Press releases

• Over 900 people signed up to take part in the Individual Investors Forum, a benchmark event organized for the 10^th time by the Bucharest Stock Exchange and its partners.
• The most important national forum dedicated to financial education brought on stage specialists from the capital markets representing brokerage companies, investment funds, pension funds, and analysts.
• Adrian Tanase, BVB CEO: The stock market is not an exotic place, but an opportunity for all Romanians to invest. The stock market should have a serious place in the economy, and we would like all Romanians to keep their savings in securities. The capital market does not have to be an experiment, it should be the main place to keep our money in the long term.
• Lucian Anghel, BVB President: The principle of not putting all the eggs in one basket, of not risking all the money in the same area, on the same asset class, is a universally valid principle. It is essential that we invest regularly, and not necessarily very large amounts. If we invest in a constant, diversified manner, and show discipline, then our financial wellbeing is likely to grow. For instance, the total return (as shown by the BET-TR index, which includes the dividends) for equities investment surpassed 200 percent in euro-equivalent from September 2012 to November 2019.

• IIB attracted RON 500mn, through a 3-year bond issue, at an interest rate of 3.98% p.a., the lowest costs ever for IIB obtained by its largest local currency bond issuance on the European markets so far.
• This is the fifth consecutive year in which IIB attracts funding through the Romanian capital market; the value of the amounts attracted in the five years raises to almost RON 2.2bn (EUR 467mn)

International Investment Bank (IIB) recently attracted a new round of financing on the Romanian capital market, for the fifth consecutive year. The bonds, with a 3yrs maturity and a fixed interest rate of 3.98% p.a. payable annually, were listed on Thursday, November 7^th, on the Bucharest Stock Exchange, under IIB22 ticker. The issue comprises 50,000 bonds, with a nominal value of RON 10,000, which means a total value of RON 500mn (EUR 105mn).

“We are proud to see the outcome of this last bond issue. It vividly demonstrates the international investor community’s confidence in the Bank’s strategic course and a sign of the Bank’s recognition as a Europe-based multilateral development institution”, stated Nikolay Kosov, the Chairperson of the IIB Management Board.

“We are glad that it has become a tradition for International Investment Bank to attract financing on the Romanian capital market and that they see a financing partner in BVB. The amounts attracted by the financial institution, together with other financing rounds carried out by other Romanian companies this year, prove that the Romanian capital market is a solid mechanism and fulfills the financing role for the issuers that prove serious and win the investors' confidence”, said Adrian Tanase, BVB CEO.

• The most important national forum dedicated to financial education will take place in a few days. The event is organized by the Bucharest Stock Exchange and its partners on November 16^th at JW Marriott Hotel in Bucharest.
• The registration is free of charge and can be done on the website dedicated to this project: www.bvbforum.ro/inregistrare
• Specialists from the capital markets representing brokerage companies, investment funds, pension funds will be joined on stage by company officials of already listed as speakers to the most important event dedicated to retail investors. The speakers’ names and the agenda of the event are available at www.bvbforum.ro.
• Adrian Tanase, BVB CEO: The Individual Investors Forum is a benchmark event not only in the calendar of those who made the investment phenomenon a constant, but also among those who have just started discovering the opportunities offered by the capital market, which is gaining more awareness following the promotion to the Emerging Marker status. I am often asked this question: When is it the best moment to start investing? Anytime. The most important thing is to start and do this constantly and in the long term.
• Lucian Anghel, BVB President: During all the editions of Forum, some of the best money managers in Romania gave many people investment tips on what they could do with their savings. Thus, those who would have invested in shares included in the BET index in September 2012 would have obtained a yield of 216% (BET-TR) in RON equivalent by October 2019 taking into account the dividends offered by the listed companies.

