List of fees charged by the Bucharest Stock Exchange
A. Fees and commissions applicable to Participants
1. Admission and maintenance fees for a Participant on the trading system (in RON, VAT included)
No.
1.1
1.1.1
Name
Fee
Fee for the admission of a Participant to BVB’s trading system
- Spot and derivatives regulated markets
200,000
(non-transferable trading license)
1.1.2
1.1.3
1.2
1.2.1
1.2.2
1.2.3.
Observations
One-off fees
Fee for the admission as Participant exclusively to the BVB’s trading
system for the government securities’ market
Fee for the admission of Traders on the derivatives market
The fee is paid for admission on both regulated
markets administered by BVB. The fee applies to
intermediaries/investment firms either from
Romania or from member/non-member states.
The fee is not applied to the entities assimilated
to Traders.
5,000
200,000
The Trader fee applies to entities authorized by
CNVM/ASF as Traders, either from Romania or
from member/non-member states.
Annual fees
Fee for the maintenance of a Participant to BVB’s trading system for
the spot market
Fee for the maintenance of the Participant to the government
securities’ market
Fee for the maintenance of a Participant to BVB’s trading system for
the derivatives market
1,500
The fee is paid annually by the Participant to the
BVB’s trading system. Due on March 31st.
1,500
1,500
Suspended for 2016
The fee is paid annually by the Participant to the
BVB’s trading system. Due on March 31st.
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List of fees charged by the Bucharest Stock Exchange
2. Fees for accessing the Trading System (VAT included)
No.
2.1
2.1.1
Name
Fee
Standard access to the trading platform (Terminal)
RON 250
(starting with the 6th terminal)
2.1.2
Observations
Monthly fees
Fee for Arena XT “Software as a Service”
co-located on BVB’s servers
EUR 200
The fee is charged for the standard access to the
trading system of a Participant, for each
additional Terminal, starting with the 6th
terminal.
The fee applies per Participant and offers the
right to give its own clients access to the Arena
XT brokerage platform developed by BVB.
3. Commissions for trading on the spot markets administered by BVB (VAT not included)
No.
3.1
Name
Trading fee for shares, rights and fund units, applied to the value of
the trade
Fee
Regulated market, ATS:
Observations
Regular market:
Buy: 0.04%
Sell: 0.10%
3.2
Trading fee for ETFs, applied to the value of the trade
Deal market:
Buy: 0.045%
Sell: 0.117%
Regular market:
Buy: 0.04%
Sell: 0.10%
Deal market:
Buy: 0.05%
Sell: 0.12%
3.3
Trading fee for bonds, applied to the value of the trade
The fee is charged for each transaction executed
by each Participant. The fee is also charged for
trades executed by Participants registered as
Market Makers / Liquidity Providers for the
respective financial instruments, on other
accounts than the one used for maintaining their
obligations as Market Makers / Liquidity
Providers.
Buy/Sell:
0.01%
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List of fees charged by the Bucharest Stock Exchange
3.4
Trading fee for government securities (except the government
securities for retail investors), applied to the value of the trade
3.5
Trading fee for government securities for retail investors, applied
per trade
Trading fee for structured products (certificates, warrants), applied
to the value of the trade
3.6
Buy/Sell:
0.0004%
Min. RON 1, Max. RON 10
RON 1
All structured products, with the exceptions
mentioned below:
Regular market:
Buy: 0.04%
Sell: 0.10%
Deal market:
Buy: 0.05%
Sell: 0.12%
The structured products having as underlying
fixed-income financial instruments or tradable
UCITS (ETFs) that invest in fixed-income financial
instruments:
Buy: 0.01%
Sell: 0.03%
The trading fee is charged for each side of the trade (buy/ sell).
4. Fees for trading on the spot markets administered by BVB, for Market Makers or Liquidity Providers (VAT not included)
No.
4.1
4.2
Name
Trading fee for shares from the regulated market, applied to the
value of the trade
Trading fee for ETFs applied to the value of the trade
Fee
Buy: 0.01%
Sell: 0.01%
According to the Market Makers
Pilot Program
Buy: 0.02%
Sell: 0.06%
Observations
The fee is charged for trades executed by
Market Makers / Liquidity Providers, exclusively
on the account used for fulfilling their
obligations as Market Maker / Liquidity Provider
(own account or an indicated account), for the
respective financial instrument.
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List of fees charged by the Bucharest Stock Exchange
4.3
Trading fee for government securities (except government
securities for retail investors) applied to the value of the trade
4.4
Trading fee for government securities for retail investors, applied
per trade
Trading fee for structured products (certificates, warrants) applied
to the value of the trade
4.5
Buy/Sell:
0.0002%
Min. RON 1, Max. RON 5
Buy/Sell:
RON 0.5
All structured products, with the exceptions
mentioned below:
Buy: 0.02%
Sell: 0.06%
The structured products having as underlying
fixed-income financial instruments or tradable
UCITS (ETFs) that invest in fixed-income financial
instruments:
Buy: 0.006%
Sell: 0.020%
4.6
4.7
4.8
Trading fee for shares from the ATS International, applied to the
value of the trade
Buy: -0.08%
Sell: -0.02%
The fee is charged for trades executed by
Market Makers / Liquidity Providers, exclusively
on the account used for fulfilling their
obligations as Market Maker / Liquidity Provider
(own account or an indicated account), for the
respective financial instrument.
An exemption from such fees applies for
minimum 3 months from launching new
structured products having as underlying shares
listed at BVB, for Participants acting as Liquidity
Providers.
