* Starting in September, the derivatives markets will no longer be allowed to function without Central Counterparties with a minimum capitalization of 7.5 million Euros
* The passage to the status of emerging market could be affected by the survival of the derivatives market
* The CNVM wanted to know how the market sees the implementation of the central counterparty
The two domestic exchanges - the Bucharest Stock Exchange and Sibex - will cooperate for the implementation of a Central Counterparty (CCP), an institution which is required on a European level, without which Romania could be left without a derivatives market.
Essentially, the European Union is requiring the creation of a central counterparty with a minimum capital of 7.5 million Euros for the derivatives market, by September, according to Regulation 648 concerning derivatives, the central counterparties and the central trade registries (EMIR).
The issue of the "CCP" has been examined from every possible angle on Monday, in an extensive meeting, which was attended by the directors and the executives of the BSE and Sibex, of the Bucharest Clearing House (CCB) and of the Romanian Clearing House (CRC), the management of the Central Depository, as well as the commissioners and the executives of the Romanian National Securities Commission (CNVM).
The CNVM has asked questions to find out how the market would see the implementation of the central counterparty in Romania, and to remind that the exchanges need to hurry.
Before being joined by the representatives of the CNVM, the officials of the two exchanges have discussed the working alternatives.
The conclusion of the meeting was that a local central counterparty, with a capital of approximately 11 million Euros, would be a much better solution than resorting to a foreign institution, which would have to deal wi
