The Bucharest Stock Exchange (BSE) last year registered a financial surplus (the equivalent to profits for associations) of 2.8 million euros, an increase of more than 85% year-on-year.

Until last week, the stock market was organised as an association of brokers. On Monday, it was transformed into a company.

Last year, the stock market saw profits increase, given that its total revenues increased in euros by 65% to 6.64 million euros, while expenditures increased by only 40% to 1.84 million euros.

Stock market revenues rose last year, during which time (starting April 2004) the market reduced the trading fees it charges to brokers by 28%. The reduction in fees, however, was offset by the higher value of transactions carried out on the market. Stock transactions in 2004 came to almost 600 million euros, more than 120% higher when compared to 2003. This was accompanied by bond transactions worth 71 million euros, which is 15 times higher year-on-year.

"The surge in revenues was due to the trading volume, which overshot the level forecast, despite fees going down," said BSE chairman Sergiu Oprescu.

Fees, mainly trading fees, last year accounted for 47% of stock market revenues, with much of its other revenues coming from sums cashed in as interest rates.

The main reason for the rise in the value of transactions was the increase over the year of the prices of listed stock by an average of over 100%. To this was added the floating of certain companies, which were transferred from the RASDAQ electronic stock exchange. The most important of these was Rompetrol Rafinare (Petromidia), whose shares are currently among the most active on the market. Shares in Banca Comerciala Carpatica and car parts producer Altur Slatina were also transferred from the RASDAQ. Over 100 companies listed on RASDAQ