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Global accounts to bring foreigners to BVB by end-year

The global accounts will be implemented for all the issuers on Bucharest Stock Exchange (BVB) by the end of the year, after the pilot-programme for Erste Bank shares ends in August, announced BVB president Stere Farmache.

'The global account is used in general on all the world's big stock markers and this is the standard game manner. The big foreign funds are not used with the individual accounts here and that is why they prefer not to enter a market where they do not know all financial instruments', BVB head said. He added that, through the introduction of the global accounts, BVB would align to the international standards. In his turn, the president of the Central Depository, Ovidiu Sergiu Pop, voiced the opinion that the implementation of the global accounts will increase the stock liquidity as there are very many foreign investors that do not enter the markets where there are no global accounts. 'We can also speak about another effect of the introduction of the global accounts such as reducing the fees charged by brokers. Anyway, there is a fee declining tendency,' said Rzvan Pasol, president of the brokerage firm Intercapital Invest. The decline in BVB-listed shares in the past year, a fact that has led automatically to a fall in the BVB liquidity, seems to have reminded brokers the 'short selling' method, which cannot be introduced in the absence of the global accounts, but which can bring investors gains even when the quotations of the shares decline. So far, the global accounts have been active only for the issuers at the international tier of BVB - the Erste Bank shares, listed in February. Sursa: http://www.rompress.ro

Tags: bvb accounts global

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