BA-401 · Lesson 1 of 9

ARENA Trading and the BIMx Operating Model

Learn who operates the platform, who runs the market, and what responsibilities a broker connected to the BIMx trading system has.

11 min read Professional The ARENA Trading Platform
Track contents BIMx Trading Infrastructure
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BA-401 · The ARENA Trading PlatformARENA Trading and the BIMx Operating ModelThe BIMx Trading Session, State by State
BA-402 · Exchange Trader CertificationWho Can Become an Exchange TraderThe Certification Exam and Access Credentials
BA-403 · Trading SimulationsSimulations: The Dress Rehearsal Before the First Session
BA-404 · Becoming a BIMx MemberBecoming an Exchange Member, Step by StepClearing and Settlement Through the Single Central Securities Depository
BA-405 · The Broker's Role in Issuer AdmissionInitiating Participant and Intermediary ParticipantPreparing BVM Issuers and Municipal Bond Issues

A European platform for the Moldovan market

On 21 August 2026, BIMx received authorization from the CNPF to operate the Regulated Market and the Multilateral Trading Facility (MTF). Both markets run on the same platform, ARENA Trading. For brokers, this means a single working environment, with rules specific to each market.

Choosing a platform already used on a European market reduces the technical risk of the launch and brings processes in the Republic of Moldova closer to the practice of European Union markets. The BVB is also BIMx's largest shareholder, with 26.67% of its capital.

Who does what: the BVB, BIMx, and the broker

ParticipantRoleExample responsibilities
Bucharest Stock ExchangeOperates the platformHosting, maintenance, updates, technical know-how
BIMxRuns the marketRules, admission of members and instruments, users, relations with the CNPF and the DCU, session surveillance
The broker (exchange member)Distributes market accessClients, order transmission, connectivity, certified exchange traders

The model is remote-first: brokers do not go to the exchange's premises to trade; they connect securely from their own offices. At launch, access is through the platform's graphical terminal (GUI). The BIMx technology plan then provides for a Gateway API and a data feed (year 2) and connectivity via the FIX protocol (year 3).

What this means for the broker

  • Named users: each exchange trader receives their own ARENA user ID after certification. User IDs are not shared between colleagues.
  • Access security: the initial password arrives through a secure channel and must be changed and kept in line with the rules on credential management.
  • Own connectivity: the broker is responsible for the workstations and the connection used to access the platform.
  • Real-time market data: brokers get undelayed data by subscription, directly in ARENA; the public sees data with a 15-minute delay.

Where BIMx is in the launch timeline

  1. 21 August 2026The CNPF authorizes BIMx to operate the Regulated Market and the MTF.
  2. 28 September 2026The admission process for brokers and issuers begins, the final stage before trading launches.
  3. 1 October 2026The ARENA platform goes into production, according to the current operational timeline.
  4. In parallelConnecting the BIMx system to the Single Central Securities Depository, setting the operating rules, training brokers on ARENA Trading, and running trading simulations.
  5. By the end of 2026The first planned listing.

Key takeaways

  • ARENA Trading is BIMx's trading platform, developed by the Bucharest Stock Exchange and provided as SaaS.
  • The same platform serves both markets authorized by the CNPF: the Regulated Market and the MTF.
  • The BVB operates the platform, BIMx runs the market, and the broker distributes access to clients.
  • Access is remote-first, via the GUI terminal at launch, with API and FIX planned for the following years.
  • Each exchange trader has their own user ID; user IDs are not shared.

Check your knowledge

Answer all the questions. If you answer all of them correctly, the lesson is marked as completed automatically.

Question 1 of 3Who develops the ARENA Trading platform used by BIMx?

Explanation: ARENA Trading is developed by the Bucharest Stock Exchange and provided to BIMx as SaaS.

Question 2 of 3In the BIMx operating model, who handles member admission and relations with the CNPF and the DCU?

Explanation: BIMx runs the market: rules, users, admissions, and relations with the supervisory authority and the depository.

Question 3 of 3An exchange trader is absent, and their certified colleague needs to enter client orders. What is the correct approach?

Explanation: User IDs are individual and not shared, so every order can be attributed to a certified person.

Finished the lesson?Mark it as completed to track your progress.

Educational material only. It does not constitute investment, legal or tax advice. Numerical examples are hypothetical.