The new MTF architecture is implemented based on the new BVB–MTF Code, approved by the Financial Supervisory Authority (ASF) in August 2026, and will enter into force on November 20, 2026. The new Code represents one of the most significant modernizations of the Multilateral Trading Facility in recent years, aligning the market operated by BVB with European models dedicated to financing small and medium-sized enterprises through a clearer, more rigorous, and growth-oriented framework.
Structure of the new MTF markets effective from the date of operationalization
A distinct framework for developing companies
The SME Growth Market is built according to the European SME Growth Market concept provided by the MiFID II Directive. It offers a dedicated framework for eligible companies and share and bond issues, with tailored requirements and rules regarding transparency, reporting, and investor relations.
The SME Growth Market and the Base Market are distinct and complementary markets within the MTF, while International MTS retains its own specific profile. The new organization aims to provide a clearer identification of financial instruments and the conditions applicable to each individual segment.
Publication of lists and trading continuity
The initial inclusion in the SME Growth Market concerns the instruments of eligible issuers that signed and submitted the SME Growth Market trading agreement to BVB by October 30, 2026. The instruments of eligible issuers that did not sign the agreement by this date will be traded on the Base Market in accordance with the assignment decision.
| SME Growth Market | 23 companies with shares and 14 bond issues. Of the 14 bond issues, five belong to companies whose shares are also included in the SME Growth Market |
| Base Market | 217 shares (27 Premium and 190 Standard), 12 bond issues, and one fund |
| International MTS | 16 financial instruments (15 shares and one bond) |