A decision that completes the architecture of the capital market and energy market; a decisive step in the convergence of the Romanian framework with the relevant international standards in the process of accession to the Organisation for Economic Co-operation and Development (OECD)
The Bucharest Stock Exchange ("BVB") and CCP.RO Bucharest S.A. ("CCP.RO"), the Central Counterparty for Romania's capital market and energy market, announce that the Financial Supervisory Authority ("ASF") has granted CCP.RO the operating authorisation as a Central Counterparty pursuant to Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories ("EMIR")[^1], which incorporates the amendments introduced by Regulation (EU) 2024/2987 ("EMIR 3"), applicable from 24 December 2024[^2]. CCP.RO is the first central counterparty established in Romania to be authorised under EMIR. The authorisation concludes the assessment procedure conducted by the national competent authority, with the opinion of the supervisory college established for this procedure[^3].
Through this authorisation, Romania's capital market completes its post-trade architecture, a strategic objective pursued for more than a decade. The three links of the market infrastructure are now present domestically: trading, provided by the Bucharest Stock Exchange S.A.; clearing and settlement, which CCP.RO will provide for the markets served from the moment of operational launch; and clearing and settlement performed by Depozitarul Central S.A. ("DC") for the spot market.
Regulatory framework for the authorisation
The authorisation was issued at the end of the procedure provided for under Title III of EMIR - "Authorisation and supervision of CCPs"[^4] - which requires an examination of the applicant's governance, financial resources, risk management framework and operational compliance. The procedure for granting authorisation[^5], the opinion of the EMIR College for CCP.RO[^6] and the substantive conditions applicable to central counterparties form a collective assessment mechanism in which the competent authorities examine, each according to the powers conferred by the Regulation, whether the applicant meets the requirements necessary for authorisation.
The decision confirms that, at the time of the assessment, the central counterparty's risk management framework complies with EMIR requirements and with the CPMI-IOSCO Principles[^8] - the 24 principles that represent the international benchmark standard for central counterparties and other financial market infrastructures. Alignment with this framework - which includes marking to market, the margin system, the establishment of the default fund, the default waterfall to which the central counterparty contributes its own resources, and recovery tools - represents the foundation of the risk management framework whose compliance with EMIR requirements was assessed during the authorisation process.
Significance for Romania's capital market
The presence of a local central counterparty structurally improves the risk profile and development capacity of Romania's capital market. Through double novation, CCP.RO will assume the counterparty risk related to eligible transactions, seeking to transform a bilateral network of exposures into a centralised relationship managed under a unified risk framework in which the central counterparty is the buyer to every seller and the seller to every buyer. Multilateral clearing enables the reduction of net exposures and a more efficient use of capital by clearing members, depending on the structure of positions and the number of clearing members, compared with the bilateral management of collateral and risk.
Retaining clearing capabilities domestically reduces the Romanian market's dependence on foreign market infrastructures, strengthening the autonomy and resilience of the national infrastructure. At the same time, the availability of a local clearing link creates the conditions for the development of the financial derivatives market at BVB and for deepening liquidity - essential factors for the market's competitiveness and for its trajectory towards advancement in the classifications of global index providers. Romania is currently classified as a Secondary Emerging Market by FTSE Russell[^9], and a derivatives infrastructure supported by a local central counterparty supports the effort to advance in international classifications.
This development follows the direction set by the National Strategy for the Development of Romania's Capital Market for 2023-2026, approved by Government Decision No. 506/2023[^10], which identifies the development of clearing infrastructure as an objective for the maturation of the capital market.
Significance for Romania's accession process to the OECD
The authorisation of CCP.RO has relevance that goes beyond the capital market. Romania is undergoing the accession process to the Organisation for Economic Co-operation and Development ("OECD"), within the framework established by the Roadmap for Romania's accession process, adopted by the OECD Council at ministerial level on 10 June 2022[^11]. As part of this process, the Committee on Financial Markets assesses the soundness of the capital market infrastructure and regulatory framework.
A central counterparty authorised in accordance with EMIR and aligned with the CPMI-IOSCO Principles fits within the convergence of the Romanian framework with international standards and within the maturation of the reporting system of the authorised entity for supervisory purposes. Completion of this institutional link, by reference to Central and Eastern European jurisdictions that already have their own central counterparties, strengthens Romania's positioning in the sectoral assessment conducted by the OECD.
Operational dimension: dual mandate and phased approach
CCP.RO has been authorised with a dual mandate covering both the capital market and the energy market, to be operationalised in stages. For the capital market, CCP.RO will clear financial derivatives on indices and shares (EQ-F - cash-settled futures contracts traded on the BVB ROFS segment). For the energy market, CCP.RO will clear energy derivatives (EN-F - cash-settled futures contracts traded on the BVB ROFE segment), as well as forward contracts for the physical delivery of electricity traded anonymously through standard contracts on the PCCB-NC segment of the Electricity and Natural Gas Market Operator "OPCOM" S.A. ("OPCOM")[^12] (EN-W - CCP.RO will novate exclusively the cash component).
Other trading venues and/or other classes of financial instruments may be admitted for clearing by CCP.RO, in accordance with the law and its own regulations, under non-discriminatory and fully transparent conditions.
Official statements
Remus Vulpescu, Chief Executive Officer of BVB and Chairman of the Board of Directors of CCP.RO:
"The authorisation confirms the alignment of Romania's capital market institutional framework with European standards. We can now have the derivatives market. We can now have, locally, the entire chain - trading, clearing and settlement for the spot market and for the derivatives market. This is a result that the Romanian market has awaited for more than a decade and that fits within the convergence with international standards relevant to the OECD accession process. The authorisation is also an expression of the confidence that CCP.RO's shareholders have shown through their support on multiple levels, including ensuring the financial soundness of the project.
