BSE's rebate season is early

The management of the Bucharest Stock Exchange has agreed on a 10% cut in the trading fees levied on brokerage firms and implicitly on investors. The new fees will therefore amount to 0.225% of the buy or sell transactions as of early next month and remain valid by yearend, compared with the 0.25% at the moment. The fee for the buys includes the National Securities Commission’s (CNVM) 0.08%. The Stock Exchange resorted to a similar cut last year, but later, in November, and maintained the lower fees until the end of the year. BSE could afford to cut fees in both 2002 and 2003 due to a surplus registered by its budget. BSE’s first half revenues reached 35.6bn ROL (more than $1 million), 75% higher than in the same time last year, while spending amounted to 20.3bn ROL, up 10%, which makes up a 13.2bn ROL surplus. ZF