BNR's Lazea: Romania playing in third league of capital markets

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The report "Eight systemic barriers to remove for setting up a modern capital market" aims to turn Romania's capital market from a border market to an emerging market, National Bank of Romania (BNR) chief-economist Valentin Lazea told a press conference unveiling the report.

"Romania is playing in the third league of the capital markets. The final objective is to further develop the market in Romania, but this is not the goal of this report, but switching from a border market to an emerging market," Lazea said.

To this end, a change in regulations is necessary, but not enough, according to Lazea.

"Amending the regulations is only a piece of the process. The philosophy and behavior of all participants in the market have to be changed, i.e. clients, investors, regulatory bodies," the BNR representative underscored.

In his opinion, the typology of the investors in the Romanian market has to be modified.

"We are trying to draw foreign investors of a different quality and another quantity of Romanian investors. The quantity of the Romanian investors is too low, and the quality of the foreign investors is specific to border markets," Valentin Lazea explained.

Lazea said the requests featuring in the report of the working group are reasonable, but he pointed out that it's very important that talks should not turn into "a dialogue of the deaf."

The discussions on the topics included in the report should focus on what the Stock Exchange wants from the regulatory bodies and not on the things each player expects from the others, Lazea also said.AGERPRES

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