Bucharest Stock Exchange Development Between 1995 and 2020. From Frontier to Secondary Emerging Market

Abstract

"The current paper presents and discuss the evolution of Bucharest Stock Exchange over the past 25 years since the re-establishment of this institution. The study also discuss the upgrade and re-classification of the Romanian capital market as a secondary emerging market by the index provider FTSE Russel. Further, it presents Bucharest Stock Exchange position among the security exchanges of the former communist countries, which became member of the European Union. Also, some influences resulting from the implementation of European Union directives in financial sector are discussed The paper concludes showing that Bucharest Stock Exchange still has a long road ahead until it will fulfill the conditions to be re-classified as a full emerging market by the other two global index providers, MSCI Barra and Standard and Poor’s. Key Words: security market, frontier market, secondary emerging market JEL Classification: G10, G19 "