Sunday | May 28, 2023 |
Market Status: CLOSED

How to become a member

Why to become an intermediary (Participant)?

Over the last couple of years, Bucharest Stock Exchange (BVB) followed a clear growth path. The ongoing successful program of privatization, the wide market reform, and the efforts to upgrade to emerging status, as well as growing domestic potential may boost the attractiveness of the Romanian capital market in the long run. In terms of investment opportunities, there are several defensive stocks traded on BVB with a good track record as dividend payers. The local capital market has a substantial development potential and the chance to become a recognized international investment case and trading venue.

A BVB Participant will trade directly all the financial instruments available on the Regulated Market and on the Alternative Trading System. The trading is done on the BVB electronic platform built with modern technologies, providing diversification, an improved quality of options and facilities, which promotes higher transparency and orderly exchange operations.

How to become a Participant?

Eligible for becoming a BVB Participant, according to the BVB Rulebook, are:

  • financial investment services companies and credit institution registered in Romania;
  • companies authorized and supervised by competent authorities from other member state which may perform financial investment services and activities in Romania
    • within the limits of the authorization granted by the member state of origin, on the basis of the free circulation of services either directly or through subsidiaries, in compliance with the applicable rules


  • submit the authorization documents related to the company and fill in the specific set of documents, in compliance with the relevant rules applied;
  • fulfil the specific requirements regarding the technical equipment (minimum hardware and software configuration pre-requirement);
  • have at least 2 financial investment services agents authorized as exchange agents;
  • prove the status of the member / participant to a clearing-settlement system and/or registry agreed by the Financial Supervisory Authority (FSA) and BVB
  • be a member of an investors’ compensation scheme, as stipulated by the FSA regulations.
 BVB membership is available to companies only; the specific rules are applied depending on the type of participant (local / remote).



The BVB system (Arena) is designed and implemented in-house and it is a client server architecture, which can be accessed remotely.

The access to BVB’s system can be done through various interfaces, such as:

  • Arena Trading Terminal (GUI) - is a client-application, designed to interact with one broker, providing all the trading features available at BVB
  • Arena Gateway without GUI [WGUI]) – is an application/ API, based on a proprietary protocol offered by BVB acting as a messages intermediary between the Participants’ systems and the BVB system, through which the Participant’s specialized applications connect to the BVB system;
  • Arena FIX– is an interface allowing access to the BVB system, using FIX Protocol messaging standard, Version 4.4 and 5.0.

In order to use Arena Fix, Arena Gateway and/or Order Collector, a Participant will comply with the technical and operational requirements available through the technical specifications for each interface.

Main functionalities of the BVB trading platform - Arena

It is a system with an open architecture allowing easy interconnection with other systems, portable and secure.

Arena system offers the following features:

  • various trading mechanisms: order driven, quotes, deals
  • price discovery mechanisms: single price, continuous, dedicated for public offers, quotes, etc.
  • a series of markets, depending on the type of financial instrument: regular, odd-lot, deal, POF, buy-in, sell-out, etc.
  • various order types: limit, market, unpriced, hidden, contingent orders, etc.
  • order validity: Day, Good Till Date, Open, Fill Or Kill
  • market maker support (special toolbox/API for automated quoting machines)
  • spectrum of operating facilities, real-time market data and historical statistical data provided through an attractive and "user friendly" interface.

Trading is simple, flexible and easy to use, based on a comprehensive range of market data.

Steps for becoming BVB’s Participant

The rules which govern a Participant activity on BVB are described in the BVB Rulebook and technical specifications issued in its application.



Guide for Participants


Guide for Remote Membership


Intermediaries ranking

Learn more

Contact BVB

Specific information

General information