Bucharest Stock Exchange

The Bucharest Stock Exchange (BVB) (Romanian: Bursa de Valori
București) is the stock exchange located in Bucharest, Romania. The total
market capitalization equals almost €30 billion ($39 billion) as of
September 2014. By September 2014, there were 83 companies listed on
BVB's regulated market. In 2013, the main index BET went up by 26.1%,
placing BVB as the 14th best performing stock exchange globally. Since
August 2013, Ludwik Sobolewski is the CEO of BVB.


Beginnings of the history of the Bucharest Stock Exchange can be traced
back to 1839, when the commodities-trade exchanges were established in
Bucharest. It was nevertheless only until December 1st, 1882 that the BVB
was officially inaugurated. One week later, the first exchange rates begun
being published in the Official Gazette. Throughout its existence, the
activities of the Bucharest Stock Exchange were affected by the socio-
political events of the time, such as the Romanian Uprising of 1907 or the
Balkan Wars that took place between 1912 and 1913.
The stock exchange was moreover closed during the First World War. When
BVB re-opened following the end of the war, it went through a period of 7
years of significant growth, followed by a period of 7 years of accelerated
loss. The activity of the Market for Effects, Actions and Exchange was
stopped in 1948, with the establishment of the Communist regime in
Romania and the beginning of the nationalization process. At that time,
shares issued by 93 companies and 77 fixed-income instruments (bond
type) were listed on the Bucharest Stock Exchange. The Bucharest Stock
Exchange reopened again in 1995, after almost 50 years since it was shut
down by the Communist regime. The first trading session was carried out
on November 20, 1995. On that date, 905 shares issued by 6 listed
companies were traded.
In 2005, BVB absorbed RASDAQ – the over-the-counter electronic stock
market. On February 14th, 2008, Erste Bank listed on BVB and became the
first international company listed on the regulated market. Subsequently,
Bucharest Stock Exchange has experienced a continuous development and
is now established as the main stock exchange in Romania. In 2010,
Bucharest Stock Exchange listed on its own spot regulated market under
the symbol BVB.
In 2010, the Alternative trading system was launched by BVB for SMEs and
start-up companies wanting to raise capital from the market. On
December 15th, 2014 BVB has launched a new website, synchronized with
all the channels used by BVB, including social media pages as well as new
newsletter services.

Mission and Vision

fund units. nor by strategic investors)  Be active on the market for the last 3 years and have available financial reports from that period. All these. Regulated Market The main market of BVB is a spot regulated market where financial instruments such as shares and rights (issued by international and Romanian entities). bonds. a company has to fulfill a number of requirements prior to its listing on BVB:  Be a joint stock company (SA)  Have the value of market capitalization / shareholders’ equity of at least 1 million euro  Have a free-float of at least 25% (shares not owned by the company. On September 30.Bucharest Stock Exchange (BVB) is currently building competitive capital markets in the CEE region. rights. The following types of financial instruments are traded on BVB: shares. debt instruments (corporate. In order to be listed on the regulated market. for the market to be classified as an emerging market. In 1999.500 Romanian companies listed on RASDAQ. Activities The Bucharest Stock Exchange is a market and system operator authorized by the Financial Supervisory Authority (FSA) that manages a Regulated market (RM) and an Alternative Trading System (ATS) compatible with European standards. BVB is working for removing the barriers which stand against the development of the local market in order to facilitate investors’ access into the market. BVB also operates a market section called RASDAQ. BVB is therefore aiming to shape one of the most comprehensive markets in Central Eastern Europe by creating attractive opportunities both for companies and investors in a dynamic and transparent environment. municipality and government bonds) issued by Romanian entities and international corporate bonds. 2014 the Romanian Parliament . Its mission is to transform the capital market in one of the most active financing vehicles of the Romanian economy. UCITs (shares and fund units). from membership and listing fees. BVB operating revenues are generated mainly from trading activity. RASDAQ Market RASDAQ market was launched in 1996 and it accommodates shares and rights issued by Romanian entities coming from the mass privatization programme. as well as from data vending to various users. structured products and ETFs are traded. there were more than 5. increasing liquidity and attracting new companies for listing. structured products and futures contracts.

