Stock exchange
The market where shares, bonds and ETFs are bought and sold, through brokers.
How does the stock exchange work?
A stock exchange is an organised market where buyers and sellers of shares, bonds and ETFs meet through licensed intermediaries called brokers. Romania's is the Bucharest Stock Exchange (BVB).
You do not buy directly from the exchange. You open an account with a broker licensed by the Financial Supervisory Authority (ASF) or another EU regulator, fund it, and place buy or sell orders.
Prices form from bids and offers. When more people want to buy than sell, the price rises. That is why prices react quickly to news, sometimes too much.
Beyond the BVB, brokers give access to large foreign exchanges (Frankfurt, Amsterdam, London, New York), where most ETFs on world indices trade.
A 50-lei limit buy order only executes if someone sells at 50 lei or less.
How do I start buying shares or ETFs?
You need an account with a broker licensed by the ASF or another EU regulator. Fund the account and place buy orders. Compare the broker's fees and how tax is handled.
What happens to my money if the broker fails?
Your securities are held separately from the broker's own money. If money or securities are still missing, the Investor Compensation Fund covers up to €20,000. Falling prices are not covered.
Related terms
Sources
- Law 243/2024 capping the cost of credit from non-bank lenders · legislatie.just.ro
Checked on 27 September 2026. Rules and figures can change.
This page explains mechanisms and shows what happened in the past. It does not recommend products, say what to buy, or take your situation into account.