The Bucharest Stock Exchange (BVB) announces that the Financial Supervisory Authority (ASF) has approved the new Multilateral Trading System (MTS) Code, a modern regulatory framework that redefines the market architecture and creates the SME Growth Market, a new segment dedicated to companies in their expansion and acceleration phase.
According to a BVB press release, the new Code represents one of the most significant modernizations of the Multilateral Trading System in recent years. It aligns the market operated by BVB with European models designed for small and medium-sized enterprise financing, through a clearer, more rigorous, and growth-oriented framework. The operational launch of the SME Growth Market will take place following the completion of the necessary technical and operational steps.
'The new Multilateral Trading System Code marks a strategic step forward in the development of the Romanian capital market. By creating the SME Growth Market, we offer SMEs, the backbone of the Romanian economy, and high-potential companies a clear pathway toward funding, visibility, and maturity, while providing investors with a framework built on transparency, corporate governance, and high-quality standards. Aligning the Bucharest Stock Exchange with the European SME Growth Markets community reconfirms our commitment to building a modern, competitive capital market connected to international best practices,' CEO of the Bucharest Stock Exchange Remus Vulpescu is quoted in the release as saying.
The new Code organizes the Multilateral Trading System into three distinct markets: SME Growth Market - dedicated to expanding companies; Base Market (AeRO Market) - intended for issuers not included in the Growth Market; International MTS - dedicated to financial instruments admitted to trading on regulated markets or equivalent MTS from other jurisdictions.
According to the source, the SME Growth Market introduces a modern admission and monitoring framework built around issuer quality and investor trust, incorporating the following elements: Scoring model for admission; Strong focus on corporate governance; Enhanced financial transparency; Continuous monitoring of issuers; An expanded role for the Authorized Advisor.
Companies will be able to raise capital through equity or bond issues, via public offers as well as private placements, leveraging a platform specifically designed to support their growth and prepare them for a future transfer to the Main Market.
Issuer classification on the SME Growth Market will be carried out based on a scoring model outlined in the Code, which evaluates both mandatory requirements and additional criteria such as corporate governance, transparency, and organizational maturity.
The Code update is part of BVB's strategy to modernize the local capital market and aligns with European best practices for SME-dedicated markets, offering entrepreneurs a more competitive financing mechanism and investors a framework with higher standards of transparency, discipline, and monitoring.
By creating the SME Growth Market, BVB aligns itself with the latest European practices. 'The Growth Market will benefit from a dedicated benchmark index, initially comprising the most representative issuers on the AeRO Market that opt for reclassification to the Growth Market and meet the applicable eligibility criteria. The index may subsequently serve as the basis for the development of investment products designed to track its performance, including exchange-traded funds (ETFs),' the release reads.
The effective date of the new Multilateral Trading System Code and the launch date of the SME Growth Market will be announced at a later stage.
BVB is the only securities market operator in Romania. On the two markets it manages, the Regulated Market and the Multilateral Trading System, a wide range of financial instruments are listed, such as stocks, bonds, fund units, ETFs, certificates, structured products, and preferential rights.
In July 2026, the BET index, the main benchmark of the Bucharest Stock Exchange, surpassed the 35,000-point threshold, with the BET index currently showing a 45% growth since the beginning of the year.
In 2020, the Romanian capital market was recognized through its promotion to Emerging Market status by the global index provider FTSE Russell. Currently, 12 Romanian companies are included in FTSE Russell indices dedicated to emerging markets. In 2025, MSCI recognized the local capital market as an Advanced Frontier Market, marking a milestone on the path toward Romania obtaining Emerging Market status from MSCI. A total of 35 Romanian companies are included in MSCI indices. AGERPRES (RO - writing by: George Banciulea; EN - writing by: Adina Panaitescu)
Bucharest Stock Exchange receives ASF approval for new Multilateral Trading System Code
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