The main selection criterion is company’s liquidity. The main building. The market still remains operational however it is no longer possible to list on it. It is an index weighted by free float capitalization. BET follows the evolution of 10 most liquid companies listed on BVB regulated market. between the corners of Wall Street and Exchange Place. New York Stock Exchange The New York Stock Exchange (NYSE). Starting with 2015. acquisition. Merger. New York. NYSE and Euronext now operate as divisions of Intercontinental Exchange. it was part of NYSE Euronext (NYX). Indices BET BET was the first index developed by BVB. It is the reference index for the capital markets. and control . It is by far the world's largest stock exchange by market capitalization of its listed companies at US$25. located at 18 Broad Street. additional requirements of transparency. The maximum weight of the symbol is 20%.3 trillion as of December 2014. Companies listed on RASDAQ can decide to promote to the regulated or ATS given that they fulfill the necessary admission criteria. sometimes known as the "Big Board". excluding financial investment companies (SIFs). quality reporting and communication with investors will be imposed. New York City. Lower Manhattan. with the exception of holidays declared by the Exchange in advance. Trading The New York Stock Exchange (sometimes referred to as "the Big Board") provides a means for buyers and sellers to trade shares of stock in companies registered for public trading.decided that the RASDAQ market should be dissolved. Previously. The NYSE is owned by Intercontinental Exchange. was closed in February 2007. Average daily trading value was approximately US$169 billion in 2013. an American holding company it also lists (NYSE: ICE). The NYSE trading floor is located at 11 Wall Street and is composed of four rooms used for the facilitation of trading. as was the 11 Wall Street building.[4] is an American stock exchange located at 11 Wall Street. United States. which was formed by the NYSE's 2007 merger with the fully electronic stock exchange Euronext. was designated a National Historic Landmark in 1978. located at 30 Broad Street. The NYSE is open for trading Monday through Friday from 9:30 am – 4:00 pm ET. A fifth trading room.

Instead.12 in cash. 2012. On February 2. The NASDAQ helped lower the spread (the difference between the bid price and the ask price of the stock) but was unpopular among brokerages which made much of their money on the spread. which divested itself of NASDAQ in a series of sales in 2000 and 2001. Deutsche Börse and NYSE will have to sell either their Eurex derivatives or LIFFE shares in order to not create a monopoly. commonly known as the NASDAQ. Intercontinental Exchange (ICE). and NYSE Euronext shareholders will have 40%. History NASDAQ was founded in 1971 by the National Association of Securities Dealers (NASD). 1971. the European Commission blocked the merger of NYSE with Deutsche Börse. it was announced that ICE had proposed to buy NYSE Euronext in a stock swap with a valuation of $8 billion. is an American stock exchange. In April 2011. 2011 NYSE and Deutsche Börse announced their merger to form a new company. it is the largest stock exchange in the United States. it was the world's first electronic stock market. The exchange platform is owned by The NASDAQ OMX Group. In terms of market share and volume traded. NASDAQ is owned and operated by the The NASDAQ OMX Group. At first. In December 2012. the stocks of which were listed on its own stock exchange beginning July 2. and NASDAQ OMX Group had together made an unsolicited proposal to buy NYSE Euronext for approximately US$11 billion. a deal in which NASDAQ would have taken control of the stock exchanges. but it was finally terminated after the United States Department of Justice indicated their intention to block the deal due to antitrust concerns. . 2002. 2012. after commissioner Joaquin Almunia stated that the merger "would have led to a near-monopoly in European financial derivatives worldwide". which also owns the OMX stock market network and several other US stock and options exchanges. an American futures exchange.27 in cash and approximately a sixth of a share of ICE. wherein Deutsche Börse shareholders will have 60% ownership of the new entity. NYSE Euronext and Deutsche Börse agreed to scrap the merger. it was merely a quotation system and did not provide a way to perform electronic trades. or $11. NYSE Euronext rejected this offer twice. as yet unnamed. NYSE Euronext shareholders would receive either $33. When the NASDAQ began trading on February 8.On February 15. NASDAQ The NASDAQ Stock Market. On February 1.

bonds. custody and settlement services.300 issuers representing a €2. capital. 2013 Intercontinental Exchange (NYSE: ICE).Over the years. Until 1987. Inc. London. In 2006. the Euronext group provides listing market data. derivatives. NASDAQ became more of a stock market by adding trade and volume reporting and automated trading systems. on April 4. must have at least three market makers (financial firms that act as brokers or dealers for specific securities) and must meet minimum requirements for assets. Brussels. the NASDAQ Stock Market. NASDAQ was also the first stock market in the United States to start trading online. however. warrants &certificates. Euronext was number one in continental Europe with 1. NASDAQ requires market makers to honor trades executed using SOES. The National Association of Securities Dealers spun off NASDAQ in 2000 to form a publicly traded company." Its main index is the NASDAQ Composite. On November 13. Euronext Euronext is a pan-European exchange based in Amsterdam. In addition to cash and derivatives markets. As of the first quarter of 2014. Euronext merged with NYSE Group. exchange-traded funds. Inc. and shareholders.6tn market cap. 2007 to form NYSE Euronext (NYX). most trading occurred via the telephone. a company must be registered with the United States Securities and Exchange Commission (SEC). commodities and indices. SOES provides an electronic method for dealers to enter their trades.NASDAQ joined with the London Stock Exchange to form the first intercontinental linkage of securities markets. Lisbon and Paris. During the October 1987 stock market crash. History Creation of Euronext . public shares. Its total product offering includes equities. market makers often did not answer their phones. In June 2014 Euronext completed an initial public offering making it a standalone company again. To qualify for listing on the exchange. highlighting NASDAQ-traded companies (usually in technology) and closing with the declaration that NASDAQ is "the stock market for the next hundred years. the Small Order Execution System (SOES) was established. In 1992. completed acquisition of NYSE Euronext. which has been published since its inception. To remedy this. the status of NASDAQ was changed from a stock market to a licensed national securities exchange. market solutions.

