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home / media magazine / legislation for the consolidated capital market

There is in effect a new legislation for the consolidated capital market in line with the EU Directives, which will be followed by the merger between BVB and RASDAQ

Law no. 297 from June 28th, 2004 regarding the capital market was promulgated by the Presidency only two days prior to the expiry of the period Romania had promised the European Union for harmonizing the legislation in the field of the capital market.
The law was necessary for the provisory concluding of the negotiations with the European Union in the chapter "Free circulation of services", Romania had committed to finalize until the end of the first semester of the year 2004.

The changes compared to the old legislation are, in fact, the transposing into the Romanian legislation of the provisions from the European legislation. In addition, the law allows the merger of the Bucharest Value Exchange with the RASDAQ Electronic Exchange.
The law brings forth primarily a higher flexibility of services and enlarges the access of the listed companies to the attraction of funds from the capital market.

The shareholders of the two markets approved, on November 30th, 2005, the merger project according to which BVB absorbed Rasdaq.

The name of the stock exchange company thus resulted is the Bucharest Value Exchange S.A., and Rasdaq no longer exists as distinct legal entity.

The merge through absorption of the Bucharest Value Exchange (BVB) with the RASDAQ Electronic Exchange (BER) was finalized, after the receiving of the approval from CNVM and the registering with the Office of the Trade Register, BVB taking over all the obligations and rights of BER.

According to a BVB press release, until the authorizing of the exchange as market and system operator, the transfers with mobile values from Rasdaq will deploy on a distinct market within BVB, partly on the BER platform, and partly on the BVB technical platform.

"The creating of a single Romanian stock exchange market, better capitalized and more liquid, with systems and regulations compatible to those of other European stock exchanges, represents more than a commercial decision taken by the two directly involved institutions and becomes firstly a consequence of the increase tendencies of the Romanian economy and of Romania’s integration process in the European Union ", is further indicated in the BVB release.

At the end of July 2006, the BVB shareholders approved the merger with the Sibiu Monetary Financial and Commodities Exchange (Rom. BMFMS). But the same thing must be also approved by the exchange shareholders in Sibiu. Only after the principle merger is approved by both parties can one go to the execution of the merger projects, which are going to be approved by each company’s shareholders, the entire process usually taking approximately four months.

BVB SA obtained last year incomes in value of 13.66 million RON, in the conditions in which the expenses raised to only 7.63 million RON. Thus, the net profit of BVB in 2005 amounted to 5.4 million RON. For this year, the BVB shareholders are confident in obtaining results as good as possible. The incomes estimated for 2006 are of approximately 50 million RON, while the expenses - of only 18.2 million RON. As a result, the net profit the Exchange estimates for 2006 amounts to 26.4 million RON, being 5 times higher than in the previous year. Ii is important to mention the fact that such results were based on the conditions of an average daily transactions value of 14 million euros, as well as by the achievement of the main objectives in this year: listing the most important commercial companies from the Romanian economy, diversifying the types of financial instruments sold and bought on the regulated market and the ensuring of low operation costs on the capital market.