Few events in the brief history of the Romanian stock market have sparked such an enthusiasm as the listing of he Proprietatea Fund did among brokers, analysts and investors. After more than five years of waiting, during which time shareholders and investors traded the equivalent of half the share capital of the Fund on the gray market, the listing is now seen as a godsend, given the extremely difficult period that the domestic stock market.

Brokers and analysts contacted by "BURSA" hope that the listing of the Fund will boost liquidity on the BSE and will put it on the map for major foreign investors. Most emphasized the benefits that the listing of the Fund will have for the market, brokers and investors, with few voices finding drawbacks in the listing of the Fund.

* What benefits could the listing of he Fund have

DRAGOŞ DĂRĂBUŢ, analyst with brokerage firm "Tradeville", considers that the listing of the Proprietatea Fund will cause liquidity to increase, depending on how successful the Fund will be in attracting foreign investors in its shareholder structure. In his opinion, the road-show for this purpose will be the first major trial for the manager of the Fund, Franklin Templeton.

Dărăbuţ said: "I expect that the listing of the Fund will increase turnover on the BSE, since this is a new issuer which has been long awaited both by speculators and by those who received shares in the Fund as compensation.

According to estimates by the officials of Franklin Templeton and of the Central Depository, the average daily turnover for the shares of the Proprietatea Fund on the OTC market was about 5 million Euros last year, similar to the average daily turnover of the BSE in 2010. While estimates may be optimistic and volume may not reach such levels on the regulated market, the listing of the Proprietatea Fund should increase the averag