The implementation of the new Stock Exchange Code will not have an immediate impact over the Bucharest Stock Exchange, brokers believe, but it will get us closer to European stock markets, which are much better regulated.
The new Stock Exchange Code, which came into effect on Wednesday, brings much stricter liquidity and transparency conditions, all in the interest of capital market investors, analysts say. The main modifications include the reduction of the standard trading block from 500 to 100 shares, as well as a shorter period of time during which shares are suspended from trading. "I think the rules imposed by the new Stock Exchange Code are stricter, but quite lenient compared with those in effect on European markets. Investors have to understand the Bucharest Stock Exchange is the elite of companies in Romania and these must meet harsher conditions than unlisted companies," says Adrian Simionescu, manager with Finans Securities.
"The Code comes with higher standards related to the members of the Bucharest Stock Exchange, the participants on this market, which boost investors' confidence in the authorities and protect their interests," considers Simionescu.
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