outbidding a rival offer for the European Stock exchange operator from Deutsche Börse. 2013. On 19 December 2006. tentatively dubbed NYSE Euronext. NYSE Group and Euronext penned a merger agreement. Deutsche Börse dropped out of the bidding for Euronext on 15 November 2006. NYSE Group. the German stock market. Despite this. In 2001. in order to take advantage of the harmonization of the European Union financial markets.8% voted in favour of the Deutsche Börse offer. forming NYSE Euronext. subject to shareholder vote and regulatory approval. Euronext acquired the shares of the London International Financial Futures and Options Exchange (LIFFE). removing the last major hurdle for the NYSE Euronext transaction.Euronext was formed on 22 September 2000 following a merger of the Amsterdam Exchanges. Euronext shareholders approved the transaction with 98. The initial regulatory response by SEC chief Christopher Cox (who was coordinating heavily with European counterparts) was positive. In December 2001.LIFFE. fr:Jean-François Théodore. Only 1. Brussels Stock Exchange. in an $8. Euronext became a listed company itself after completing its Initial Public Offering.2% of the vote. owner of Euronext. forming Euronext. The deal was approved by the shareholders of NYSE Euronext and Intercontinental Exchange on June 3. stated that they expected the transaction to close within three or four months. A run-up of NYSE Group's stock price in late 2006 made the offering far more attractive to Euronext's shareholders. NYSE Group shareholders gave their approval on 20 December 2006. Acquisition by Intercontinental Exchange In December 2012 Intercontinental Exchange announced plans to acquire NYSE Euronext. on 23 May 2006. Merger with NYSE Due to apparent moves by NASDAQ to acquire the London Stock Exchange. and Paris Bourse. Deutsche Börse unveiled a merger bid for Euronext. with European operations and its trading platform run out of Paris. the Chief Executive Officer of Euronext. In addition. Then-NYSE CEO John Thain. owner of the New York Stock Exchange. The new firm. Some of the regulatory agencies with jurisdiction over the merger had already given approval. intended to use the combination to form the world's first global stock market. offered €8 billion (US$10. The merger was completed on 4 April 2007.6 billion (US$11b). would be headquartered in New York City. €600 million over NYSE Group's initial bid. valuing the pan-European exchange at €8.2b) in cash and shares for Euronext on 22 May 2006. In 2002 the group merged with the Portuguese stock exchange Bolsa de Valores de Lisboa e Porto (BVLP).2 billion takeover. who was to head NYSE Euronext. The European Commission approved the . with continuous trading of stocks and derivatives over a 21-hour time span. Contrary to statements that it would not raise its bid. the two exchanges hoped to add Borsa Italiana (the Milan stock exchange) into the grouping. with an expected approval by the end of 2007. renamed Euronext Lisbon.

