The BIMx broker's guide

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.

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

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.

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.

Session schedule

The trading session on the markets operated by BIMx takes place on business days, from 10:00–14:00 (Moldova time). The markets are closed on non-business days and public holidays. The full calendar of trading days, including any days with a special schedule, is published on bimx.md before the first session.

The seven states

1. Pre-openOrders can be entered, modified, or canceled, but no trades are concluded. The system calculates and displays the potential opening price.
2. OpeningThe opening price is determined by the fixing auction algorithm, and trades are concluded with the orders accumulated during pre-open.
3. OpenContinuous trading: matching orders execute immediately, based on price-time priority.
4. Pre-closeOrders can be entered, modified, or canceled without execution, in preparation for the close. The potential closing price is calculated.
5. ClosingThe closing price is determined by a fixing auction, and trades are concluded.
6. Trading at closeTrades can be concluded only at the price resulting from the closing fixing auction.
7. ClosedThe session has ended. No new orders are accepted.

The order types accepted in each state and the mechanisms for temporary trading suspension are described in the BIMx Rules for the Regulated Market (Title V) and the BIMx Rules for the MTF. For the certification exam, you need to know these rules in full.

Price-time priority

In the Open state, orders execute according to two criteria, in this order: first price (the highest buy price and the lowest sell price take priority), then time of entry (at the same price, the order entered first executes first).

Why the fixing auction matters

At the open and the close, orders are not executed one by one. Instead, they are pooled, and the system calculates a single price at which the largest volume can trade. This mechanism reduces the impact of any single order on the price at sensitive moments of the day, and the closing price becomes the reference for the next session.

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.

The role of the exchange trader

Certification checks two things: knowledge of the capital market regulatory framework and the practical ability to use the ARENA Trading platform. The procedure is set out in the BIMx Regulation on the Certification of Exchange Traders and detailed in the Procedure for Organising the Theoretical and Technical Assessment, both approved by the BIMx Executive Body and published on bimx.md.

Requirements, all of which must be met

• Has full legal capacity.
• Is a citizen of the Republic of Moldova or, for foreign nationals, has the legal right to work in the Republic of Moldova.
• Is not in any situation of incompatibility or conflict of interest that would affect the exercise of this role.
• Is employed by a broker that is a BIMx member and has been designated by that broker for certification.

Professional knowledge is not demonstrated through diplomas or certificates obtained elsewhere, but only through the exam provided for in the Regulation.

Designation by the broker

Exchange trader status can be obtained only on the proposal of a member broker. The employing broker submits a certification file: the application signed by the legal representative, the compliance declarations, the candidate's identification documents, and the other documents required by the Regulation. The file is sent electronically, with a qualified electronic signature, to BIMx's official email address.

The link to the broker's admission

Certifying exchange traders is one of the practical conditions for an admitted broker to actually trade: without at least one certified trader, the broker has no one to enter orders in ARENA Trading. That is why designating candidates should be planned together with the membership admission process, which began on 28 September 2026.

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.

Scheduling the session

Once the file is confirmed as complete, BIMx schedules the exam session and informs the broker and the candidate of the date, time, and place, respecting the notice period set in the Regulation. Along with the schedule, the candidate receives preparation materials: the detailed syllabus, sample questions, and the ARENA Platform User Guide.

The two parts of the exam

The Admission Decision and system access

1. The minutesThe result is not announced on the spot. Minutes of the session are drawn up, and the Listing and Operations Department makes a proposal.
2. The Admission DecisionThe BIMx Executive Body issues the decision confirming which candidates passed. The decision is the sole act that completes the procedure: no individual certificates are issued.
3. CommunicationThe decision is sent officially to the employing broker, which passes an extract on to the candidate.
4. Access credentialsThe exchange trader receives an individual ARENA user ID and an initial password through a secure channel and is entered in the Register of Exchange Traders kept by BIMx.
5. Notifying the CNPFBIMx notifies the CNPF of the certified exchange traders, as required by regulations.

Retakes and the exam fee

The Regulation does not limit the number of attempts. A candidate who fails may submit a new application, with no restriction on timing or frequency, provided all requirements are met. The exam fee is set in the BIMx Schedule of Fees and Commissions and is paid for each session, including retakes.

Simulations: The Dress Rehearsal Before the First Session

Learn what a trading simulation is, which scenarios are worth practicing, and what each broker should check before launch.

Why simulations exist

According to the BIMx announcement of 28 September 2026, simulations are continuing in parallel with broker admission and the connection to the Single Central Securities Depository. The aim is for every participant to have already practiced the main workflows by the first live session, and for any technical or procedural issues to be identified early.

What is worth practicing

• Connecting and logging in: each exchange trader from their own workstation, with their own user ID.
• The full order lifecycle: entry, modification, cancellation, partial and full execution.
• Moving through the market states: orders placed during pre-open, participation in the fixing auction, continuous trading, the close.
• Unusual situations: suspension of an instrument, a rejected order, a lost connection.
• The post-trade flow: the confirmations and report the broker receives after the session, in preparation for settlement.