• CCP.RO Bucharest S.A. (CCP.RO) was established today, November 4^th, after its shareholders approved to participate in the equity of the new entity by a total amount of RON 79.8 million (EUR 16.8 million).
• CCP.RO will host the infrastructure that will relaunch the derivatives market in Romania and will provide new mechanisms for mitigating and transferring the risks for the markets operated by BVB and OPCOM, thus enhancing the confidence and activity in these markets.
• BVB is a majority shareholder with 59.52% of the shares, following a contribution of RON 47.5 million (EUR 10 million), the largest investment made by BVB in a single project. BVB partners in the CCP.RO project are: OPCOM, Enel Romania, Banca Transilvania, Tinmar Energy, SIF Banat-Crisana, SIF Transilvania, SIF Muntenia and BRK Financial Group.
• Adrian Tanase, BVB: We have successfully achieved the first major step in building a local central counterparty through a significant investment, which is an excellent proof of cooperation and interest in the sustainable and significant development of the capital and energy markets. We are glad that we have on board with us powerful partners in the financial and energy field in this an unprecedented project for Romania. The CCP.RO will enhance the liquidity of these markets, and the existence of this institution represents the minimum necessary condition to ensure their healthy evolution.

• Romania’s promotion to the Secondary Emerging Market status from Frontier Market status, as the global index provider FTSE Russell announced on September 26th, opens the way for new opportunities to develop for the Romanian capital market.
• Adrian Tanase, BVB CEO: The challenge for Romania is to become increasingly representative in the FTSE Russell indices, and to weight more in these indices. At this moment, three Romanian companies are included in these indices, and another five companies still have to meet the liquidity criteria. The increase in the number of Romanian companies included in the FTSE Russell indices and, consequently, the consolidation of the Emerging Market status is one of the main objectives of the management of the Bucharest Stock Exchange and this should be the common objective assumed by the entire business class and the political class as well.
• Lucian Anghel, BVB President: It is up to us, it is up to Romania, how we will benefit from this international financing platform. It is an improved platform following this promotion and it will depend on us all how well we will be able to secure this funding in a smart way so that it benefits the Romanian entrepreneurs and the development of our country.

• Global index provider FTSE Russell promoted Romania to Emerging Market from Frontier Market status, as announced on September 26^th, three years after the country was added to the Watch List.
• The reclassification of the status will become effective in September next year.
• Adrian Tanase, BVB CEO: 

  • We are here facing a historic moment: it’s the international recognition that Romania deserves to be promoted and I am happy and proud to lead the team that made it possible.
  • When the stock market is doing well the economy is doing well. I do hope this status upgrade will make more managers from state-owned and privately held companies see the stock exchange as the go-to place where they can further develop their businesses.
  • We are going to celebrate 25 years of modern trading at the Bucharest Stock Exchange in November next year. We aim to show our partners that we are committed to further improve the market infrastructure. To this extent, the CCP project will create the framework required to significantly improve market liquidity. 
  • Our goal for the next 10 years is to double the market representativeness in the local economy from the current level of 10% to 20% of GDP.

• Lucian Anghel, BVB President:

  • Romania’s promotion to the Emerging Market status can be considered, from the economic standpoint of the capital market, the equivalent of the country’s admission to the European Union. Romania deserved to be promoted to the Emerging Market status as it has repeatedly proved itself as being a functional and accessible market.
  • Funds much larger than the ones that have invested so far and that manage hundreds of billions of euros will be allowed to invest here in the next years as these funds’ managers are restricted by the prospectus to invest in Frontier Markets.
  • Romanian investors could benefit from this promotion in the long run if they choose to reap the rewards offered by the investment opportunities in the stock market.
  • We would like to thank all the capital market stakeholders and authorities who have been close to the stock exchange in this capital market reform process that started around 7 years ago.

• The Romanian capital market continues to post robust growth in the first 8 months as the BET-TR index, which includes the dividends paid by the companies from the BET index, has spiked up 36 percent since the beginning of the year.
• Eight months into the year, the total trading value for equities amounted to EUR 1.46 billion.  
• Adrian Tanase, BVB CEO: The evolution of the capital market confirms its attractive fundamentals. So it is not a coincidence that we are here, it is just a reconfirmation that there are solid growth bases. Market performance aside, it is important for investors to be up to date with the plans we have for its development because we will announce new further steps that will lead in this direction.
• Lucian Anghel, BVB President: Romania has repeatedly proven that it is a market that has matured and can return to accelerated growth rates even after periods of stress generated by high volatility. Moreover, the BET-TR index, which also includes dividends, has reported positive yearly performances in RON equivalent every year since its launch, a performance which is difficult to match.

