Romania to join the OECD
We are content to inform you that Romania has taken steps to join the Organization for Economic Cooperation and Development (OECD) and the successful completion of that course will benefit all Romanian companies who will understand that through better corporate governance they can have access to important resources of capital held by international investors.
The BVB number of investors present in the capital market continued to grow and reached 133,000 at the end of last year.
Additionally, Fourteen European exchange groups, present in twenty-six Member States of the EU, including the Bucharest Stock Exchange (BVB), announced a joint initiative to participate in the future selection process for the provision of a consolidated tape (CT) for equities in the European Union. The project responds to the European Commission’s proposal for an equities tape to contribute to the development of the Capital Markets Union.
The participating exchanges have signed a term sheet to establish a joint venture that will evaluate and prepare an application as a CT provider in a future selection process. The project will focus on providing a tape designed to provide a comprehensive, standardized, and consistent source of market data and will seek to collaborate with regulators to develop an optimal solution for investors. Through this joint venture, the participating exchanges, as key players in the EU’s capital markets ecosystem, are reiterating their commitment to fostering the EU’s open strategic autonomy.
Among the news coming from Romania, there are some related to the National Bank of Romania. The NBR made available to its participants a calendar for testing the ISO 20022 messages for the SaFIR system (the depository for government bonds) which will become live starting at the end of July 2023.
Additionally, the National Bank of Romania announced amendments to the Regulation regarding the secondary market of government bonds, by harmonizing it with the EU Regulation 909/2014. The main modifications will relate to settlement discipline with a focus on confirmation of the trade toward the professional and retail clients and the sanctions scheme applied by the NBR.
Furthermore, according to the EU Regulation 909/2014, NBR will implement Hold and Release mechanism.
