BURSA 14.11.2012

A.A.
 
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       Patrick Young, the Executive CEO of consulting DV Advisors, thinks that the entire stock market in Romania was affected by the Sima scandal. He said that, he will have an involvement in Sibex in the future, one way or another. Elections at the Sibiu Exchange are scheduled to take place on November 19th/20th, following the scandal caused by the former chairman of Sibex, Cristian Sima. Patrick Young is well known on the local market after he was proposed by Teodor Ancuța, the former CEO of Sibex, as his successor at the helm of the Sibiu Exchange, last spring. He is also an owner of Sibex stock. Mr. Young is the manager of Liquidnet Europe, the biggest institutional trading network which connects over 700 top asset managers in the world, to trading opportunities from over 40 markets all over the world.

 
     Reporter: How affected do you think that Sibex was after "Sima scandal" in terms of image and operations?
     Patrick L Young: Everything within the Romanian capital markets space has been affected by the Sima scandal. SIBEX itself is now broadly discredited which is a tragedy for the exchange as it has great potential and there are many good and honest staff within the business. At the same time, current senior management are clearly tainted by their association with the disgraced Mr. Sima. Operationally SIBEX spends "like a footballer's wife' without any clear concept of what it is doing. Ultimately, there is little or no trust in Romanian capital markets and without that trust the whole market space is doomed to stagnate.  Sound corporate governance builds confidence and creates a virtuous cycle leading to long-term investment which benefits every Romanian. I know several participants recognise this and are trying to move forward but at the same time we are seeing large multinational banks withdrawing their brokerage services from Bucharest because they cannot see a way forward. The withdrawal of these banks clearly demonstrates that the Romanian capital markets are not functioning properly. Right now there is a low level of credibility in Romanian markets - the fact that Mr. Sima often used overseas markets for his dubious loss making activities is not particularly pertinent. Ultimately, and tragically, the Romanian market as a whole and SIBEX specifically is associated with his ethical management failure. But the good news is that the era of "totalitarian one broker rule' has ended at SIBEX but that only means the unvarnished truth is beginning to emerge and I am concerned to see what other damage may emerge from within the finances of SIBEX. Certainly the currently proposed spending levels and the pending losses are a damning indictment of anybody associated with the "management' (and I apply the term here, loosely) of SIBEX during the past year
     Reporter: What are the chances of recovery and what measures do you see?
     Patrick L Young: There needs to be a wholesale revolution within SIBEX to acknowledge the failings of the past: an absolutely wholesale change in everything to do with the exchange. The market does not trust SIBEX, the brand is worth nothing, although the core infrastructure has enormous potential. I see the chances of recovery as being slim without a totally radical review and restructuring. With LIFFE for instance in 1998-2000, everything about the business was changed to take account of the need for the business to survive and prosper. Likewise, I have worked with many other exchanges where the requirement was for radical surgery immediately. Where action was decisive and holistic, the exchanges not only survived, they thrived! Shareholder value will not be best served by maintaining a narrowly focused Romanian niche futures business in SIBEX. That is part of the enterprise but not the whole business. We need to have the business in regional energy and power markets, perhaps emissions too, not forgetting clearing opportunities in other areas. However, we need to choose our markets carefully, offering a niche service where the big markets cannot efficiently scale down to operate. There is a massive opportunity for exchanges in the world right now, as my recent "Young Markets" conference in Sibiu demonstrated. There is every possibility for SIBEX to be rebuilt to take advantage of that momentum, provided the shareholder will is there to embrace change. Big budget cuts are needed to stop the patient hemorrhaging shareholder cash. Then we need to actually have the organization move to being a proper shareholder value creating, profit oriented company. Currently SIBEX is incoherently structured with vast inefficiency. Take for instance marketing, where money has been spent lavishly with absolutely no benefit to the company. In essence, every vestige of the flawed management approach of the recent past must be torn up and the business reassembled from the ground up
     Reporter: Have you had discussions with major shareholders of Sibex to provide your services or to offer advice? If so, how did they go?