• "Fluent in Finance", the most comprehensive financial education program organized nationwide by the Bucharest Stock Exchange and its partners, amassed 16,500 people that took part in over 250 seminars in the first four years of the program.
• "Fluent in Finance" incorporates the financial education platform www.fluentinfinante.ro as well, with information videos, an eLearning module and many other features.
• Adrian Tanase, BVB CEO: Financial education is very important for anyone, whether they work in the financial field or not. Every Romanian must understand how to manage their money wisely and that, from a young age, it is essential to plan their future. In the financial world, time is one of the most important allies.
• Lucian Anghel, BVB Chairman of the Board: Attending a financial education course is perhaps the best investment for your future and your family. The result of this investment is financial independence. Welfare depends 99% on financial education and 1% on inspiration. I hope Romanians understand the importance of financial education and take advantage of it.

• The BET-TR index, which includes the dividends paid by the companies from the BET index, spiked 35 percent in the first 7 months of the year to reach an all-time high of 14,732 points.
• The BET index, including the most-traded 16 companies except for the Financial Investment Companies, closed at 9,204 points at the end of July. It is the highest level from the past 10 and a half years.
• Adrian Tanase, BVB CEO: The paradox of the Romanian market is that too few investors were in the market at a time when we are talking about all-time highs for BET-TR and the climax of the last decade for the BET index. Our efforts will be focused on attracting a greater number of people to the capital market so that the savings of as many Romanians as possible benefit from the favorable developments that the capital market offers in the long run. Broader participation of the population in the capital market will significantly impact the Romanian economy and the size of the stock market, which is now one of the smallest in the European Union as it accounts for only 10 percent of GDP.
• Lucian Anghel, BVB President: The capital market has proven to be the most generous producer of welfare. It is difficult to find today a better, regulated and transparent environment that can generate over 35% profit in just seven months, as was the case with the BET-TR index, which also includes the dividends offered by the largest companies listed on the stock exchange in Romania.

• BRK Financial Group becomes as of tomorrow the Issuer’s Market Maker for AAGES, a company listed on BVB two years ago.
• Adrian Tanase, BVB CEO: It is for the first time that a participant signs a contract directly with an issuer to support liquidity. It is now possible as we were able to establish the general framework for this program. The Issuer's Market Maker thus becomes a reality that creates the premises for enhancing liquidity. We would like more and more issuers to follow this example and use this opportunity.
• Gabor Molnar, General Manager at AAGES: The goal we pursue is to increase the liquidity of the company's shares and, thus, to increase the investors' confidence.
• Razvan Rat, Deputy GM at BRK Financial Group: Our commitment to the development of the local financial instruments' market is materialized by the launch of a new service.

• The BET index, including the most-traded 16 companies, went up by nearly 20 percent in the first six months. It is the second-largest growth pace among the main indices of the stock exchanges from the European Union.
• BET-TR index, which includes the dividends paid by the companies from the BET index, surpassed the 14,000-point ceiling for the first time in history following an increase of 30 percent since the beginning of the year.
• Adrian Tanase, BVB CEO: The local capital market grew strong in the first half of the year, mainly for two reasons. On the one side, the dividends coupled with the results of the Romanian companies appealed to investors, on the other side let’s remember that this accelerated growth came as a result of a base effect because the market was very low at the end of last year. Romania has been linked to the upward trend in international markets, some of them reaching new highs.
• Lucian Anghel, BVB President: Investors of all types are attracted to both the share price increase and the generous dividends offered by BVB listed companies. The nearly 30 percent return in the first half for the BET-TR index, which includes dividends, is an attractive proposal that Romania makes to those who hold capital. Moreover, the BET-TR index reached all-time highs and Romania reconfirms its growth potential to investors.

• Electrica opened BVB’s trading session on the occasion of the five-year anniversary of the company’s admission to trading on both the Bucharest and London stock exchanges
• Since 2014, Electrica has provided the most stable dividend yield of all the companies included in the BET index
• Since the IPO, Electrica generated a 37% total yield for its shareholders

The Bucharest Stock Exchange (BVB) is hosting on June 14 the international capital markets conference of the Federation of Euro-Asian Stock Exchanges, ConFEAS 2019.

