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Firma de investitii/Investment firm – A person as defined in point (1) of Article 4(1) of Directive 2004/39/EC, which is subject to the requirements imposed by that Directive, excluding the following:

(a) credit institutions;

(b) local firms;

(c) firms which are not authorised to provide the ancillary service referred to in point (1) of Section B of Annex I to Directive 2004/39/EC, which provide only one or more of the investment services and activities listed in points 1, 2, 4 and 5 of Section A of Annex I to that Directive, and which are not permitted to hold money or securities belonging to their clients and which for that reason may not at any time place themselves in debt with those clients;

Fluctuatia maxima a pretului/Maximum fluctuation of the price – The maximum value with which the price can modify during a trading session.

Fond de investitii/Investment fund – Collective investment scheme with no legal personality.

Fond deschis de investitii/Open-end investment fund – Collective securities investment undertaking with no legal personality, which accumulates funds from the shareholders and invests in a portfolio of shares, bonds or other derivatives titles and whose fund units are subject to ongoing issuing and repurchasing.

Fond inchis de investitii/Closed end investment fund – Represents a fund listed on an exchange, which accumulates through an initial public offering and administer a determinate quantity of financial resources. Thus, unlike the open-end investement fund, the close-end investement funds have a fixed number of fund units, do not issue continuously fund units to the investors and do nor redeem them from the ones which intend to sell them.

Fondul de compensare a investitorilor/Investors Compensation Fund – Legal entity established as a joint stock company established under Law 31/1990, as amended and supplemented, in accordance with the provisions of Law 297/2004 on capital market and the R.N.S.C. Regulation no.3/2006 regarding the authorization, organization and functioning of the Investors’ Compensation Fund, as amended and supplemented.

Formator de piata/Market Maker – A Participant who undertakes to maintain the market liquidity for a financial instrument traded on the Spot Regulated Market, using his own capital, entering and maintaining firm bid and ask offers in his own name, and can conclude transactions based on them during the period of time when the respective Participant holds this status.

Free float/Free float – Percentage representing the public distribution of shares, which is computed as a ratio between the number of publicly distributed shares and the total number of shares issued and which are freely available, belonging to a certain Issuer.