Persoana/Person – Any natural or legal person.

Participant/Participant  An institution, a central counterparty, a settlement agent, a clearing house or a clearing system operator. According to the rules of the system, the participant may act simultaneously in all or some of these qualities.

Participant  indirect/Indirect participant  An institution, a central counterparty, a settlement agent, a clearing house or a system operator clearing, which has a contractual relationship with a participant in a system which execute transfer orders and under which indirect participant can pass transfer orders in that system, provided that the indirect participant to be known to clearing system operator. To prevent systemic risk an indirect participant can be considered participant without limiting the participant’s responsibility throught which indirect participant pass transfer orders in that clearing system.

Participant la sistemul de tranzactionare al B.V.B. sau Participant/Participant on the BSE trading system or Participant –Intermediaries/investment firms enlisted in the F.S.A./R.N.S.C. Registry, authorized to trade on the regulated spot market, administered by the BSE.

Participatie calificata/Qualifying holding  Holding, directly or indirectly, in a financial service company  at least 10% of the capital or voting rights or who allow to exercise a significant influence over the management of the financial service company  in which is owned that holding.

Pas de pret /Price tick – The value of the smallest possible variation in the price of a symbol.

Perioada cum-cupon/Cum-Coupon Period – The time interval measured in days, starting on the day of issue/ previous coupon (inclusive) up to the reference day (inclusive).

Perioada ex-cupon/Ex-Coupon Period  The time interval measured in days starting on the ex-coupon date (inclusive) and up to the present coupon date (exclusive).

Persoana afiliata/Affiliated person – A person controlled by an entity or who controls directly or indirectly that entity. People being at the same time in affiliate relations with the entity, are considered to be in a relation of affiliation.

Persoana care efectueaza operatiuni cu titlu profesional/Person professionally arranging transactions – At least an investment firm or a credit institution.

Persoana cu care o persoana relevanta are relatii de familie/Person with whom a relevant person has a family relationship – Any of the followingthe spouse of the relevant person or any partner of that person considered by national law as equivalent to a spouse; a dependent child or stepchild of the relevant person; any other relative of the relevant person who has shared the same household as that person for at least one year on the date of the personal transaction concerned.

Persoana expusa politic (PEP)/Politically exposed person (PEP)  Under article 3 para. (1) of Law no. 656/2002 republished, politically exposed persons (PEPs) are individuals who exercise or have exercised a public function, their families members, and people publicly known or close associates of natural persons exercising a public function.

Individuals who exercise under the Law no.656/2002 republished, important public functions are:

a)      heads of state, heads of government, members of parliament, Commissioners, members of government, presidential counselors, state counselors , secretaries of state;

b)      members of the Constitutional Court, Supreme Court members or of other high courts whose decisions can not be appealed only through extraordinary means of appeal;

c)       members of courts of accounts or similar, members of the boards of central banks;

d)      ambassadors, charge d’affaires, senior officers from the armed forces;

e)      heads of public institutions and authorities;

f)       members of the board and of supervisory board and persons holding management positions of  administrations autorities, of companies with majority state holding and national companies.

None of the categories mentioned in point. a)-f) does not include persons with intermediate positions or lower. Categories mentioned in point. a)-e) include, where applicable, positions exercited on a  community or  international level.

Family members of persons exercising public positions within the meaning of Law no.656/2002 republished:

a)      husband/wife;

b)      children and husbands/their wives;

c)       parents.

Persons known to be close associates of public individuals who perform important public functions are:

a)      any natural person who is prove to be the beneficial owner of a legal person or a legal entity together with any persons exercising a public position, or any other privileged relationship with such  person;

b)      any natural person who is the only  beneficial owner of a legal person or a legal entity known to be established for the benefit of one of the persons exercising a public function.

Persoana Initiata (Insider)/Initiated person (Insider) – Client who has access to confidential information and/or privileged regarding a particular issuer whose financial instruments are traded by the client; the person might also be the client who holds or held no more than 1 year ago a significant shareholder position at least at one company whose financial instruments are traded / intended to be traded.

