BIMx Trading Infrastructure
This program is for investment firms entering the admission process at the Moldova International Stock Exchange (BIMx), which opened on 28 September 2026, and for the people they designate as exchange traders. It explains how to work on the ARENA Trading platform, developed by the Bucharest Stock Exchange (BVB), how a trading session runs, how the certification procedure works, why trading simulations matter, and the steps to become an exchange member, including settlement through the Single Central Securities Depository (DCU). This material accompanies the training organized by BIMx and does not replace it.
What you will learn
- Describe the BIMx operating model: what the Bucharest Stock Exchange does, what BIMx does, and what the broker does.
- Explain the sequence of market states in a BIMx trading session and the price-time priority rule.
- Know the requirements and stages of certification as an exchange trader, including the structure of the exam.
- Understand the purpose of trading simulations and what to check before the first live session.
- Go through the steps of becoming an exchange member and explain the T+2 settlement cycle through the DCU.
- Act as an Initiating or Intermediary Participant and prepare issuers from the BVM for admission to BIMx.
Syllabus
The ARENA Trading Platform
How the BIMx market is organized technically: the ARENA Trading platform provided by the BVB as SaaS, the role of each participant, and how a trading session runs from pre-open to close.
- 01
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 - 02
The BIMx Trading Session, State by State
Walk through the seven states of a BIMx trading session, learn how the opening and closing fixing auctions work, and see how price-time priority is applied.
12 min
Exchange Trader Certification
The requirements and stages through which a person designated by a member broker becomes a BIMx exchange trader: the application file, the theoretical and technical exam, the Admission Decision, and receiving access credentials.
- 03
Who Can Become an Exchange Trader
Learn what an exchange trader does, what requirements they must meet, and how the broker designates them for certification.
9 min - 04
The Certification Exam and Access Credentials
Learn how the exam is scheduled and conducted, how the result is communicated, and what happens after the Admission Decision.
11 min
Trading Simulations
Why BIMx organizes trading simulations before launch, what they test, and how a broker can prepare to draw useful conclusions from them.
Becoming a BIMx Member
The steps through which an investment firm licensed by the CNPF becomes an exchange member, and what happens after its clients trade: clearing and settlement through the Single Central Securities Depository.
- 06
Becoming an Exchange Member, Step by Step
Learn who can become a BIMx member, which documents to submit, and what must be ready before the broker can actually trade.
10 min - 07
Clearing and Settlement Through the Single Central Securities Depository
Learn what happens after a trade is concluded on BIMx: reporting to the DCU, confirmation of instructions, and the simultaneous transfer of securities and cash at T+2.
10 min
The Broker's Role in Issuer Admission
The investment firm's role as Initiating Participant on the Regulated Market and as Intermediary Participant on the MTF, plus practical steps for preparing issuers and municipal bond issues currently traded on the BVM.
- 08
Initiating Participant and Intermediary Participant
Learn what the broker does when accompanying an issuer to BIMx, how its role differs on the Regulated Market and the MTF, and which responsibilities remain with the issuer.
11 min - 09
Preparing BVM Issuers and Municipal Bond Issues
Learn the steps a broker takes for issuer clients currently traded on the BVM, including the municipal bond issues it has arranged.
10 min
Other learning tracks
Introduction to the Capital Market
The basics of financial instruments, trading mechanisms and the role of the stock exchange.
9 lessons Track 02How to List a Company on the Stock Exchange
A company's journey from the decision to list through admission to trading, plus the admission of municipal and government bonds to BIMx.
11 lessons Track 03Financial Analysis for Investors
Tools for evaluating and interpreting issuers' financial reports.
9 lessons Track 04ESG and Green Finance
Sustainability standards and instruments designed to finance green projects.
5 lessons Track 05The Capital Market for Women Entrepreneurs
A dedicated program on how women entrepreneurs can access financing through the capital market.
5 lessons