How the broker prepares

1. BeforeDecide who will take part, check the workstations and the connection, and prepare a list of scenarios you want to test.
2. During the simulationNote the time and a description of any error or unclear point, with screenshots, and without any real client data.
3. AfterSend your observations to BIMx through the designated channel and update the firm's internal procedures.

The link to certification

The technical part of the certification exam also takes place in the ARENA test environment. Taking part in simulations is therefore good exam preparation too: the exchange trader gets used to the interface, the order types, and the security procedures before being assessed.

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.

Who can become a member

The broker admission process at BIMx began on 28 September 2026 and is the final stage before trading launches. The list of licensed investment firms is published by the CNPF, and the list of BIMx members is updated on bimx.md as firms are admitted.

Stages of admission

1. Membership ApplicationThe standard form from the Download Centre on bimx.md, completed and signed by the legal representative.
2. Participation AgreementThe standard agreement that sets out the member's rights and obligations toward the exchange.
3. Connecting to ARENA TradingSetting up access and workstations, and attending the training organized by BIMx.
4. Certifying exchange tradersDesignating and certifying the people who will enter orders (course BA-402).
5. Trading simulationsPracticing the workflows in the test environment before the first live session (course BA-403).

Membership admission fees and annual ARENA platform access fees are set out in the BIMx Schedule of Fees and Commissions.

Checklist before the first session

Where to find the documents

• Standard forms and agreements: the Download Centre on bimx.md.
• BIMx Rules for the Regulated Market and the MTF: the “Regulations and Legal Acts” page.
• Certification procedure: the “Broker Certification” page.
• Information about the admission process: office@bimx.md.

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.

The role of the Single Central Securities Depository

According to the announcement of 28 September 2026, connecting the BIMx system to the DCU system is in its final stage, along with setting the operating rules. Settlement becomes operational when trading launches.

The T+2 cycle

1. T+0: trade dateBIMx sends the DCU the consolidated report of trades executed during the session.
2. T+1The participants and the DCU confirm the settlement instructions.
3. T+2Securities and funds are transferred simultaneously, on a delivery versus payment basis.

Settlement is in the national currency (MDL), and T+2 means the second business day after the trade date. Non-business days are not counted.

Delivery versus payment

The delivery versus payment (DvP) principle means that securities are transferred only if the cash is transferred at the same time. This way, neither party risks delivering without receiving the corresponding value.

What the investor sees

For the end client, settlement is usually invisible: they see the order executed on the trade date, and the securities appear in their account after settlement. The broker must be able to explain this time gap clearly, especially to beginner investors buying at a first listing.

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.

Two roles, two markets

What the Initiating Participant does

• checks the eligibility requirements in the Rules together with the issuer;
• structures and reviews the file before submission for compliance with the BIMx Rules;
• coordinates clarifications and additions with the Listing and Operations Department;
• sends the requested answers and documents within the deadlines set by BIMx;
• acts as the operational link with BIMx until the first trading day is set.

What the Intermediary Participant does on the MTF

1. Stage 1: Agreement in PrincipleThe AP application, the decision of the statutory body, the extract from the Register of Legal Entities, the articles of association, the Memorandum signed by both parties, proof of payment of the processing fee, and the issuer–Participant agreement.
2. Stage 2: formal admissionThe final application, the DCU documents or confirmation, the financial statements, the final Memorandum, the CNPF certificate, the contact persons' declaration, and the BIMx–Issuer Agreement.
3. After admissionMaintains the agreement with the issuer and provides one of the contact persons with BIMx for as long as the securities trade.

Fees and estimates

Fees differ by market (Regulated Market or MTF) and by instrument type, according to the BIMx Schedule of Fees and Commissions in force. At the Participant's request, BIMx can provide an estimate of admission costs for a specific issuer.

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.

The starting point: no automatic transfer

Brokers know the issuers they serve best. That is why BIMx invites them to identify interested issuers and help them prepare, for either the Regulated Market or the MTF.

Steps for shares

1. The preliminary listIdentify issuers whose instruments are on the BVM and clients considering a new admission, then send the preliminary list to BIMx.
2. Dialogue with issuersDiscuss the Regulated Market and MTF options, without presenting the process as an automatic transfer.
3. The documentationPrepare the file for the chosen market: on the Regulated Market, directly or as Initiating Participant; on the MTF, under an Intermediary Participant agreement.
4. The preliminary reviewWork with the Listing and Operations Department to identify missing or outdated documents before formal submission.

Steps for arranged municipal bonds

1. The list of issuesSend BIMx the list of municipal issues for which you think a dialogue is worthwhile, with the issuers' contact details, to the extent your contractual relationship allows.
2. Confirming interestConfirm in writing, together with each local public authority, its interest in admission and the need for a local council decision.
3. Inventory and reviewPrepare the inventory of existing documents and coordinate the preliminary review with BIMx.
4. SubmissionSubmit the file as Initiating Participant and coordinate the formalities until the trading start date is set.

The timeline

According to the current operational timeline, the ARENA platform goes into production on 1 October 2026. Preparation and the preliminary review can begin immediately; formal submission and the trading start date are coordinated according to the BIMx Rules and the operational timeline.