Piața secundară a Valorilor Mobiliare de Stat (VMS)

The secondary market of GS

The secondary market operates according to the principle of direct negotiation and it is organized through the unique trading platform E-Bond and the System of Central Securities Depository, where GS are traded after issuance on the primary market.

Features of the electronic trading platform E-Bond:

  • is implemented in Bloomberg, being an electronic system where can participate only primary dealers and banks that are non primary dealers;
  • primary dealers can trade GS on the secondary market in own name and own account, as well as in own name and clients’ account at their request;
  • investors, except banks that are non primary dealers, can trade on the secondary market only through primary dealers;
  • primary dealers provide quotations for GS admitted for trading on the secondary market;
  • the displayed quotations are firm, the participant being obliged to make the transaction at the quoted price and within the volume offered if it has been accepted.

The minimum requirements for daily quotations on unique trading platform E-Bond, that have to be met cumulatively by primary dealers (according to the Regulation on placement, trading and redemption of government securities in book-entry form, approved by the Decision of the Executive Council of National Bank of Moldova no.170 of July 19, 2018 and the Order of the minister of finance no.129 of July 19, 2018) are the following:

a) to provide bid and ask quotations for GS issued at the last two auctions, during 4 hours, between 10:00 am-02:00 pm;

b) the minimum volume of GS for which will be announced bid and ask quotation is 100 thousand lei at nominal value.

Relevant documents

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