The National Securities Commission has agreed to the merger of the Bucharest Stock Exchange (BSE) with the RASDAQ from a technology point of view. This means the two markets may go ahead with integrating the technological side of their trading and post-trading operations as part of the merger programme. From a legal point of view, the merger is still awaiting legislative clarifications as to how brokers will come into possession of BSE shares during the transformation of the market into a joint stock company. a??In effect, the measures requested by the CNVM confirm the BSE-RASDAQ merger programme. The CNVM has been open and has supported the unification of the two markets since the very beginning,a?? said Stere Farmache, the general manager of the Bucharest Stock Exchange. The technical part of the merger will consist of moving the companies listed on the RASDAQ to the trading platform of the BSE. Implementation of this programme began last year, after trading of a number of RASDAQ companies started on the BSE platform. The shares in companies transferred from the RASDAQ will be traded on two different tiers with separate price formation mechanisms, depending on liquidity. ZF
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