Market infrastructure - Romania


Institutions and organisation

The Bucharest Stock Exchange (BSE) (

Re-opened in 1995, the BSE is a joint stock company owned by Institutional and private investors. The BSE operates on a membership principle and investors can trade on the stock exchange through its members.

Central Depository (CSD) - Depozitarul Central (,

Depozitarul Central is a joint stock company regulated and supervised by the FSA and by the NBR.

Depozitarul Central is the central securities depository for Romanian equities, municipal and corporate bonds and investment funds units. The CSD performs depository and registry activities for issuers of securities, as well as clearing and settlement of securities operations. All securities listed on the BSE are required to be registered in the CSD.

Depozitarul Central migrated successfully on 22 June 2015 to T2S. Depozitarul Central provides a sub-set of T2S functionalities to its participants, using a manual U2A interface and also an automatic A2A interface.

National Bank of Romania (NBR) / SaFIR (,

SaFIR is the central securities depository managed by NBR for government securities. It provides a system for settlement and registration of government securities.

The NBR acts as agent of the Ministry of Finance for primary market auctions in both T-bills and government bonds. It is also in charge of clearing and settling transactions in government securities on the primary and inter-bank secondary market.

NBR together with the Romanian banks owns Transfond, which is the technical operator for the electronic payment system.

Regulatory structure

The Ministry of Public Finance (

The Ministry of Public Finance regulates the issuance and distribution of Government debt securities, co-ordinates and supervises the insurance and re-insurance activities, and is responsible for the tax legislation related to capital market instruments and activities.

National Bank of Romania (NBR) (,

The NBR is the supervising authority of the Romanian Banking system.

Financial Supervisory Authority (FSA) (

On 30 April 2013, a single Romanian Financial Supervisory Authority (FSA) was officially established and started operations. The ASF took over supervision of the capital markets, insurance and private pensions from the existing regulators the National Securities Commission (RNSC), the Insurance Supervisory Commission (CSA) and the Commission of the Private Pension System Supervisory (CSSPP), which were dissolved.
The FSA supervises the Exchange and the CSD.