* "We need to increase the resilience of participants in the system to crisis situations"
The CEO of the Bucharest Stock Exchange, Ludwik Sobolewski, stands by his opinion that brokers need to meet stricter requirements for being allowed to participate in the market, after the Association of Brokers, both through president Dan Paul, as well as through its vice-president Nicolae Gherguş, has reacted against this kind of measures, claiming that it is unfair for other brokerage firms to be punished, after the "Harinvest".
Over 40 clients of "Harinvest" Râmnicu Vâlcea have filed complaints in which they stated that they were left without shares and money in their accounts, after the brokerage firm sold them from their portfolios, without authorization, to cover losses from trades in structured products.
"In times of crisis - and since December 18th 2013, we have been living through that kind of moments -, we need everybody on board", said Ludwik Sobolewski, who added: "The institutions of the stock market are thinking up ways to improve the manner in which they monitor some risks. I am rather sure that the Association of Brokers can participate in this effort, by finding adequate measures. These measures could be lenient, according to the role of such organizations all over the world, but they can reinforce the culture of standards and the responsibility".
According to the CEO of the BSE, it is a matter of time before another Harinvest case happens, if certain risks aren't managed at a systemic level: "We need to increase the resilience of all the participants in the system in situations of crisis".
In a conference in the beginning of the week, he referred to harsher capital requirements for brokerage firms and, possibly, to the implementation of professional standards for them.
The measures will affect small brokerage firms, even thou
