The Bucharest Stock Exchange (BVB) and the Central Depository (CD) have announced that starting from 10 July 2015 the Deal Market Transactions executed with equities on BVB's Regulated Market may be settled on gross basis. Investors will be allowed to choose the following cycles for gross settlement: T, T+1 or T+2.
According to BVB's Rulebook, the Deal Market is an auxiliary market of the Regular Market for the purpose of transaction negotiating, where Deal Transactions are entered into, and for which BVB has established a minimum transaction value. The Deal Market is intended for trading in large volumes of financial instruments negotiated in advance by exchange tied agents.
The Deal Market transactions that will be settled on gross basis have to fulfill the following criteria:
- the order related to a potential Deal Market transactions has to be marked with the wording "gross"
- the Deal Market transactions settled on T must be confirmed on the trade date, but not later than 14:45 local time
- the value of each Deal Market transaction will be rounded to two digits after the decimal point
Impact on investors: Investors on BVB will receive a wider range of options for the settlement of Deal Market transactions concluded on BVB's Regulated Market.