Central Depository provides settlement of first international transaction on Friday

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The Central Depository (DC) provided on Friday, September 25 the settlement of a first transaction with financial instruments not listed with Bucharest Stock Exchange (BVB), announced on Monday, in a press conference, DC director general Adriana Tanasoiu.

So far, DC assured only the settlement of transactions with financial instruments listed on BVB.
The transaction involved an OMV share package, purchased by a client in Romania of the brokerage house Estinvest and the final costs for the client were 40 percent less than in the case of settlements through the custodian bank used by the brokerage house, according to deputy director general of Estinvest Petrica Tudoran.

DC perceived commissions are half, or in some cases three-four times lower than the commissions perceived by other similar institutions in Europe.
DC is the fourth depository (provider of clearing, settlement, registry, depository and custody services) in Europe which offers the settlement of international transactions service with instruments not listed with the respective country’s stock exchange.

In order to provide these services, DC has connections with depositories in 16 countries, the assistance service is in Romanian language, and intermediaries use the same system as when settling the financial instruments listed on BVB, underlined Adriana Tanasoiu.

In the opinion of Estinvest brokerage house representatives, an easier access to trading on foreign markets for clients will not affect the local exchange’s liquidity and does not represent a „danger” for the „moving” of transactions from BVB on foreign exchanges, because BVB trading costs are lower than those practiced by the other European stock exchanges and so far Romanians’ trading on such foreign markets represent a not significant volume.

Moreover, due to procedures, Romania’s clients cannot make intra-day (same day sale and buy operations) speculative transactions on foreign markets.

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