The total value traded on the regulated market of the Bucharest Stock Exchange (BVB) and on the Multilateral Trading System (SMT) reached 31.23 billion lei at the end of September 2025, representing an increase of 22.57% compared to the same period in 2024, according to the Report on the evolution of the capital market in the first 9 months of the year, drawn up by the Financial Supervisory Authority (ASF).
"The Romanian capital market indices recorded, overall, positive developments at the end of September 2025, compared to the end of the previous year. The main BET index, which captures the dynamics of the most liquid companies listed on the BVB regulated market, recorded an increase of 27.61% at September 30, 2025 compared to December 31, 2024. The total value traded on the regulated market and on the SMT reached 31.23 billion lei at the end of September 2025, representing an increase of 22.57% compared to the same period in 2024. In contrast, the total number of transactions carried out in the first nine months of 2025 was 12.70% lower than in the corresponding period of the previous year. Thus, 98.67% of the total value traded was carried out on the regulated market, the rest being related to SMT", the report reads.
According to the cited source, on September 30, 2025, the value of transactions with government securities registered an increase compared to the same period in 2024, reaching approximately 8.47 billion lei. Share transactions totaled 11.98 billion lei, constituting the predominant class of financial assets, with a share of 38.39% of the total value traded on the BVB in the first nine months of 2025. At the same time, the market capitalization of the regulated market stood at 448.57 billion lei, marking an increase of approximately 28.06% compared to the end of December 2024.
At the end of the first nine months of 2025, the first position in the ranking of the most liquid companies traded on the BVB regulated market was occupied by Banca Transilvania (TLV), with a share of approximately 34.26% of the total value traded. Next in line were Hidroelectrica (H2O), OMV Petrom (SNP), Romgaz (SNG) and Fondul Proprietatea (FP).
The most active brokers on the markets managed by BVB (regulated market and SMT) were the Financial Investment Services Companies, the total value intermediated by them being approximately 37.2 billion lei. Local brokers (SSIF and credit institutions) accumulated about 93% of the total value intermediated. Among the entities authorized in other European Union member states that carried out transactions on the spot markets, the most active were the investment firms, which held a market share of 5%.
As of September 30, 2025, the total value of assets under management of collective investment undertakings (OICs) in Romania reached approximately 51.7 billion lei, representing an increase of approximately 16.51% compared to the end of 2024.
On the said date, 20 administrators were active in Romania, of which 6 were exclusively authorized as Investment Management Companies (SAI), 6 were exclusively authorized as Alternative Investment Fund Administrators (AFIA), and 8 held dual authorization. Also as of September 30, 2025, 94 undertakings for collective investment in transferable securities (UCITS) and 39 alternative investment funds (AIFs) were authorized, a category that includes the 6 traded investment companies (SIs) and Fondul Proprietatea. The depository services related to the 133 UCIs were provided by 4 depositories.
At the end of the third quarter of 2025, similar to the developments in previous periods, banking groups continued to represent the dominant category among administrators, controlling the largest part of the total assets managed by SAIs. The first five SAIs ordered by the value of assets managed are entities affiliated with the banking sector, and the assets managed by them amounted, as of September 30, 2025, to approximately 28.56 billion lei, representing 94.04% of the total assets of the investment fund industry, excluding SIs and Fondul Proprietatea. AGERPRES(RO - writing by: George Banciulea; EN - writing by: Bogdan Gabaroi)
In the first nine months of 2025, 279,255 transactions with fixed income instruments (other bonds, EUR-BOND, EUR-TBILLS, EUR-TBONDS and government securities) were carried out on the regulated market, totaling approximately 18.43 billion lei, which marks an increase of approximately 7.39 billion lei compared to the same period in 2024. The number of transactions with credit securities registered a significant expansion
compared to the same period of the previous year. The average value per transaction (66,010 lei) decreased, however, compared to the level recorded in the first three quarters of 2024 (90,910 lei).
At the end of the third quarter of 2025, 25 intermediaries were active on the regulated market managed by BVB, of which 16 were Financial Investment Services Companies (SSIF), 3 local credit institutions and 6 entities authorized in other EU member states.
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