TheBucharest Stock Exchange debuted in 1995 with less than ten listedcompanies, but ended up bringing over 120 issuers to the stockexchange in three years' time. If one adds the over 5,500 companieson the RASDAQ market, the capital market had the mostrepresentatives players in the economy in 1998. Now there are 74companies on the Stock Exchange and 1,300 on the RASDAQ, most ofwhich are inactive.
The Romanian stock exchange went more or less in the oppositedirection to the Polish market, the main reference point in theregion, so the gap between the two markets deepened even furtherinstead of narrowing down.
The BSE and the RASDAQ market had a very large number of listedcompanies from the very first few years, as a result of the massprivatisation programme, but they did not manage to keep them onboard because of poor legislation. Many large companies, such asDacia, Terapia, Arctic (on the BSE), and Sidex, cement plants, beerplants (on the RASDAQ market) were delisted shortly after beingtaken over by foreign investors. Although Petrom, BRD, Transgaz andthe SIFs (Financial Investment Companies) have joined the StockExchange in the meantime, the Romanian capital market can no longerbe considered representative for the Romanian economy.
"The last 15 years have meant building a solid base for theBucharest Stock Exchange. Unfortunately, not much has been built ontop of this foundation," says Valentin Ionescu, the current generalmanager of the BSE.
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