The Bucharest Stock ExchanBucharest Stock Exchan EY RomaniaMarks 30 Years Since Its Reopening

On November 20, 2025, the Bucharest Stock Exchange (BVB) celebrated the 30th anniversary of its reopening, hosting a series of dedicated events alongside representatives of the Romanian capital market. Three decades have passed since the first trades were executed on the BVB, marking the beginning of the modern Romanian investment landscape.   To mark the occasion, investors, brokers, issuers, authorities, journalists, capital market organizations, and the BVB team gathered between November 17 and 20 for a program of speeches and panel discussions highlighting the evolution of the exchange over the past 30 years, as well as its present and future outlook. We extend our gratitude to all participants—whether speakers, in-person guests, or online viewers—for joining us in celebrating this important milestone and honoring the vision and dedication that have shaped the local capital market community.   “The Bucharest Stock Exchange reflects the maturity of today’s investors, listed companies, and all market professionals. Over the past 30 years, Romania’s capital market has developed substantially: the number of listed companies has exceeded 330, total market capitalization is nearing RON 500 billion, financial instruments have diversified, and the investor base is growing quarter after quarter, now surpassing 274,000 active accounts. I am confident that the coming decades will bring even stronger growth, enhancing the market’s international attractiveness and reinforcing confidence in Romania’s economic potential,” said Remus Vulpescu, CEO of BVB.   The anniversary week opened on November 17 with two investor-focused panels held at the BVB headquarters. The first brought together retail investors—some at the very start of their journeys—for a lively discussion on the Romanian capital market and investment decision-making. Guests included Diana-Camelia Buruian, Grants & Incentives Consultant; engineer Dana Lupu; student Razvan Mihaescu; and software engineer Alexandru Dejanu, in a conversation moderated by Liviu Popescu, journalist at Ziarul Financiar.   The second panel of the day centered on investments from the perspective of fund managers. Distinguished speakers included Corina Cojocaru, CEO of BT Pensii; Cristi Pascu, Vice President of the Fund Administrators Association (AAF); Mihai Purcarea, CEO & President of BRD Asset Management; Milan Prusan, Executive Director of Goldman Sachs Asset Management Romania; and Razvan Pasol, CEO of Patria Asset Management. The session was moderated by Horia Gusta, President of AAF.   On November 18, the discussions focused on brokerage services. The first panel, “How Have Brokerage Services Evolved over the 30 Years of the Stock Exchange?”, featured long-standing market intermediaries: Valerian Ionescu (BCR), Adrian Simionescu (SAI Muntenia Invest), Octavian Molnar (IFB Finwest), Lucian Isac (Estinvest), and Nicu Moroianu (ASE Bucharest), moderated by Mariana Ciurel, a long-time member of the BVB team.   The second brokerage panel, moderated by Financial Intelligence journalist Adina Ardeleanu, featured Elena Uleia (Prime Transaction), Ovidiu Dumitrescu (BRK Financial Group), Marius Stoica (BRD), Alexandru Dobre (TradeVille), and Antonio Oroian (Goldring), who discussed what it means to be a broker on today’s BVB and the opportunities and challenges of 2025.   On November 19, the opening bell was rung in the BVB’s Bell Wing to mark both the start of the trading session and the 30-year anniversary. Opening remarks were delivered by BVB President Radu Hanga, followed by speeches from Viorel Baltaretu (Ministry of Economy), Alexandru Petrescu and Gabriel Avramescu (Financial Supervisory Authority), Leonardo Badea (National Bank of Romania), and Pavel-Casian Nitulescu (Ministry of Energy).   Executives from companies included in the BET and BET-FI indices also joined the celebration, delivering anniversary remarks. Among them were representatives from Antibiotice, Aquila Part Prod Com, Banca Transilvania, BRD, Digi Communications, Electrica, Fondul Proprietatea, Hidroelectrica, Infinity Capital, MedLife, Longshield Investment Group, OMV Petrom, One United Properties, Purcari Wineries, and Sphera Franchise Group.   The anniversary program concluded on November 20 with an event dedicated to BVB Group employees, featuring a special conversation with former BVB presidents—Stere Farmache, Sergiu Oprescu, Septimiu Stoica, and Lucian Anghel—moderated by Ileana Botez, a BVB team member since 1995.   Looking back, the BVB’s journey over 30 years reflects extraordinary growth: from just 9 listed companies in 1995 to over 330 today; from 54,000 investors in 2019 to more than 274,000 in 2025; from a market capitalization of RON 25.9 million in 1995 to more than RON 480 billion today. Transactions increased from 379 in 1995 to 1.72 million by September 2025, with total trading value rising from RON 246,000 to over RON 31 billion in the same period, reaching a record RON 38 billion in 2023.   The BET index, launched in 1997, reached a historic high of 20,000 points this year, while BET-TR surpassed 50,000 points. Twenty-five listed companies now benefit from Market Maker support. Internationally, 12 BVB-listed companies are part of the FTSE Russell Emerging Markets indices and 34 are included in MSCI indices. Notably, in 2025, MSCI recognized Romania as an Advanced Frontier Market—a major step in the country’s pursuit of Emerging Market status.