Persoana relevanta/Relevant person – In relation to an investment firm, means any of the following: a director, partner or equivalent, manager or tied agent of the investment firm; a director, partner or equivalent, or manager of any tied agent of the investment firm; an employee of the firm or of a tied agent of the firm, as well as any other natural person whose services are placed at the disposal and under the control of the firm or a tied agent of the firm and who is involved in the provision by the firm of investment services and activities; a natural person who is directly involved in the provision of services to the investment firm or to its tied agent under an outsourcing arrangement for the purpose of the provision by the firm of investment services and activities.

Persoana care actioneaza in mod concertat/Persons acting in concert – Two or more persons, linked by a concluded agreement or by a gentlemen’s agreement in order to enforce a common policy regarding an issuer. The following persons are presumed to act in concert, if no adverse evidence is in place: involved persons; the parent company together with its subsidiaries, as well as any of the subsidiaries of the same parent company among themselves; a firm with its Board members and with the involved persons, as well as these persons among themselves; a firm with its pension funds and with the management company of these funds.

Persoana Implicata/Involved persons:

a) persons that control or are controlled by an issuer or that are under joint control;

b) persons that participate directly or indirectly to the conclusion of agreements in order to obtain or exercise voting rights jointly, if the shares subject to the agreement grant controlling position;

c) natural persons within issuing companies that are part of the company’s control and management;

d) spouses, relatives and in-laws, second rank ones included, of the natural persons referred to in subparagraph a), b) and c);

e) persons that is able to appoint the majority of Board members within an issuer.

Piata bursiera/Exchange Market – A unitary system made up of more than one market, independently administered, where interdependence relationships may exist.

Piata de oferte si operatiuni speciale/The Offers and Special Operations Market – “Order-driven” types of markets where financial instruments are being traded as a result of a public offering on the BSE or due to other selling methods recognized by law, such as those regarding privatization.

Piata Deal/Deal Market  An auxiliary market for the purpose of negotiating, for which BSE establishes a minimum transaction value. The maximum variation of the price on Deal stock market orders is related to the main market reference price (Regular market).

Piata Futures/Futures Market – The market segment of the Derivatives Market where futures contracts shall be traded.

Piata lichida/ Liquid Market – An organized securities market on which the present value of a stock can be determined, and the payment for the sold stock can be cashed promptly and securely.

Piata Odd Lot/Odd Lot Market  An order driven auxiliary market, where shares may be traded in quantities smaller than a standard lot.

Piata organizata de valori mobiliare/ organized securities market – Any regulated securities trading system authorized and supervised by F.S.A./R.N.S.C. (BSE and RASDAQ).

Piata primara/Primary market  That part of the capital markets that deals with the issuance of new securities. Companies, governments or public sector institutions can obtain funding through the sale of a new stock or bond issue.

Piata principala/Main Market – The market designated by the BSE as the reference market for each symbol which is being traded on the BSE.

Piata reglementata/The regulated market  A regulated market is a system for trading financial instruments which: function regularly; is characterized by the fact that the rules/laws/regulations issued and being put to the approval of F.S.A./R.N.S.C., set the functioning conditions for a financial instrument , the acces on the market for a financial instrument and conditions for being admitted to trading for a financial instrument; complies with requirement of reporting and transparency to ensure investor’s protection established, as well as the regulations issued by the F.S.A./R.N.S.C., in accordance with the community legislation.

Piata Regular/Regular Market  The order-driven main market, where shares are traded on the basis of standard lots, while determining the shares reference price.

Piata secundara/Secondary market – An organized market that function under the authorization and supervision of the F.S.A./R.N.S.C. If the primary markets are newly issued securities in the secondary market, securities are already issued and are subject to trading by those who benefit the rights enshrined in these titles.

