BURSA 14.11.2012

A.A.
 
mărește imaginea
       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... 
 

 
Readers' comments    [ add a comment ] 
Aceeasi sectiune (English Section)
11 DAYS LEFT / TRICKS TO FORCE THE EXTENSION OF THE MANDATE OF THE CEO OF THE BSE
FINANCE MINISTER CONFIRMS WHAT BURSA REPORTED FIVE MONTHS AGO:
GABRIEL DUMITRAȘCU, ABOUT THE INCREASE OF THE PRICE OF ELECTRICITY:
IN THE ROW OF THE DOUBLE STANDARD
CEC BANK CHAIRMAN REACTS TO THE STATEMENTS OF LUCIAN ISAR:
Actualitate - vezi toate știrile mai jos.
Bănci-Asigurări, 13:14
     * Dolarul a câștigat 0,13 bani în fața monedei naționale
     * Francul a coborât la 4,0379 lei
       Banca Națională a României (BNR) a anunțat, astăzi, un curs de referință de 4,5881 lei pentru moneda europeană, în scădere cu 0,02 bani, comparativ cu ședința de vineri, când euro a fost cotat la 4,5883 lei.  detalii
Miscellanea, 13:25
     Agenții economici pun la dispoziție, astăzi, la nivel național, circa 23.500 de locuri de muncă, cele mai multe în Capitală, potrivit unui comunicat de presă publicat pe site-ul Agenției Naționale pentru Ocuparea Forței de Muncă (ANOFM).  detalii
Companii-Afaceri, 12:54
ÎN PRIMELE ȘASE LUNI,
     Grupul cu capital israelian AFI Europe România a avut venituri operaționale nete de 25 milioane de euro în prima jumătate a acestui an, în creștere cu 11,5% față de primul semestru al anului trecut, a anunțat, luni, compania care deține pe piața locală mall-urile AFI din București și din Ploiești, potrivit unui comunicat de presă.  detalii
Internaţional, 12:40
     Cel puțin o persoană a fost ucisă și alta a fost grav rănită azi dimineață la Marsilia după ce o mașină a intrat în două rânduri în refugii de autobuz, a declarat pentru Reuters o sursă din poliția franceză.  detalii
Companii-Afaceri, 12:27
     Consiliul Concurenței a anunțat astăzi că analizează tranzacția prin care Teraplast, procesatorul de PVC din țara noastră și unul dintre principalii producători de materiale pentru piață construcțiilor și instalațiilor, preia producătorul de țevi de polietilenă Politub.  detalii
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
21.08.2017
BVB
     * Titlurile "OMV Petrom", cele mai lichide
       Ultima ședință de tranzacționare a săptămânii a fost marcată de un rulaj scăzut, volumul fiind de 5,82 milioane de euro, aproape jumătate din media zilnică a acestui an, de 10,49 milioane de euro.  detalii
21.08.2017
BURSELE DIN LUME
     Acțiunile tranzacționate la bursele din Europa s-au înscris pe un curs negativ vineri, ca urmare a atentatului care a avut loc în Spania, în ziua precedentă.  detalii
18.08.2017
BVB
     * Titlurile BRD, cele mai tranzacționate
       Piața principală a Bursei de Valori București (BVB) a înregistrat, în ședința de tranzacționare de ieri, o lichiditate de 48,7 milioane de lei (10,63 milioane euro), mult mai mică decât cea...  detalii
18.08.2017
BURSELE DIN LUME
     Acțiunile tranzacționate la bursele din Europa au scăzut ușor ieri, pe fondul îndoielilor traderilor privind o viitoare majorare a dobânzii de către banca centrală americană.  detalii
17.08.2017
BVB
     Piața principală a Bursei de Valori București (BVB) a fost dominată, în ședința de ieri, de două tranzacții de tip "deal" realizate cu acțiuni "SIF Moldova" (SIF2), totalizând 51,5...  detalii
17.08.2017
BURSELE DIN LUME
     Acțiunile companiilor listate la bursele din Europa au urmat un curs pozitiv ieri, investitorii îndreptându-și atenția către informațiile economice odată ce tensiunile geopolitice s-au mai redus.  detalii
Cotații Internaționale

