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BVB to implement reporting system similar to one on U.S stock exchange

The Bucharest Stock Exchange (BVB) intends to introduce a new reporting system for the listed companies, similar to the EDGAR system used on the stock exchanges in the USA, said Stere Farmache, president and CEO of BVB.

The new system will offer investors more transparence regarding the listed companies and the possibility to access the same model of financial reporting for all the issuers. According to Farmache, the EDGAR standardized reporting system is a database that allow public access to financial situations of listed companies, offering investors the possibility to find complete and comparable information about issuers. At present, the companies listed on BVB send periodic financial reports to the market's institutions but on the BVB website only a few indicators appear. 'There are still many steps to take to offer transparency and integrity to the BVB partners, that is the issuers, brokers and investors', Farmache said. He added that through the implementation of the standardized reporting system, the beneficiaries of the information - the investors - would have more confidence in the market to take the best decisions. The standardized reporting system entails the existence of a technical infrastructure and a closer collaboration with the issuers, on the part of BVB. The reporting is done is a more accessible and efficient system, and the continuous information will have a minimum level of standardization, said Farmache, who added BVB had to align its legislation to European directives. Farmache told the international seminar 'Issuers and market's integrity ' he could not estimate either the date of finalization the new sistem or the costs involved because this is in the project phase. Sursa: http://www.rompress.ro

Tags: bvb system farmache stock reporting

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