Download - FEAS

More documents

Recommendations

Info

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 BUCHAREST STOCK EXCHANGE 2010 was the year of change for the Bucharest Stock Exchange. Valentin Ionescu General Manager 2010 was the year of change for the Bucharest Stock Exchange. With a new Board of Directors elected in February, listing of BVB in June and a new CEO named in September, BVB began a process of change. BVB struggled last year, along with other trading venues, for liquidity, as the economic financial crisis left deep traces in the confidence of investors all over the world. In spite of this, the liquidity on all markets, operated by the Bucharest Stock Exchange, increased by 29%, compared to 2009. The 15th anniversary of the BVB, in 2010, found our company a listed one, along with other more than 70 companies traded on the main market. BVB floated its shares in June 2010 and the evolution of price and liquidity afterwards surprised the entire market. For diversifying the range of financial instruments available for trading, BVB launched the structured products market and an Alternative Trading System for SMEs to facilitate the financing of their projects; it also has an international dedicated section. I am confident that in 2011 the two market segments will attract lot of companies and new investors. In order to succeed, in a more competitive world, we want to be more dynamic and flexible. HISTORY AND DEVELOPMENT There are more than 125 years since the first trading floor opened its doors in the centre of Bucharest, very close to the National Bank, on the 1st of December 1882. This event followed the first “Law on bourses, mercantile traders and intermediaries” enacted in 1881, following the French model. This bill was the legal framework for the functioning of the stock and mercantile exchanges in Romania. It developed into a very dynamic exchange due to the companies listed, mainly from sectors like banking, mining, oil, insurance and transport. During the wars, as the entire Romanian economy flourished, the Stock Exchange also recorded its booming period. In 1935 there were 56 shares listed and 77 fixed income securities. After a peak in 1938, the Stock Exchange was closed in 1948, when the new communist regime nationalized all companies. A new beginning for the Romanian capital market was in 1994 when Romanian Parliament passed the first capital market law, setting up the legal framework for creation of all new capital market institutions. The Bucharest Stock Exchange was reestablished in April 1995, and the first trading day took place on 20 November, same year. From the beginning, the entire trading process took place in a dematerialised environment. The most recent regulations are harmonized with the latest EU legislation regarding the capital market. Institutional changes took place also during its 15 years of operation. Set up in the beginning as a public interest institution, Bucharest Stock Exchange went through a demutualisation process in 2005. The BVB externalised the registry/ clearing functions and the new Central Depository was set up at the beginning of 2007, having the Exchange its main shareholder. BVB, along with the Central Depository, the Corporate Governance Institute, the newly set up Bucharest Clearing House for the derivatives market and Investors Compensation Fund, is currently part of the BVB Financial Group. FUTURE OUTLOOK BVB projects for 2011: • Improve the market infrastructure with mix account system (global and individual) and short selling on companies included in BET, BET-FI and ROTX indices • Increase the role of corporate governance in the capital market • Develop new products and services in cooperation with other institutions (energy derivatives, ETFs, CO2 certificates, treasury certificates, REITs) • Include BVB in the international flow of the financial products and services, by trading foreign shares • Attract new issuers for the regulated market in partnership with brokerage houses • Develop the market infrastructure in order to align trading and post-trading activities to the international standards • Support the projects initiated by the Government regarding the sale through BVB of different share packages in state owned companies. Romanian Government projects 2011 • Listing of Fondul Proprietatea (Romanian Property Fund) expected on 25th of January 2011 FP is a closed end fund, created with the purpose of indemnification of the persons whose properties were abusively confiscated by the communists during the last regime, properties which, at present, can’t be physically reimbursed. Fund hold shares in more than 80 companies, mainly in the Romanian energy sector NAV of EUR3,15 bn. as for the end of October 2010 • SPO for Petrom expected in Q2 2010 Petrom is the largest producer of oil and gas in SEE, is part of OMV Group and listed on BVB since 2004. The company registered continued growth in the last years and has a market cap of EUR4.4 bn. Current free float is 8.24 % and will be extended by 9.84%. • SPO for Transgaz expected in H2 2010 Transgaz is the national operator for gas transport and is listed on BVB since 2008, after a successful IPO. Transgaz has a market cap of EUR701m. Current free float is11.5% and will be extended by 15%. • SPO for Transelectrica expected in H2 2010 Transelectrica is the national operator for energy transport and is listed on BVB since 2006, after an successful IPO. Transelectrica has a market cap of EUR303m. Current free float is 12.8 % and will be extended by 15%. PAGE 50
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 BUCHAREST STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul-10 113.59 5.16 510.82 23.22 Aug-10 91.87 4.18 359.13 16.32 Sep-10 102.25 4.65 886.03 40.27 Oct-10 788.04 37.53 280.83 13.37 Nov-10 78.13 3.55 311.40 14.15 Dec-10 103.47 5.17 281.04 14.05 TOTAL 1,277.35 10.04 2,629.24 20.23 Bonds Jul-10 5.55 0.46 0.03 0.00 Aug-10 33.28 3.70 0.68 0.08 Sep-10 12.81 1.07 0.03 0.00 Oct-10 22.15 1.58 0.11 0.01 Nov-10 11.79 1.47 0.02 0.00 Dec-10 4.32 0.54 0.06 0.01 TOTAL 89.89 1.47 0.93 0.02 Other Jul-10 3.91 0.24 0.00 0.00 Aug-10 1.62 0.10 0.00 0.00 Sep-10 1.18 0.07 0.00 0.00 Oct-10 1.17 0.08 0.00 0.00 Nov-10 0.10 0.01 0.00 0.00 Dec-10 0.24 0.02 0.00 0.00 TOTAL 8.22 0.09 0.01 0.00 Market Capitalization (US$ millions) Index MONTHLY STOCK VOLUME VS INDEX (US$ millions) Stocks Index MONTHLY MARKET CAPITALIZATION (US$ millions) Jul-10 28,156.57 5,074.07 Aug-10 26,490.29 5,072.95 Sep-10 29,659.82 5,336.25 Oct-10 31,255.85 5,282.41 Nov-10 27,989.13 5,093.95 Dec-10 31,662.07 5,268.61 800 700 600 500 400 300 200 100 6,000 5,000 4,000 3,000 2,000 1,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Jul Aug Sep Oct Nov Dec 0 0 Jul Aug Sep Oct Nov Dec CONTACT INFORMATION Contact Name Ms. Ilena Botez E-mail Ilena.Botez@bvb.ro Website www.bvb.ro PAGE 51
Page 1: FEDERATION OF EURO-ASIAN STOCK EXCH
Page 4 and 5: FEDERATION OF EURO-ASIAN STOCK EXCH
Page 103 and 104:
FEDERATION OF EURO-ASIAN STOCK EXCH
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
Page 165 and 166:
Page 167 and 168:
Page 169 and 170:
Page 171 and 172:
Page 173 and 174:
Page 175 and 176:
Page 177 and 178:
show all

Download - FEAS

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?