CONTEXT

• After an exceptional year 2021, with a 33% gain for the BET index and a record number of listings, the Bucharest Stock Exchange entered a “bear” market at the beginning of last year.
• The initial shock of the outbreak of conflict in Ukraine was followed by a sequence of broad declines in developed equity markets that brought autumn lows for major foreign indices as central banks in industrialized countries aggressively raised interest rates. Quotations from the BVB have followed this trajectory.
• The IPO market has frozen as entrepreneurs, in the new climate of higher interest rates, no longer find the same appetite from portfolio investors to pay prices at elevated multiples.
• In suffering were mainly the volumes in the regulated market, which have remained low since last summer.
• The start of 2023 brought an unexpected rebound for the world’s stock markets, but several bank failures reminded investors of the impact that stress in the financial system can have on listed company shares.
• BVB recently marked a stage of indecision, with the longest sequence in its history in which the BET index accumulated sessions with swings of less than 1%.
• However, the Romanian stock market has advanced at the institutional level, with a new system of withholding tax on capital gains, with an unabated cadence of exercises on the bond segment and the submission of documentation to the ASF regulator for the establishment of the Central Counterparty.
• In this context, Profit.ro aims to bring into debate the major themes that concern leaders of the main regulatory institutions in the field, investors on the capital markets, leaders of brokerage companies, investment funds, trading platforms, consultants and experts in field.

THEMES FOR DEBATE:

• What are the prospects for a bear market close?
• When will the pressure on interest rates rise?
• How will the new tax regime influence the attractiveness of the market and how can the base of individual investors be broadened?
• When will the market for primary offers thaw.
• What will the derivatives market look like and what liquidity will we be able to count on in the coming years?
• Lockdowns in the bond market, compounded by several bank failures.
• Challenges for government securities and bond portfolios in the context of rising interest rates.
• How do international tensions affect the Romanian capital market? What domestic measures can mitigate the problems?

Event broadcast LIVE on Profit News TV, www.profit.ro and facebook.com/profit.ro