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FAQWhat Romanian Commodities Exchange is? Q: What is Romanian Commodities Exchange? A: Romanian Commodities Exchange (RCE) is a joint stock company, established in accordance with the provisions of Law no. 31/1990 regarding the commercial companies, republished, with subsequently modifications and completions, autonomous related to the participants in the market and which provides services of public utility for its members and clients, as well as for any other legal or natural entity which activity interacts with the markets managed by the commodities exchange. RCE functions on the basis of Law no. 357/06.12.2005 regarding the commodities exchanges, which regulates the way of establishing, organising and functioning of the commodities exchanges.
Q: What can I trade at Romanian Commodities Exchange? A: At RCE can be traded the following: general and fungible commodities, representative certificates for commodities (such as the warehouse certificate, warrant, bill of lading), services, works, commercial receivables.
Q: How can I trade at Romanian Commodities Exchange? A: In order to trade at RCE as client, a natural or legal entity shall enter on one of the following markets: cash market, auction market, commercial receivables market or mixed market and shall conclude an intermediary contract with RCE: - on cash market can register offers: shareholders and affiliated members - on auction market can register orders: shareholders, affiliated members and legal/natural entities or any other entities which have concluded previously a services contract with the commodities exchange - on mixed and commercial receivables markets can register offers: shareholders, affiliated members and exchange's clients.
Q: On which markets can I trade at Romanian Commodities Exchange? A: - cash market - the market on which offers are negotiated and transactions are performed in order to conclude spot and forward contracts; - auction market - the open market organised for sale/procurement of commodities, services or works that need technical specifications in order to be identifiable and saleable; - commercial receivables market - the open market organised for sale or procurement of commercial receivables; - mixed market - a primary cash market; the mixed market is organised any time it is wanted to transfer a commodity from the auction market to the cash market. The mixed market has both auction and cash markets' characteristics, being managed by the commodities exchange for a certain period of time.
Q: How can I become shareholder of the Exchange? A: In order to become an exchange's shareholder, a legal entity has to own at least a package of RCE's shares, this conferring to the owner the right to a broker place. Also, if it is not shareholder, it can receive for use the trading place from other shareholder. Additional information regarding the conditions that have to be fulfilled and the stages to be carried on for becoming shareholder can be obtained at Marketing & Communication Department of RCE.
Q: Which are the advantages of trading at Romanian Commodities Exchange? A: The main advantages of trading at RCE are: transactions transparency, equal rights for all participants, safety the contracts execution and, especially, free competition in establishing the price on the market. RCE's clients benefit of specialised assistance during all stages of the trading process.
Q: Where can I find out information regarding the trading schedule on the auction market at Romanian Commodities Exchange? A: Information is available on the RCE website, in the RCE's publication "Info Licitatie", in the Official Gazette of Romania or in the "Adevarul" newspaper. For the clients registered in the RCE's database, are transmitted press releases regarding the procedures organised by the RCE, depending on their area of interest.
Q: What are the costs of participating in the procedures organised by Romanian Commodities Exchange? A: The related costs, which value is specified in the procedure's notice are: Documentation's equivalent and the access tariff for the auction.
A: The bid bond represents a certain amount of money, which value is specified in the procedure's notice, established by the bidder in order to protect the contracting authority and organiser against the risk of non-fulfilment of certain obligations.
Q: How can I obtain clarifications about the auction procedure's Documentation? A: The clarification requests are to be sent in writing by fax, at the RCE's headquarters within the period established in the procedure's Documentation..
Q: How is returned the bid bond? A: The bid bond is to be returned based on a Request for returning the bid bond - enclosed in procedure's Documentation - submitted in original at the RCE's headquarters.
Q: What a futures contract is? A: A futures contract is a firm agreement between two parties, buyer/seller to sell/buy at a pre-settled term (maturity), an underlying asset or a commodity (fungible and standardized) at a price agreed at the moment of transaction's conclusion.
Q: What are the RCE's Terminals? A: Terminals have the status of RCE's work points in the territory, without having their own legal entity, which have the obligation to communicated exactly the identity elements of the exchange institution, such as brand, principles, mission and values. These work points are administrated by legal entities other than RCE, having all the experience necessary to perform under best conditions the exchange activity.
Q: Which are the RCE's Terminals? A: The RCE's Terminals are: Alba, Alexandria, Arad, Bacau, Bistrita, Brasov, Buzau, Calarasi, Cluj, Constanta, Covasna, Craiova, Galati, Giurgiu, Gorj, Iasi, Ilfov, Maramures, Mehedinti, Oradea, Piatra Neamt, Pitesti, Prahova, Resita, Slobozia, Suceava, Targoviste, Targu Mures, Timisoara, Tulcea, Valcea, Vaslui and Vrancea.
A: Option represents a convention conferring to its buyer the right, but not the obligation, to sell (PUT option) or to buy (CALL option) a standardized quantity of a certain commodity, monetary or financial asset, or futures contract, at a pre-settled price, called exercise price, within defined term or its expiration, against the payment of a premium to the seller. The buyer from such a contract (option) can exercise its right until the expiration date, to cancel the option during the contract's life or to offset its contract by an opposite operation.
A: Spot contract is a contract with clauses pre-settled by the commodities exchange, with immediate execution or with execution within maximum 10 working days from the date of the parties' firmly expressed their will act through the transaction performed at the commodities exchange.
Q: What a forward contract is? A: The forward contract is a contract with suspensive term, having clauses pre-settled by the commodities exchange. The term of a forward contract might be established by the party initiating the offer, but not longer than 18 months and no less than 10 working days.
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