Piata Unlisted/Unlisted market – The main market of securities not listed on BSE, order-driven type, this market doesn’t have related additional markets.

Piata Bear/Bear market – Market of securities or financial goods with prices downward in the fall.

Piata Bull/Bull market – Market of financial titles or goods with prices upward in the climb.

Piata OTC/OTC Market (Over the Counter Market)  A market for currencies, commodities, shares, options, or other financial contracts via electronic connections between dealers. The OTC market has no physical locations or address, and differs from organized exchanges which have a physical location where trading takes place. Also referred to as: – Off Exchange.

Pip/Pip  The smallest unit of price change on the FOREX market.

Plasament Garantat/Guaranteed placement – The intermediation of a public offering in which the dealer undertakes the entire risk and engages in underwriting or in buying on his own account the whole offering, in order to distribute it to the public.

Plasament privat /Private placement – The selling of all the securities by an issuer to a maximum number of 35 sophisticated investors, residents or non-residents in Romania, from a list of maximum 100 people, chosen on a criteria basis according to the F.S.A./R.N.S.C. reglementations.

Plasament secundar privat/Secondary private placement – The selling by an existing shareholder of a minimum 1% of the total amount of securities of the same type, belonging to a certain issuer to a number of maximum 35 investors, from a list of maximum 100 people, chosen on a criteria basis according to the F.S.A./R.N.S.C. reglementations.

Platforma comuna EEX/EEX common platform – Common auction platform appointed under Article 26 of Regulation (EU) nr.1.031/2010 of 12 November 2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances pursuant Directive 2003/87/EC of the European Parliament and of the Council establishing a scheme for  greenhouse gas emission allowances within the Community, as amended.

Pozitie deschisa/Open Position  Net number of contracts bought or sold, registered in a certain position account which have not matured or whose rights have not been exercised or whose obligations were extinguished.

Pozitie descoperita/Uncoverd position – The open position for which margin is not coverd.

Pozitie Long/Long Position  Representing the net purchase position in a certain account, resulting as a consequence of the concluding of one or several transactions by means of which the number of purchased contracts is higher than the number of sold contracts.

Pozitie Short/Short Position – Representing the net sales position in a certain account, resulting as a consequence of the concluding of one or several transactions by means of which the number of sold contracts is higher than the number of purchased ones.

Practici de piata acceptate/Accepted market practices – Are referring to the practices used in one or more markets and accepted by F.S.A./R.N.S.C. in accordance with the European procedures.

Prag rezistenta/ Resistance level – The price at which a stock or market can trade, but not exceed, for a certain period of time; the stock or market stops rising because sellers start to outnumber buyers.

Prag suport/ Support level – The price level which, historically; a stock has had difficulty falling below. It is thought of as the level at which a lot of buyers tend to enter the stock. If the price of a stock falls towards a support level it is a test for the stock: the support will either be reconfirmed or wiped out. It will be reconfirmed if a lot of buyers move into the stock, causing it to rise and move away from the support level. It will be wiped out if buyers will not enter the stock and the stock falls below the support.

Pret/Price  The price of a discounted Treasury bond issued with a term to maturity of 365 days is the buying/selling price expressed as a percentage of the nominal value. It is automatically calculated on the basis of the efficiency introduced in a fixed or informative quotation, order or deal.

Pret brut/Gross price  The gross price of a bond or a coupon treasury bond, issued with a time to maturity greater or equal to 365 days, is the price including the accrued interest of a firm or informative quotation, order or deal, placed on the BSE system. It is expressed as a percentage of a bond’s principal value or of the par value of a treasury bond.

Pret de deschidere/Opening Price  The price at which the first transaction of a trading session occurs, for a given symbol in a specified market.

Pret de execitare/Strike price – Is the pre-determinated price at which futures contracts are sold or bought, if the option is execised.

Pret de inchidere/Closing Price  The price at which the last transaction of a trading session occurs, for a given symbol in a specific market.

