Daniel Ţepeş resigned from the board of Bucharest Stock Exchange two days ago, but yesterday he changed his mind.
These two contradictory decisions mark the beginning and the end of a story about the interests of the brokers operating on the Romanian capital market (the photo, Daniel Ţepeş).
The surprising resignation of Daniel Ţepeş from the Board of Directors of the Bucharest Stock Exchange, which took place two days ago in the evening, seems to be related to the merger with the Sibiu Stock Exchange.
On Monday, in preparation for the General Meeting of the Shareholders of the Bucharest Stock Exchange (BVB), a meeting took place which apparently ended up in a conflict.
The cause of the tension that ruled the entire meeting, was an article published by an on-line publication, which claims that brokerage firm Estinvest of Focşani had drawn up a comparison between the potential of the stock of the BSE and that of the SIBEX, which recommends those of the Bucharest Stock Exchange as a better investment.
Such a conclusion comes at a very bad time, just as the two exchanges are tentatively discussing a merger between the two exchanges, an idea which was again put down on the table after several years of "cold war" between them.
The entire broker community agrees to the idea of the merger, the only idea that divides the two sides being the moment when the merger should take place.
The timing of the merger seems to have an outstanding importance when it comes to determining the parity between the two exchanges (see the communiqué of Sibex published hereinafter), which could make some brokers richer and others poorer.
If the merger were to take place now, then the share capital increase performed by the Sibiu Exchange would not be taken into account and this would favor brokers that hold BSE stocks, whereas the holders of
