The Romanian capital market has reached a moment of rapid maturity, General Manager of the Bucharest Stock Exchange (BVB) Remus Vulpescu said on Friday, adding that the number of active investors on the BVB reached 286,000 at the end of 2025.
"The Romanian capital market has reached moment of rapid maturity. At the end of last year, almost 286,000 retail investors were active on the Bucharest Stock Exchange, according to data published today by the Investor Compensation Fund. That is a number more than five times higher than in 2019. At the same time, since 2019, the market has recorded 335 listings, with a cumulative value of approximately EUR 22.6 billion. The figures clearly show that the capital market is becoming increasingly relevant to both investors and companies, as a financing and growth mechanism, with already a significant impact on the macroeconomic development indicators at national level," Vulpescu told the release of the Vektor results by the Romanian Association for Investor Relations (ARIR).
He added that the quality of communication between companies and investors becomes essential.
Vulpescu said that the capital market works on trust, and trust is built through transparency, consistency and open dialogue. That is why Friday's event dedicated to releasing the findings of the Vektor analysis conducted by the Romanian Association for Investor Relations for 2025 is an important one for the entire capital market community and even the financial market in general.
"A solid investment profile goes beyond financial indicators or the portfolio of products and services. Investors analyse the strategic vision in the business model and the development ambition. Equally important is the ability of the management team to implement business strategy and manage risks in a realistic and transparent way, a skill that is increasingly important in the increasingly dynamic world we see developing around us. After admission to trading, the relationship with investors becomes a continuous process. Listed companies must ensure regular and continuous communication with the market, through financial reporting and current reporting, whenever relevant events occur. The European and national legislative case establishes minimum transparency requirements, without limiting the communication of companies only to these obligations," said Vulpescu.
He also said that as the market develops, investors become more informed and selective. They analyse not only the financial results, but also the quality of communication, the accessibility of information and the willingness of companies to talk to the market. Given the circumstances, the issuers of the Bucharest Stock Exchange must attach greater importance to continuous communication with investors and potential investors.
In his turn, Chairman of the Financial Oversight Authority (FSA) Alexandru Petrescu said that transparency is not a trophy that is handed out every year but must be imbedded into the institutional DNA of each entity, be it state or privately-owned.
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