Prunea estimates 1.14m-euro profit from arbitrage

Broker Cluj, the only brokerage company listed on the Stock Exchange, estimates it will post a 4m-RON (some 1.14m-euro) profit from arbitrage operations on the Sibiu Monetary-Financial and Commodities Exchange by the end of the year. The brokerage had 4,577 positions opened on the futures market at the end of August, against 1,372 positions at the end of July. “The Sibiu Exchange has presented very good arbitrage opportunities lately for the December and March maturity dates. We expect to make some 4m RON from arbitrage in December,” Petru Prunea, Broker’s chairman told ZF. He expects Broker to meet its full-year profit target, 16m RON (4.5m euros) by the end of the year. Broker posted a gross profit worth 9.85m RON (some 2.78m euros) in the first eight months of the year, 1.95m RON (0.55m euros) of which were made in August alone. Last year, Broker’s profit stood at some 3.6m euros.