Adrian Tanase


Address 34-36 Carol I Boulevard, 14th Floor, Sector 2, Bucharest, 020922, Romania
Telephone 54555554554545
Contact Person Maria Smith
Website uuu


    HoursSpot 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  16:30BER (Bucharest Electronic Market) 9:30  16:30
    Market segmentationEquities: 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.
    SystemEquities: 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)
    MechanismsCommon 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/ SpecialistsMarket maker allowed on the derivatives markets ensuring liquidity for the currency futures contracts
    InstrumentsEquities: common shares
    Wrights/ Allotment certificates
    Debt instruments: Government & municipal bonds, corporate bonds, Government Treasury Bills
    Derivatives market: Index Futures, Single Stock Futures, Currency Futures
    CurrencyLocal  Romanian Lei (RON/ ROL)
    Real time informationEquities and bonds: market depth and basic data (volumes, prices, indexes) + 15 min delay

    Central DepositoryCentral Security Depository set up in January 2007, responsible for the clearing& settlement and registry of the transactions
    PeriodT+3 (common shares & municipal bonds); Today, tomorrow, spot and forward (government securities)
    RegisteredAll instruments are dematerialized and registered with the CSD
    SettlementSettlement 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.
    ClearingMultilateral netting
    DVPDVS implemented from the beginning for the entire market
    Clearing InstitutionPerformed by the newly set up Central Securities Depository.
    Risk SharingTo 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/LendingNot yet possible
    CustodiansCommercial banks

    Cash DividendsNatural 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 IncomeNatural 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 GainsNatural 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.

    LegalSpecial statutes within the law
    RegulationSelf-regulated institution
    Securities market regulationsBVB Code and National Securities Commission (NSC) regulations harmonized with EU legislation
    Trading rulesTrading rules existing in the BVB Code
    SurveillanceBVB Code and NSCs regulations harmonized with the EU legislation
    Corporate actionsAccording to the BVB Code & EU Regulations
    Trading halts regulationsAccording to the BVB Code
    Investor protectionAccording to BVB Code & EU Regulations

    Foreign investorsNo restrictions for participation of foreign capital on the domestic stock market
    Investment limitationsNo limitations
    RepatriationNo restrictions on capital gain repatriation
    Working days
    Country Romania
    Time Zone GMT+3
    Days Monday / Tuesday / Wednesday / Thursday / Friday /