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Shares

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The shares as a type of mobile values are financial titles with variable income which represent the ownership right over a part of a company (joint - stock company).


The share is an indivisible part of the capital of the company which confers patrimonial and non patrimonial rights to the holder, rights which can be exercised during the existence of the issuing company.


The shares can be issued in material form, on paper or in dematerialized form, issued in an account. On the capital market one can trade only shares in dematerialized form. In the case of shares traded on the Romanian stock exchange , the proof of the ownership right over the shares is provided by a bank statement issued by the Central Trustee.


According to the way of identification of the holder is made, the shares can be nominal (those shares whose owner is determined) or bearer shares (their owner is unknown; the owner of these shares is their holder). On the capital market one trades only shares issued in dematerialized form.


By purchasing shares issued by a certain company, the investor becomes a shareholder of the company, which gives him the right to vote in the shareholders general meeting ; the investor can paticipate in the decision taking concerning the profit and the business risks.


Through shares, the shareholders are in a special relation with the issuing company: they have the right to vote regarding the economic and commercial policy of the company, to appoint or to discharge the management of the company, and, if the company obtains a profit, to receive a part of it under the for of dividend.


The Romanian Stock Exchange is made up of two different entities: the Bucharest Stock Exchange (B.V.B.) and the Monetary – Financial and Commodities Exchange of Sibiu (BMFMS). For the moment the shares are traded only at B.V.B.


Bursa de Valori Bucuresti S.A. (Bucharest Stock Exchange), abbreviated B.V.B., is a share company of Romanian nationality, formed by changing the legal form of the public interest institution Bucharest Stock Exchange. B.V.B. is a market operator and a system operator, providing the investors with regulated markets for spot or future financial instruments and alternative systems of trading, by means of computer systems, mechanisms and rules which are adequate for performing transactions with financial instruments, under the conditions of the laws and of the Memorandum of Association of B.V.B.


The companies whose shares are listed at BVB are grouped within the equities sector in four categories (I, II III and international), according to the listing requirements they meet. The companies which do not fulfill the listing conditions are registered in the category of unlisted companies. At the moment, 21 issuers are listed in the category I (First category), 46 issuers are listed in the category II (Second category) , and a single issuer is listed in the category III (Third category) . A single issuer is listed on the international category.


The volume of the transactions, the value of the transactions and the capitalization of the market for the equities sector within BVB in the period 2000 – present (13.04.2009) is as follows:


Year Volum Value (RON) Transactions Capitalization (RON)
2010 6.809.360.517 1.793.030.260,72 287.230 97.635.692.586,55
2009 14.431.359.301 5.092.691.411,02 1.314.526 80.074.496.089,64
2008 12.847.992.164 6.950.399.787,3800 1.341.297 45.701.492.618,85
2007 14.234.962.355 13.802.680.643,7700 1.544.891 85.962.389.148,60
2006 13.677.505.261 9.894.294.096,7200 1.444.398 73.341.789.545,86
2005 16.934.865.957 7.809.734.451,6048 1.159.060 56.065.586.984,76
2004 13.007.587.776 2.415.043.849,1847 644.839 34.147.400.000,00
2003 4.106.381.895 1.006.271.130,0979 440.084 12.186.600.000,00
2002 4.085.123.289 709.765.149,5788 689.184 9.158.000.000,00
2001 2.277.454.017 381.277.021,0330 357.577 3.857.300.000,00
2000 1.806.587.265 184.291.655,0130 496.887 1.072.850.800,00

BER, the National Market of Securities RASDAQ has been launched on October 26th, 1996 as a result of the need for an institutional and technical framework for transacting the shares distributed within the Program of Mass Privatization (PPM). In the year 2005, BER merged with BVB, forming a single market operator.


The volume of the transactions, the value of the transactions and the capitalization of the market for the (debt- trebuie eliminat) securities sector within BVB RASDAQ market during the period 2000 present (13.04.2009) is as follows:


Year Volum Value (RON) Transactions Capitalization (RON)
2009 391.624.630 234.939.960,8600 45.117 12.099.709.932,22
2008 1.991.117.731 1.562.001.446,7800 372.118 12.099.865.128,89
2007 4.311.518.744 4.254.076.349,3200 668.867 24.410.022.239,33
2006 1.149.821.483 847.882.886,0100 143.620 10.707.437.795,89
2005 1.752.975.093 1.076.220.508,5649 144.346 8.207.065.428,68
2004 1.206.493.498 590.713.132,8017 111.386 7.993.255.270,49
2003 877.960.414 411.048.331,2352 68.750 7.919.511.983,49
2002 2.143.316.708 421.443.740,1821 66.637 6.107.423.313,38
2001 770.310.945 271.837.775,6580 87.119 3.368.283.344,92
2000 1.209.137.199 306.612.753,0420 140.506 2.078.299.577,39

In order for the shares of a company to be admitted to trading, that company must perform an initial public offer (IPO - initial public offer), based on a public offer prospect approved by CNVM and must fulfil a series of requirements found in the Bucharest Stock Exchange Code and in the legislation approved by CNVM. Among the most important initial public offers performed in the last years we mention: the national companies of utilities Transelectrica and Transgaz, as well as the ( trade � nu este necesar) companies Alumil Rom Industry and SSIF Broker SA. The new listings have a direct influence on the capitalization of a market, in the sense of increasing it.


The Romanian National Securities Commission (CNVM) is an autonomous administrative authority with legal personality, which regulates and supervises the capital market, the regulated markets of commodities and derivative financial instruments, as well as their specific institutions and operations. C.N.V.M. is subordinated to the Parliament and submits reports to the latter through the committees for budget, finances and banks of the Senate and the Chamber of Deputies.

The capital market avails itself of a new regulation framework, in accordance with the regulations of the European Union, Law no. 297/2004, the Law of the capital market. This law regulates the setting up and the functioning of the financial instruments markets, with their specific institutions and operations, as well as the collective investment undertakings, for the purpose of mobilizing the available financial assets by means of investments in financial instruments.

The new legislative framework pursues:

  • elevating the transparency standards of the capital market and of the issuers in accordance with the requirements of the Directives of the European Union
  • protecting the rights of the small investors
  • efficiently supervising the operations
  • increasing the trust and the protection of investors, by creating the Investor Compensation Fund
  • improving risk management
  • building a performant capital market and the integration at regional level.

Source: www.bvb.ro, www.cnvmr.ro


 

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