BA-101 · Lesson 4 of 9

BIMx: The Stock Exchange of the Republic of Moldova

Learn what the Moldova International Stock Exchange is, who supervises it, who its shareholders are and what stage the trading launch has reached.

10 min read Beginner First Steps on the Stock Exchange
Track contents Introduction to the Capital Market
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BA-101 · First Steps on the Stock ExchangeWhat Is the Capital MarketHow a Stock Exchange WorksMarket ParticipantsBIMx: The Stock Exchange of the Republic of Moldova
BA-102 · Shares and Bonds Made SimpleSharesBondsReturn and Risk
BA-103 · How to Open an Account with a BrokerChoosing a Broker and Opening an AccountOrder Types and Your First Trade

The authorized market operator

On 21 August 2026, the National Commission for Financial Markets (CNPF) authorized BIMx to manage and operate two markets: the Regulated Market and the Multilateral Trading Facility (MTF). Both operate under CNPF supervision, in accordance with Law No. 171/2012 on the Capital Market.

MarketWho it is designed for
Regulated MarketIssuers that meet the full admission and reporting requirements of the BIMx Rules
MTFIssuers for which the BIMx Rules provide adapted admission conditions, for example smaller companies or first-time issuers

The infrastructure: platform, depository, brokers

  • Trading platform: ARENA Trading, developed by the Bucharest Stock Exchange (BVB) and used on a SaaS basis.
  • Settlement: through the Single Central Securities Depository (DCU), on a T+2 basis, in Moldovan lei (MDL).
  • Investor access: exclusively through brokers, that is, investment firms licensed by the CNPF and admitted as exchange members.
  • Market data: public, with a 15-minute delay, on bimx.md.

Who owns BIMx

BIMx is a public-private partnership. Its initial share capital is MDL 29,475,000 (about EUR 1.5 million), and its shareholders are ten institutional entities from the Republic of Moldova and Romania, from key sectors of the economy and the financial market.

ShareholderStake
Bucharest Stock Exchange26.67%
Public Property Agency20%
Donaris Vienna Insurance Group11.67%
maib10%
GRAWE Carat Asigurări10%
Moldindconbank6.67%
MK Kredit Company5%
OTP Bank Moldova, Moldcell, Premier Energy PLC3.33% each

Through the Public Property Agency, the state holds 20% of the shares. The Bucharest Stock Exchange is both a shareholder and a technical partner: it provides the trading platform.

What stage the launch has reached

  1. 21 August 2026CNPF authorization for the Regulated Market and the MTF.
  2. 28 September 2026The admission process for brokers and issuers begins, the final stage before trading is launched.
  3. 1 October 2026The ARENA platform goes into production, according to the current operational timetable.
  4. In parallelConnection to the DCU system, setting the operating rules, training brokers on ARENA Trading, and trading simulations.
  5. By the end of 2026The first planned listing.

Key takeaways

  • BIMx is the market operator authorized by the CNPF on 21 August 2026 for the Regulated Market and the MTF.
  • Trading takes place on ARENA Trading (developed by the BVB), and settlement goes through the DCU, at T+2.
  • Investors access the exchange only through brokers that are BIMx members.
  • BIMx has ten institutional shareholders from Moldova and Romania and an initial share capital of MDL 29,475,000.
  • Admission of brokers and issuers began on 28 September 2026; the first listing is planned by the end of 2026.

Check your knowledge

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

Question 1 of 3Which authority authorized BIMx to operate the Regulated Market and the MTF?

Explanation: The CNPF regulates and supervises the capital market and authorized BIMx on 21 August 2026.

Question 2 of 3Through whom can an individual investor buy shares on BIMx?

Explanation: Trading on BIMx takes place exclusively through investment firms licensed by the CNPF and admitted as exchange members.

Question 3 of 3What stage began on 28 September 2026?

Explanation: On 28 September 2026, the admission process for brokers and issuers began, the final stage before trading is launched.

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.