The floatation of Fondul Proprietatea (Property Fund - FP), themost important event on the capital market in the last decade, hassettled things at the top of the brokers' ranking, the peoplebehind the scenes who trade millions of euros on the Bourse everyday.
KBC Securities, the leader of the brokerage market in 2010, managedto break all records coming close to a 20% market share in January,with its 386 million RON (90 million euros) in transactionsbrokered, followed by UniCredit CA IB Securities, 322 million RON(75 million euros) and 16.4% of the market, while none of the otherbrokers had any more than 6% of the market.
Fondul Proprietatea generated 550 million RON (129 million euros)in transactions in five days driving the traded volume of theBucharest Stock Exchange to 976 million RON, the highest in thelast three years.
Top brokers, however, say that the high traded volume did not comewith revenues to match, because many securities firms cut fees fortransactions with FP shares to attract as many clients as possible.According to ZF's calculations, the 550 million euros in FPtransactions generated about 2.7 million RON in fees, half of whichwent into the accounts of the Stock Exchange and of the CNVM(National Securities Commission).
"We are not making too much money. The volume is lower thanexpected. We had hoped it would stabilise at over 1% of the fundper day (140 million shares, instead of the 80 million sharesyesterday i.e.). The main beneficiary is the BSE, which did not cutfees. We might have doubled the market share but we're still seeingoperating losses because of the competition over fees," explainedBogdan Juravle, head of the capital markets department of KBCSecurities.
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