Bucharest Stock Exchange

Bucharest Stock Exchange
Bursa de Valori București
Type Stock Exchange
Location Bucharest, Romania
Founded 1 December 1882
(closed in 1945 by the communist government, re-opened on April 21, 1995)
Owner Listed company from June, 2010 on its own regulated market
Key people Ludwik Sobolewski (CEO)
Lucian-Claudiu Anghel (President of the Board of Governors)
Currency RON
Market cap €30 billion (January 2015)
Indices BET
BET Plus
Website www.bvb.ro

The Bucharest Stock Exchange (BVB) (Romanian: Bursa de Valori București) is a stock exchange located in Bucharest, Romania. As of January 2015, there were 83 companies listed on BVB's regulated market with a total market capitalization of €30 billion ($33.5 billion). In 2013, the main index BET went up by 26.1%,[1] placing BVB as the 14th best performing stock exchange globally.[2] 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 nationalisation 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.[3] At the end of 2014, it was announced that the equities segment of the ATS market will be re-launched under a new name 'AeRO' which stands for Alternative Exchange in Romania. AeRO was officially relaunched on February 25th, 2015 during an official opening of the trading session during which two companies debuted - Delivery Solutions (symbol: SDAY) and Carpathia Capital (CRPC). AeRO targets early stage companies, to finance their projects, growth stories, increase their visibility and contribute to the development of the business environment. [4] On December 15th, 2014 BVB has launched a new website, synchronized with all the channels used by BVB, including social media pages. [5] On March 27, 2015, BVB announced that it was joining the United Nations Sustainable Stock Exchanges initiative making it the 19th stock exchange to join.[6][7]


BVB's offices are located on Carol I Boulevard in Bucharest, Romania

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 also operates a market section called RASDAQ. The following types of financial instruments are traded on BVB: shares, rights, bonds, fund units, structured products and futures contracts. BVB operating revenues are generated mainly from trading activity, from membership and listing fees, as well as from data vending to various users.

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), debt instruments (corporate, municipality and government bonds) issued by Romanian entities and international corporate bonds, UCITs (shares and fund units), structured products and ETFs are traded.

In order to be listed on the regulated market, a company has to fulfill a number of requirements prior to its listing on BVB:

AeRO Market

AeRO logo

AeRO market is the equities segment of the Alternative trading system (ATS). AeRO market was designed from the need of providing a financing alternative for entrepreneurs, and is the equity segment of the alternative trading system managed by the Bucharest Stock Exchange (BVB). It is a market segment designed for listing of early stage companies, start-ups and SMEs, to finance their projects, growth stories, increase their visibility and contribute to the development of the business environment. Based on the BVB alternative trading system existing since 2010, the AeRO market, under its redesigned and reconstructed concept, was launched on February 25, 2015.

Key features of AeRO market:


RASDAQ market was launched in 1996 and it accommodates shares and rights issued by Romanian entities coming from the mass privatization programme. In 1999, there were more than 5,500 Romanian companies listed on RASDAQ. On September 30, 2014 the Romanian Parliament decided that the RASDAQ market should be dissolved. The market still remains operational however it is no longer possible to list on it. Companies listed on RASDAQ can decide to promote to the regulated or ATS given that they fulfill the necessary admission criteria.


Bucharest Stock Exchange has seven indices:


BET was the first index developed by BVB. It is the reference index for the capital markets. BET follows the evolution of 10 most liquid companies listed on BVB regulated market, excluding financial investment companies (SIFs). It is an index weighted by free float capitalization. The maximum weight of the symbol is 20%. The main selection criterion is company’s liquidity. Starting with 2015, additional requirements of transparency, quality reporting and communication with investors was imposed. BET index structure:

