The Financial Supervisory Authority has authorised CCP.RO BUCHAREST S.A. as a Central Counterparty

Bucharest, 1st of July 2026 – The Board of the Financial Supervisory Authority approved, in today’s meeting, the authorisation of CCP.RO BUCHAREST S.A. as a Central Counterparty, a strategic objective for the development of Romania’s capital market, by strengthening its infrastructure and reducing systemic risks.

The authorisation was granted by the Financial Supervisory Authority (ASF), in its capacity as national competent authority, in accordance with ASF Regulation No. 3/2013 on the authorisation and functioning of central counterparties, issued pursuant to Regulation (EU) No. 648/2012 (EMIR), as subsequently amended and supplemented.

“The authorisation of the Central Counterparty represents a major milestone in the modernisation of Romania’s capital market infrastructure, marking the consolidation of an essential pillar of the financial architecture and of the mechanisms aimed at reducing systemic risks. ASF has managed this process with the utmost rigour and responsibility, in close cooperation with the National Bank of Romania and the European Securities and Markets Authority, with the support of the Presidential Administration, in order to ensure a well-founded decision aligned with European standards,” stated Mr. Alexandru Petrescu, President of ASF.

This step will have a significant impact on the further development of Romania’s capital market, by facilitating the expansion of the financial derivatives market, increasing market liquidity and efficiency, and strengthening the mechanisms for managing risks related to trading and post-trading activities.

“Since taking over the coordination of the Financial Instruments and Investments Sector in August 2025, I have regarded the CCP.RO project as strategically relevant for the evolution of Romania’s capital market and have assumed the objective of completing the authorisation and operationalisation process of this infrastructure on the local market, after an extended period during which the project went through several stages of postponement. The project will substantially support the improvement of risk management and the streamlining of trading and settlement processes,” stated Mr. Gabriel-Ioan Avrămescu, First Vice-President of ASF, coordinator of the Financial Instruments and Investments Sector.

The authorisation granted covers the provision of clearing, settlement and guarantee services for the following categories of instruments:

• futures contracts on equity and equity indices as underlying assets, with cash settlement, the serviced market to be operated by the Bucharest Stock Exchange (BVB);
• electricity futures contracts on cash settlement, the serviced market to be operated by BVB;
• electricity forward contracts, standard tradable products on the market organised and operated by the Electricity and Natural Gas Market Operator OPCOM S.A.

“The authorisation of CCP.RO represents a historic moment for Romania’s capital market and the foundation on which the next major development projects will be built. The benefits will be felt across the entire market through increased liquidity, product diversification and strengthened investor confidence,” stated Mr. Ovidiu Petru, Director of the Intermediaries and Market Institutions Directorate within ASF.

The authorisation decision was issued following the certification of compliance with the authorisation requirements laid down under EMIR, in accordance with the risk assessment report, after the review of the authorisation application and related documentation, as well as the favourable joint opinion of the CCP.RO BUCHAREST S.A. College. The decision includes a series of recommendations issued by the authorities that are members of the CCP.RO BUCHAREST S.A. College - ASF, the National Bank of Romania and the European Securities and Markets Authority (ESMA) - which must be implemented by CCP.RO within the timeframe set out in the document, in order to ensure the proper functioning of the Central Counterparty after its operationalisation.

The representatives of the three authorities that are members of the CCP.RO BUCHAREST S.A. College adopted, during the College meeting of 19 June 2026, the favourable joint opinion on the authorisation of Romania’s Central Counterparty, in accordance with the procedure set out in European regulations.

The CCP.RO project is a strategic objective pursued in a coordinated manner since the establishment of the College in 2023 and is included in the National Strategy for the Development of Romania’s Capital Market for 2023–2026, developed in partnership with the Organisation for Economic Co-operation and Development (OECD) and approved by Government Decision.

The authorisation process took place within a complex framework of institutional cooperation among the authorities involved, each exercising its specific duties and competences in its area of activity, with the shared objective of ensuring the fulfilment of a national objective, in line with the applicable legislation. The National Bank of Romania, in its capacity as relevant authority and central bank of issue, and as a member of the CCP.RO authorisation College, has been involved in the Central Counterparty project since its inception, considering it an essential milestone for the evolution of Romania’s capital market.

The operationalisation of CCP.RO will contribute to reducing counterparty risk, increasing the safety and efficiency of post-trading processes, and developing the financial and energy markets by diversifying financial derivatives and opportunities for risk management and investment.

The authorisation of CCP.RO represents the first step in the functioning of the Central Counterparty, with its operationalisation to follow as the next stage. This must be carried out in strict compliance with the conditions, recommendations and deadlines imposed through the authorisation decision. The implementation of the recommendations included in the authorisation decision will be reflected in amendments to CCP.RO’s own regulations, and CCP.RO BUCHAREST S.A. is required to request the specific authorisation of these amendments before they enter into force.

ASF will continue its cooperation with the members of the College through a continuous exchange of information, in order to ensure that CCP.RO permanently complies with the conditions underlying its authorisation, and will actively monitor the implementation of the recommendations issued by the authorities for the company’s alignment with best practices in the field. In its capacity as co-chair of the CCP.RO College, together with ESMA, ASF will assess CCP.RO’s compliance with European requirements through annual review and evaluation exercises, including by carrying out on-site inspections.

Furthermore, after the operationalisation of CCP.RO, central bank experts will monitor the efficient and safe functioning of the system and will assess compliance with the new legal requirements in this area. The monitoring activity will include the periodic analysis of the risk management framework, the assessment of operational robustness and guarantee mechanisms, as well as the maintenance of constant dialogue with market participants and CCP.RO. These actions are aimed at supporting the development of the local market, strengthening confidence in local financial market infrastructures and maintaining financial stability.

About the Financial Supervisory Authority

The Financial Supervisory Authority is the national authority established in 2013 under Government Emergency Ordinance No. 93/2012, approved by Law No. 113/2013, for the regulation and supervision of the insurance market, the private pensions market and the capital market. ASF contributes to the consolidation of the integrated framework for the functioning of the three sectors, which together comprise more than 10 million participants. More information is available at www.asfromania.ro.