* The targets of the director of the BSE: "Listings the likes of which Bucharest has never seen and 200,000 investors in two years"

* 70% of the efforts will go towards dealing with the issues of the past

The offer for the listing of Romgaz has to be structured so that most of it will come in the form of shares on the Bucharest Stock Exchange and only a little party be structured in the form of GDRs (global depository receipts) in London. This was the message conveyed by Ludwik Sobolewski, who had his first press conference in Bucharest, since his appointment as CEO of the Bucharest Stock Exchange.

"This is the best compromise", he thinks, and he went on to say: "In doing so, I have laid the groundwork for the future transactions".

Sobolewski explained that he is not arguing in favor of the idea to have the IPO of Romgaz occur exclusively on the BSE: "We are all in agreement - the executive of the BSE, the state and the underwriters' syndicate - that the offer has four goals: the best execution, a good market after the completion of the offer, providing a model for the next transactions of the same type and laying the foundation for the long term development of the capital market".

If anyone is suggesting that the BSE is arguing for a specific structure of the IPO for its own profit, they are mistaken. No one is thinking like that here".

The IPO for the sale of 15% of the national gas producer Romgaz is set to take place in October, with the state expecting to make 600 million euros from the sale.

Last year, Ludwik Sobolewski, in his position of CEO of the Warsaw Stock Exchange, spoke, in Bucharest, to the Romanian officials about the dual listing of the Proprietatea Fund and about the privatization schedule. At the time, he had told us the following in hi statement: "Our goal was to show the Romanian authorities, which pr