Company Field of activity (BVB) Field of activity (GICS) Symbol Percentage in index (%)[8]
Banca Transilvania S.A. banking financials/banks TLV 21,53
SC Fondul Proprietatea SA investment funds N/A FP 20,69
OMV Petrom S.A. oil energy SNP 15,29
BRD – Groupe Société Générale S.A. banking Financials/banks BRD 11,30
S.N.G.N. Romgaz S.A. natural gas energy SNG 11,00
Electrica S.A. electricity utilities EL 7,94
S.N.T.G.N. Transgaz S.A. natural gas energy TGN 6,05
C.N.T.E.E. Transelectrica electricity utilities TEL 4,02
S.N. Nuclearelectrica S.A. electricity utilities SNN 1,37
SC Bursa de Valori București S.A. stock exchange Financials/Diversified Financials BVB 0.80
Index capitalization: 24,340,490,703.52 RON[9]

Updated February 12, 2016


BET-TR is the first total return index launched by BVB. It is based on the structure of market reference index BET. BET-TR reflects the evolution of its component shares and dividend yields offered by them. Index is composed of 10 most traded companies on BVB, excluding SIFs. Similarly to BET, the main selection criterion for BET-TR is the liquidity of the company. Starting with 2015, additional requirement of transparency, quality reporting and communication with investors will be imposed. BET-TR is an index weighted by free float capitalization. The maximum weight of the symbol is 20%.


BET-FI is the first sectoral index launched by BVB. It reflects the evolution of financial investment companies (SIFs) and of other similar institutions. It is an index weighted by free float capitalization. The maximum weight of the symbol is 30%.


BET-XT reflects the price evolution of 25 most liquid companies listed on BVB, including investment firms (SIFs). It is an index weighted by free float capitalization. The maximum weight of the symbol is 15%.


BET-NG is a sectoral index that reflects the evolution of companies listed on BVB regulated market that operate primarily in energy and utilities field. It is an index weighted by free float capitalization. The maximum weight of the symbol is 30%. Number of component shares is variable.


Index BET-BK was created as a benchmark for the fund managers and other institutional investors. The calculation methodology reflects on legal requirements as well as limits of the investment funds. It is an index weighted by free float capitalization. Number of component shares is equal 25.

BET Plus

BET Plus reflects the evolution of Romanian companies listed on BVB regulated market that meet the minimum selection criterion with regards to liquidity and free float. Financial investment companies are excluded from this index. It is an index weighted by free float capitalization. The maximum weight of the symbol is 20%. Number of component shares is variable.


ROTX is an index developed by BVB together with the Vienna Stock Exchange (Wiener Börse). It reflects, in real-time, the movement of the ‘blue chip’ shares traded on the Bucharest Stock Exchange. ROTX is an index weighted by free float capitalization, calculated in RON, EUR and USD and disseminated in real time by the Vienna Stock Exchange. ROTX is a tradable index and can be used as an underlying for derivatives and structured products.

Companies Listed

Some of Romania’s highest-profile companies are being traded on BVB. The largest companies by market capitalization as of September 2014 are: OMV Petrom S.A., S.N.G.N. Romgaz S.A., Fondul Proprietatea, New Europe Property Investments PLC, BRD – Groupe Societe Generale S.A, Banca Transilvania, Electrica and Transgaz.

BVB own shares

BVB's shareholding structure as of November 30th, 2014

Since 2010, Bucharest Stock Exchange is listed on its own market, with a symbol BVB. Bucharest Stock Exchange has a single class of common shares and a capital of 76,741,980 lei divided in 7,674,198 shares with a nominal value of RON 10 per share. All the shares are fully paid. The free float of BVB shares is equal 100%. In accordance with the provisions of the Government Emergency Ordinance no. 90/2014 amending and supplementing the Law no. 297/2004 regarding the capital market, a shareholder of a market operator cannot own directly or indirectly more than 20% of the total voting rights. As of November 30, 2014, the Romanian legal entities constituted the largest group of the BVB shareholders (69.19%), followed by foreign legal entities (15.47%), Romanian private individuals (14.79%), and foreign private individuals (0.54%). In November 2014, European Bank for Reconstruction and Development has acquired 4.99% stake in the Bucharest Stock Exchange.[10]

