Moldova Gets a Second Market Operator: BIMx Receives Its CNPF License
On 21 August, the Moldova International Exchange received its market operator license from the National Commission for Financial Markets (CNPF). The decision concludes the authorization process started in June and clears the way for the operational launch, scheduled for the end of September.
What exactly was approved
It was not a single document but three, all open-ended. The market operator license grants the right to organize and administer trading venues in the Republic of Moldova. It is accompanied by two authorizations: one for operating a regulated market and one for a multilateral trading facility, better known by its English abbreviation, MTF.
The difference between the latter two comes down to stringency. The regulated market imposes the strictest admission and ongoing-reporting requirements and is designed for mature issuers. The MTF applies requirements proportional to a company's size while remaining under the same CNPF supervision. For many Moldovan firms, the MTF is the entry point, and moving up to the regulated market later becomes a growth milestone.
At the same meeting, the CNPF also approved the operating rules of the two trading venues. This detail sounds technical, but it is the part that matters most. The rules establish how instruments are admitted, how prices are formed, when trading is suspended, and what issuers must disclose to the market.
Admitted instruments: the rules allow the listing and trading of shares, corporate bonds, municipal bonds, and government securities.
Who is behind it
The CNPF approved the qualifying holdings of five shareholders, which together account for 78.34% of the share capital: the Bucharest Stock Exchange with 26.67%, the Public Property Agency with 20%, Donaris Vienna Insurance Group with 11.67%, and GRAWE Carat Asigurări and maib with 10% each.
The rest of the structure is completed by Moldindconbank with 6.67%, MK Kredit Company with 5%, and OTP Bank Moldova, Moldcell, and Premier Energy with 3.33% each. In total, ten shareholders with a committed share capital of three million euros.
The presence of the Bucharest Stock Exchange as the largest shareholder is the most interesting part. It brings operational experience from a European Union market and a technical partner for an operator starting from scratch.
The executive management was confirmed for a three-year mandate: Veronica Arpintin as chair and Andrian Iastremschi as deputy chair. The board is led by Alexandru Sonic.
When trading begins
BIMx is targeting its operational launch for the end of September 2026, with the first issues expected by the end of the year. The technical solution is ARENA Trading, the Bucharest Stock Exchange's platform, provided as software as a service.
A more precise date came from the supervisory authority. CNPF vice-president Vladimir Rusnac mentioned on Radio Moldova that the launch should take place on 28 September, during Moldova Business Week. Until the exchange confirms it, that remains an estimate.
What changes for the ordinary investor
A common misconception is worth clearing up here. Individuals in Moldova can already invest on the stock exchange. The procedure is well known: choose an investment firm licensed by the CNPF, sign a brokerage agreement, open an account, deposit funds, and place a buy order. The shares end up registered with the Single Central Securities Depository. Some commercial banks provide the same services under their own investment-firm license.
What BIMx can bring is not just new access routes but a richer offering. The number of listed companies in Moldova is small and liquidity is low. If BIMx attracts issuers that had never considered the exchange before, local investors gain something they have long been missing: options to choose from.
In short, here is what could change in the coming years if the launch goes according to plan.
| Area | Expected change |
|---|---|
| Financing for companies | An alternative to bank credit: capital raised directly from investors through issues of shares or corporate bonds, including green bonds — bond loans whose proceeds go to projects with environmental impact, with separate reporting on how the funds are used. |
| Options for investors | More local instruments for placing savings, beyond bank deposits and real estate. Access remains through CNPF-licensed investment firms, and the risk of loss exists with any instrument. |
| Infrastructure and know-how | The Bucharest Stock Exchange joins as the main shareholder and supplies the trading platform, transferring experience from a European Union market. |
| Regional visibility | A functional, transparent market can attract foreign capital and make Moldovan companies more visible to investors across the region. |
The context
The licensing fits into the National Capital Market Development Strategy 2025–2030 and the process of aligning with European legislation on financial services.
The calendar coincidence is worth noting. In the same week BIMx received its license, Parliament adopted in second reading the law on financial instrument markets and investment activities — the transposition of MiFID II, drafted by the Ministry of Finance. It sets the conditions for access to investment activity, the authorization and supervision requirements for investment firms, and rules on trade transparency and client asset protection, and it will enter into force six months after publication in the Official Gazette. The same session also passed the law on the supervision of investment firms and the law on the crypto-asset market.
Moldova's equity segment needs issuers and liquidity, and that is where the difference will show. BIMx has set modest, verifiable targets for its first years — two to three listed issuers and at least four brokers on board.
Note. Trading.md is an informational and educational website operated by Royal Consulting SRL. We have no affiliation with the Moldova International Exchange and do not provide investment services on the capital market of the Republic of Moldova. This article is strictly informative. It does not constitute investment advice, financial consultancy, or an offer of services, and it does not promote any financial instrument. To invest on the domestic capital market, contact an investment firm licensed by the CNPF; the list is public on the authority's website.
Sources: decisions of the CNPF Board of 21 August 2026; press releases from BIMx and the Public Property Agency; statements by CNPF vice-president Vladimir Rusnac on Radio Moldova; the summary of Parliament's plenary sessions of 24–25 August 2026.
Translated from the Romanian original with AI assistance.