The operations involving the shares listed on RASDAQ will be conducted through the trading system of the Bucharest Stock Exchange in a matter of months. Besides the trading software itself, RASDAQ also wants to borrow one of BSE's regulations, the one about the duties to suspend companies undergoing capital increases from trading. The longer suspension periods the shares listed on RASDAQ are experiencing at the moment are one of the things that make them less attractive for the time being.
These measures are yet two more steps taken towards the merger of two markets that was decided last spring. The merger might not be done this year, either, due to the delay in the passing of the consolidated capital market law.
"We submitted to the National Securities Commission (CNVM) a regulation to allow the trading of the companies listed on RASDAQ on the Stock Exchange," Anca Dumitru, RASDAQ's manager says. The Stock Exchange should provide only the trading technology, and the rest of the duties such as checking the compliance with the transparency standards or reporting the results of the transactions would still be handled by RASDAQ. The companies traded on the Bucharest Stock Exchange at first will be those in RASDAQ's first tier (14 entities), with more possible to come later. The main benefit will be the reduction in costs.
"The trading on RASDAQ is based on negotiation, which sometimes makes a negative impact on prices. The system in place on RASDAQ is good for concentrating stakes and for tender offers, though," says Emil Ogica, Intercapital Invest chairman. The trading through the Stock Exchange system will have a psychological impact, as well, which could lead to a rise in prices, Valentin Ionescu, Euro Invest Vision's head of operations feels. A poll on the kmarket.ro website, after all, had 90% of the respondents say the investors would more interested as soon as the companies started trading through the system of the Bucharest Stock Exchange.
On the other hand, RASDAQ wants to get from CNVM the same responsibilities as BSE has. "We will attempt to transfer the BSE regulation on the duties to suspend listed securities," Anca Dumitru said. Unlike BSE, RASDAQ has no duties in this regard.
vlad.nicolaescu@zf.ro
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