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Arena trading system

Arena is a BVB brand representing a technology platform designed and developed in-house. It supports the services for all companies, member of the BVB Financial Group, which run trading and post –trading activities, and is also used by the participants to the systems administered by the Group’s member companies.

  • A versatile system for trading, clearing, settlement and registry operations for spot and futures.
  • Bucharest Stock Exchange and Central Depository run their core operations on this platform

The platform supports

  • shares
  • bonds (clean price quoting)
  • bills (yield quoting)
  • futures


  • order driven markets with continuous, auction and fixing matching phases
  • negotiated deals
  • quote driven
  • hybrid markets (orders and quotes)
  • IPO markets with arbitrary allocation schemes
  • multi-currency

Clearing & settlement, registry

  • complex position & account management
  • group accounts with FIFO/Prorata allocations
  • net and gross settlement
  • custody support
  • multi-currency clearing and settlement

Central counterparty

  • risk management and margining
  • futures positions clearing and settlement

ARENA - 18 years of BVB technology in 1 brand: Arena-Automated Exchange Platform


Implementation of MiFID II and MiFIR requirements


Trading/post trading - system splitting

Real trading/post trading segregation

  • Separation between trading and post-trading platform

New post-trading mechanisms

  • give-up/take-over
  • trade split

Gradual implementation program

  • step 1: system separation for trading and post-trading
  • step 2: implementing the mechanisms in the post-trading

Benefits for the brokers:

  • the total round-trip time of an order execution decreases
  • a higher capacity of order processing
  • a new flexible allocation combined with the trade split facility for custodians
  • better risk management
  • additional degree of freedom in operations management
  • lower internal latency in order execution
  • additional intensive quoted instruments

Increase system capacity of Arena

  • The processing capacity of Arena increased by 100%
  • Number of quotations allocated to the market-makers and to liquidity providers doubled
  • Decrease the order instruction total round-trip time with 50%
  • A new flexible transactions’ allocations process in the post-trading phase of the market
  • Increase the trading efficiency (grouped trades execution, change in the user’s behavior - focusing the trader’s activity on best execution on trading, not on operational details)
  • A better risk management by using the segregated accounts of trading and settlement, and a clearer separation of the participants’ activity at the front/back office level

Introducing Trading at last, new order types

  • Implementing the “trading at last” mechanism, the investors (including the institutional/ foreign investors) may benefit from a distinct period of entering orders at the determined closing auction price, in order to execute adequately their orders at the relevant price registered.
  • Cross trade execution
  • New FoK execution terms, new validity terms of orders related to the market stages (Valid For Opening, Valid For Closing, Valid For Auction)

T+2 settlement cycle implementation, as of October 6

ARENA eXTended – broker-side platform for the participants to the BVB trading system
ARENA FIX Engine- FIX Protocol (Financial Exchange Protocol) system is implemented
ARENA Gateway-API trading interface-solution for integrating intermediaries’ trading platforms
ARENA CHS (Clearing House System) becomes platform for Bucharest Clearing House on derivatives clearing
ARENA CSD (Clearing & Depository System) becomes platform for the operations of Central Depository
ARENA 2.0 supports all operations for the Romanian spot market
ARENA 2.0 supports all operations for the Romanian spot market
ARENA 1.0 for clearing/settlement/registry operations
ARENA 1.0 for the trading of debt instruments
started the design of Arena trading platform

Arena Trading - Connectivity

The central system offers diversified solutions for connecting to the platform, from trading terminals that connect directly to the trading system to specially developed interfaces (Gateway API, FIX) for platform integration with the market participants’ systems.

Arena Gateway is an application that acts as a message intermediary between the participant systems and the stock exchange central system. It provides request/response services, event based services as well as connectivity. Using a TCP/IP XML based messaging system it will receive commands from the participant systems (gateway client), send them to the central system and provide responses and market data events back to the client.

Arena FIX Protocol (Financial Information eXchange) is a messaging standard developed specifically for the real-time electronic exchange of securities transactions. Bucharest Stock Exchange provides FIX connectivity for versions 4.4 and 5.0 of the FIX protocol (for futher information visit

Arena Trading– latest change

March 28, 2018
Arena 3.2.3 Distinct settlement holidays for EUR currency