Romania: Romania: SIBEX launches spot market and futures contract on Dow Jones Industrial Average

January 22, 2010

Romania: SIBEX launches spot market and futures contract on Dow Jones Industrial Average
Jan 22, 2010

Romania: SIBEX launches spot market and futures contract on Dow Jones Industrial Average.
Bucharest, Jan 22 /Agerpres/ - Sibiu Financial-Monetary and Commodities Stock Exchange - SIBEX has officially launched on Friday the spot market and futures contract on Dow Jones Industrial Average (DJIA).

SIBEX has issued on the spot market and listed for trading a number of 21,526,400 shares with a nominal value of 1 leu/share. Concurrently, SIBEX Depositary will be officially launched, set to provide funds clearing and settlement of financial instruments in the spot market.

'Apparition of the spot market at this moment is more than necessary and will provide an alternative for many Romanians, business people, who want to use the services of the capital market that is not marred by scandals or lawsuits, but a transparent one and based on fairness and credibility. The project of the launch of the spot market was a rather difficult one because those seeking this spot market in Sibiu also asked for the establishment of a Stock Depository through which to benefit of guarantees in the field of information security. As such, Sibiu Exchange will enter a new stage in its existence', stated Teodor Ancuta, SIBEX chairman and chief executive officer.

As for the futures contract on Dow Jones Industrial Average, SIBEX signed with CME Group and Dow Jones Indexes a sub-licensing contract of the Dow Jones Industrial Average index, whereby the Sibiu Exchange has the right to launch futures contract for trading with the underlying support of the Dow Jones Industrial Average index. CME Group, which manages the largest and diverse derivatives market in the world, owns the exclusive license for the futures contract on the Dow Jones Industrial Average, denominated in U.S. dollars.

Index trading program will be 9,45-17,15. The contract will have a multiplier 1 (index value) and quarterly maturities of up to 12 months. This product is mainly dedicated to local investors and will complete the range of financial instruments available on the capital market in Romania. AGERPRES
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