The main trends on the 2011 capital market will be determined bythe listing of Fondul Proprietatea (Property Fund - FP), which willincrease visibility of the Bucharest Stock Exchange in the regionand will force the main market participants (Stock Exchange,brokers, regulator, as well as investors) to modernise.
The listing of Fondul Proprietatea (FP) has been the most awaitedevent on the Stock Exchange every beginning of the year in the pastfour years.
Now the FP listing is certain, after the CNVM (National SecuritiesCommission) approved the listing prospectus at the end of lastyear, with the brokers (Raiffeisen Capital&Investment), BRD andING Bank) agreeing that manager Franklin Templeton bring the fundto the Stock Exchange on January 25th.
The listing in the very first month of the year will enable most ofthe effects of this event to be felt on the Stock Exchange by theend of the year. They will be both quantitative effects, such as anincrease in the capitalisation, in the free float (shares of apublic company freely available to the investing public) and in thevalue of transactions, as well as in the number of local andforeign investors.
Just as important are qualitative, indirect effects, with the FPlisting being a trigger for modernising the Bucharest StockExchange (BSE). Whether they want to or not, local brokerage firmswill be forced to make significant changes in their internalstructure (such as the introduction of global accounts), which willlead to better services for investors, be they local orforeign.
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