Prognoza Meteo
Vezi harta temperaturilor
harta temperaturilor
     21.08.2017 
     Prognoza pentru România
     Vremea va fi în general instabilă și se va răci față de ziua precedentă, mai accentuat în centru, nord și în sud-vest. În zona de munte, în centrul țării și local în est și sud, vor fi înnorări temporar accentuate, averse și descărcări electrice. Vântul va avea intensificări temporare în regiunile estice și de sud-vest, dar și în timpul ploilor, când va putea lua aspect de vijelie. Cantitățile de apă vor depăși local 15...20 l/mp și izolat 40...50 l/mp și vor fi condiții de grindină. În restul teritoriului cerul va deveni variabil și doar la începutul zilei izolat va mai ploua. Temperaturile maxime se vor încadra între 18 și 28 de grade, exceptând Muntenia, Dobrogea și jumătatea de sud a Moldovei, unde vor fi cuprinse în general între 29 și 33 de grade. Temperaturile minime se vor situa între 9 și 21 de grade.
     Prognoza pentru București
     Deși temperatura aerului va marca o scădere față de intervalul anterior, vremea va rămâne călduroasă. Temperatura maximă va fi de 31...33 de grade, iar cea minimă de 16...18 grade. Cerul va fi variabil, cu înnorări temporar accentuate seara, dar mai ales noaptea când vor fi averse moderate cantitativ, descărcări electrice și intensificări de scurtă durată ale vântului.
      
