Analysts say that there has been a change in investor strategies in Sibiu in 2007, as these made profits in 2006 which they did not return to the market.
The number of futures contracts on the Monetary-Financial and Commodities Stock Exchange in Sibiu was below 7,000, half an hour before the close of BVB. The value of transactions did not exceed RON 20 million (€6.39 million).
Most of the futures contracts on the Sibiu Stock Exchange are based on BVB shares, which was subject to a significant drop yesterday. A futures contract is a standardized contract to buy or sell a certain package of shares (in our case) on a certain date in the future, at a specified price. In fact, at maturity, there is no "physical" delivery of shares. The transaction ends either with payment to the operator's account of the difference between the share price stipulated in the futures contract and the price on the "spot" market in Bucharest at maturity, or by a reverse contract (close of sale with a buy). As such, the market is based on margin transactions.
"In the second half of 2006, the daily volume of transactions exceeded 10-15,000 contracts on shares of financial investment companies (SIFs)," said Leo Visan, General Manager of Investica Asset Management.
