The Romanian Commodities Exchange celebrates 15 years of activity

The Romanian Commodities Exchange (RCE) celebrates 15 years of activity, 15 years in which he implemented and developed the first institution of the commodity exchange after the communist period, 15 years that constituted an important experience for the exchange market from Romania.

The RCE's official opening took place on November 20, 1992, and the first trading session on RCE's floor was organized on December 10, 1992. Beginning with this first session, when on the exchange floor 99.7% primary aluminum, cocoa powder, green coffee Brazilia, brute hide bovine and paper were trade, RCE begins to cover a long and difficult road, specific for this period of transition to a market economy truly functional.

From the very beginning, RCE established a number of ambitious objectives and engaged to follow them closely and to improve them step by step, in the economic and legislative context of this period. Some of the benchmarks of this period are:

1994 – launching the spot contracts in circulating medium 

1995 – launching the forward contract in RON and circulating medium

1996 – reorienting the activity toward the auctions market

1998 – launching the transactions with futures contracts on exchange rate      difference

1999 – introducing at trading of the contract Euro - USD

2000 – launching for the first time on the Romanian market of the future contract    on the interest rate and introducing the electronic trading for the future market,

2001 – launching the first contracts with options,

2002 - ISO 9001 certificates,

2003 – growing up the trading value at 1.3 milliard USD,

2004 – the start for the territorial network extension,

2005 – the organization of the eighth edition of the annual conference Association of Futures Markets,

2006 – recognizing RCE as commodity exchange according to the Law no. 357 and the launching of the Cash market.

All these benchmarks configured on a incipient legislative background, from the adoption of the HG no.54/1993 „regarding the establishment of the prices within the exchange transactions that make part from the category of those whose prices are negotiated under the surveillance of the public local administration authorities”, passing through the Law no. 129/2000 for the approval of the Ordinance no.69/1997 regarding the commodities exchange and the Law no. 512/2002 for the approval of the OUG no. 27/2002 regarding the markets regulated by the commodity and financial derivate instruments, until the clear outlining of the exchange legislative profile through the promulgation of the Law no. 357/2005 regarding the commodity exchange.

Regarding the trading through RCE, the auctions market had a big importance for the RCE's activity in the period 1996-2005, in the context of the accent putted by the Government on the public acquisitions contracts assignation through transparent procedures and in a competitive environment, in the spirit of the European legislation. Beginning from the year 1996, on RCE's floor and on the floors of the terminals from the territory approximate 10,000 procedures were organized for 500 contracting authorities. The trading value amounts 4.6 milliards USD.

 In the year 2005, in the legislative context of the new Law 357 regarding the commodities exchange is outlined the fact that the future of RCE has a different name: the cash market.

Thus, beginning with June 2006, are launched the floors of the cash market specialized on fungible products: the electric power floor, the oil products floor, the cereals floor, the vegetables-fruits floor. On the cash market, from the launching until the end of October 2007,were organized 575 procedures amounting a value of 135 millions USD.

In these 15 years, RCE gave a big importance to the education process of the business environment, in quality of professional formation system, organizing several specialized courses, especially for the markets developed by RCE.

If in the year 1992, RCE disposed only by the central floor from Bucharest, now, at the end of the year 2007, the territorial network has 33 exchange terminals, through which a good territorial covering of all the geographical zone of the country: Alba, Alexandria, Arad, Bacău, Bistriţa, Braşov, Buzău, Cluj Napoca, Călăraşi, Constanţa, Covasna, Craiova, Galaţi, Giurgiu, Gorj, Iaşi, Ilfov, Maramureş, Mehedinţi, Oradea, Piatra Neamţ, Piteşti, Prahova, Reşiţa, Slobozia, Suceava, Târgovişte, Târgu Mureş, Timişoara, Tulcea, Vaslui, Vâlcea şi Vrancea.

Understanding the importance of its integration and recognition in the exchange international environment, RCE represents an active presence at the events consecrated from the exchange and financial field, consolidating the cooperation with the international exchanges within the Association of Futures Markets (AFM) or Europeen Commodities Exchange. In the year 2005, RCE hosts successfully the eight edition of the Annual Conference of AFM, organized at Bucharest for the second time, and with the occasion of the participation at the 45 meeting of the European Commodities Exchange organized in 2005 at Vienna, RCE becomes member with complete rights within the Association of European Commodities Exchange

At this anniversary year, on the brick of celebrating 15 years from the official opening, RCE presents itself with an important potential of increase and with the trust in developing in the future. „Taking into consideration the tendency to integrate the national savings, to globalize the financial markets in the context of the Romania adhesion at the European Union, RCE propose itself to consolidate the position of viable partner for any economic entity from Romania, simultaneously with its position as important benchmark for the exchange market of the Central and Eastern Europe” says Mr. Constantin Bostina, the president of GAS from RCE.