Fourteen new companies of securities enter Romania

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The National Commission of Securities, CNVM, authorized, at the beginning of this week, fourteen foreign companies, for taking action on the local market, with the range of services offered by it varying from brokerage services by the takeover and the execution of orders, transactions on one’s own account, up to consultancy and financial analysis, announces daily Ziarul Financiar.

Ten of the investment companies are from Britain, the remaining ones from Austria, Ireland and Cyprus.

The companies have not yet been okayed also by the Council of the Stock Exchange of Bucharest, BVB, so, they cannot carry out transactions also on BVB, which does not lead, at least for the time being, to an increase in competition on the local market of the brokerage companies.

Nevertheless, the foreign companies can carry out other activities in Romania, such as the offering of services of consultancy for the Romanian and the foreign investors making transactions on the bourse, the daily Ziarul Financiar also writes.

The financial investment companies are rather interested in the liquidity of the local investors than in the transactions on the local market, say the specialists quoted by the daily.

„Generally, the foreign companies of financial services are authorized for carrying out transactions with the money of Romanian citizens, on the big capital markets, or on the markets where the companies are from, and not for transactions on the local market.

In order to make transactions on the local capital market, the companies should be authorized also by BVB and this will indeed lead to the increase in competition, on the local market of brokerage, but very few companies do so.

Most companies do come for the money of the Romanians, and not for carrying out transactions in the local market,” said Iulian Panait, head of the consultancy investment company KTD Invest.

Panait is of the opinion that the investors with exposure on the local capital market will not give up the services offered by the current brokerage companies for foreign ones, they will be directed to them, only if they really want that, this will indeed lead to an increase in competition on the local market of brokerage, but very few companies do that.

Most of them do come for the money of the Romanians, not for transactions on the local market,” explained Iulian Panait, president of the consultancy investment company KTD Invest.

He believes that the investors with exposure on the local capital market will not renounce the services offered by the current brokerage companies in favour of the foreign ones, they will be directed to them only if they want to start making transactions also on markets other than the ones for which the local brokerage companies are authorized.

„I do not believe that the foreign companies will have a major impact among the local brokerage companies. They are interested in new clients, wanting exposure also on markets other than the local one.

Against the background of a bigger and bigger exposure of the transacting volumes, there is hunger of customers, especially for the foreign brokerage companies, that are ready to attract customers from anywhere,” Panait added, quoted by daily Ziarul Financiar.

Two foreign companies of services of financial investment are currently making transactions, the Balkan company Advisory, from Bulgaria, and Wood Financial Services, from the Czech Republic.

The two companies are present on the local market as early as last year, but the value of the transactions carried out on BVB is low, with the Czech company ranking 38th among the companies of the intermediaries present in the market, with transactions worth almost 20 million lei, or 4.7 million euros.

Also the local brokerage companies are more and more interested in the extension of their services towards the markets in the region, and not towards the opening of their own branches.

„The Romanian brokerage companies will get oriented more and more towards partnerships with financial investment services and not towards the opening of their own branches, because that would be too expensive,” Panait said for the daily.

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