Farmache gets four more years at the helm of BSE

Stere Farmache (53) was re-elected chairman of the Bucharest Stock Exchange for a new four-year term, but the main winner of the elections was Daniel Tepes, the majority shareholder of HTI Valori Mobiliare (HTI Securities), who managed to get six of the other eight members of the Board of Directors elected.
It was precisely the support of Tepes that got Farmache his victory in the first round, with 57% of the votes, market sources say.
The BSE elections could therefore reveal a change in the strategy of the Bucharest Stock Exchange given that Tepes and his allies are among the biggest shareholders of the Bucharest Stock Exchange and of the Sibiu Exchange, and most brokers want the two operators on the market to merge, after having been on opposite sides over the last four years.
The new Board of Directors will decide the path the Bucharest Stock Exchange will take, which posted 22 million RON in revenues last year and 8 million RON in net profit. Among the main issues the future management will have to address are boosting liquidity and attracting new issuers.