BSE turns into joint-stock company

Bucharest Stock Exchange (BSE) has finally turned into a joint stock company, which will allow it to continue its merger with RASDAQ. The merger has been delayed for many months, due to the laws not being very specific about how brokers are to get their shares. The Stock Exchange was previously organised as an association of brokers. “The Trade Registry judge has authorised the registration and we are to get the certificate,” Stere Farmache, the general manager of the Bucharest Stock Exchange said. The new trading company will have a 5 million euro share capital, made up from some of BSE”s assets, appraised at 15 million euros. The share capital was divided into equal shares and transferred, free of charge, to the 68 financial investment service companies that are members of the Stock Exchange Association, which got 1.47% in the company each. “Turning the Stock Exchange into a joint stock company is yet one more significant step towards the merger with RASDAQ, which will bring us closer to accomplishing our goal: to establish the most powerful stock market in the area in Romania,” Sergiu Oprescu, BSE chairman said. ZF