Curs Valutar

Curs valabil din data de 21 august 2017
1 Dolar australian...
1 Leva bulgărească...
1 Dolar canadian....
1 Franc elvețian...
1 Coroană cehă...
1 Coroană daneză...
1 Liră egipteană...
1 Euro...
1 Liră sterlină...
100 Forinți maghiari...
100 Yeni japonezi...
1 Leu moldovenesc...
1 Coroană norvegiană...
1 Zlot polonez...
1 Rublă rusească...
1 Coroană suedeză...
1 Liră turcească...
1 Dolar S.U.A...
1 Rand sud-african...
1 Real brazilian...
1 Renminbi chinezesc...
1 Rupie indiană...
100 Woni sud-coreeni...
1 Peso mexican...
1 Dolar neo-zeelandez...
1 Dinar sărbesc...
1 Hryvna ucraineană...
1 Dirham emirate arabe...
1 Kuna croată...
1 Bahtul thailandez...
1 Gram aur...
1 DST...
AUD
BGN
CAD
CHF
CZK
DKK
EGP
EUR
GBP
HUF
JPY
MDL
NOK
PLN
RUB
SEK
TRL
USD
ZAR
BRL
CNY
INR
KRW
MXN
NZD
RSD
UAH
AED
HRK
THB
XAU
XDR
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
click aici pentru cursurile pieței valutare - istoric
English Section
11.08.2017
     Twenty seven banks haven't paid any profit tax in the last 6 years, which has shaken Minister of Public Finances Ionuț Mișa, as well as some MPs, bankers and even the Governor of the National...  details
10.08.2017
11 DAYS LEFT / TRICKS TO FORCE THE EXTENSION OF THE MANDATE OF THE CEO OF THE BSE
     Considering how many tricks Lucian Anghel, the president of the Bucharest Stock Exchange has tried, in order to extend the term of CEO Ludwik Sobolewski, it would be actually crazy if they...  details
08.08.2017
JACK CUTIȘTEANU, PETPROD:
     The state speculates the economy and household consumers, through Hidroelectrica, CEO, Nucleareletrica and CEH, says Jack Cutișteanu, the CEO of Petprod, referring to the evolution of the price of...  details
03.08.2017
FINANCE MINISTER CONFIRMS WHAT BURSA REPORTED FIVE MONTHS AGO:
     * PNL senator Daniel Cătălin Zamfir asks for a "list of shame" of banks that don't pay taxes
     * According to information obtained by BURSA, between 2011-2015, banks in Romania paid 1.3 billion lei (288 million Euros) in taxes
       Public Finance Minister Ionuț Mișa says that almost three quarters of banks operating in Romania haven't paid profit tax in the last few years. With that statement, the head of the Finance...  details
02.08.2017
GABRIEL DUMITRAȘCU, ABOUT THE INCREASE OF THE PRICE OF ELECTRICITY:
     * Dumitrașcu: "Among other things, we recently even had to import the system services, and system services energy is three times more expensive than that on the Day-Ahead market"
       The price of electricity and its increase on the Day-ahead market (PZU) of the OPCOM exchange keeps causing discontent among the players and specialists on the market and is keeping consumers on...  details
01.08.2017
EUROPEAN MP RAMONA MĂNESCU:
     * "We have asked for clarifications and a position of the Commission on whether the Hungarian initiative complies with the Energy Security Strategy of the European Union and the coordination with BRUA"
       The announcement of Hungarian gas operator FGSZ that BRUA would end in Hungary instead of in Austria was surprising and it didn't come as a result of consultations with its regional partners or...  details
31.07.2017
STOCK MARKET SOURCES:
     Lucian Anghel, the president of the BSE, today summoned the Board of the BSE to discuss the terms of the contract of Ludwik Sobolewski, whose mandate expires on August 21st. According to sources...  details
28.07.2017
IN THE ROW OF THE DOUBLE STANDARD
     * The Minister of Agriculture continues to hide the names of the products that have a double standard and of their producers
     * "The minister of agriculture mismanaged the issue of the double standard of food products", says Costel Stanciu, the president of the APC, who asked for the resignation of Petre Daea
       The results of the tests concerning the double standard, conducted on some of the foods and presented on Wednesday by agriculture minister Petre Daea has raised a series of questions, angering both...  details
27.07.2017
ROW AROUND OLTCHIM
     * Ștefan Vuza made a series of statements lately, saying that Oltchim is not making investments, that are there companies that parasitize Oltchim and that the plant's profit isn't real
     * Oltchim executives: "It can be said that the participation of Chimcomplex in the process for the sale of Oltchim has been made exclusively in order to get access to information that would then be used for the benefit of their own businesses"
     * Piperea: "If, because of these statements, the sale of the distinct blocks of assets fails, then Oltchim will bring a tort liability lawsuit, signed by me"
       At Oltchim there is corruption and there are no parasite companies, lawyer Gheorghe Piperea, bankruptcy trustee of the Râmnicu Vâlcea plant, in response to the statements made over the course of...  details
26.07.2017
SOURCES CLOSE TO THE SITUATION:
     * Sources: "A large segment of the price asked for the Mariott building represents the loan contracted by Grand SRL and guaranteed by the state"
     * Dedeman wants to buy the Marriott complex, according to our sources
     * AFI Europe has announced that Dedeman is scrapping plans to buy AFI 4 and 5
       The Austrians of Strabag are asking for 140 million Euros for the building the Marriott hotel of Bucharest is operating in, according to sources close to the deal.  details
25.07.2017
SPECIALISTS:
     * The BRUA project can no longer be funded, after Hungary announced that it would stop on the Hungarian territory, our sources are saying
       The BRUA pipeline, which was supposed to go through Bulgaria, Romania, Hungary and Austria, will have the same fate as Nabucco, meaning it won't be built, some market specialists think.  details
24.07.2017
CEC BANK CHAIRMAN REACTS TO THE STATEMENTS OF LUCIAN ISAR:
     * (Interview with Mr. Radu Grațian Ghețea, the president of CEC Bank)
     * CEC Bank intends to end this year with a three figure profit
     * CEC Bank chairman: "When the EBA makes moves and finds an easing of interest rates is possible, then that will happen over here as well"
     * Radu Ghețea: "In the case of Romcab, we have begun the foreclosure, we have foreclosed some of the collaterals and we will continue to foreclose on others"
       CEC Bank intends to end this year with a three figure profit, Radu Grațian Ghețea, the chairman of the bank told us in a sizeable interview.  details
22.07.2017
MIRCEA URSACHE, ASF:
     * Ursache: "Romcab is required to file the same reports during its restructuring period as it would during normal operation"
       "Romcab" (MCAB) has the same reporting obligations, during the restructuring period, that it does during its regular operation, said Mircea Ursache, vice-president of the Financial...  details
19.07.2017
MIRCEA URSACHE CONFIRMS:
     * Ursache: "We are asking the market operator to comply with corporate governance"
     * In fact, the investigation targets Lucian Anghel, the president of the BSE, because he is the one that can summon the board
       The Financial Oversight Authority is conducting an analysis of the manner of summoning and unfolding of the Board of Directors of the Bucharest Stock Exchange Mircea Ursache, vice-president of the...  details
17.07.2017
     The Association of Brokers has taken a stand against the exclusion of the BURSA newspaper from the guest list of the official events of the Bucharest Stock Exchange, reported on Friday.  details
.