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Development of Romania’s capital market focus of conference at EBRD

By Olga Rosca

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The development of Romania’s capital market will be the focus of a conference hosted by the European Bank for Reconstruction and Development (EBRD) at its headquarters today and organised in cooperation with the Bucharest Stock Exchange (BSE) and Bloomberg.

It is the first in a series of events which will inform institutional investors about recent developments on the Romanian capital market and the initiative to upgrade it to emerging-market status. Romania is currently categorised as a frontier market in indices such as the MSCI.

The country’s authorities have embarked on an extensive programme to develop the country’s capital market. The programme aims to improve the functioning of the local capital market, enhance liquidity and increase availability of capital market’s products.

The EBRD, the largest institutional investor in Romania, supports this agenda through investments, technical assistance and policy dialogue which help develop Romanian capital markets. The Bank has invested in the recent IPOs of gas and electricity distributors Romgaz and Electrica and has also participated in all bank bond issues in the last two years.

Opening the conference, Andras Simor, EBRD Vice President and Chief Financial Officer, said: “We welcome the pace of reform to develop the capital markets in Romania. We are pleased to provide a platform to institutional investors and decision-makers on the Romanian capital market to discuss how to bring it closer to a potential reclassification from frontier market to emerging market.”

Ludwik Sobolewski, CEO of the Bucharest Stock Exchange, said: “Our strategy will dramatically improve Romania’s risk profile and create more opportunities for portfolio investors. Today Romania is moving from a limited destination for investment towards a flourishing market with increasingly efficient connections to international markets. This is a special phase as the market is at a crucial stage of transition and the investment opportunities are immense.”

Recently the Romanian authorities further reinforced their commitment to supporting development of the capital market by launching the Set of Actions Towards Establishment and Acknowledgement of Emerging Market Status, or STEAM. The initiative aims to streamline regulatory processes, thereby increasing efficiencies within the pre-trade, trade and post-trade environments.

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