     Patrick L Young: There are multiple discussions at present concerning the future of SIBEX. I firmly believe the solution is radical surgery with an international perspective going forward. However, it may be that first there needs to be a period for the new board to assess and reflect on the entire extent of the damage and take the first stages (e.g. removing staff who are both tainted and have proven incompetent). There is going to be a lot of pressure on the new Chairman to immediately scythe costs and remove the tainted management - this is the absolute first step required before SIBEX can refine a strategy which I hope will reflect the international opportunity in exchanges. A Chairman who can at least cut SIBEX back to the roots is going to be placing the exchange in a good place to then have a proper domestic and international cross asset strategy to go forward. One thing the new board can do is look up my first strategic review document which I finished in my own time and at my own expense before I left SIBEX last year. I felt it was important that there was a document at the time to demonstrate what would go wrong and where the management failings lay. The findings of the document are still valid in many cases, even though the SIBEX situation has deteriorated badly since then. Anyway, we need to find out just how badly damaged SIBEX has been in the past year and ensure that all the money is in place...as a (currently) modest shareholder I am concerned that the balance sheets may not be entirely transparent
     Reporter: So, there is a possibility for you to return to SIBEX in the near future?
     Patrick L Young: I have multiple projects in my life and various negotiations with exchanges currently. I am an investor myself and represent many other investors' globally who buy stakes in exchanges, clearing houses and depositaries. Therefore, I keep a keen eye on the likes of SIBEX which right now is a great opportunity albeit at a very high risk. I imagine that some way or another I will have an involvement in SIBEX going forward. Given my own extensive experience from advising in the C-suite of many leading global exchanges as well as dealing with micro exchanges like SIBEX, I believe my insights could be useful to the development of the market. Currently I am not clear how my future involvement with SIBEX will shape up. If I can see a coherent plan then we might even look at further investment but first any investor will need to trust the company data.
     
     Reporter: Please name the first three measures that you would propose to the Board.
     Patrick L Young: 1) An independent audit of the businesses finances is essential - to give a first vestige of faith to shareholders and users that the assets of SIBEX are safe and accounted for.
     2) Remove the management tainted by association with Mr. Sima. At the same time, rebuild staff morale who have endured a ghastly feudal "management' regime in recent times. In fact, very capable people have left the company because of that.
     3) Cut costs drastically throughout the business. For example, the utterly ineffective marketing approach needs to be completely reworked into a coherent, low cost digital strategy.
     These are the first stages required to stabilise the patient then SIBEX can look at a Strategic Review (my template from last year is in the SIBEX archives) from which the strategy can be finalised and moved forward.
     Reporter: So Can SIBEX survive?
     Patrick L Young: Yes, SIBEX can survive and thrive but it needs a lot of work and there needs to be a clear understanding there will be considerable pain on the path to redeeming a business that has been deeply tainted by its abject failure in the past year or so to operate like a coherent business. It will take time but a new, international, successful SIBEX can emerge from the ashes of the current mess.
     Reporter: What could SIBEX look like in say five years time?
     Patrick L Young: As I will not tire of saying, SIBEX can be worth 50 million or more Euros in the medium term. Even within three years, the business could be worth 2.5-3 Lei per share compared to where it currently languishes at around par value (and sadly this value may even flatter the business right now!).As I type, my advisory business has several mandates where SIBEX could provide a marketplace for new products which have the potential to multiply the size of SIBEX significantly in the medium term. The opportunities are out there even though they may seem remote for many based in Bucharest.
     The business I would like to see at SIBEX in 5 years is as a thriving niche SME cash equity business with a bond listing market and a clearing house/depository which operates not just within Romania but cross border, helping clear a myriad of products in smaller markets and with co-operation to one of the major CCPs in the west. The exchange will be a player in the smaller marketplaces of Europe where the large exchanges cannot profitably scale down to. Ultimately a ruthless focus on shareholder value will deliver profits and dividends. I would envisage 100 members, 10,000 clients accounts compared to the few hundred active traders now left with several thriving retail lines of retail and wholesale business. In addition to a much broader range of derivatives trading and clearing, there will be 50-100 cash listings of equity, bond and fund products to serve the needs of investors in the region. I realise that many in the Romanian marketplace find such figures hard to believe but then again that brings us back to the fundamental problem we encounter in Romania - such a magnificent country with so much opportunity but so little trust... 
