History of the Bucharest Stock Exchange

With history tracing back to 1839, when commodities-trade exchanges were established, stock exchange activity was affected throughout its existence by the social and political events of the time. Reestablished in 1995, after almost 50 years of suspension following the establishment of the communist regime, the Bucharest Stock Exchange has developed continuously and nowadays it is the main stock exchange in Romania.


  • In September, FTSE Russell included Romanian capital market in the list of countries that have a substantial potential to be upgraded to the status of the Emerging Market in short or medium term perspective.
  • The shares of Romania’s largest private healthcare services provider, MedLife (M), started trading on BVB, following the successful completion of the an IPO of RON 230 mn, the equivalent of EUR 50.5 mn for a package of 44% of the company’s shares.
  • Launch of the warrants, as new investment product for both upside and downside markets
  • New issue of equities and bonds on the AeRO market, designed for financing SMEs: Ascendia listing, a Romanian company specialized in the field of eLearning, bonds were issued by Good People, the owner of frufru brand, and by Bittnet, a Romanian IT entrepreneurial company.
  • Each edition of the Investors Forums organized by BVB reached an audience around 400 participants per event, the total number of participants that have visited the Your Money Expo outdoor event, triggered more than 6,000 persons during two days, and the Fluent in Finance Universal Platform and the first real time trading contest - Driven by Return – had an audience over 100k persons.
  • The Investors Clubs registered an expansion around the country: new clubs were founded in Brasov, Arad and Zalau.
  • Launch of the IRIS reporting system, for issuers to send and publish their current and periodical reports on www.bvb.ro.  By the end of 2016, almost all the issuers from the main market were using the new reporting tool.
  • Launch of the new version of the ArenaXT Web trading platform, with a new module for graphs analysis, improved performance, additional functions and features for customizing the workspace and the launching of a new service available on our website www.bvb.ro: "What you should know before the start of the trading session at BVB"


  • Launch of AeRO, the equities segment of BVB’s Alternative Trading System (ATS)
  • BVB becomes a partner exchange to the United Nations Sustainable Stock Exchanges initiative
  • BVB becomes member to the United Nations Sustainable Stock Exchanges Initiative
  • Bittnet SA – the first IT company, debuts on AeRO


  • Electrica IPO takes place (the largest IPO ever in BVB’s history), followed by the company’s listing
  • BVB organizes the first Forum for retail investors, when the 10 Steps towards civic shareholding were adopted. Solutions included in the document are part of InvestingRomania program, aimed at stimulating the local investment community and redirecting greater flows of capital towards BVB
  • The modernization process of BVB continues with the implementation of a new program for market makers, the extension of the trading hours and inclusion of trading at last phase, the introduction of changes in the trading block and measures dedicated to existing and potential issuers
  • Significant legislative measures supported by the Great Barriers Shift Task Force, including changes of the Fiscal Code and FSA regulations, take place, designed to increase the efficiency of investing at BVB


  • The privatization program via the stock exchange continues with the listing of Nuclearelectrica and Romgaz. The public offer for the 15% stake in Romgaz that preceded the listing became the largest IPO registered in Romania by that time
  • The Great Barriers Shift Task Force was created, aimed at identifying key elements necessary for Romania to be upgraded to the Emerging market status by MSCI. The Task Force identified 8 Barriers that hinder the development of the Romanian capital market and proposed a number of solutions to improve accessibility and the efficiency of the market
  • BVB organizes the first monthly events dedicated to retail investors, BVB Investors Focus


  • The first Exchange Traded Fund is listed at BVB
  • The global accounts system and the non-pre-validation mechanism is extended to all financial instruments traded on the regulated market


  • The main event of the year is the listing of Fondul Proprietatea at BVB, which had a decisive influence on the value of trades and the number of active investors
  • New Europe Property Investments becomes the first real estate investment trust listed at BVB


  • On June 8, the Bucharest Stock Exchange is listed on its own Regulated Market
  • The first international company is listed on the Alternative Trading System (Daimler AG)
  • Structured products are launched


  • The first dual listing takes place, for Erste Group Bank AG, also listed on Vienna Stock Exchange and Prague Stock Exchange
  • Other premieres are the introduction of government bonds and the listing of the first closed-end fund, STK Emergent


  • Romania becomes a European Union member, with a significant positive effect on capital markets. 2007 becomes the best year in BVB’s history, both for traded value and market indices which reached new historical highs
  • Transgaz IPO takes place, with 15% of the company being sold via BVB. The company is subsequently listed at BVB. Allocation rights are used for the first time
  • BVB becomes an affiliated member of the World Federation of Exchanges (WFE)


  • The first privatization via the stock market takes place. Following the 15% IPO for Transelectrica, the company is listed at BVB
  • The Central Depository is established, an entity which would ensure the clearing and settlement of transactions. The institution would also keep records of the issuers’ shareholders’ registries. BVB is the major shareholder of the Central Depository
  • BVB becomes a member of the World Federation of Exchanges


  • BVB turns into a joint-stock company. Shares are distributed to brokerage firms active at the time of demutualization
  • The merger by absorption with Rasdaq market is finalized


  • The new trading system Arena is introduced, replacing the previously-used Horizon
  • BVB becomes a full member of the Federation of Euro-Asian Stock Exchanges (FEAS)


  • BVB becomes a correspondent member of the Federation of the European Securities Exchanges (FESE)


  • Petrom and BRD, two of Romania’s most important companies, are listed on BVB. As a result, BVB’s market capitalization grows almost 4 times and the turnover doubles
  • Bonds trading at BVB starts with the listing of first two municipal bond issues – Predeal and Mangalia


  • The five SIFs (financial investment companies) are listed at BVB


  • The first companies of national importance, among which
  • Terapia Cluj Napoca, Antibiotice Iasi, Alro Slatina, Policolor and Automobile Dacia are listed at BVB
  • BVB’s first market index is launched. BET becomes the reference index for the local market


  • April 21 – BVB is re-established as a public interest institution
  • November 20 – The first trading session takes place


  • December 1 – BVB is officially opened, after a tradition of more than 70 years when commodities-trade exchanges had been functioning