as the Tokyo Kabushiki Torihikijo under the direction of then-Finance Minister Okuma Shigenobu and capitalist advocate Shibusawa Eiichi. 2013. History Prewar history The Tokyo Stock Exchange was established on May 15. The fact that ICE intends to pursue an initial public offering of Euronext in 2014 was always part of the deal and a positive elements for European stakeholders. The combined exchange was shut down and reorganized shortly after the bombing of Nagasaki. 1949. 437 Second Section companies and 182 Mothers companies. 15. Postwar history The Tokyo Stock Exchange reopened under its current Japanese name on May 16. and the Mothers (Market of the high-growth and emerging stocks) section for high-growth startup companies. pursuant to the new Securities Exchange Act. Tokyo Stock Exchange The Tokyo Stock Exchange (TSE) is a stock exchange located in Tokyo. As of October 31. It had 2. 1878. there are 1.292 listed companies with a combined market capitalization of US$4. Japan. 2010. the exchange was combined with ten other stock exchanges in major Japanese cities to form a single Japanese Stock Exchange. Trading began on June 1. granted approval of the acquisition. . It is the third largest stock exchange in the world by aggregate market capitalization of its listed companies. Structure Stocks listed on the TSE are separated into the First Section for large companies. The resulting entity. was launched on January 1.5 trillion as of November 2013. the Second Section for mid-sized companies. 2013 the acquisition was completed. In July 2012 a planned merger with the Osaka Securities Exchange was approved by the Japan Fair Trade Commission. After a complex series of operation within a very limited frame. Euronext became public in June 2014. 2013 the US regulator. European regulators and ministries of Finance of the participating countries approved the deal and on November 13. 1878. SEC. the Japan Exchange Group.acquisition on 24 June 2013 and on Aug.675 First Section companies. In 1943.

The TSE is also looking for some partners in Asia. so that the exchange could switch to electronic trading for all transactions. it was structured as an incorporated association with its members as shareholders. 2000. largest and recognised companies in the world. in 1990 it accounted for over 60% of the world's stock market capitalization (by far the world's largest) before falling precipitously in value and rankings today. after Euronext). the TSE launched its Arrowhead trading facility. London Stock Exchange The London Stock Exchange is a stock exchange located in the City of London in the United Kingdom. 1988.266 trillion (short scale). and the trading floor of the TSE was closed on April 30. Over the past 10 years over £366 billion has been raised through new and further issues by Main Market companies.300 companies from 60 different countries enjoy the balanced and globally respected standards of regulation and corporate governance that the London Stock Exchange offers. 1999. opened on May 9. marking the latest cross-border deal among bourses as international competition heats up. [7] In 2001. As of December 2011. The home to some of the most well-established. replacing the original TSE building from 1931. and more specifically is seeking an alliance with the Singapore Exchange (SGX). Alliances The London Stock Exchange (LSE) and the TSE are developing jointly traded products and share technology.The TSE runup from 1983 to 1990 was unprecedented. called TSE Arrows. making it the fifth- largest stock exchange in the world by this measurement (and the second- largest in Europe. the TSE restructured itself as a stock company: before this time. Over 1. The Exchange was founded in 1801 and it is part of the London Stock Exchange Group. A new facility. but still remains one of the 3 largest exchanges in the world by market capitalization of listed shares. which is considered as becoming a leading financial hub in the Asia-Pacific region. The current TSE building was opened on May 23. the Exchange had a market capitalization of US$3. Statistics . In 2010.

There are currently 2. Mergers and acquisitions Borsa Italiana On 23 June 2007. the owners of the Toronto Stock Exchange. 41 from China. The London Stock Exchange today offers trading in more emerging markets exchange traded funds (ETFs) than any other exchange in the world. 23 from Central & Eastern Europe and 29 from India & Bangladesh. more than £67 billion have been raised on AIM. 44 on the Professional Securities Market and 10 on the Specialist Funds Market. The combined group was named the London Stock Exchange Group. Even though the LSE obtained the necessary support from its shareholders. There were a total of 158 emerging market ETFs listed on the Exchange in May 2011 compared with 126 on the New York Stock Exchange (NYSE Arca) and 93 on Deutsche Boerse. it failed to obtain the required support from TMX's shareholders. the London Stock Exchange Group announced they had agreed to merge with the Toronto-based TMX Group. The merger of the two companies created a leading diversified exchange group in Europe.p. the AIM had 56 companies as per country of operations from Africa. By June 2011. The London Stock Exchange however announced it was terminating the merger with TMX on 29 June 2011 citing that "LSEG and TMX Group believe that the merger is highly unlikely to achieve the required two-thirds majority approval at the TMX Group shareholder meeting".A. The total market value of these companies is £3.0 billion) and the daily number of trades 611.938 companies from over 60 countries listed on the London Stock Exchange. Since its launch in 1995. The National Stock Exchange of India Limited was established in 1992 as the first demutualized electronic exchange in the country.2%. creating a combined entity with a market capitalization of listed companies equal to £3. National Stock Exchange of India The National Stock Exchange of India Limited (NSE) is the leading stock exchange of India located at Mumbai.4 billion (€5. the London Stock Exchange announced that it had agreed on the terms of a recommended offer to the shareholders of the Borsa Italiana S. The daily turnover traded in July 2011 was £4. The LSE’s share of trading in the UK lit order book trading was 62. of which 1151 are on AIM. Proposed merger with TMX Group On 9 February 2011. One of the long-term strategies of the joint company is to expand Borsa Italiana’s efficient clearing services to other European markets. 26 from Latin America. but still remained two separate legal and regulatory entities.9 trillion.941. making it one of the world’s leading growth markets. NSE was the first exchange in the country to .7 trillion.

