BVB’s contribution will not exceed EUR 10m. The new company is expected to bring new products to the stock exchange trading, such as derivatives or short selling.
The Bucharest Stock Exchange (BVB) published the resolutions of the Extraordinary General Meeting of the Shareholders, in which the shareholders approved BVB’s participation in the establishment of a new company called CCP. The new company is expected to bring new products to the stock exchange trading, such as derivatives or short selling.
CCP’s initial aggregate share capital will be at least EUR 15m, while BVB’s contribution will not exceed EUR 10m.
Note that CCP’s main object of activity, as stated by BVB, consists in clearing operations consisting in the determination of positions, including calculation of net obligations and obligations to ensure availability of financial instruments, of cash, and/ or availability of both, so as to cover exposures resulting from such positions, as well as other services and activities related to clearing and the operation of the financial instrument settlement system.
Transgaz will have to organize a third bidding round and the economic test will succeed only if the bidders book additional capacity allowing the Company to raise the missing PVUC to at least RON 585.7m.
According to the Romanian media, Transgaz together with Hungarian TSO FGSZ have announced, in a joint report, that the third economic test for BRUA, has not passed, as a result of the execution of the step-back rights of the successful bidders.
Transgaz as well as FGSZ has not passed the economic test with the actual PVUC (present value of binding commitments of network users related to the incremental capacity), which led to them falling below the required PVUC As a result, Transgaz will have to organize a third bidding round and the economic test will succeed only if the bidders book additional capacity allowing the Company to raise the missing PVUC to at least RON 585.7m.
As the outcome of the third economic test is negative, the transmission system operators will give tenderers the possibility to submit the additional capacity requests from 05 – 25 February 2019. At this stage, applicants will be able to submit capacity booking requests to bidders who have submitted valid applications in the first bidding period, except for those who exercised their tight of withdrawal until 14 December 2018.