BRK supports TTS shares liquidity by starting the Issuer Market Maker activity on July 14th

7/13/2021

  • One month after its listing on the Bucharest Stock Exchange, TTS (Transport Trade Services) benefits from the Issuer's Market Maker (IMM) services provided by BRK Financial Group.
  • BRK Financial Group is the first Issuer Market Maker for TTS shares.
  • As of July 14th, a total number of 12 financial instruments listed on the stock exchange, 11 shares and one bond issue, benefit from the Issuer’s Market Maker program.

 

TTS (Transport Trade Services), the largest Romanian carrier on the Danube, listed on Bucharest Stock Exchange (BVB) this year on June 14th, will benefit starting with July 14th, 2021, one month after its listing, from the Issuer's Market Maker services provided by BRK Financial Group (BRK). BRK, one of the most active brokers on the stock exchange, is the first market maker for TTS shares and will support improving the liquidity.

‘Improving the liquidity is one of our objectives, at Bucharest Stock Exchange. The Issuer's Market Maker program supports this important direction towards the development of the market and brings benefits for brokers, as well as for issuers, through an increase in valuation and an improvement in the market position for the company. We are glad that as of July 14th, we will have 12 financial instruments included in this program and we expect this number will continue to grow’, said Adrian Tanase, Bucharest Stock Exchange CEO.

‘As a listed company, we aim to align with the best practices in our investors relation activity. We believe that the liquidity support program is in line with our goals of creating value for shareholders. We want TTS shares to be included in local and international indices (with direct reference to the index series of global supplier FTSE Russell) in order to increase the interest in TTS shares among potential investors, and liquidity is the main criterion for including our shares in these indices. We signed a contract with BRK Financial Group for a 2-year period, and the agreed listing parameters were calibrated in close connection with the TTS market capitalization, with the free float and with the proposed objectives’, said Petru Stefanut, TTS CEO.

The Issuer's Market Maker (IMM) activity will be performed by BRK Financial Group based on a contract signed with TTS (Transport Trade Services).

‘We appreciate TTS’s decision to use the issuer market making service offered by BRK Financial Group, shortly after the listing of the shares on the stock exchange. Liquidity contributes in the long run volatility’s reduction and of the associated risk.  We observed empirically that in the top of daily turnover, the shares that have the liquidity provided by a market maker are on leading positions. Our commitment within this partnership consists in listing a minimum volume of 11,000 shares (both in BID and ASK), at a maximum spread of 3%, but our internal objective is to quote with an average spread around 1.50 and a market presence of at least 90% of the trading sessions’, said Monica Ivan, BRK Financial Group CEO.

Thus, BRK becomes the Issuer's Market Maker for 10 issues: shares of TTS (Transport Trade Services), Bucharest Stock Exchange, Antibiotice, Aages, Impact Developer&Contractor, MedLife, Romcarbon, TeraPlast, Purcari Wineries, as well as for IMP26E bonds. The specific parameters applicable to the IMM activity provided by BRK Financial Group for TTS shares are available HERE.

The IMM is the participant in the BVB’s trading system that has taken on the role of sustaining the liquidity of a financial instrument, based on a contract concluded with the issuer of the financial instruments, as well as with BVB. Further information regarding the general framework for the IMM Program can be found HERE.