History

Taking a look at the history of the Romanian Commodities Exchange, it goes without saying that a continuous product development process is emerging.
It leads to the fact that RCE is mentioned as the only commodity exchange in Romania which is up to international standards. The modern history of the commodities exchange institution in Romania started in 1992, when the Romanian Commodities Exchange was established in Bucharest.
November 20, 1992 - the official opening of RCE.
December 10, 1992 - the first trading session.
February 3, 1993 - the Government's Decision no. 54 regarding the prices negotiated through the exchange mechanism.
July 8, 1994 - launching of the spot contracts in foreign currency.
March 15-16, 1995 - International Conference "Commodities Exchange and Economic Restructuring in Eastern Europe" organized by RCE and REUTERS Ltd.
November 23, 1995 - launch of forward contracts, both in ROL and in foreign currency. December 7, 1995 - trading of the first forward contract. 1996 - a significant reorientation of the RCE activity, meaning a pragmatic vision of the market approach and focusing on the international and domestic auctions' development.
August of 1997 - the issuing of the first legal framework on Commodities Exchanges - Ordinance of the Government for the Commodities Exchanges no. 69/ 1997.
1997 - a sharp increase of the turnover data, meaning a boom of the total volume of trade.
1998 meant a development for RCE by introducing currency futures contracts. The first traded contracts on November 18 were Dollar RCE and Mark RCE.
January 4, 1999 - introducing of the Euro RCE futures contract.
During 1999, RCE made the most important steps towards specialisation by opening two different trading floors, one for oil products and one for grains. Decision upon the Commission for Futures Markets, included in the futures law for the Commodities Exchanges.
November 1999 - introducing the futures contract Euro/Usd RCE.
January 4, 2000 - introducing the interest rate futures contract: BUBOR 3 RCE.
August 2000 - promulgation of The Law 129 regarding the Commodities Exchanges. September 2000 - introduction of the electronic trading system

Derivatives contracts

Others products and contracts

Membership Requirements

Clearing

The Clearing House is an operative division of the Exchange and all rights, obligations and/or liabilities of the Clearing House are rights, obligations and/or liabilities of the RCE. The Clearing division performs several important functions, including the assurance that all the accounts of Clearing Members are balanced at the end of each trading day, the settlement of all gains and losses resulting from trading and acting as the opposite party to every concluded transaction, thus serving the original buyer and seller from any further direct obligation to each other. Guarantee system is made by three parts: margin, reserve fund and tehnical assurance fund.

Prospective developments

The development strategy of RCE was elaborated through the confrontation of traditional futures and commodities exchanges in the world and the needs of the Romanian market. We intend to continue and maintain the traditional trading activity (sales of fixed assets, spot transactions, forward transactions and international/domestic auctions organization) in order to assure the financial balance and the needed resources for development. Regarding the introduction of modern tools, we focus our efforts on the organization of an efficient spot market for grains, petroleum products and electric power as the basis for commodities futures market, on launching options on futures contract, on developing of the futures market by introducing new contracts.
The global nature of trade, close telecommunication links, multinational companies and the rapid movement of risk capital from country to country make it impractical to have several exchanges trading similar commodities in one region. Co-ordination and co-operation of exchanges is a desirable way for exchanges to focus on comparative advantage and increase individual contract liquidity. This is the reason why at the international level, we will focus our efforts on the strong co-operation especially between the Exchanges from the East and Central European countries. RCE intends to conclude bilateral co-operation agreements with all the Commodities Exchanges in the region in order to strengthen the relationship between them or to start new ones. Each agreement will have specific object and collaboration. We are convinced that futures trading will make the RCE more attractive for the international business environment and will mean a greater opportunity for co-operation in different economic fields.

Regulator

The regulatory body for the Romanian Commodities Exchange is the Romanian National Securities Commission.
Also, as a result of the self-regulatory ability, for each product offered by RCE there are rules and regulations which stipulates the conditions of trade and their procedure. Rules and regulations at RCE are approved by the General Assembly and provide equal conditions for all trading participants.