Leaders of the local and European capital markets gathered at the Forum by ARIR 2025, marking an important moment for the strategic direction of the capital market in the region. This year’s forum brought together leaders from Romania and Europe to discuss common challenges, and the solutions needed for a more dynamic, transparent, and interconnected capital market. From regional stock exchange synergies and the Capital Markets Union to the Omnibus legislative package, market liquidity, M&A transactions, and international expansion, the event’s agenda covered the key themes shaping the future of the capital market.
“We are living in a period of accelerated transformation, where artificial intelligence is rewriting not only business models, but also investor expectations and the rules of the game in capital markets. To remain relevant, we must build a flexible regulatory framework, encourage innovation, and accelerate the development of financial ecosystems capable of quickly integrating these changes. Romania can be a driving force for change if we act smartly and collaboratively,” said Daniela Maior (Șerban), ARIR President, VERTIK Partner.
European integration and unified regulation
The Forum was opened by Eliza Gereanu, representative of the Ministry of Finance, who welcomed the signing of the Bratislava Memorandum, a regional initiative by stock exchanges from Central and Eastern Europe and the European Bank for Reconstruction and Development (EBRD), aimed at supporting an integrated and functional market.
“The Capital Markets Union is essential for facilitating access to financing, especially for innovative and sustainable projects. (…) Romania has the potential to become a regional leader in sustainable financing, digitalization, and innovation, but this objective can only be achieved through effective public-private cooperation and coherent policies,” Gereanu noted, also emphasizing that financial education is a foundation of personal well-being and economic stability. “Access to information and financial skills for all social categories is a necessary condition for developing a resilient economy.”
During the forum, Radu Hanga, President of the Bucharest Stock Exchange, presented the current status of discussions and potential ways of collaboration between regional stock exchanges, emphasizing the complexity of gradually harmonizing standards: “We are currently in the stage of principle discussions regarding a regional initiative that involves all stock exchanges in Central and Eastern Europe. The objective is to make them more visible and attractive to investors, through a process that began with the signing of a Memorandum of Understanding and will continue with the identification of potential joint projects, such as the launch of a common index, facilitating experience exchanges, or implementing joint promotional actions.”
International speakers Patrick de Cambourg (EFRAG), Luc Vansteenkiste (EuropeanIssuers), and Miroslaw Kachnewski (SEG) highlighted the need for a common vision at the EU level regarding sustainability reporting and the removal of barriers between markets.
“The European Commission, through the Omnibus legislative package, proposes a significant simplification of sustainability reporting, including a redefinition of the companies falling under mandatory reporting, as well as the introduction of a differentiated threshold for large companies. As a result, a significant number of large companies, according to European criteria, could report voluntarily. Estimates suggest that the number of companies affected by the reporting obligation could decrease to 20%, but these companies continue to generate around 80% of the EU’s GDP, which would maintain the economic impact of reporting at a high level,” stated Patrick de Cambourg, Chairman of the EFRAG Sustainability Reporting Board.
Luc Vansteenkiste, Chairman EuropeanIssuers, underlined the importance of aligning with the developments of European capital markets. “Europe urgently needs a real Capital Markets Union that reduces fragmentation, simplifies regulations, and provides fair access to financing, including for small and medium-sized companies. Ongoing European projects – the Savings and Investments Union and the Omnibus – are precisely aimed at these aspects, by encouraging local investments and simplifying ESG reporting,” he said.
“Capital markets in Europe are deeply unbalanced when it comes to small companies, which represent the majority of issuers but do not benefit from liquidity and investment support. They bear the same compliance costs as large companies, without having real access to institutional or international retail investors. Recent analyses show that in Romania, Poland, and Italy, over 60% of listed companies have annual revenues under EUR 5 million, and in Poland, there are companies with average daily transactions below EUR 400,” added Miroslaw Kachnewski, President of the Management Board, Polish Association of Listed Companies (SEG).
The Savings and Investments Union (SIU) project, launched at the European Union level, aims to remove barriers between financial markets and guide local savings towards sustainable investments. The SIU seeks to stimulate European citizens’ participation in capital markets, facilitate companies’ access to financing, and create an efficient common infrastructure for trading and supervision. It is a strategic continuation of the Capital Markets Union initiative, with a focus on harmonizing regulations and attracting local investments into the European economy.
Forum by ARIR is an interactive conference attended by listed companies and those interested in listing, investors, consultants and lawyers, regulatory authorities, and specialized media.
The video recording of Forum by ARIR 2025 is available here.
The strategic partners of Forum by ARIR 2025 are: Bucharest Stock Exchange (Founding Member of ARIR), Banca Transilvania (Associate Member of ARIR), OMV Petrom (Associate Member of ARIR), Antibiotice (Associate Member of ARIR), Nuclearelectrica (Founding Member of ARIR), Autonom (Associate Member of ARIR), and Forvis Mazars (Affiliate Member of ARIR).
The main partners of the event are: Raiffeisen Bank International, Raiffeisen Bank.
Media partners: Agerpres, Business Review, Feel the Markets, Financial Intelligence, Financial Market, Money, Piața Financiară, Internetcorp, InvestWin.ro, The Diplomat Bucharest.
ARIR members are among the largest companies in Romania, sharing the common goal of implementing the best practices in transparency, investor communication, and corporate governance, and they account for over 90% of the stock market capitalization.