After one month in office, Anca Dumitru, the new managing director of Bucharest Stock Exchange is now pressing the reset button and talks about the strategy of the institution to counter the effects of the crisis and about the financial tsunami unfolding, in her first interview as managing director of BSE.

Bonds will unlock the cash flow

After the resignation of Stere Farmache as managing director of the Bucharest Stock Exchange, Anca Dumitru (photo) was appointed by the Board Council as interim for six months, receiving CNVM permit on January 16.

The BSE’s strategies to counter the effects of the crisis have to main targets – developing fixed-income instrument market and opening the stock market to investors.

Anca Dumitru said that generally, the strategies are those proposed by the Board and drafted together with the Government.

“Apart from the projects, we have the difficult task to reduce operational costs, as the entire market is experiencing a special situations that calls for special measures”, said the managing director of BSE.

In the last period, the market proved that fixed-income instruments have been extremely attractive for investors who are now in wait-and-see mode.

“In times of wide-bandwidth variations of prices, investors are more reluctant in investing in stocks. Thus, it is certain that fixed-income instruments are more attractive, because they know what is ahead for them and the length of time over which the investment is made”, said Dumitru.

From the last part of last year, investors’ appetite for bonds has risen, the value of fixed-income trades exceeding the stocks’ liquidity in repeated sessions.

There are often traded state securities, city bonds and the bonds issued by the International Bank for Reconstruction and Development.

Thus, the returns of bonds floated at Bucharest Stock Ex