 

 
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Aceeasi sectiune (English Section)
AFTER BEING INVESTIGATED BY THE TAX ADMINISTRATION AND THE ANPC, BANKS GET INVESTIGATED BY THE COMPETITION COUNCIL
THE COURT RULED THAT SOME CONTRACTS CONCLUDED BY CELL PHONE COMPANIES INCLUDE ABUSIVE CLAUSES
AFTER THE TRANSACTION BETWEEN BANCA TRANSILVANIA AND BANCPOST
PATRICIA SUÁREZ RAMÍREZ, THE PRESIDENT OF THE ASSOCIATION OF FINANCIAL CONSUMERS OF SPAIN:
THE QUICK RISE OF THE INDEX WHICH SETS THE TREND FOR INTEREST RATES ON LOANS DENOMINATED IN LEI ISN'T STOPPING
THE PARLIAMENT IS ASKING FOR INFORMATION CONCERNING THE INVESTIGATIONS WHICH OMV PETROM HAS BEEN SUBJECTED TO
Actualitate - vezi toate știrile mai jos.
Bănci-Asigurări, 13:11
     * Dolarul a pierdut 2,46 bani în fața monedei naționale
     * Francul a coborât la 3,9642 lei
       Banca Națională a României (BNR) a anunțat, astăzi, un curs de referință de 4,6332 lei pentru moneda europeană, în creștere cu 0,05 bani, comparativ cu ședința de ieri, când euro a fost cotat la 4,6327 lei.  detalii
Politică, 08:15
UPDATE
     * ACTUALIZARE 14:41 Dircă, USR: "Dacă se adoptă modificările propuse de PSD-ALDE la Coduri, datele informatice obținute în dosarul lui Dragnea trebuie șterse, iar înregistrările cu crima de la metrou nu ar mai putea fi folosite"
     Senatorul USR George Dircă a declarat astăzi că, în cazul în care propunerile de modificare a Codurilor penale formulate de PSD și ALDE ar fi adoptate, înregistrările informatice nu ar mai putea fi utilizate în instanțe, ceea ce ar avea impact inclusiv asupra dosarului lui Liviu Dragnea, dar și asupra cercetărilor crimei de la metrou.
     * ACTUALIZARE 11:24 Comisia parlamentară specială condusă de Florin Iordache a amânat pentru luni dezbaterea și votul modificărilor propuse la cele două Coduri penale pentru transpunerea Directivei Parlamentului European privind prezumția de nevinovăție și a dreptului de a fi prezent la proces.  detalii
Companii-Afaceri, 14:49
     
     Grupul Enel Spa ("Enel"), prin subsidiara sa americană de energie regenerabilă Enel Green Power North America, ("EGPNA"), a câștigat astăzi două Acorduri de Sprijin pentru Energie Regenerabilă ("RESA") pentru un nou parc eolian de 146 MW în Alberta, Canada, în cadrul unei licitații organizate de Alberta Electric System Operator ("AESO"), potrivit unui comunicat de presă trimis Redacției.  detalii
Companii-Afaceri, 14:47
DELOITTE ROMÂNIA:
     Pe fondul unei economii stabile în regiune și a indicatorilor macroeconomici în creștere, România a câștigat încrederea investitorilor, devenind astfel o piață principală în zonă, alături de Polonia, potivit Deloitte Central Europe Private Equity Confidence Survey, se arată într-un comunicat de presă remis Redacției.  detalii
Companii-Afaceri, 14:19
     Ministerul Energiei a autorizat plata primei cereri de rambursare prin Planul Național de Investiții (PNI), de la înființarea acestuia, în 2013, potrivit unui comunicat de presă remis Redacției.  detalii
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14.12.2017
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BURSELE DIN LUME
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     * "Întotdeauna, din piețele mici, se iese mai repede decât din cele mari, pentru că lichiditatea este mai scăzută", punctează analistul
     * "Deal" de aproape 17 milioane de lei cu titlurile DIGI
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BURSELE DIN LUME
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12.12.2017
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12.12.2017
BURSELE DIN LUME
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English Section
12.12.2017
AFTER BEING INVESTIGATED BY THE TAX ADMINISTRATION AND THE ANPC, BANKS GET INVESTIGATED BY THE COMPETITION COUNCIL
     * Chirițoiu: "We suspect an exchange of sensitive information on the banking market"