Pret de referinta/Reference Price – The price of a symbol during a trading session on the basis of which the symbol’s price variation is calculated during that trading session, valid for all markets where the respective symbol is traded.

Pret mediu/Average Price  The weighted average price of all transactions of a symbol in a specific market over the period of a trading session, rounded up to the nearest tick.

Pret net/Net Price  The net price of a bond or coupon Treasury bond, issued with a time to maturity greater or equal to 365 days, is that price excluding the accrued interest in a firm or informative quote, order or deal, placed on the BSE. It is expressed as a percentage of a bond’s principal value or the nominal value of a treasury bond.

Pret net (%) obligatiune/Net Bond Price – The price that does not include the interest rare and that it is mentioned in a buying or selling order/deal of a bond, introduced in the BSE system. The net price is expressed as a percentage of the bond principal’s value.

Pret brut (%) obligatiune/ Gross Bond Price – The price that comprises the interest rate and that is mentioned in a buying or selling order of a bond, introduced in the BSE system. The gross price is expressed as a percentage of a bond principal’s value.

Pret/vanzari pe actiune/ Price/sales/stock – It is calculated according to its title, considering the closing price of a stock and the turnover associated to that certain stock. Lately, the theoreticians started to pay an increasing attention to this indicator, stating that a value lower that 1.5 indicates an underevaluated stock.

Pretul cel mai bun/Best Price  The price of an order having the maximum fill priority, i.e. the highest buying price or/and the lowest selling price of a symbol in a specific market.

Prima /Premium – The price that the option’s buyer pays to the option’s seller; the premiums are freely set on the market by the buyer and the seller according to the rules of the exchange where they are traded.

Principal/Principal or Face Value  Value corresponding to a bond loan, excluding the interest due, which the Issuer agrees to pay at maturity. The Principal may have a single value when there is only one repayment, or a current value, for an advanced payment. The coupon rate is applied to the current value of the principal.

Principal curent/Current Principal – The value of the lending related to a bond, excepting the interest, that the issuer has to pay back at the due date. The principal can have a unique value when there is only one payback or a current value in the case of anticipated payback. The yield rate applies to the current value of the principal.

Procedura de insolventa/Insolvency procedure – Procedure mentioned in Art. 2 paragraph (1) Section 10 of Law no. 253/2004, as amended and supplemented.

Produse structurate/Structured products  Financial instruments such as securities based on an underlying asset, issued in compliance with the basis prospectus, as well as with the completing documents afferent to the respective prospectus, and can be admitted to trade on the regulated Spot Market administered by BSE. The Issuers of structured products can be credit institutions, investment companies, as well as other financial institutions authorized by and functioning in compliance with the regulations of the competent authorities from member or non-member states. The structured products can be: certificates, warrants, as well as other types of structured products.

Profit financiar/Financial profit – The difference between the financial revenues (interests, exchange rate differences, placement titles) and the financiar expenses (interest, loans, exchange rates differences, etc).

Profitul din exploatare/Operating profit – The gain from the main activity of the company, calculated as a difference between the sales and the operating expenses (raw materials, wages, depreciation costs, etc).

Program de oferta/Offering programme  A plan which would permit the issuance of non-equity securities, in a continuous or repeated manner during a specified issuing period.

Prospect de admitere la tranzactionare/Prospectus for admission to trade – A prospectus issued in accordance to the R.N.S.C. Regulation no.1/2006 regarding the admission to trade of new financial instruments, on the BSE.

Prospect de baza/Basis prospectus  Issue prospectus approved either by F.S.A./R.N.S.C., or by a competent authority from another member state and notified to the F.S.A./R.N.S.C., based on which an Issuer can request the admission to trade of structured products on the regulated Spot Market administered by BSE.

Prospect de oferta publica de vanzare de valori mobiliare/IPO  Document that contains information about the issuer,the securities offered and the purpose for which they are issued, about the management, the activity and assets of the issuer and that includes its financial statements.