• BET-TR index, which includes the dividends paid by the companies included in the main index of the Bucharest Stock Exchange, broke the 13,000-point ceiling in May for the first time in its history, following a 19.8 percent rally this year.
• May has witnessed the highest monthly trading volumes for equities so far this year, in excess of RON 1 billion.
• Adrian Tanase, BVB CEO: A mix of domestic and international events translated into a larger trading volume. Besides the ex-dividend data, which gave a strong boost to the trading activity, the most important decision for the local environment came from the Government, which amended the provisions of GEO 114 regarding the Pillar II pension funds.
• Lucian Anghel, BVB President: The 19.8 percent total return offered to investors by BET-TR since the beginning of the year is one of the best stock market performances in the region. Romania continues to be an attractive destination for local and international investors, offering some of the highest dividend yields in the world and growth prospects above the European Union average.

Bucharest Stock Exchange (BVB), a fundamental institution of the capital market, welcomes the Government's decision, which amended several provisions of Government Emergency Ordinance (GEO) 114 regarding the Pillar II  pension system so as to provide improved conditions in relation to the legal framework created at the end of last year.

• The Romanian capital market went up by 14.5 percent in the first four months this year, including the dividends of the companies included in the BET index, mirroring the evolution of the most-traded 16 companies except for the Financial Investment Companies.

• Analysts say lower trading values from this time of the year occurred as investors were waiting for a more clear direction to reveal itself both in international markets, as well as in the domestic market.

• More than 250 people, existing or potential investors, took part in the ninth edition of the Individual Investors Forum organized by BVB in Cluj-Napoca.
• The most important event for retail investors gathered 17 speakers: specialists from the capital markets – representing analysts, brokerage companies, mutual funds, pension funds – were joined on stage by company officials of already listed or potentially to be listed companies. 

• The 15 finalists of Made in Romania project were officially announced and awarded at Made in Romania Gala, 3^rd edition
• All finalists and semi-finalists of the three editions of the program will benefit in the coming months from a special program dedicated to supporting long-term business development

• The most important national forum dedicated to financial education will take place on May 18^th in Cluj-Napoca, the registration is free of charge and can be done on the website dedicated to this project: www.bvbforum.ro/inscriere
• Specialists from the capital markets – representing brokerage companies, investment funds, pension funds – will be joined on stage by company officials of already listed or potentially to be listed companies as speakers to the most important event eyeing retail investors.
• Adrian Tanase, BVB CEO: The capital market is the place to invest your savings if you take into account some simple rules. Time and financial discipline are the best investment consultants. Now, we bring this edition of the Forum in Cluj-Napoca because we believe the stock market is of national importance and we want to send a clear signal that we do our best to encourage existing and potential investors no matter where they are to keep part of their savings in the capital market. At this edition of the Forum, specialists from the capital markets will eloquently show how easy it is to invest. All you have to do is start.
• Lucian Anghel, BVB President: Intelligent investments is not putting all the eggs into one basket, is not about having one financial instrument such as the current account or the savings account. It is advisable to invest as diversified as possible in several financial instruments. Anyone who had invested in the last 6 years some of their savings in the companies listed on the Romanian stock exchange would have got a return of 150 percent, including the dividends.

• The Romanian capital market went up by 9 percent at the end of the first quarter this year, as the BET index, including the most traded 16 companies except for the Financial Investment Companies, went past the 8,000-point benchmark.
• Adrian Tanase, BVB CEO: The local stock exchange resumed growth in the first quarter, while trading volumes were modest as compared to the first three months from last year. BVB and the whole financial community must make it a priority to increase the involvement of individuals in the capital market in order to significantly change the premises of future development of the market.
• Lucian Anghel, BVB President: High volatility characterized the first quarter this year as the main market index went from negative to positive, as investors received well the new legislative clarifications, the continued strong economic activity and generous dividends, which were around 9 percent last year for the main listed companies, being among the largest in the world.

• Almost 300 companies registered in the third edition of the Made in Romania program, 50% more than in 2018
• The public cansend their favourite company directly to the final stage by casting the vote on www.bvbleague.ro/public-vote until April 21st

Made in Romania: BVB League program has designated its 50 semi-finalist companies through a complex selection process from a total of nearly 300 nominated entrepreneurial companies. At its third edition, the program reconfirmed the growing success among the Romanian business community, with a 50% increase in the number of nominated companies versus the previous edition.

The growing interest in Made in Romania is also due to the support offered by the Bucharest Stock Exchange (BVB) partners, the members of the Nomination Committee, the members of the Jury, and the companies that entered the BVB League in the first two editions of Made in Romania.

