The new regulatory framework represents a major modernization of BVB’s Multilateral Trading System and brings the Romanian market closer to European models focused on financing small and medium-sized enterprises. The SME Growth Market will become operational after the necessary technical and organizational preparations are completed.
“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,” said Remus Vulpescu, CEO of the Bucharest Stock Exchange.
He added that the new framework will give investors greater transparency, stronger corporate governance and higher-quality standards, while strengthening the connection between the Romanian capital market and European best practices.
Three markets under the new MTS structure
Under the new Code, the Multilateral Trading System will be organized into three separate markets:
– SME Growth Market – aimed at companies in their expansion phase;
– Base Market (AeRO Market) – for issuers that are not included in the Growth Market;
– International MTS – for financial instruments already traded on regulated markets or equivalent multilateral trading systems in other jurisdictions.
New financing opportunities for growing companies
The SME Growth Market introduces a new admission and monitoring framework focused on issuer quality and investor confidence.
Key elements include a scoring system for admission, stronger corporate governance requirements, enhanced financial transparency, continuous issuer monitoring and an expanded role for Authorized Advisors.
Companies admitted to the Growth Market will be able to raise financing through equity and bond issues, using both public offerings and private placements. The market is intended to provide companies with a platform for expansion while preparing them for a potential future transfer to BVB’s Main Market.
Admission will be determined through a scoring model established by the new Code. The assessment will take into account mandatory requirements as well as additional factors, including corporate governance, transparency and organizational maturity.
Closer alignment with European SME markets
The new MTS framework forms part of BVB’s broader strategy to modernize Romania’s capital market and provide entrepreneurs with more competitive financing alternatives.
The SME Growth Market is designed in line with European practices for SME-focused markets, combining higher transparency and monitoring standards with greater opportunities for companies seeking capital.
The new market will also have its own benchmark index. Initially, the index will include representative AeRO issuers that choose to move to the Growth Market and meet the eligibility requirements.
The benchmark could subsequently serve as the basis for investment products designed to track its performance, including exchange-traded funds (ETFs).
Launch date to be announced
The effective date of the new MTS Code and the official launch date of the SME Growth Market will be announced at a later stage, following completion of the required technical and operational preparations.
The new Code has been approved by ASF and is available through the BVB website.
BVB is Romania’s only securities market operator, managing both the Regulated Market and the Multilateral Trading System. Its platforms host stocks, bonds, fund units, ETFs, certificates, structured products and preferential rights.
The Bucharest Stock Exchange’s main BET index surpassed the 35,000-point threshold in July 2026 and is currently up around 45% since the beginning of the year.
Romania’s capital market was promoted to Emerging Market status by FTSE Russell in 2020. In 2025, MSCI classified the Romanian market as an Advanced Frontier Market, marking another step toward potential Emerging Market status.