The National Securities Commission (CNVM) wants the regulation on trading T-bills modified so that transactions would be conducted only on the stock market and not on the interbank one, as well.
The National Securities Commission feels the current regulation draft on the operation of the T-bills market worked out by the Finance Ministry displays a series of inconsistencies and unclear things about the mechanism proposed for trading public securities on the secondary market.
"We sent the Finance Ministry our latest notes on the issue, following the talks this week (i.e. the last week). The talks will be carried out by directors from now on," Gabriela Anghelache, CNVM vice-president, told Ziarul Financiar.
The regulation in its current draft allows trading a single T-bills issue on both the Stock Exchange and on a market supervised by the National Bank of Romania (NBR), an idea which is not supported by CNVM.
"If the transactions are conducted on two markets, there will be two different prices competing and problems may therefore occur. My impression is that the plan is to keep T-bills traded on the interbank market only. Our giving up now, means never having those T-bills traded on the stock market," Gabriela Anghelache said.
The regulation on the operation of the T-bills market, drafted by the Finance Ministry, has been recently passed by the Central Bank and is to be endorsed by CNVM.
The T-bills market is one of the best businesses there is, due to the high amounts of money involved, which exceed billions of dollars. The fiercest fight is the one for the place to trade such T-bills.
CNVM wants it to be the Stock Exchange, but the Finance Ministry and NBR are not rooting for this solution.
The banks have been the main players on the public securities market so far. Officially, there is no secondary market, that is a place where the T-bills issued by the Finance Ministry could be traded.
The regulation allows securities companies to qualify for both the primary market and the secondary one and makes it possible to trade securities maturing in over a year on the capital markets.
At the same time, the regulation requires brokerage companies at least 75 billion lei in capital in order to qualify for the primary market, where the T-bills are originally sold by the Finance Ministry, and 37.5 billion lei in capital to qualify for the secondary market, where the T-bills are subsequently traded.
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