The romanian economic system

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1. As soon as the trading session on the stock exchange is over, the stock exchange will make available to each brokerage house two reports: the "Transaction Report" and the "Clearing and Settlement Report".
2. The brokerage houses have the obligation of confirming the Transaction Report and the Clearing and Settlement Report back to the stock exchange.

3. If a brokerage house doesn't agree with the Clearing and Settlement Report, it will contact the stock exchange in order for the problems to be solved.
4. As soon as those problems have been successfully resolved, the stock exchange will submit new reports to the brokerage houses which in turn will confirm these reports.

5. Unconfirmed reports will be considered as being accepted by the brokerage houses.
6. The net buyers will issue payment orders in the favour of the stock exchange for the amounts they have to pay.
7. The stock exchange, in turn, will issue payment orders favouring the netting sellers.

8. In order to avoid delays in transmitting payment orders (caused by errors in filling the forms, uncompliance with the schedule of submitting the orders, and so on) each and every brokerage house will open a blank payment order favouring the stock exchange and will submit this order before starting to trade.
9. Based on the payment orders issued by the net buying brokerage houses, the settlement bank will transfer funds from the settlement account of the brokerage houses to the settlement account of the stock exchange. « mai multe referate din Economie