     * Dan Suciu, NBR: "The audits of the Competition Council can't be a reason for panic whatsoever"
     * Unannounced audit at Finmedia
     * The investigated institutions are at risk of being fined 10% of their turnover
     * Vasilescu: "The NBR has nothing to do with these investigations"
       The financial banking system seems to be the focus of most of the investigation entities. After being audited by the National Tax Administration Agency (ANAF) and by the National Consumer Protection Authority (ANPC), some of the banks which operate in Romania have also been investigated by the Competition Council (CC).  details
11.12.2017
THE COURT RULED THAT SOME CONTRACTS CONCLUDED BY CELL PHONE COMPANIES INCLUDE ABUSIVE CLAUSES
     * The Bucharest Court of Appeal Bucharest yesterday ruled that RCS&RDS has abusive clauses in its contracts
     * The ANPC has also won the initial lawsuit against Telekom România
     * Vodafone has lost the case in the court of last instance against the ANPC
       The Courts have decided that some contracts concluded by the telephony companies contain abusive clauses. The Court rulings were rendered last year, as well as in 2016, but the argumentations have been formulated relatively recently.  details
08.12.2017
     The hope of an accession as quick as possible by Romania to the Eurozone was dealt a heavy blow precisely on the National Day.  details
06.12.2017
AFTER THE DRAFT HAD BEEN PUBLISHED IN OCTOBER
     * Gheorghe Șimon: "The royalties law will be voted in the Parliament in February next year"
     * Ministry of the Economy: "We will establish royalties which are fair both for the state as well as for the business sector"
     * Daniel Cătălin Zamfir, PNL: "I found out that there are companies that have never, take note, never paid even one leu in royalties to the Romanian state, even though they have been exploiting resources for over 20 years"
     * Last year, the Court of Auditors announced that Romania lost 1.4 billion dollars, because the ANRM established the oil royalties in a flawed manner
       The entire legislative package concerning the regulation of the system for the regulation of the mineral, oil and hydromineral resources will be revised and will be voted in the Parliament in February next year, Economics minister, Gheorghe Șimon, announced yesterday, after the debates of the Economic, Industries and Services Commission of the Senate.  details
28.11.2017
AFTER THE TRANSACTION BETWEEN BANCA TRANSILVANIA AND BANCPOST
     * Customers with borrowers in CHF from Bancpost are waiting for a conversion program with a discount
       After moving to second spot last year in the domestic banking system, through the acquisition of Volksbank, Banca Transilvania (BT) ends up on equal footing with BCR, taking over Bancpost, from Greek group Eurobank.  details
27.11.2017
     * MAKE, BURSA: "I want the new CEO of the BSE to participate in the drafting of a new strategy for the development of capital market"
       On Thursday night, "BURSA" received the Award for the promoting of high standards of corporate governance on the capital market, as part of the 2017 Capital Market Awards Gala, organized by the Association of Brokers.  details
24.11.2017
     * Ciprian Păltineanu and Adrian Tănase, scheduled for meetings with the board
     * Both candidates seem to be closet o the group in the shareholder structure of the BSE
     * George Butunoiu is in charge of recruitment
     * The waiting list may include a few foreigners, including former BRD executive Jacek Panczyk
       According to some market sources, banker Ciprian Păltineanu and Adrian Tănase, Chief Investment Officer at NN Pensii România, will hold interviews in the beginning of next week with the Board of the BSE, after Ludwik Sobolewski's term expired in the summer.  details
23.11.2017
PATRICIA SUÁREZ RAMÍREZ, THE PRESIDENT OF THE ASSOCIATION OF FINANCIAL CONSUMERS OF SPAIN:
