Broker Certification

The procedural framework through which individuals designated by BIMx member brokers obtain exchange trader status and the right to operate in the trading system.

An exchange trader is an individual who enters orders and concludes transactions in the trading system of the Moldova International Stock Exchange, in the name and on behalf of a member broker of the Exchange. This status is obtained exclusively through the certification procedure organised by BIMx, which assesses both knowledge of the regulatory framework applicable to the capital market and the practical ability to use the ARENA 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 available for consultation at the bottom of this page.

Who can become an exchange trader

Exchange trader status may be obtained by any individual who meets all of the following conditions:

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

The professional knowledge required to act as an exchange trader is assessed exclusively through the examination procedure laid down in the Regulation.

Certification process

The certification process consists of five successive stages, from the broker's designation of the candidate to actual access to the trading system.

1
Designation of the candidate by the broker

Exchange trader status is obtained exclusively on the proposal of a member broker of the Exchange. The employing broker designates the candidate by submitting a certification file containing the documents required by the Regulation, including the application for registration signed by the broker's legal representative, the declarations of compliance, the candidate's identity documents and other supporting documents. The file is submitted electronically, with a qualified electronic signature, to the official BIMx email address.

2
Scheduling the examination session

Once the application file has been confirmed as complete, BIMx schedules the examination session and notifies the broker and the candidate of the date, time and venue, in compliance with the notice period set out in the Regulation. Each session is organised for a single candidate, given the individual nature of the technical component, which requires the candidate to be directly supervised at a dedicated workstation. Together with confirmation of the booking, the candidate receives the preparatory materials: the detailed examination syllabus, sample questions for guidance and the ARENA Platform User Guide. The materials are for guidance only; passing the examination requires full knowledge of the applicable regulatory framework.

3
Taking the examination

The examination is held at BIMx’s premises and comprises two consecutive components, both mandatory, with no compensation between them. The theoretical component tests knowledge of the applicable regulatory framework: the BIMx Rules on the Regulated Market, the BIMx Rules on the Multilateral Trading Facility, the provisions governing the operation of the Central Securities Depository insofar as they are relevant to the activity of an exchange trader, the operating principles of the capital market, order types, trading mechanisms, and the obligations of professional conduct, confidentiality and market abuse prevention. The technical component tests the candidate’s practical ability to use the ARENA platform in a test environment by performing specific tasks covering the entry, modification and cancellation of orders, the use of the order types provided for in the BIMx Rules, the interpretation of market information and compliance with security procedures for access and password management.

4
Admission decision

The examination result is not communicated on the spot at the end of the session. On the basis of the minutes of the session and the proposal made by the Listing and Operations Department, the BIMx Executive Body issues the Admission Decision, which identifies the candidates who have passed the examination and orders their admission as exchange traders. The Decision is the sole act concluding the certification procedure — no individual certificates or other additional documents are issued. The Decision is officially communicated to the employing broker, which is required to provide an extract of it to the certified candidate.

5
Allocation of access codes and authorisation to trade

On the basis of the Admission Decision, the certified trader receives an individual ARENA user code and an initial password, sent via a secure channel, and is entered in the Register of Exchange Traders maintained by BIMx. From that point, the trader may operate in the trading system on behalf of the broker, in compliance with the provisions on access security and credential management. BIMx notifies the CNPF of certified traders in accordance with the applicable regulations.

Retakes

The Regulation does not impose a maximum number of examination attempts. A candidate who does not pass may submit a new certification application, with no restriction as to timing or frequency, provided that all the conditions set out in the Regulation are met and the fee for the new session is paid.

Examination fee

The examination fee is set out in the BIMx Schedule of Fees and Commissions, approved by the CNPF and available in the dedicated section of the website. The fee is payable per examination session, including the initial session and any subsequent retake session.

Applicable regulatory framework

The exchange trader certification procedure is based on:

Laws and regulations

  • Law No. 171/2012 on the Capital Market
  • Regulations issued by the National Commission for Financial Markets in implementation of Law No. 171/2012

BIMx acts

  • BIMx Rules on the Regulated Market
  • BIMx Rules on the Multilateral Trading Facility
  • BIMx Exchange Trader Certification Regulation
  • Procedure for Organising the Theoretical and Technical Assessment of BIMx Exchange Traders
Contact for enquiries

Contact

with “Exchange trader certification” in the subject line.

office@bimx.md