page_title: Bucharest Stock Exchange
section_title: Activities
hierarchical_section_title: Bucharest Stock Exchange / Activities
caption_attribution_description: English: This is the picture of Bucharest Stock Exchange's office
context_page_description: The Bucharest Stock Exchange is the stock exchange of Romania located in Bucharest. As of November 2017, there are 88 companies listed on BVB's regulated market and 299 companies listed on AeRO market with a total market capitalization of €35.6 billion. Starting 2014 and up to date, the main index BET went up by 19.9%, thus exceeding the maximum of the last 9 years.
context_section_description: The Bucharest Stock Exchange is a market and system operator authorized by the Financial Supervisory Authority (FSA) that manages a Regulated market (RM) and an Alternative Trading System (ATS) compatible with European standards. BVB also operates a market section called RASDAQ. The following types of financial instruments are traded on BVB: shares, rights, bonds, fund units, structured products and futures contracts. 
  BVB operating revenues are generated mainly from trading activity, from membership and listing fees, as well as from data vending to various users.
  Regulated Market
  The main market of BVB is a spot regulated market where financial instruments such as shares and rights (issued by international and Romanian entities), debt instruments (corporate, municipality and government bonds) issued by Romanian entities and international corporate bonds, UCITs (shares and fund units), structured products and ETFs are traded.
  In order to be listed on the regulated market, a company has to fulfill a number of requirements prior to its listing on BVB:
  Be a joint stock company (SA)
  Have the value of market capitalization / shareholders’ equity of at least 1 million euro
  Have a free-float of at least 25% (shares not owned by the company, nor by strategic investors)
  Be active on the market for the last 3 years and have available financial reports from that period.
  AeRO Market
  AeRO market is the equities segment of the Alternative trading system (ATS). AeRO market was designed from the need of providing a financing alternative for entrepreneurs, and is the equity segment of the alternative trading system managed by the Bucharest Stock Exchange (BVB). It is a market segment designed for listing of early stage companies, start-ups and SMEs, to finance their projects, growth stories, increase their visibility and contribute to the development of the business environment. Based on the BVB alternative trading system existing since 2010, the AeRO market, under its redesigned and reconstructed concept, was launched on February 25, 2015.
  Key features of AeRO market:
  It addresses all types of companies, regardless of their size or time since establishment,
  It was created for both shares and bonds, as well as for other financial instruments that do not comply with the requirements of the regulated market,
  The listing features are simplified, as there is no need for a prospectus to be admitted to trading, but only for a corporate presentation,
  The reporting requirements are low as compared to the regulated market,
  A company may prepare to get transferred on the regulated market by gradually increasing the free float, the cash.
caption: BVB's offices are located on Carol I Boulevard in Bucharest, Romania
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