The evolution of the Romanian capital market in the first half of 2025

Bucharest, 1 October 2025 – The local capital market recorded positive developments in the first half of 2025, with market capitalization on the regulated market reaching RON 396.15 billion at the end of June, up by approximately 13% compared to the level recorded at the end of 2024.

Most of the Bucharest Stock Exchange (BVB) indices recorded positive developments at the end of June 2025 compared to the end of the previous year. The BET benchmark index, which reflects the performance of the most traded companies on the regulated market of the Bucharest Stock Exchange (BVB), recorded an increase of approximately 12% compared to 31 December 2024.

The total value traded on the regulated market and on the Multilateral Trading Facility (MTF) reached RON 20.31 billion at the end of June 2025, up by almost 30% compared to the corresponding period in 2024.

At the same time, the total number of transactions carried out during the first half of 2025 decreased by 14% compared to the same period last year. Of the total value of transactions, approximately 98.9% were carried out on the regulated market of the BVB, with the remainder taking place on the MTF.

The value of government securities transactions on 30 June 2025, increased compared to the same period in 2024, reaching approximately RON 6.22 billion. Shares remain the dominant class of financial assets, accounting for almost 36% of the total value traded on the Bucharest Stock Exchange by the end of the first half of 2025.

At the end of June 2025, the most active intermediaries on the BVB (regulated market and MTF) were financial investment services companies, with a total value of approximately RON 23.4 billion. Local intermediaries (FISCs and credit institutions) accounted for approximately 93% of the total value traded. At the same time, intermediaries authorized in other European Union member states held a 6% market share, with their activity concentrated mainly in investment firms.

At the end of June 2025, FISCs had a cumulative asset value of RON 47.97 billion in custody, representing both customer funds and financial securities held by them. The cumulative number of active FISC client accounts at the end of the first half of the year was 139,700.

The total value of collective investment undertakings (CIUs) in Romania as of 30 June 2025, was approximately RON 47.8 billion, up by approximately 8% compared to the end of 2024. At the end of the first half of the year, there were 20 administrators operating on the Romanian market, of which 6 were authorized exclusively as investment management companies (IMCs), 6 were authorized exclusively as alternative investment fund managers (AIFMs), and 8 had double authorization.

An analysis focused on categories of collective investment undertakings shows that, in the first six months of 2025, compared to the end of 2024, there were increases in total assets for UCITS (9.19%), FP (0.44%) and ICs (8.47%) and decreases in total assets for AIFs (-3.27%).

On 30 June 2025, the top three SAI managed approximately 74.79% of UCITS assets and 69.9% of AIF assets. On the same date, the net assets of the seven ICs totaled approximately RON 16.59 billion, up by more than 8% compared to the end of 2024, when they stood at RON 15.34 billion.

The report on the evolution of the Romanian capital market in the first half of 2025 can be found HERE (in Romanian)