The approval by the Central Depositary's Board of Directors ofOTC transactions has generated strong reactions among brokers, whosplit into two camps, some supporting the idea and others rejectingit.
The brokers of large banks on the market, including foreigninvestment funds among their clients, maintain the OTC market isnecessary as it would allow them to offset certain flaws of theBucharest Stock Exchange, such as the absence of globalaccounts.
The characteristics of OTC transactions are making some brokersworry, who say large investors will be tempted to trade on the OTCand shun the Stock Exchange, which would determine an even deeperliquidity decline.
Stere Farmache, BSE chairman, maintains the need of conductingresearch before launching OTC transactions and of setting someclear operating rules. "I believe such a decision needs to be wellfounded and needs the approval of CNVM, since it entails theopening of a new market," Farmache specified.
CNVM (National Securities Commission) representatives say, though,that current regulations include stipulations regulating OTCtransactions, and therefore the Commission's approval is no longernecessary.
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