The Bucharest Stock Exchange (BVB) will invest up to €3 million in the capital increase of CCP.RO Bucharest, Romania’s central counterparty (CCP) project, following approval from its shareholders, reports Bursa.ro.
The additional funds are part of a wider €5 million capital boost required to operationalise the CCP, with €2 million expected from other shareholders, including OPCOM, PPC Energy, and Electrica.
The project has faced significant delays since its original 2020 launch target. A major setback occurred in April 2023, when Euronext Clearing announced its intention to terminate its contract with CCP.RO. This forced the BVB to find a new technology provider, though they will continue using a licence from Euronext. CCP.RO must now undergo additional system tests and secure final shareholder approvals to proceed.
€19.7 million
According to the revised business plan, the capital contributions to date total €19.7 million, with a further €5 million needed by the end of 2024 to meet EMIR regulatory requirements. If all goes to plan, the first futures contracts for asset-backed shares, share indices, and electricity could launch by July 2025. Share lending services are expected to follow in June 2027.
BVB President Radu Hanga acknowledges the delays but stresses that the focus is now on finding solutions to move the project forward. The CCP is forecast to become profitable by 2027, with a projected net result of €4 million by 2030. Shareholders are scheduled to vote on the capital increase in the coming days, aiming for final authorisation by December 2024.
