“It’s a natural fear… as CNVM’s revenues depend on market liquidity. However, a dual listing will attract new investors and, in most cases, the liquidity (in the main market) increases with the secondary listing,” Konieczny told a news conference.
He said that Franklin Templeton, administrator of Fondul Proprietatea, is keeping its target to float the fund’s shares in Warsaw in the first half of 2012.
“Having a secondary listing is highly important to us and we are keeping our recommendation regarding the stock exchange in Warsaw… We are waiting for a decision from CNVM,” Konieczny added.
Fondul Proprietatea, set up in 2005 to compensate Romanians whose properties were seized during communism, was floated in Bucharest on January 25. The fund has been top-traded issuer ever since, covering around half of the daily volumes on average.
CNVM charges a fee of 0.08% on most stock trades in Bucharest.