The fee is charged for trades executed by
Market Makers / Liquidity Providers, exclusively
on the account used for fulfilling their
obligations as Market Maker / Liquidity Provider
(own account or an indicated account), for the
respective financial instrument.
Trading fee for bonds, applied to the value of the trade
Buy/Sell:
0.005%
The fee is according to the BVB’s Procedure
regarding the application of the trading fess for
the Market Makers registered for bonds,
depending on the fulfilment of the conditions set.
Buy: 0.02%
Sell: 0.06%
The fee is according to the BVB’s Procedure
regarding the application of the trading fess for
the Market Makers registered for fund units,
depending on the fulfilment of the conditions set.
Trading fee for fund units, applied to the value of the trade
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List of fees charged by the Bucharest Stock Exchange
5. Fees for trading on the derivatives regulated market for the futures contracts trading, except the Market Makers (in RON,
VAT not included)
No.
5.1
5.2
5.3
5.4
Name
Futures contracts with reference notional value within the range:
(RON 0 - RON 3,000)
Futures contracts with reference notional value within the range:
[RON 3,000 – RON 8,000)
Futures contracts with reference notional value within the range:
[RON 8,000 – RON 15,000)
Futures contracts with reference notional value more than RON
15,000
Fee
Observations
0.05 / contract
0.15 / contract
Paid by both – the buyer and the seller.
0.35 / contract
0.90 / contract
6. Fees for trading on the derivatives regulated market for the futures contracts tradin for the registered Market Makers (in
RON, VAT not included)
No.
6.1
6.2
6.3
6.4
Name
Futures contracts with reference notional value within the range:
(RON 0 - RON 3,000)
Futures contracts with reference notional value within the range:
[RON 3,000 – RON 8,000)
Futures contracts with reference notional value within the range:
[RON 8,000 – RON 15,000)
Futures contracts with reference notional value more than RON
15,000
Fee
Observations
0.03 / contract
0.10 / contract
Paid both by the buyer and the seller.
0.15 / contract
0.40 / contract
BVB will not charge this fee in the first calendar month starting with the listing day for all series of a new futures contract. If the launching date is not the same with the beginning of
a calendar month, the period is extended until the end of the next calendar month.
The fees applicable to the Derivatives Market participants who own the Market Marker quality are charged only for the contracts traded on House account, corresponding to IFD
series for the participants registered as Market Maker.
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List of fees charged by the Bucharest Stock Exchange
7. Commissions for public offers and other operations (VAT not included)
No.
7.1
7.1.1
7.1.2
Name
Fee
Shares (applied to the value of the transaction)
Initial public offers, primary public sale offers, other primary sales,
Buy: 0%
secondary public offers, other secondary sale offers – All markets
Sell: 0.135%
Public tender bids – Regulated market
Buy/Sell:
Observations
0.216%
7.1.3
Public tender bids and takeover bids ATS
7.2
7.2.1
7.3
Bonds (applied to the value of the transaction)
Initial public offers, primary public sale offers and other primary
Buy/Sell:
sales – All markets
0.007%
Secondary public offers and other secondary sales, public tender
Regulated market and ATS:
bids – All markets
Buy/Sell:
0.0216%
Government securities for retail investors
7.3.1
Primary market
7.2.2
Buy/Sell:
0.117%
0
8. Fees for solving settlement issues and trades invalidation (VAT included)
No.
8.1
8.1.1
8.1.2
Name
Fee
Observations
All financial instruments traded on BVB’s spot regulated markets, with the exception of government securities
Standard invalidation fee (applied to the value of the trade for the
side involved)
Buy-In / Sell Out trades
1%
Max. RON 600
1%
Max. RON 2,000
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List of fees charged by the Bucharest Stock Exchange
8.2
8.2.1
8.2.2
8.3
8.3.1
8.3.2
Standard invalidation fee for participants (applied to the value of
the trade for the side involved);
Buy-In/ Sell Out trades
Standard invalidation fee for market-makers (applied to the value of
the trade for the side involved);
Buy-In/ Sell Out trades
Government securities
Trade value below RON 3 mil: 0.0009%
Min. RON 1, Max. RON 27
Trade value above RON 3 mil: RON 27 + 0.0004%
for what exceeds RON 3 mil, max. RON 90
Trade value below RON 3 mil: 0.00063%
Min. RON 1, Max. RON 19
Trade value above RON 3 mil: RON 19 +
0.00028% for what exceeds RON 3 mil, max.
RON 63
All the financial instruments traded on the derivatives regulated market
Fee for the forced closure of an open positions by BVB
BVB carries out the forced closure of the open
positions, in exceptional situations and only at
RON 5 / contract
the request of the Clearing House. Contracts
forcedly closed by BVB are charged additionally
from the trading fee.
Fee for trade invalidation
The fee is charged by BVB to the derivatives
market Participant whose fault determined the
RON 50 / contract
retroactively invalidation of a trade, in
exceptional cases as per BVB’s or the Clearing
House’s rules.
9. Examination fee for stock exchange / derivatives market brokers (in RON, VAT included)
No.
9.1
9.2
9.3
Name
Examination for obtaining the stock exchange / derivatives market
broker quality, or for the annual validation
The first re-examination for obtaining the stock exchange /
derivatives market broker quality or for the annual validation, as
well as in the case of the re-examination following a sanction
Starting with the second re-examination for obtaining the stock
exchange / derivatives market broker quality or for the annual
validation, as well as in the case of a new re-examination following
a sanction
Fee
Observations
150
300
The examination fee for derivatives market
brokers also applies when new products are
implemented.
450
Document’s last update: January 5, 2016
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