A decision of the Romanian National Securities Commission (CNVM) of July 15th, prohibits the Bucharest Stock Exchange and the Sibiu Exchange from acquiring stakes in each other, but allows them to buy shares in other exchanges from EU member countries or third party countries.
The same decision forbids the members of the Board of Directors of any of the two market operators to belong to hold management positions with another domestic exchange or to hold any stake in them.
Teodor Ancuţa, the chairman of the Sibiu Exchange, considers that the decision is intended to prevent one exchange from attempting a hostile takeover of the other.
"It is a good idea because the Romanian capital market has two small exchanges operating in it and it would be very easy for one of them to take over the other", said Teodor Ancuţa.
Stere Farmache, the president of the Bucharest Stock Exchange, was not available for comment.
ŞTEFANIA CIOCÎRLAN (Translated by Cosmin Ghidoveanu) A decision of the Romanian National Securities Commission (CNVM) of July 15th, prohibits the Bucharest Stock Exchange and the Sibiu Exchange from acquiring stakes in each other, but allows them to buy shares in other exchanges from EU member countries or third party countries.
The same decision forbids the members of the Board of Directors of any of the two market operators to belong to hold management positions with another domestic exchange or to hold any stake in them.
Teodor Ancuţa, the chairman of the Sibiu Exchange, considers that the decision is intended to prevent one exchange from attempting a hostile takeover of the other.
"It is a good idea because the Romanian capital market has two small exchanges operating in it and it would be very easy for one of them to take over the other", said Teodor Ancuţa.
Stere Farmache, the president of the Bucharest Stock
