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Bucharest Stock Exchange, on the brink of a major promotion: "Romania meets eight criteria from 9 to be promoted to emerging market status

30 Mar 2016   •   16:45
Bucharest Stock Exchange, on the brink of a major promotion: "Romania meets eight criteria from 9 to be promoted to emerging market status 114


Romania meets eight of the nine criteria required to promote to the status of emerging market (FTSE-Secondary Emerging) and the only criterion that needs to be met is that of liquidity, shows an analysis prepared by FTSE Rusell in March this year, stressing the meeting of a new requirement on transaction costs, a press release issued Tuesday by BSE reads, according to Agerpres.

Under these circumstances, the only criterion to be fulfilled for the status of emerging market is the liquidity, which refers, in fact, to a number of large companies in terms of market value and shares available for sale, which should record high transaction values.

The "Bucharest Stock Exchange (BVB) announces an important breakthrough in the promotion of the capital market in Romania in the category of more developed global markets towards the emerging market status.

FTSE Russell, one of the most important international institutions that analyze capital markets and investors and are based on the opinions of international experts, conveyed to BSE information about the latest assessment of the capital market in Romania.

In the address received not long ago, evidence is shown that the local capital market meets all the criteria needed to pass to the upper class, with one exception - the criterion of liquidity

The FTSE Russell analysis conducted in March 2016 underlines the fulfillment of a new requirement, the "Transaction costs - explicit and implicit costs should be competitive and reasonable." Thus, Romania has come to fulfill eight of the nine criteria required to promote to the status of emerging market (FTSE-Secondary Emerging).

This announcement represents a major success, which puts us one step away from being included on the 'short list' (Watch List) by the international rating institution, "reads the release.


According to the director general of the Bucharest Stock Exchange, Ludwik Sobolewski, the program of modernization of the Romanian capital market was launched in late 2013 and has generated more results, implemented by the Bucharest Stock Exchange, Central Depository, FSA and other institutions, including public authorities and by the Romanian Parliament.

"Similarly, what is still necessary, however, is a state program for privatization of the economy through the capital market. This approach has an important role, including objectives related to the quality of corporate governance in companies with state capital and increase productivity - hot topics today in Romania.

Some time ago, Romania has seen some isolated privatization deals, but has never had a well-structured and concrete program in this regard, with deadlines and objectives, and dedicated implementation resources.

It would be recommended that such a program include an educational component, aimed at explaining why a robust developed capital market and supported by the state, is beneficial for the welfare of Romanian citizens, "said Ludwik Sobolewski.

Every six months, the FTSE Classification Committee meets for the re-evaluation of capital markets. If the market meets all criteria, it makes it on a short list to be promoted to a higher category. Besides FTSE Russell, other three internationally recognized institutions - MCSI (USA), S & P Dow Jones (USA) and STOXX (Switzerland) – are currently assessing the capital market in Romania.

The criteria to be met and the review process are relatively similar and relate mainly to the value of transactions and the size of listed companies , but also to the speed up access to capital market investors and how they buy and sell shares.

According to BSE, Romania's inclusion on the short list for promotion, by the international assessment institutions, is a strategic objective of the Bucharest Stock Exchange, with a better chance to attract a wave of acclaim and improve the perception of the international community on Romania.

BSE manages equity markets, bonds and other financial instruments, platforms or regulated alternative trading systems and provides a wide range of services to participants in financial markets. BSE is a company listed on its own market since 2010