Earlier Monday, people close to the matter told MEDIAFAX that Sobolewski was appointed CEO of the Bucharest Stock Exchange.
Sobolewski has run the Warsaw Stock Exchange for seven years, between 2006 and 2013. Before that, he had been executive vice-president of Poland’s Central Depository, from 1994 until 2006.
End-March this year, the board of directors of the Bucharest Stock Exchange voted to dismiss Victor Cionga after seven months into his position as chief executive officer for having failed to restructure the market operator at a fast enough pace.
The Warsaw Stock Exchange is the largest in Central and Eastern Europe, with a market capitalization of EUR167.4 billion, eight times higher than Bucharest bourse’s market capitalization of EUR21.1 billion.
A total 442 companies (of which 45 foreign firms) are listed on the Warsaw bourse, whereas only 79 companies (of which two foreign firms) are listed on the Bucharest bourse. There are also huge differences between the two stock exchanges in terms of daily stock trading, which reach around EUR150 million in Poland and some EUR7.5 million in Bucharest.
In 2013 alone, stock trading has reached EUR24.725 billion in Warsaw and EUR938 million in Bucharest.
The Bucharest Stock Exchange’s main shareholders are foreign investment funds, among which Erste funds and Franklin Templeton funds, as well as regional investment funds SIF Moldova (SIF2.RO), SIF Transilvania (SIF3.RO) and SIF Oltenia (SIF5.RO), which own 5% each, and SIF Muntenia (SIF4.RO) which holds a 3.64% stake.