     * The head of the ASUFIN: "The ruling of the Supreme Court of Spain in which the Andriciuc case has been invoked will be part of the Spanish case law and the lower courts will be required to apply the principle that underlies this decision"
       The ruling issued by the Court of Justice of the European Union (CJUE) in the Andriciuc versus Banca Românească case represents a great advantage for Spanish debtors, said Patricia Suarez Ramírez, the president of the Association of Financial Consumers in Spain (ASUFIN), as part of a response recently sent to BURSA.  details
22.11.2017
     * Dragnea: "Those who are against me are hiding behind institutions"
       The president of the Chamber of Deputies, Liviu Dragnea, leader of the PSD, thinks that his enemies are hiding behind some institutions, "they crucify people", and the real stake is "the blocking of the Laws concerning the Justice system".  details
21.11.2017
     The Council of the European Union and the European Parliament have sent to the ECB, in the beginning of this year, a request concerning the sending of some proposals to revise the framework for managing crises.  details
20.11.2017
ANPC STRIKES AGAIN
     * BCR: "Ongoing contracts no longer contain the clauses that have been subjected to examination"
     * Sources: "ANPC has 6 lawsuits against BCR, which will lead to enormous losses for Erste Bank if BCR loses in court"
       After forcing Raiffeisen Bank to eliminate the unfair practices from the loan agreements, the National Consumer Protection Authority (ANPC) strikes again, this time the biggest bank in the system. BCR lost in the court of first instance, against the ANPC, in a class action lawsuit concerning abusive lending clauses.  details
16.11.2017
THE QUICK RISE OF THE INDEX WHICH SETS THE TREND FOR INTEREST RATES ON LOANS DENOMINATED IN LEI ISN'T STOPPING
     The 3-month ROBOR rate, which is used to calculate the interest rates, the majority of the loans denominated in lei, has jumped past the 2% psychological level, and yesterday reached 2.06%, up from Tuesday's 1.92%, according to data from the NBR.  details
16.11.2017
THE PARLIAMENT IS ASKING FOR INFORMATION CONCERNING THE INVESTIGATIONS WHICH OMV PETROM HAS BEEN SUBJECTED TO
     * Minister Toma Petcu, former ministers Răzvan Nicolescu and Victor Grigorescu, the representatives of the state in the executive structure of OMV Petrom and Mihai Busuioc, the president of the Court of Auditors were heard today in the Investigation Commission
       The executives of OMV Petrom mentioned, in a letter addressed to the parliament, the existence of four lawsuits brought by the National Energy Regulation Authority (ANRE) and of seven audits by the Authority, between 2012-2017, as the recent request for information by the Commission for the Investigation of the activity of the ANRE targeted a period of 12 years, from 2015 to 2017.  details
14.11.2017
THE EURO AT AN ALL-TIME HIGH
     * Vasilescu: "We cannot say that the currency market has gone off the rails, the exchange rate has moved 4 bani in 4 days"
     * "Perhaps it is a simple coincidence the fact that on November 8th was approved the Emergency Ordinance of the Fiscal Code and it was also on that day that the Euro rose past 4.6 lei", said Mr. Vasilescu
       The leu yesterday reached a historic low against the Euro, 4.6495 lei/Euro, up 1.05 over the previous meeting, marking the fourth day where the exchange rate was above 4.6 lei.  details
13.11.2017
     In October, the Romanian Commercial Bank, through Schoenherr și Asociații, has submitted, with the County Court of Bihor, a request for the insolvency of the European Drinks group, owned by the Micula brothers. That group includes: European Drinks, Transilvania General Import-Export, European Food, Starmill SRL, Scandic Distilleries SA, Rieni Drinks.  details
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