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Stock Exchange gains EUR 4.7 bln by absorbing 90 pct of Rasdaq over-the-counter market

The capitalization of the Bucharest Stock Exchange (BVB) might grow by 4.7 bln euro to 23.5 bln euro, if the somewhere around 400 companies listed on the Rasdaq over-the-counter market are transferred to a superior trading category, said Stere Farmache, BVB president.

In his opinion, the adoption, by the 400 companies, of new standards of transparency will confer them visibility and render them credible in the eyes of investors, which might result in a 30 pct increase of the market value. The aggregate market value of the around 400 issuers represents some 80 - 90 pct of the Rasdaq capitalization and they meet the minimum requirements for being transferred to the Rasdaq-Start-up category, said Farmache. He added that Rasdaq-Start-up will be a special segment of the BVB regular market and will operate as an alternative trading system. The requirements for being admitted to this category are: a capitalization of at least one million euro and an experience of at least three years. The National Securities Commission (CNVM) further delays the regulation of the BVB alternative trading system, arguing that only half of the companies meet the minimum requirements for admission to the Rasdaq-Start-up category. In turn, Farmache said that many companies listed on Rasdaq have broad price fluctuations and therefore their capitalization displays wide variations from one day to another. The companies that will migrate from Rasdaq will be monitored for nine days in order to prove that they are able to keep to the standards of the alternative market. Some companies of this category are eligible for promoting to one of the first two Stock Exchange tiers, but this move is for the companies to decide, said the BVB head. This year, three companies promoted to the second Rasdaq tier and another ten will follow, as they already have the shareholders' OK, but are waiting for better market conditions. The current Rasdaq capitalization is 5.2 bln euro, and that of BVB is 18.8 bln euro, exclusively Erste Bank, which is part of a pilot-program regarding nominee accounts. Sursa: http://www.rompress.ro

Tags: rasdaq euro companies bvb category capitalization exchange market stock

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