* Dana Mirela Ionescu, RCI: "Some brokerage firms just want the money, others just want to be part of a big project"

* BT Securities could get the maximum score on the price side, as it has the lowest bid

The bids submitted by the three consortiums and by the brokerage firm that is competing on its own for the intermediation of the listing of the Proprietatea Fund range from 1,852 to 7,000 Euros, fees which could seem ridiculous compared to the size of the issuer and to what its listing would mean on the domestic capital market, once it got listed on the Bucharest Stock Exchange. However, the competitors vying to intermediate the listing of the Fund say that they are not interested in the money that they could make, but rather in the reputation and the strategic benefits which would serve them well later down the road.

The best price was the one offered by BT Securities, the brokerage firm that chose to enter the competition for the listing of the Fund by itself. BT Securities is asking for 1,852 Euros to intermediate the listing of the Proprietatea Fund, meaning it has good chances of getting right of the bat all the 100 points for having made the lowest bid. The tender book, obtained by BURSA, says that the lowest bid gets the maximum number of points (100), and for the other bids, listed in ascending order, the score would drop 10 points per step. However, the tenders will also be evaluated based on other criteria (see the tender book on www.bursa.ro).

The consortium consisting of "Raiffeisen Capital&Investment, ING Bank şi BRD" requested an intermediation fee of about 2,300 Euros, whereas "KBC Securities" and "Unicredit Caib" offered to intermediate the listing of the Proprietatea Fund for approximately 3,000 Euros.

The highest bid, of around 7,000 Euros, was made by the consortium which includes BCR, "Wood& Co" and "Intercapital Inv