Gala BURSA "Deceniul European din Centenarul României"
BURSA 28.06.2017

ADINA ARDELEANU (Translated by Cosmin Ghidoveanu)
 
mărește imaginea
     * The BSE CEO is bragging about something that he didn't do and wants to do something that partially exists
       Nearing the end of his term, Ludwik Sobolewski, the CEO of the Bucharest Stock Exchange (BSE), is bragging about things that he didn't do, perhaps in an attempt to persuade he deserves to stay at the helm of the BSE, especially for the attractive salary of 17,000 Euros/month, plus performance bonuses.
     Market sources are saying that during this period, a new term of the CEO is being negotiated, and that he is being pressured to accept a smaller compensation.
     In full electoral campaign, Ludwik Sobolewski once again proves his abilities as a politician.
     He said yesterday, in an interview granted to a financial newspaper, that the operator of the Bucharest stock exchange has convinced the MSCI agency that it meets the criteria for the management of risks during the settlement process, and respectively that Romania is no longer considered a market without a functional «delivery versus payment» (DVP) principle. Sobolewski also said that his goal is the introduction of the "omnibus" accounts (collective accounts).
     That is what Sobolewski has to show for himself after four years of mandate.
     Let's take them one at a time.
     What does the MSCI say?
     In the June 2017 report, MSCI notes that in Romania are available omnibus structures, but under special circumstances, and indeed, it has removed from the report the note concerning the absence of a real DVP (Delivery vs Payment) system, which was present in the assessments of 2014, 2015 and 2016. That is the only change, in the MSCI report concerning Romania, of the last four years. Other than that, the MSCI is saying that the information concerning the companies are not always easily available in English, not all regulations can be found in English, detailed market data isn't available in English and competition between brokers is very low, which leads to very high trading costs.
     Ludwik Sobolewski isn't saying anything about these shortcomings.
     This year, the MSCI did no "upgrade" concerning Romania, as has happened in 2016 and 2015.
     In 2016, the MSCI noted that starting with October 2014, brokers/custodians started using SWIFT for their communications, and in 2015, said also since October 2014, there is a separation between the custodian and trading accounts. However, those projects have been at the level of the Central Depository, therefore not under the direct coordination of Ludwik Sobolewski.
     The CEO of the BSE has not praised the reports of the MSCI of the past few years, but he did find it appropriate to pick up on a technicality in this year's report, precisely before his term expires.
     The fact that the MSCI has removed from the report the note concerning the absence of a real DVP system has been a formality, after the Financial Oversight Authority and the National Bank of Romania have confirmed, following the evaluation of 2015, that the Central Depository fully meets the recommendation of the European System of Central Banks (ESCB) and the Committee of European Securities Regulators (CESR) concerning the delivery versus payment principle.
     Under these circumstances, the Central Depository issued a press release, in January 2017, in which it stated: "The Central Depository brings back to the attention of all market participants that the settlement of security trades concluded on the Bucharest Stock Exchange and recorded within the system of the Central Depository are done using the «delivery versus payment» (DvP), according to which the delivery of financial instruments gets done if and only if the appropriate amounts are paid".
     In other words the reality is the same, only its description by Ludwik Sobolewski is different, to actually make it look like he has put in the work.
     It's about the same with the omnibus accounts.
     The omnibus accounts (collective) have been gradually introduced in the Central Depository starting with 2011, being available for all types of financial instruments since December 2012, MSCI wrote in 2013.
     Sobolewski says that he wants to introduce them, attempting to leave the impression that they are not available at all. But nominee accounts exist on the Romanian stock market, but some sources are saying that what needs to be resolved is the delimitation, technically and within the law, of the difference between "holder" and "owner".
     Laurențiu Căpcănaru, member on the Board of Directors of the Association of Brokers, says that he does not agree with the statements of Ludwik Sobolewski. According to him, nominee accounts existed on the BSE since before Sobolewski came in, and the structure of the settlement system hasn't changed in any way during his term as CEO.
     Last autumn, the BSE boasted about the achievement of being placed on the monitoring list, but in a different agency - FTSE Russell. It did however warn that we need to meet the liquidity requirement, which is where the BSE falls short. Given that the chances are low of FTSE improving our rating this year, Sobolewski found a way to come out on top. In the absence of concrete results, his ability of getting many of the shareholders to buy what he's selling is still remarkable. 
 

