The Bucharest Stock Exchange (BSE), the operator of the stock market in Romania, had almost 66 million RON (18 million euros) invested in bank deposits at the end of last year, although one of the main goals of the institution is to attract as many investors as possible to its market.

BSE has made about 2 million RON (0.55 million euros) from these investments since the beginning of the year, according to ZF calculations, while the shares listed on the BSE generated losses of about 30% on average for investors.

For this year, BSE set out to maintain its cash reserves at about 55 million RON (15 million euros) to be put in bank deposits or government securities, which offer an average interest of 8.5%, according to the budget draft to be submitted to its shareholders for approval.

"There are certain legislative limitations that do not allow us to invest in shares, but only in fixed income instruments such as government securities, bonds and bank deposits," said Stere Farmache, Bucharest Stock Exchange's CEO and chairman of the board.

Pursuant to CNVM (National Securities Commission) regulations, operators of regulated markets may only invest in certain types of shares and are not allowed to invest on the capital market unless certain conditions are met. The investments that CNVM allows include shares of other stock markets. BSE has bought shares in listed stock markets in Europe over the last few years, but did it to be able to participate in general meetings of shareholders to exchange experience rather than anything else.

The average interest of 8.5% BSE takes into account for investments in deposits and government securities is lower than the level offered on the market, where banks are now offering even more than 10%. The BSE representative, however, says, "the budget was devised before interests went up so that we expect to exceed th