Approved in August 2012 by the National Securities Commission (CNVM), BEST-X is the third alternative trading system (ATS ) on the capital market in Romania, together with that of Bucharest Stock Exchange and of SIBEX Stock Market of Sibiu.
BEST-X is the first alternative trading system in Romania managed by a Stock Exchange intermediary and is designed to provide a simple, fast, fair and transparent trading environment, at reduced operating costs for participants. It can be used, in the current context, in accordance with the new European regulations, including as a support for funding operations, especially for small and medium-seized enterprises.
BEST-X is a first on the local capital market and, in fact, in this European region, being the first trading system managed by an intermediary. The system will trade securities admitted to trading on regulated markets, securities issued and listed for the first time on BEST-X and new financial instruments on the local market.
The system is open to intermediaries in Romania and the European Union, as well as to qualified investors. The register and post-trading functions will be done through the functionalities provided by the Central Depository.
ATS's are stipulated in the European Directive on capital markets, for consumer protection reasons, to stimulate competition between intermediaries, so a single stock exchange market should not monopolize a whole country.
