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Moldova Stock Exchange (BVM)

posted onMay 18, 2019

The Moldova Stock Exchange (BVM) has a history that begins back in the 1990s when the Eastern European country, sandwiched between Romania and Ukraine, adopted a market economy.

The Moldova Stock Exchange appeared as a result of an organised action. It was established in December 1994 under the Law on securities and stock exchange (1993) as a joint-stock company of closed type. 34 promoters – the securities market professional participants took part in its establishing.

The first transactions were held on June 26, 1995, accepted as the birthday of the BVM. The legal and organisational base, contributing to complex processes on the capital market, was created with the Stock Exchange's opening. 

Since May 1995, BVM is an active member of the European-Asian Stock Exchange Federation (FEAS), established in 1995 on the initiative of the Stock Exchange of Istanbul.

Since July 2008, BVM is a member of the International Association of the CIS Exchanges. The association was founded in Moscow in 2000, in order to coordinate the efforts in the development of the financial markets in each state according to the international standards. 

In 1998, BVM founded the National Securities Depositary (NSD), a non-commercial joint-stock company of closed type. The event coincided with the third anniversary of the first auctions. During the same year, the introduction of a new trading system integrated with the depositary system gave the opportunity to operatively carry out transactions.

In April 2000, BVM received the status of a self-regulating non-commercial organisation. As a self-regulating organisation, the Moldova Stock Exchange is a constituent part of the common mechanism of the securities market regulation, vested with corresponding authority: it works out regulations and standards of its Members' activity. 

But since 2008, due to the change of the securities market legislation the BVM lost its status of a non-commercial organization, becoming a commercial one and therefore losing its status of a self-regulating organization. The mechanism of the stock negotiations is governed by the BVM’s rules.  

Starting with 2000, in order to reflect the capital market trends, the National Commission introduced CNVM-32 index. The introduction of the index proved to be a positive moment in the development of the Moldovan capital market. The index was calculated every week following the BVM trade session Friday (or Monday). The most world-known index "Dow Jones" served as a basis for the CNVM-32 calculation.   

The following departments are currently active at the BVM:

  • Marketing, Listing and Quotation Department
  • Clearing and Billing Department 
  • Market Supervision Department
  • Electronic System Department

Corneliu Dodu-President Moldova Stock Exchange

Key people:
Corneliu Dodu  (President)
Mr Dodu serves as President of the Executive Board of the Moldova Stock Exchange since 1995. He is also a member of the civil council of the National Anticorruption Centre of the Republic of Moldova.

Phone: 277-592, Fax: 275-420 (inside CIS 0422) (outside CIS 37322)
Address: 16 Maria Cibotari str., Chisinau, MD2012, Republic of Moldova

(Last updated on 03/06/2019)

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