Rough days are coming for the Romanian brokerage institutions. 21 foreign investment companies received approval to operate on the Romanian market, including major players like J.P.Morgan Securities or Lehman Brothers Asset Management.
In other words, any Stock Exchange investor will be able to let his portfolio be managed by J.P Morgan instead of any of the 72 Romanian companies.
Out of the 21 one new players, 20 are headquartered in London, only one - WOOD & Company Financial Services - coming from Prague.
After Romania's accession to the EU, all brokerage companies authorized in any of the EU member states may enter the local market, without special authorization, requiring only a notification and a 50,000 euros tax.
HotNews.ro, Feb 15, 2007