 
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Actualitate - vezi toate știrile mai jos.
Politică, 14:36
UPDATE
     * ACTUALIZARE 16:54 Parlamentarii PSD părăsesc sala
     Moțiunea de cenzură depusă de PNL este citită în acest moment, în plenul reunit al Parlamentului, iar parlamentarii PSD au început să părăsească sala.  detalii
Politică, 07:37
UPDATE
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     ------------
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English Section
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
10.11.2017
DUMITRU COSTIN (BNS):
     * The executives of OMV Petrom, summoned to appear in the Parliament for the third time
     * Sevil Shhaideh and Radu-Spiridon Cojocaru, the representatives of the state on the Supervisory Board of OMV Petrom, also called in for hearings
     * Costin: "We have notified the Audit Body of the Prime-Minister"
       The management of OMV Petrom, namely Mrs. Mariana Gheorghe, as well as the representatives of the Romanian state on the Supervisory Board of OMV Petrom, Sevil Shhaideh and Radu-Spiridon Cojocaru will be invited to appear in the hearings on the Investigation Commission for the activity of the ANRE, the members of the Commission decided on Thursday.  details
09.11.2017
     * The fear that wages will drop is unjustified
       The government's proposal to transfer the social security contributions exclusively to the employee is not at all a social-democratic measure and not even one of redistribution, rather it is one of an ultra-liberal nature, which leaves the employer in the unique position in Europe of not contributing in no way whatsoever to the social security systems (retirement and unemployment) or healthcare.  details
08.11.2017
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07.11.2017
     * Brokers: The depreciation of EL, amid the drop in the market, as well as due to deal with the FP
     * Adrian Simionescu: "Investors feel the price at which EL has acquired from the Proprietatea Fund its stakes is very high and unjustified"
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06.11.2017
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01.11.2017
PSD SENATOR EUGEN TEODOROVICI:
     * "The MADR made a «shopping list» of projects - with local level libraries and a ferry for crossing the Danube"
     * "Within three years at most, Romania can draw 3 billion Euros in European funds"
     * "Unfortunately, Romania promotes politicians instead of promoting specialists"
       Romania has embarrassed itself with the proposals that had been initially prepared for the Juncker plan, said Eugen Teodorovici. Mr. Teodorovici is the president of the Budget and Finance Commission of the Romanian Senate, member of the European Affairs Commission and former minister of European Funds.  details
01.11.2017
ADVERTISING
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30.10.2017
     Ludwik Sobolewski handed in his resignation.
     Wow!
     Friday, the Bucharest Stock Exchange (BVB) posted on its website the text of a "Current report":
     "The Bucharest Stock Exchange is announcing that on October 27th, 2017, Mr. Ludwik Sobolewski has notified the company about his resignation from the position of CEO of the company".  details
27.10.2017
RUMORS: THE NEW CEO OF THE BSE, SOUGHT IN THE BANKING INDUSTRY
     * Two months have passed since Sobolewski's term expired
       Even though the management of the Bucharest Stock Exchange has not been officially announced, the result of the interviews for the position of CEO held on September 25th, it seems that already a new search has been launched, which focuses on the banking sector.  details
27.10.2017
     * Lucian Bode: "I have great doubts that the state will come out a winner from the FP-Electrica transaction and I don't think that this acquisition constitutes a zero priority for the company"
     * Gabriel Dumitrașcu: "I hope that by tomorrow (ed. note: today) at 10:00, the ASF will issue a statement, otherwise it means Mircea Ursache is reckless"
       The General Shareholder Meeting of Electrica set to take place today announces itself very interesting as, on the agenda, it includes the election of the members of the Board of Directors by applying the cumulative voting method, as well as approving the acquisition by Electrica of the stakes of the Proprietatea Fund (21% each) in the distribution subsidiaries of Muntenia Nord, Transilvania Nord, Transilvania Sud and Electrica Furnizare, for a price of 752,031,841 lei, a cost higher by 60 million for the company compared to the failed negotiation of March 2016.  details
23.10.2017
THE ANPC STARTS THE REVOLUTION ON THE BANKING MARKET
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