Thefloatation of Fondul Proprietatea (Property Fund-FP), scheduled fortomorrow, brings a series of novelties on the Romanian capitalmarket, besides global accounts, which will smooth foreign funds'access to FP shares, with investors also due to have thepossibility of operating short transactions.
In other words, they will be able to borrow shares frombrokerages or even from other investors, for a fee, to sell them onthe Stock Exchange, if they expect a share price decline, with thehope of being able to repurchase them at a lower price. Thus,investors will have the opportunity of gaining even by betting on ashare drop, which is not currently possible with any other Romanianshare listed on the Bucharest Stock Exchange.
Brokers have been asking for the introduction of global accountsand short selling at least for the most liquid shares on the StockExchange for a number of years now, as ways to boost liquidity andreduce volatility.
FP shares will also benefit from a market maker, namely abrokerage continuously offering purchase and sale quotations, sothat investors on the BSE will have somebody to sell to or buy fromat all times.
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