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March 29, 2023

Rasdaq electronic stock exchange closes down

The Chamber of Deputies has adopted a legislative proposal under which Rasdaq will be closed down within 12 months of the entry into effect of the new legislation. The 100 companies that will need to call General Meetings of Shareholders (AGA) to decide if they want to move to the main market of the Bucharest Stock Exchange, to the spot market of the Sibiu Exchange or to an alternative trading system (ATS).
Shares of a total of 100 companies are currently being traded on Rasdaq, with a total market value of RON 7.5 bn (EUR 1.7 bn). The uncertain condition of the Rasdaq Exchange is an issue that goes back a number of years, to which the National Securities Board (CNVM) and BSE have not been able to find a solution. The new law adopted by Parliament ends the state of uncertainty.  After 2014, CNVM has not classified Rasdaq as alternative trading system, leaving it outside either type of market.  Rasdaq was the name of the electronic stock exchange of Bucharest. Its name is an adaptation of the similar New York City exchange, NASDAQ. The RQSDAQ acronym stands for Romanian Association of Securities Dealers Automated Quotation (system). It was set up with assistance from the United States Agency for International Development (USAID). Rasdaq started its work on October 26, 1996.

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