Stere Farmache, the incumbent president of the Bucharest Stock Exchange, has been returned to office, beating off challenges from several other candidates. Dan Paul, the president of the Brokers’ Association and also head of brokerage firm Finaco Securities; Mircea Botta, vice-president of Romcapital Group; Siminel Andrei, general manager of NCH Advisors; and Cristian Sima, head of WBS Romania brokerage firm, had also applied for the position.
Late last week, the nine members of the BSE administration council were also elected out of a total of 32 candidates.
Farmache headed up the BSE as general manager from 1995 to 2008, when he left the post to join brokerage firm Alpha Finance as executive vice-president. He stayed on however as president of the BSE. The general manager of the exchange is now Anca Dumitru.
Farmache’s plans for the BSE for his new mandate include attracting more investors to the local stock market through new listings, including that of the Property Fund, and new products offered to investors, as well as shaping the BSE into a regional stock market.
Partnerships with other markets, such as the Sibiu stock exchange (Sibex), the Romanian Commodities Exchange (BRM) and OPCOM, the Romanian power market operator are also on the cards.
Farmache, a graduate of the Academy of Economic Studies in Bucharest, worked at the Romanian Finance Ministry between 1987 and 1995.