BVB:New structure of Multilateral Trading Facility will become operational starting November 20, 2026
The new structure of the Multilateral Trading Facility (MTF) will become operational on November 20, 2026, and will be organized into three distinct markets: the SME Growth Market (PC), the Main Market (PB), and the International MTF (SMTI), the Bucharest Stock Exchange (BVB) announced on Monday.
The new architecture of the Multilateral Trading Facility (MTF) is implemented based on the new BVB-MTF Code, approved by the Financial Supervisory Authority in August, and represents one of the most significant modernizations of the Multilateral Trading Facility in recent years. It aligns the market managed by the Bucharest Stock Exchange (BVB) with European models designed for the financing of small and medium-sized enterprises, through a 'clearer, more rigorous, and development-oriented framework.'
According to the cited source, at the time it becomes operational, the Growth Market will include 23 companies with shares and 14 bond issues, five of which belong to companies whose shares are also included in this segment.
The Main Market will include 217 equity-type instruments, comprising 27 in the Premium category and 190 in the Standard category, as well as 12 bond issues and one fund.
SMT International will comprise 16 financial instruments, namely 15 stocks and one bond issue.
According to BVB data, the SME Growth Market is built on the European 'SME Growth Market' concept, as provided for by the MiFID II Directive, and offers a dedicated framework for eligible companies and the issuance of shares and bonds, featuring tailored requirements as well as rules regarding transparency, reporting, and investor relations.
The Growth Market and the Main Market will operate as distinct and complementary segments of the SMT, while SMT International will retain its own profile, the BVB notes in the press release.
The initial allocation to the Growth Market concerns the financial instruments of eligible issuers that have signed and submitted the trading agreement for this segment to the BVB by October 30, 2026. The instruments of issuers that have not signed the agreement by that deadline will be traded on the Main Market, in accordance with the allocation decision. AGERPRES (RO - writing by: Mariana Nica; EN - writing by: Catalin Cristian Trandafir)
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