The upward revision of the budget is mainly due to a cut in costs. The corrected budget includes a RON 3.4 mln (€0.8 mln) reduction in personnel-related expenses. The drop is due to the modification of the project for a regional trading platform (MTF), through an MTF included in BVB, according to the budget draft that will be submitted for approval to shareholders at the end of this month.
In the first part of this year, BVB forewent the collaboration with Italian Giulio Di Cerbo, former Managing Director of Citigroup London, responsible for coordinating the strategy for creating a trading market which would include the most important shares on the stock exchanges in the region. A group of five-six of the most-liquid companies in six countries in the region was to be traded on this platform. To be viable, the project needed to charge a commission of some 0.01 percent, about 15 times less that that charged at present.
