When a stock exchange gets listed, it becomes a company whose stock is admitted for trading on a regulated market.
When an exchange gets listed on its own platform, it then becomes a company whose stock is admitted for trading on a regulated market which is managed by the market operator itself.
Any Stock Exchange has a Board of Directors (CA).
The board of directors of the issuer (which is the stock exchange) is the same as the Board of Directors of the market operator which had its stock admitted for trading.
This explicitly violates the Disposition of the CNVM 17/11.11.2009 Art. 2.(2):
"The members of the Board of any market /system operator may not serve as members of the Board of Directors of any company whose stock has been admitted for trading on a regulated market managed by the market operator in question".
The subsequent amendments of the Disposition do not revise this amendment in any way.
Since the solution of having two Boards of Directors for the same exchange - one for it as an issuer and one for it as a market operator, it follows that the Disposition of the Romanian National Securities Commission prohibit self-listing.
The Sibex self-listed on January 22nd 2010.
The self-listing of Sibex was illegal (and still is).
The Bucharest Stock Exchange self-listed on July 8th 2010.
The self-listing of the Bucharest Stock Exchange was illegal (and still is).
We don"t have a third exchange.
So, anything that can be called a Romanian exchange is operating in a state of illegality.
MAKE (Translated by Cosmin Ghidoveanu) When a stock exchange gets listed, it becomes a company whose stock is admitted for trading on a regulated market.
When an exchange gets listed on its own platform, it then becomes a company whose stock is admitted for trading on a regulated market which is m
