Brokerage Firms from UK Enter Romani Market
Financial News – ING Bank
February 23, 2007
Some of the most important investment banks in Britain, JP Morgan,Lehman Brothers, Citigroup, Bear Sterns and State Street, have officially entered the Romanian market after the National Securities Commission announced they can activate in the local market, Ziarul Financiar daily reports on February 15. Some 20 London companies were granted licenses allowing them to unfold brokerage, assets management and consultancy services (regarding investments in the capital market) in Romania. Representatives of Romanian brokerage companies say some of these companies do not plan to make transactions in Romania but ” to take the money from here and invest it in other capital markets.” Together with another 20 companies in Britain, Wood&Company Czech company submitted a notification, a brokerage company that has lately analyzed the evolution of the Romanian shares. On the other hand, several local brokerage companies announced they plan to offer trading services on the foreign markets, with the Austrian capital market being the main targeted, given it is the biggest such market in Central and Eastern Europe and that the Austrian companies hold key-positions in the Romanian economy. Vanguard is one of the brokerage companies focusing on retail in the local market, which will provide the possibility of online trading in the Vienna Stock Exchange, after launching an online trading service for the Sofia Stock Exchange late last year.