Bucharest Stock Exchange receives ASF approval for new Multilateral Trading System Code

Esencja artykułu w punktach.

• 01The Bucharest Stock Exchange announced on Friday, August 28, that Romania’s Financial Supervisory Authority has approved the new Multilateral Trading System Code.
• 02According to the BVB press release, the new Code represents one of the most significant modernizations of the Multilateral Trading System in recent years.
• 03It organizes the system into three distinct markets: SME Growth Market – dedicated to expanding companies; Base Market (AeRO Market) – intended for issuers not included in the Growth Market; International MTS – dedicated to financial instruments admitted to trading on regulated markets or equivalent MTS from other jurisdictions.
• 04The change “aligns the market operated by BVB with European models designed for small and medium-sized enterprise financing, through a clearer, more rigorous, and growth-oriented framework,” the same source added. “The new Multilateral Trading System Code marks a strategic step forward in the development of the Romanian capital market.
• 05Issuer classification on the SME Growth Market will be carried out based on a scoring model outlined in the Code, which evaluates both mandatory requirements and additional criteria such as corporate governance, transparency, and organizational maturity.
• 06The Code update is part of BVB's strategy to modernize the local capital market and aligns with European best practices for SME-dedicated markets, offering entrepreneurs a more competitive financing mechanism and investors a framework with higher standards of transparency, discipline, and monitoring.
• 07The Growth Market will benefit from a dedicated benchmark index, initially comprising the most representative issuers on the AeRO Market that opt for reclassification to the Growth Market and meet the applicable eligibility criteria.