Legaturi stranse/Close links  A situation in which two or more natural or legal persons are linked in any of the following ways:

a) participation in the form of ownership, direct or by way of control, of 20 % or more of the voting rights or capital of an undertaking;

b) control;

c) a permanent link of both or all of them to the same third person by a control relationship.

Legea 297/2004/Law 297/2004  Regarding the capital market, with amendaments and completions.

Legea 31/1990/Law 31/1990 – Regarding commercial companies, republished, with subsequent modifications and additions.

Levier/Leverage – Value expressed as a multiple, and represents how many times the notional value (theoretically) exceeds the margin required for the transaction. For example, if the notional amount traded (refer to lot size or value of the contract) is $ 100,000 and the required margin is $ 2,000, the trader can trade with 50 times “leverage” ($ 100,000 / $ 2,000).

Lichiditate/Liquidity  Is the ease with which an investor can transform his investment in cash. Liquidity ensures continuous operation of the market, as a condition for achieving an uninterrupted or undistortioned overall economic circuit. A liquid market is the market recognized by F.S.A./R.N.S.C. in which the present value of a security may be determined, and payment fot the traded securities can be collected promptly and safely.