Bucharest Stock Exchange

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Bucharest Stock Exchange
Bursa de Valori București
Type Stock Exchange
Location Bucharest, Romania
Founded 1 December 1882
(closed in 1945 by the communists re-opened in 21 April 1995)
Owner Listed company from June, 2010 on its own regulated market
Key people Ludwik Sobolewski (CEO), Lucian-Claudiu Anghel (Chairman of the Board of Directors), Pompei Lupsan (vice chairman), Dan-Viorel Paul (vice charmain)
Currency RON
Market cap €25 billion (2013)[1]
Indexes BET
BET-C
BET-FI
ROTXBET-BK
BET-NG
BET-XT
Website www.bvb.ro

The Bucharest Stock Exchange (Romanian: Bursa de Valori București) is the stock exchange from Bucharest, Romania. BVB operates a spot regulated market, a derivatives market, a market section called RASDAQ, and also an alternative trading system. Trading is made at BVB through the e-trading system called Arena. At BVB there are traded the following types of financial instruments:

  • shares
  • rights
  • bonds
  • fund units
  • structured products
  • futures contracts

The total capitalization market of the Bucharest Stock Exchange is around €25 billion (September 2013). Bucharest Stock Exchange is trading daily from Monday to Friday. The trading hours are available at: http://www.bvb.ro/Marketplace/TradingCalendar/index.aspx. At the end of 2013, over 80 companies were listed on the regulated market administrated by BVB. In 2013, the indexes went up by 22.5 percent year-to-date, placing it as the 15th best performing stock exchange globally.[2]

History[edit]

On December 1, 1882 the official opening of the Bucharest Stock Exchange takes place. Over the years, the stock exchange was impacted by the social-political changes. The BVB activity was interrupted in 1941, and it has remained closed for 5 decades. In 1995 the stock exchange is re-established, and the first transaction took place on November 20, 1995. Since then, it has continuously been developing. In 2005 BVB and the over-the counter electronic stock market RASDAQ merged by absorption, RASDAQ being absorbed. In February 14, 2008, Erste Bank listed on BVB and became the first international company listed on BVB. In 2010, Bucharest Stock Exchange listed on its own spot regulated market. In 2011 Fondului Proprietatea listed on BVB and there are developed the trading techniques by introducing short selling and expanding the usage of the global accounts for the shares issued by Romanian companies. 2011- 2012 marks the trading start for shares issued by Romanian companies on the alternative trading system administrated by BVB. 2013 SN Nuclearelectrica IPO takes place, as part of the privatization program announced by the Romanian Government. This has been the first IPO on the BVB regulated market for the last 6 years.

Indices[edit]

Bucharest Stock Exchange has six indices:

  • BET, which was created first, reflects the evolution of the most liquid 10 stocks (except Investment Funds); it is the most followed index of the exchange
  • BET-C (BET Composite) reflects the evolution of all listed stocks (except Investment Funds)
  • BET-FI reflects the evolution of the five large Investment Funds created in the Mass Privatisation Program
  • ROTX (Romanian Traded Index) reflects the evolution of the most liquid blue chips
  • BET-XT (BUCHAREST EXCHANGE TRADING EXTENDED INDEX) reflect the evolution of the most liquid 25 stocks, including the 5 Investment Funds created in the Mass Privatisation Program.
  • BET-NG (BUCHAREST EXCHANGE TRADING ENERGY & RELATED UTILITIES INDEX) energetic sector index on Bucharest Stock Exchange

Structure of indices[edit]

  • BET (Bucharest Exchange Trading)
Company Field of activity Symbol Percentage in index (%)1
Banca Transilvania S.A. banking TLV 20,73
OMV Petrom S.A. oil SNP 20,27
SC Fondul Proprietatea SA - București mutual funds FP 19,89
BRD – Groupe Société Générale S.A. banking BRD 19,22
S.N.T.G.N. Transgaz S.A. natural gas TGN 8,61
C.N.T.E.E. Transelectrica electricity TEL 3,90
Biofarm S.A. pharmaceutical BIO 3,65
SC Bursa de Valori București S.A. stock exchange BVB 1,90
Electromagnetica S.A. București manufacture of instruments and appliances for measuring, testing and navigation ELMA 1,24
S.S.I.F. Broker S.A. insurance and financial services BRK 0,57
Index capitalisation: 8.170.087.857,24 RON

Updated September 18, 2013

  • BET-FI
Company Field of activity Symbol Percentage in index (%)1
Fondul Proprietatea S.A. mutual funds FP 29,78
SIF Oltenia S.A. other financial SIF5 18,00
SIF Moldova S.A. other financial SIF2 13,95
SIF Banat Crișana S.A. other financial SIF1 13,56
SIF Transilvania S.A. other financial SIF3 12,72
SIF Muntenia S.A. other financial SIF4 12,00

Updated September 18, 2013

Top of intermediaries in Derivatives Market, in 2010

No. Intermediary No. Contracts Traded Value
1 Tradeville S.A. 1.453 2.262.694,40
2 Interfinbrok Corporation S.A. 1.646 1.744.384,80
3 Intercapital Invest S.A. 749 756.962,60
4 SSIF Broker S.A. 1.222 686.943,60
5 SSIF Vienna Investment Trust 200 315.770
6 Confident Invest S.A. 207 124.271,50
9 Estinvest S.A. 63 73.305,10
10 IFB Finwest 50 9.774

Updated September 18, 2013

Companies[edit]

Top 5 Companies BVB - by volume

No. Symbol Price Volume
1 BCC 0.0676 2,817,000
2 FP 0.7165 1,560,000
3 SNP 0.4375 918,000
4 SIF3 0.6120 207,000
5 TBM 0.0322 122,500

Top 5 Companies BVB - by value

No. Symbol Price Volume
1 FP 0.7165 1,560,000
2 SNP 0.4375 918,000
3 BCC 0.0676 2,817,000
4 SIF3 0.6120 207,000
5 BVB 24.0000 108,456.00

Updated September 18, 2013

Largest stocks by market value[edit]

Source:http://www.bvb.ro/, in millions of RON between 10 Feb 2012 - 8 March 2012

  1. Fondul Proprietatea - RON 366.203
  2. SIF 3 Transylvania - RON 83.583
  3. SIF 5 Oltenia - RON 78.082
  4. BRD-Societe Generale - RON 68.538
  5. SIF 1 Banat-Crisana - RON 56.728
  6. SIF 2 Moldova - RON 53.756
  7. Petrom - RON 43.625
  8. SIF 4 Muntenia - RON 24.083
  9. Erste Bank - RON 14.366
  10. Banca Transilvania - RON 10.535

See also[edit]

References[edit]

  • Anghelache, Gabriela, "Bursa şi piaţa extrabursieră", Editura Economică, 2000
  • BSE Annual Reports

External links[edit]

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