Special discount program for spot & derivatives market aimed at helping the investors in the current situation of the international markets

APPENDIX
SPECIAL PROMOTION 10%- 20% 30%
(October 2008 March 2009)

1. Scope and Method
q The participants having a minimum required activity on the Derivatives Market shall benefit from a discount applied to the monthly trading commissions charged by the Bucharest Stock Exchange (BVB) on transactions with financial instruments concluded on the BVB Spot Markets. 
q The cumulative discount criteria are based on the number of individual position accounts used for trading as well as on the total number of futures contracts traded on the respective accounts, according to the following discount categories:

A. Transactions involving futures contracts on SIF2, SIF5, SNP, TLV, concluded for individual position accounts, other than House and Staff.

Discount on Monthly Invoice  Cumulative Criteria
 Minimum No. of              Individual Position Accounts

(except for House and Staff accounts)  Minimum No. of                    Traded Contracts

(except for House and Staff accounts)
10%,
without exceeding 10,000 lei 5 accounts / month
 1,000 contracts / month
20%,
without exceeding 20,000 lei 10 accounts / month
 2,000 contracts / month
30%,
without exceeding 30,000 lei 15 accounts / month
  3,000 contracts / month

B. Transactions involving futures contracts on other shares and currencies, regardless of the type of the individual position account.

Discount on Monthly Invoice  Cumulative Criteria
 Minimum No. of             Individual Position Accounts

(all account types) Minimum No. of                         Traded Contracts

(all account types)
10%,
without exceeding 15,000 lei 5 accounts / month
 
500 contracts / month

20%,
without exceeding 25,000 lei 10 accounts / month
 1,000 contracts / month
30%,
without exceeding 35,000  lei 15 accounts / month
 1,500 contracts / month

C. Transactions involving futures contracts on indices or underlying assets other than those mentioned above, regardless of the type of the individual position account. 

Discount on Monthly Invoice  Cumulative Criteria
 Minimum No. of             Individual Position Accounts

(all account types) Minimum No. of                         Traded Contracts

(all account types)
10%,
without exceeding 20,000 lei 5 accounts / month
 100 contracts / month
20%,
without exceeding 40,000 lei  300 contracts / month
30%,
without exceeding 60,000 lei  500 contracts / month

q In case a participant complies with the criteria enlisted under several discount categories (A, B or C), the corresponding discounts will be cumulated accordingly, but the total discount value shall not exceed 70,000 lei during one month.

q The discounts do not apply to the participants acting as Market Makers on the Derivatives Market and benefiting from specific discounts applicable to Market Makers.

q The number of traded contracts is determined based on both sell and buy transactions, excluding cross transactions, in which the seller and the buyer trade through the same intermediary. In such cases, the number of contracts purchased/sold shall be single counted.

q The monthly discount shall not apply to the following:
§ standard and additional commissions/fees charged for the correction of trading errors;
§ penalties;
§ fees related to the Derivatives Market.

2. Discount Period

The special promotion 10% – 20% 30% runs for 6 calendar months, starting from October 2008 to March 2009.

SPECIAL DISCOUNT PROGRAMS
 – DERIVATIVES MARKET MAKERS –

I. Derivatives Market Makers Offer: 20%-30%

A. Scope and Method

1. The participants to the Derivatives Market shall benefit from a 20% or 30% discount on the commissions charged for the spot transactions, provided that they register as Market Makers for futures contracts on:
” Treasury Bills and bonds;
” currencies;
” interest rates;
” instruments / events / assets that are not traded on the regulated market administered by BVB.
2. The 20% or 30% monthly discount shall be applied depending on the following cumulative criteria :
” The minimum number of financial derivative instruments (FD) for which the participant registers as a Market Maker on the Derivatives Market;
” The minimum number of traded FD for which the participant is registered as a Market Maker on the Derivatives Market.

Discount on the monthly spot market invoice Cumulative Criteria
 Minimum No. of FD Minimum No. of Contracts Traded on the House Account
20%,
without exceeding 50,000 lei 1 5,000 / month
30%,
without exceeding 70,000 lei 2 7,500 / month
3. The monthly discount shall not apply to:
§ standard and additional commissions/fees charged for correcting trading errors;
§ penalties;
§ fees related to the Derivatives Market.
o The 20% or 30% monthly discount applies during the period in which the participant acts as a Market Maker for the derivative contracts enlisted under paragraph A.1.
o BVB shall not apply the 20% or 30% discount to the transactions concluded during the period in which the participant to the Derivatives Market is subject to:

” Suspension/termination of the Market Maker s registration on certain FD traded in the Derivatives Market;
” Withdrawal of the Market Maker s license on the Derivatives Market.

B. Discount Period
1. The Derivatives Market Maker Offer: 20%-30% is effective for a period of 6 months, starting with the date at which the first participant is entitled to start trading as a Market Maker on the Derivatives Market for the instruments mentioned above under section A, paragraph 1.
2. In case the start of the promotional offer does not coincide with the first day of the calendar month, the special offer will be extended by an additional month.

II. Derivatives Market Makers Offer – 50%
The Derivatives Market Maker Offer -50% approved by the Extraordinary General Shareholders Meeting (AGAE) of December 18, 2007 has been modified as follows:

A. Scope and Method
1. The participants to the Derivatives Market shall benefit from a 50% discount applied to the commissions charged for the transactions concluded on the Regular Market (shares) for the House account,  provided that they register as Market Makers on the Derivatives Market for futures contracts on the following underlying assets:
” Shares representing underlying assets for the derivatives contract for which the participant is registered as a Market Maker on the Derivatives Market;
” Shares included in a stock market index representing an underlying asset for the derivatives contracts for which the participant is registered as a Market Maker on the Derivatives Market.
2. The 50% discount applies to the trading commissions charged by BVB on the Regular Market  (shares), in accordance with the amounts stipulated in the List of fees and commissions charged by the Bucharest Stock Exchange , as follows:
” for the participants who are registered as Market Makers only on the Derivatives Market, the 50% discount shall apply to the total trading commission level charged by BVB on the Regular Market (shares); 
” for the participants who are registered as Market Makers both on the Spot Market (for an underlying asset) and on the Derivatives Market (for the futures contract on the respective underlying asset), the 50% discount shall apply to the trading commission level charged on the Regular Market (shares) to the participants acting as Market Makers on the Spot Market. 
3. The adjusted trading commission levels determined by applying the 50% discount as described above will be expressed to a maximum of three decimal places.
4. The 50% discount applies during the period in which the participant acts as a Market Maker for the derivatives mentioned under section A, paragraph 1.
5. BVB shall not apply the 50% discount to the transactions concluded during the period in which the participant to the Derivatives Market is subject to:
” Suspension/termination of the Market Maker s registration on certain FD traded in the Derivatives Market;
” Withdrawal of the Market Maker s license on the Derivatives Market.
B. Discount Period
1. The Derivatives Market Maker Offer: 50% is effective for a period of 6 months, starting with the date at which the first participant is entitled to start trading as a Market Maker on the Derivatives Market for the instruments mentioned under section A, paragraph 1.
2. In case the start of the promotional offer does not coincide with the first day of the calendar month, the special offer will be extended by an additional month.