dematerialized and registered with the CSD
|
| Settlement |
Settlement is made according to BIS 2 model (net settlement for money & gross settlement for securities) using delivery versus payment principles. National Bank is the final settlement bank, using ReGIS system.
|
| Clearing |
Multilateral netting
|
| DVP |
DVS implemented from the beginning for the entire market
|
| Clearing Institution |
Performed by the newly set up Central Securities Depository.
|
| Risk Sharing |
To cover the risk , participants deposit financial guarantees with the Margins & Guarantees Fund managed by the CSD to cover any default payment. Contributions can go up to 3% of the investment firms capital, but no more than Euro 10,000. In June 2005 was set up the Investors Compensation Fund
|
| Margin/Lending |
Not yet possible
|
| Custodians |
Commercial banks
|
| Cash Dividends |
Natural persons: Residents: 10%
Non-residents: If double taxation agreement exist it prevails; if not 5%
Legal persons: Residents: 10% / Non-residents: If double taxation agreement exists it prevails, if not 10%
|
| Interest Income |
Natural persons: Resident: 0% and Non-residents: 0
Legal persons: Residents: 16% and non-residents: If double taxation agreement exists it prevails; if not 16%
Legal persons: Residents: 1% and non-residents: If double taxation agreement exists it prevails; if not 10%
|
| Capital Gains |
Natural persons: Residents: 1% (for holding longer than 12 months) or 16 % (for less than 1 year) and non-residents: If double taxation agreement exists it prevails; if not 1% or 16%
Legal persons: Residents: 16% of total net profit and Non-residents: If double taxation agreement exists it prevails; if not 16 % of the net capital gain of the portfolio per brokerage house.
|
| Legal |
Special statutes within the law
|
| Regulation |
Self-regulated institution
|
| Securities market regulations |
BVB Code and National Securities Commission (NSC) regulations harmonized with EU legislation
|
| Trading rules |
Trading rules existing in the BVB Code
|
| Surveillance |
BVB Code and NSCs regulations harmonized with the EU legislation
|
| Corporate actions |
According to the BVB Code & EU Regulations
|
| Trading halts regulations |
According to the BVB Code
|
| Investor protection |
According to BVB Code & EU Regulations
|
| Foreign investors |
No restrictions for participation of foreign capital on the domestic stock market
|
| Investment limitations |
No limitations
|
| Repatriation |
No restrictions on capital gain repatriation
|
| Minimum Listing Requirements |
| |
Category I |
Category II |
Category III |
| Minimum Paid-In Capital |
EUR 30,000,000 |
EUR 2,000,000 |
EUR 1,000,000 |
| Years of Business Activity |
3 |
3 |
3 or less (in special circumstances) |
| Capitalization of Issue |
EUR 30,000,000 |
EUR 2,000,000 |
No |
| Free Float |
n/a |
No |
No |
| Free Float Ratio |
25% |
25% |
25% |
| Minimum # of Shareholders |
2,000 shareholders |
No |
No |
| Minimum Years of Positive Financial Results |
2 |
No |
No |
| # Prior Years Audited Financial Accounts |
3 |
3 |
3 |
| # Times Dividends Distributed in Last 3 Years |
No |
No |
No |
| Whole Class of Securities to be Issued |
ordinary shares |
ordinary shares |
ordinary shares |
| Listing Agreement with Central Depository |
Yes |
Yes |
Yes |
| Prospectus |
The company must have made a public offer; shares to be registered with the National Securities Commission Registration System; the securities must be freely transferable and dematerialized; the company has to comply with the disclosure requirements of the Exchange; the issuer has to conclude a contract in this respect with the Exchange. |
The company has to have made a public offer of its securities through a prospectus; the securities have to be registered with the National Securities Commission Registration System; the securities have to be freely transferable and dematerialized; the company has to comply with the disclosure requirements of the Exchange; the issuing company has to conclude a contract in this respect with the Exchange. |
The company has to have made a public offer of its securities through a prospectus; the securities have to be registered with the National Securities Commission Registration System; the securities have to be freely transferable and dematerialized; the company has to comply with the disclosure requirements of the Exchange; the issuing company has to conclude a contract in this respect with the Exchange. |
| Special Requirements |
Business Plan for the next three years |
No |
No |
| Additional Special Requirements |
n/a |
N/A |
N/A |
|
 |
| Contact Information |
 |
| Calendar of Holidays |
 |
| 2010 Public Holidays for Romania |
| No data available |
|
| Market Capitalization & Index |
|
| |
Market Capitalization US$ Millions |
Index |
| 9/2009 |
28,104.6210
|
4,397.4000
|
| 10/2009 |
26,539.8846
|
4,469.0600
|
| 11/2009 |
29,430.5540
|
4,841.5800
|
| 12/2009 |
27,455.6818
|
4,690.5700
|
| 1/2010 |
29,320.9399
|
5,065.4300
|
| 2/2010 |
28,388.2507
|
5,328.4500
|
| 3/2010 |
32,149.9299
|
5,965.3500
|
| 4/2010 |
32,576.6720
|
5,727.8500
|
| 5/2010 |
25,838.1707
|
4,935.0500
|
| 6/2010 |
23,202.0660
|
4,743.8600
|
| 7/2010 |
28,156.5703
|
5,074.0700
|
| 8/2010 |
26,490.2903
|
5,072.9500
|
| Featured Charts |
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Volume (US$ Millions)
Index
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