and efficient clearing services development purposes. while operations in the Derivatives segment commenced in June 2000. 1990 and was in operation on December 19 of the same year. The Capital market (Equities) segment of the NSE commenced operations in November 1994. the CNX Nifty. It provides central counterparty clearing of foreign currency . It is one of the two stock exchanges operating independently in the People's Republic of China. but also conductive to international peers inter-agency communication and cooperation. The key domestic investors include Life Insurance Corporation of India.3 trillion as of Dec 2011. the other is the Shenzhen Stock Exchange. Based on the recommendations laid out by the government committee. NSE offers trading. China. Shanghai Stock Exchange The Shanghai Stock Exchange (SSE). The Shanghai Clearing House provides security for financial market participants. NSE was setup by a set of leading Indian financial institutions at the behest of the Government of India to bring transparency to the Indian capital market. NSE's flagship index. fully automated screen-based electronic trading system which offered easy trading facility to the investors spread across the length and breadth of the country. State Bank of India. It is the first exchange in India to introduce electronic trading facility thus connecting together the investor base of the entire country. clearing and settlement services in equity. debt and currency derivatives segments. NSE has a market capitalization of more than US$1. The exchange was incorporated in 1992 as a tax-paying company and was recognized as a stock exchange in 1993 under the Securities Contracts (Regulation) Act. It is a non-profit organization directly administered by the China Securities Regulatory Commission (CSRC). Shanghai Stock Exchange is the world's 6th largest stock market by market capitalization at US$2. is a stock exchange that is based in the city of Shanghai. IFCI Limited IDFC Limited and Stock Holding Corporation of India Limited. Unlike the Hong Kong Stock Exchange.65 trillion making it one of the world’s top twenty stock exchanges by market capitalization. the Shanghai Stock Exchange is still not entirely open to foreign investors due to tight capital account controls exercised by the Chinese mainland authorities.provide a modern. NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994. NSE has been established with a diversified shareholding comprising domestic and global investors. equity derivatives. The current exchange was re-established on November 26. is used extensively by investors in India and around the world as a barometer of the Indian capital markets.

and related management department under other business. China was re-opened to the outside world in 1978. Shanghai had emerged as the financial center of the Far East. margin management. The operation of Shanghai Stock Exchange came to an abrupt halt after Japanese troops occupied the Shanghai International Settlement on December 8. SSE T-bond market is the most active of its kind in China. a total of 98 foreign institutional investors have been approved to buy and sell A shares under the QFII program. On 26 November 1990. information services. including clearing. and by extension other nations which had treaties with China. foreign investors are now allowed (with limitations) to trade in A shares under the Qualified Foreign Institutional Investor (QFII) program which was officially launched in 2003. Quotas under the QFII program are currently US$30 billion. to establish factories in Shanghai and other treaty ports. Shanghai Stock Exchange was re-established and operations began a few weeks later on 19 December. By the 1930s. Currently. insurance. Initially. An amalgamation eventually took place in 1929. Shanghai Stock Exchange resumed its operations before closing again 3 years later in 1949.S. settlement. consulting services. Structure The securities listed at the SSE include the three main categories of stocks. After the Cultural Revolution ended and Deng Xiaoping rose to power. There has been a plan to eventually merge the two types of shares in the future. China's securities market evolved in tandem with the country's economic reform and opening up and the development of socialist market economy. after the Communist revolution took place. government bonds. History In 1920 and 1921. . bonds. However. and docks persisted to 1940 but were overshadowed by industrial shares after the Treaty of Shimonoseki of 1895. and convertible corporate bonds. Rubber plantations became the staple of stock trading beginning in the second decade of the 20th century. 1941. while B shares are quoted in U. "Shanghai Securities & Commodities Exchange" and "Shanghai Chinese Merchant Exchange" started operation respectively. During the 1980s. corporate bonds. and the combined markets operated thereafter as the "Shanghai Stock Exchange". collateral management. trading in A shares are restricted to domestic investors only while B shares are available to both domestic (since 2001) and foreign investors.in the interbank market. which permitted Japan. after reforms were implemented in December 2002. dollars. debentures. Bonds traded on SSE include treasury bonds (T- bond). A shares are priced in the local yuan currency. There are two types of stocks being issued in the Shanghai Stock Exchange: "A" shares and "B" shares. where both Chinese and foreign investors could trade stocks. In 1946. and funds. and futures. Shipping.