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BVB extends transaction time to 6.00 p.m. as of January 3
Bucharest Stock Exchange (BVB) will extend its transaction schedule to 6.00 p.m. as of January 3, 2014 in order to get closer to the timetable of mature stock exchanges in Europe.“By extending the transaction program, BVB will send a clear message to the international community that the stock market in Romania has made a first step to open to the world. It will be followed by other projects as part of a process opening the path to the statute of emerging market,” said the general manager of the exchange, Ludwik Sobolewski.
At the beginning of October, Sobolewski told Mediafax that the program could be extended as of this year.The Authority for Financial Supervision (ASF) approved the extension of the transaction program for BVB last week.The transaction program will be extended for the share, rights and unit trust markets. Investors will be able to transaction for 8 hours, from 10.00 a.m. to 6.00 p.m.
Transactions stop at 4.45 p.m., except for transfers with structural products and shares of foreign companies quoted in the alternate transaction system (ATS) which stop at 6.30 p.m.. The program for structural products and shares of foreign companies on ATS was extended last year.
The most recent amendment of the transaction program in the main share market was operated in 2011, when the session extended by 15 minutes to allow investors to react to the evolution of US markets.
The extension of the program will align BVB to the timetable of the main European exchanges, which open at 10.00 a.m. and close at 6.30 p.m., Romania time. At the same time the Bucharest session will be for one hour and a half at the same time with the US session which begins at 4.30 p.m. Romania time.