Bank-held brokerage firms are becoming increasingly important on the market, so that three quarters through this year, no less than six of the top ten such companies are controlled by banks operating on the Romanian market. The top two brokerage companies in September were ING Securities and Raiffeisen Capital & Investment as early in the year, after all. The two are the favourites of the foreign investors buying shares on the Romanian capital market, and their high traded value works as a barometer for the interest of the foreign investors in the shares of Romanian companies. The two securities firms account for approximately 20% of the capital market, mainly because they brokered tender offers, such as Dacia (ING) and Terapia (Raiffeisen). The banks could gain direct access to the capital market as soon as next year in case the consolidated capital market law includes this provision. Most commercial banks, however, already have their own securities firms and, as brokers and bank representatives say, the stock brokerage services will remain separated from the banking services in most cases. ZF
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