The legal framework for exchange operations in Romania is provided by the following legal acts:

Additionally, the BVB is governed by Constitutive Act of the Commercial Company Bursa de Valori Bucuresti S.A.[14] and the Regulation on the Organization and Functioning of the Bursa de Valori Bucuresti[15] whereas the respective markets are governed by the Bucharest Stock Exchange Rulebook for Market Operators[16] and ATS Rulebook for System Operators.[17]

Information services

BVB supplies its participant with a wide range of tools that provide real time prices and trading data. Some of the most popular products provided by BVB are:

Currently BVB provides real time data to, inter alia: Thomson Reuters, Bloomberg L.P., Standard & Poor’s and many others.[18]

Opening Times

Bucharest Stock Exchange is trading daily from Monday to Friday. The hours differ depending on the market and the instrument type.[19] The regulated market (REGS) has pre-market sessions from 9:30 – 9:45 AM Eastern European Time (EET), normal trading sessions from 9:45 - 17:45, pre-close session from 17:45 – 17:50, closing auction at 17:50 and trading at last session from 17:50 until 18:00 PM. The Stock does not trade on Saturdays and Sundays as well as Romanian national holiday days, declared by BVB in advance.

See also


  1. http://bvb.ro/press/2013/BVB%20Raport%20Anual%202013.zip
  2. "Archived copy". Archived from the original on 2014-12-21. Retrieved 2014-10-22.
  3. "Archived copy". Archived from the original on 2014-10-21. Retrieved 2014-10-21.
  4. http://www.bvb.ro/press/2014/press_release_AeRO_will_be_launched_on_February_25_12122014.pdf
  5. http://www.bvb.ro/press/2014/press%20release_launch%20of%20%20BVB%20new%20website_15122014.pdf
  6. Butu, Alina. "Bucharest Stock Exchange – partner of the UN Sustainable Stock Exchanges Initiatives". The Romania Journal. The Romania Journal. Retrieved 28 March 2015.
  7. "Romanian Financial Market Moves Forward on Sustainability". Sustainable Stock Exchanges Initiative. SSE Secretariat. Retrieved 28 March 2015.
  8. "Archived copy". Archived from the original on 2014-10-21. Retrieved 2014-10-21.
  9. http://www.bvb.ro/FinancialInstruments/Indices/IndicesProfiles
  10. http://www.ft.com/intl/fastft/238972/ebrd-snaps-up-5-stake-romanias-bourse
  11. "Archived copy" (PDF). Archived from the original (PDF) on 2013-01-20. Retrieved 2014-10-21.
  12. "Archived copy" (PDF). Archived from the original (PDF) on 2013-09-18. Retrieved 2014-10-21.
  13. "Archived copy" (PDF). Archived from the original (PDF) on 2013-09-18. Retrieved 2014-10-21.
  14. http://bvb.ro/info/EN%20Act%20Constitutiv%20actualizat_19022010%20final_OK.pdf
  15. http://bvb.ro/Juridic/files/EN%20ROF%20modif%20cf%20decizie%201216_22092010%20final_OK.pdf
  16. http://bvb.ro/Juridic/files/Cod%20BVB_op_EN_updated%2020140812%20in%20force%20from%20Oct%206%202014.pdf
  17. http://bvb.ro/juridic/files/ATS%20Rulebook_2012%2003%2022.pdf
  18. http://www.bvb.ro/Services/DataVending/ForDataVendors
  19. http://www.bvb.ro/TradingAndStatistics/TradingSessionSchedule

Coordinates: 44°26′12″N 26°06′34″E / 44.43661°N 26.10950°E / 44.43661; 26.10950

This article is issued from Wikipedia - version of the 11/10/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.