I extend special thanks to the EMIR College for CCP.RO, the Financial Supervisory Authority and the National Bank of Romania for their institutional support and outstanding professionalism throughout a sometimes difficult journey.
I also extend special thanks to the shareholders of the Bucharest Stock Exchange and the shareholders of CCP.RO for the vision and patience - sometimes put to the test - without which this critical infrastructure would not have come into being. I am honoured to have been able to play a role in completing the authorisation process.
Going forward, the Board of Directors of CCP.RO will ensure that the authorities' recommendations are implemented with the utmost responsibility and that opportunities to improve the services offered to the markets served are fully leveraged."
Rodica Popa, Chief Executive Officer of CCP.RO:
"We are now moving towards the operational launch, step by step, starting with derivatives, within the section for cash-settled index and equity futures contracts. At go-live, we will provide clearing services based on a risk management framework aligned with EMIR and the CPMI-IOSCO Principles and calibrated to the realities of the Romanian market. We thank the ASF and the EMIR College for the authorisation of CCP.RO and will continue our collaboration throughout the implementation phase. The authorisation marks the start of an intense period during which CCP.RO's focus, through all its structures, will be directed towards intensifying interactions with the business community with a view to operationalising the activity."
Next steps
In the coming period, CCP.RO will finalise preparations for the phased operational launch, conduct the admission process for clearing members and ensure the technical and operational readiness of the system. CCP.RO will continue its collaboration with the ASF, the NBR and ESMA[^7] during the pre-launch phase and subsequently as part of the ongoing supervision provided for under EMIR.
About CCP.RO Bucharest S.A.
CCP.RO is the Central Counterparty for Romania's capital market and energy market, authorised by the Financial Supervisory Authority pursuant to Regulation (EU) No 648/2012 (EMIR) and set to become operational in stages. Its mission is to provide, from the operational launch, centralised clearing services designed to reduce counterparty risk and increase the resilience and efficiency of the markets it is due to serve, in accordance with the applicable European and international standards. Its shareholding structure reflects both the capital market infrastructure and the energy market infrastructure.
[^1]: Regulation (EU) No 648/2012 (OJ L 201, 27.7.2012, p. 1) of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR). Consolidated version as of 24 December 2024: EUR-Lex, CELEX 02012R0648-20241224. https://eur-lex.europa.eu/legal-content/RO/TXT/PDF/?uri=CELEX:02012R0648-20241224
[^2]: Regulation (EU) 2024/2987 of the European Parliament and of the Council of 27 November 2024 amending Regulations (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131 as regards measures to mitigate excessive exposures to third-country central counterparties and improve the efficiency of Union clearing markets (EMIR 3). Published in the Official Journal of the European Union on 4 December 2024 (OJ L, 2024/2987); entered into force on 24 December 2024, the twentieth day following its publication, pursuant to Article 5; applicable from the same date. EUR-Lex, ELI: http://data.europa.eu/eli/reg/2024/2987/oj
[^3]: European Securities and Markets Authority (ESMA), "List of Central Counterparties authorised to offer services and activities in the Union", ref. ESMA70-148-2567, updated on 13 May 2026, published pursuant to Article 88(1) of EMIR. https://www.esma.europa.eu/sites/default/files/library/ccps_authorised_under_emir.pdf
[^4]: EMIR, Title III ("Authorisation and supervision of CCPs"; "CCP" - central counterparty), consolidated version CELEX 02012R0648-20241224. https://eur-lex.europa.eu/legal-content/RO/TXT/PDF/?uri=CELEX:02012R0648-20241224
[^5]: EMIR, Article 14 ("Authorisation of a CCP") and Article 17 ("Procedure for granting and refusing authorisation"), consolidated version CELEX 02012R0648-20241224. https://eur-lex.europa.eu/legal-content/RO/TXT/PDF/?uri=CELEX:02012R0648-20241224
[^6]: EMIR, Article 18 ("College") and Article 19 ("Opinion of the college"), consolidated version CELEX 02012R0648-20241224. https://eur-lex.europa.eu/legal-content/RO/TXT/PDF/?uri=CELEX:02012R0648-20241224
https://www.asfromania.ro/ro/a/2799/componenta-colegiului-emir-pentru-ccp.ro-bucharest-sa
[^7]: European Securities and Markets Authority (ESMA), "List of Central Counterparties authorised to offer services and activities in the Union". https://www.esma.europa.eu/sites/default/files/library/ccps_authorised_under_emir.pdf
[^8]: Committee on Payment and Settlement Systems & Technical Committee of the International Organization of Securities Commissions, "Principles for Financial Market Infrastructures", Bank for International Settlements, April 2012 (CPSS Publications No. 101; the committee was renamed the Committee on Payments and Market Infrastructures - CPMI - in 2014). https://www.bis.org/cpmi/publ/d101.htm
[^9]: FTSE Russell, "FTSE Equity Country Classification" (Romania - Secondary Emerging Market). https://www.lseg.com/en/ftse-russell/equity-country-classification
[^10]: Government Decision No 506/2023 of 24 May 2023 approving the National Strategy for the Development of Romania's Capital Market for 2023-2026, published in the Official Gazette of Romania, Part I, No 478 of 30 May 2023. https://legislatie.just.ro/Public/DetaliiDocument/270877
[^11]: OECD, "Roadmap for the OECD Accession Process of Romania", C/MIN(2022)25/FINAL, adopted by the OECD Council at ministerial level on 10 June 2022, during the Ministerial Council Meeting of 9-10 June 2022. https://one.oecd.org/document/C/MIN(2022)25/FINAL/en/pdf (institutional page of the accession process: https://www.oecd.org/en/about/legal/oecd-accession-process.html).