• According to analysts, the investors retaining shares in the companies listed on the local stock exchange saw as positive the statements from political key persons, who claimed same legislative measures could undergo changes, which last year led the Romanian market to an abrupt decline.
• The Romanian capital market as far as the BET index is concerned went up by 10 percent in February, after being in the negative territory at the end of January, and managed to end the first two months on a plus of 4 percent.
• Lucian Anghel, BVB President: At the International Summit organized by BVB in February, from the presentations of the 30 speakers emerged this idea that that capital market is vital to develop the Romanian entrepreneurial businesses and to create wellbeing for millions of Romanians.
• Adrian Tanase, BVB CEO: The local capital market has so much potential to grow, which is why the key projects of the stock exchange will be geared towards turning this potential into existence, the two main directions being the development of the local community of investors and the development of the capital market infrastructure. For all these results to occur, we need to act in a clear and stable legislative framework that stimulated market development, a situation that we hope to see as soon as possible.

CFA Society Romania, member of the CFA Institute (USA) - the investment professionals' association, organized, in the academic year 2018 – 2019, the national phase of the 7^th "CFA Institute Research Challenge".

After a close competition between seven teams of students belonging to universities of Romania and Republic of Moldova, the winning team this year was the one of the Faculty of Finance and Banking within Bucharest University of Economic Studies (FABBV). The team consisted of students Andreea Solomon, Robert Grecu, Luca Nicolae and Alexandru Zarnoeanu, led by Anamaria Ciobanu as coordinating teacher and mentor Andreea Mladin, CFA, volunteer and member of the CFA Society Romania.

• Bucharest Stock Exchange's main index was extended to 16 companies for the first time in its two decades history
• Alro is the 16th company included in BET. Alro is one of the largest vertically integrated aluminium producers in Europe, based on the production capacity  

• BVB and its partners handed 25 awards during this year’s edition of the Inauguration of the Stock Exchange Year
• The sixth edition of the Inauguration Gala was held this year at the National Theatre of Bucharest  

• The registration stage in Made in Romania - 3rd edition starts today on www.bvbleague.ro
• BVB launches a book with the business stories of 15 of the most promising Romanian companies
• BVB relaunches the website dedicated to the Made in Romania program

• The Romanian capital market started 2019 with a drop of nearly 6 percent both for the BET index and the BET-TR index, which also includes the dividends. Only the BET-NG index, which includes the companies in the energy field and utilities, went up last month by 2.4 percent.
• When compared to Europe, the Romanian market posted in January the second biggest decline among the main indices of the stock exchanges from the European Union.

• The shareholders of the Bucharest Stock Exchange (BVB) approved during the Extraordinary General Meeting of Shareholders the establishment of the local Central Counterparty (CCP), a project worth EUR 16 million, to which BVB will contribute up to EUR 10 million. 
• Adrian Tanase, BVB CEO: The trading costs are not going to be higher for brokers nor for clients. The investors will be able to access more investing strategies and, as the market develops, we plan to lower tariffs.
• A key role of the CCP is to act as a warrant for the market integrity by eliminating counterparty risk. The new entity will help diversify the market products by offering derivatives and will be able to double the average daily trading value.

• Lucian Anghel, BVB President: The Romanian capital market went in the negative territory last year following a drop by 4.77 percent of the BET index. The BET-TR index, which also includes the dividends, managed to stay positive, up by 4.3 percent, which – considering the market conditions from the end of 2018 – can be regarded as an outstanding performance
• Adrian Tanase, BVB CEO: The investors need the legislation to be predictable in order to fairly evaluate the opportunities offered by the capital market, where Romanian companies representing about 10 percent of Romania’s Gross Domestic Product operate.

• The Bucharest Stock Exchange (BVB) and the Operator of the Romanian Electricity and Gas Markets (OPCOM) want to collaborate on eliminating the counterparty risk in the capital and energy markets and launching futures contracts having the energy market indices as underlying assets.

• Adrian Tanase: BVB and OPCOM propose that, in addition to the transactions conducted on the markets managed by BVB, the CCP project should provide clearing services for transactions in the energy market from the beginning.
• Victor Ionescu: From the perspective of the electricity market, the centralized markets that OPCOM has made available to its participants, the project of the local Clearing Counterparty proposed by BVB is able to provide a solution to correctly, quickly and safely cope with the counterparty risk.