BURSA DE VALORI BUCURESTI SA

  |  06.01.2015

BSE - Monthly Report for Regulated Market December 2014

In December 2014, the BET index rose by 2.11%, amplifying to 9.07% the increase of the index recorded in 2014

At the same time, the equity trading value, without public offers, raised more than 26% in December compared to November, up to RON 710.1mn (EUR 159.4mn), taking the equity trading value, without public offers, for the whole 2014, up to RON 9.724bn, almost 22% more than the value registered in 2013.


The ADV / Equity was almost RON 39.5mn (EUR 8.9mn) in December, 41% higher than the value registered in November, and the average daily value, including offers, almost tripled, reaching RON 85.7mn (EUR 19.3mn).


In December, the value of the public offers (IPO, SPO and other market offers) raised to RON 832.5mn (EUR 188mn), much more than the value registered in November (almost RON 100mn / EUR 22.5mn). At the same time, the value registered in December 2014 is 65% over the one registered in December 2013.


The offers value slightly decreased by 4% in 2014, to RON 4.061bn (RON 921.6mn), from RON 4.247bn (EUR 957mn) in 2013.

In 2014, on BVB Regulated Market, there were conducted trades of almost RON 14.18bn (EUR 3.2bn), 7% higher than in the whole 2013 (RON 13.204bn / EUR 2.985bn).


Thus, the ADV / Equity registered on BVB Regulated Market, including the public offers, for the whole year 2014 was RON 52mn (EUR 11.7mn), almost 16% higher than the value registered in 2013.
At the end of 2014, the market capitalization reached RON 130bn (EUR 29bn), of which RON 82.426bn (EUR 18.384bn) was the market capitalization of domestic listed companies.


Market News


As of December 2, 2014, investors on Bucharest Stock Exchange (BVB) can place for execution orders of any volumes that they want to trade on a financial instrument. This comes with the removal of the odd lot market segment and with the elimination of any special requirements as to size of the orders, for all markets run by BVB. The removal of the odd lot segment will bring increased efficiency of the trading process, lower specificity of the local market and more standardization, resulting in a good environment for the present and new members of BVB. This new open trading environment will facilitate a
Starting December 17, BVB provides investors and intermediaries new tools for executing their transactions by allowing trades at the Trading at Last phase even with shares for which there was not set a price in the Auction phase, cross orders, Fill And Kill/Fill Or Kill orders and, also, new validity terms of the orders related to the market stages.

 

Bucharest Stock Exchange participated during December 2-3 at WOOD's Winter in Prague - Emerging Europe Conference, to meet and discuss with investors interested in the CEE region and the emerging markets. During the 2 days, BVB has given a group presentation focused on Romanian capital market reform and its goal of becoming an emerging market by MSCI criteria, 1on1 meetings with institutional investors representing more than EUR 10bn AuM, and hosted an investment dinner on December 3. The aim was to build a dialogue between investors and important individuals with insight into the emerging European markets.


On December 10, the Romanian Financial Supervision Authority (FSA) approved the regulations concerning the alternative trading system of the Bucharest Stock Exchange (BVB). AeRO, the new market of the Bucharest Stock Exchange for small and medium size enterprises, will start operating on February 25, 2015. The launch of AeRO will be a turnaround when it comes to the capital market as the source of financing for entrepreneurs.
Bucharest Stock Exchange launched on December 15, 2014, the new www.bvb.ro website. It brings rich trading and statistics content, new user friendly interface for the stock exchange products and services, and numerous website functionalities. The new www.bvb.ro website offers easier navigation and better accessibility, more information for companies, entrepreneurs and investors, a new approach to search for a price, more user friendly profiles for financial instruments, an improved technology and the possibility to connect and share the information available on the website through social networks.

 

Investors and future investors present, on December 16, at the last workshop of the running BVB Invest Quest edition had the opportunity to meet and to discuss with representatives of OMV Petrom (SNP), Fondul Proprietatea (FP), Transgaz (TGN), Nuclearelectrica (SNN), Transelectrica (TEL) and of Bucharest Stock Exchange (BVB). The workshop was an opportunity for investors who are just starting out on the capital market, but also for future investors to find out directly from the representatives of those six companies more about the companies, their evolution, perspectives, as also about their market. Also, the seminar reached its target, to bring closer listed issuers to investors and future investors and to stimulate the dialog between them. The transparency of listed companies and attention to investor relations are also principles of corporate governance that contributes to the evaluation of companies by investors.

 

Bucharest Stock Exchange started, in December, consultations of listed companies and relevant organizations representing investors on the new BVB Corporate Governance Code. This comes as a result of the BVB - European Bank for Reconstruction and Development (EBRD) joint project on improving the local corporate governance climate.
In the process of transforming the Romanian capital market into an attractive investment destination for the SEE region, BVB is adapting the principles of corporate governance for listed companies to the local market’s new development stage.
Bucharest Stock Exchange, with the support of EBRD and its team of consultants, redesigned the BVB Corporate Governance Code, in force since 2008 in its current form. In developing the new Code, it was taken into consideration the international standards in this field, the changes of incident legal frameworks in Romania and EU, the experience gained following the implementation of the first Code, and also the new aspirations of the society, in general, and of the parties directly covered by responsibilities and management of business. The new Code includes a set of principles and recommendations based on best practices, transparency and trust.

 

On December 26, 2014, Bucharest Stock Exchange has announced that starting January 5, 2015, will come into force a new market segmentation, by replacing the I, II and III Tiers with the Premium and Standard Tiers. The Financial Supervisory Authority (FSA) has previously approved the amendments to the BVB rulebook. Thus, the new concept, which takes into account the liquidity of shares or the potential liquidity, on principles similar to those of BVB indices system, has been applied starting the first trading day of 2015.

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