RCE Terminal in Bacau

Ziarul de Bacau

24 October 2006

The Romanian Commodities Exchange (RCE), together with Moldova Financial Investment Company (Societatea de Investitii Financiare Moldova) and Casa Bacau are opening this week in Bacau, an exchange terminal – informed us the RCE President - General Manager, Mircea Filipoiu. RCE has opened other 26 terminals throughout the country, out of which six are located only in Moldova region.

 

The intention to open a terminal in Bacau was announced by Mircea Filipoiu a few years ago, also in Bacau, but it materialized only now, due to the collaboration between the two companies. The Romanian Commodities Exchange is organized according to the model of the major world exchanges and benefits from an operational hierarchical system with six directions, ensuring the carrying out of the decision-making and operational processes. It was opened in 1992, in Bucharest, exactly 14 years ago. The members of the exchange are several business entities, including Agricola International and SIF Moldova Bacau. The president of Bacau Terminal is Cosmin Buznea, the director of Casa, the majority shareholder of which is SIF Moldova. Since 1998, a process of expansion in the territory led to the opening of representative offices in all the historical regions of the country. Such process of expansion materialized at the end of 2005 in 14 operational terminals, and by mean of such representative offices in the territory, no less than 1,230 procurement and sale procedures were registered during 2005, amounting to an aggregate trading value that exceeded USD 75 million. As regards the price improvements obtained in 2005 in the form of favorable price differences between the starting price and the awarding price, by the companies and authorities that resorted to the services of RCE network of terminals, the value thereof reached almost USD 12 mil. During the first half of 2006, the number of operational terminals increased to 21, including the one in Bacau. RCE Terminals have the statute of representative offices in the territory, deprived of legal status, having the obligation to communicate as such the identity elements of the exchange institution, brand, principles, mission and values. Such representative offices are managed by legal entities other than RCE, holding the entire logistics and manpower required for the performance, under optimum conditions, of the exchange activity. The first position in the latest top of RCE representative offices in the territory is occupied by Piatra Neamt Terminal, with a contractual value of USD 300,000, followed by Constanta Terminal with USD 250,000.

Petru Done