Seria emisiunii/The issue series – A unique alphanumeric code used to identify a set of bonds of an Issuer or an issue of Treasury bond.

Sesiune de tranzactionare/Trading session – The period of time, within a day, when trades can be concluded; the trading hours are stipulated in the specifications of each futures and options contract.

SFTP/SFTP – The Simple File Transfer Protocol. The BSE internal information transfer mechanism.

Simbol/Symbol – A financial instrument traded on the BSE.

Sistem alternativ de tranzactionare/Alternative trading system  A system which brings together more parties which buy and sell financial instruments, in a manner that result in the conclusion of contracts, also called multilateral trading system.

Sistem de tranzactionare prin internet/Online trading system – The act of placing buy/sell orders for financial securities and/or currencies with the use of a brokerage’s internet-based proprietary trading platforms. The use of online trading increased dramatically in the mid – too late -’90s with the introduction of affordable high-speed computers and internet connections.

Sistemul de compensare-decontare/Clearing system  A system defined in Art. 2 para. (2) Section 1 of Law no. 253/2004, with subsequent amendments authorized by F.S.A./R.N.S.C. or other competent authority of  Member States of the European Economic Area, as appropriate. An agreement between the operators of an interoperable clearing systems is not a system.

Sisteme de compensare-decontare interoperabile/Interoperable clearing system – Tow or more clearing systems whose  operators have completed an agreements where  is possible the execution of transfer orders from one system to another.

Societate de administrare a investitiilor (SAI)/Asset management company – Legal person constituted as a joint stock company under Law 31/1990 with subsequent modifications and additions, only under the authorization F.S.A./R.N.S.C., has as main activity the administration collective investment in transferable securities (OPCVM) or, provided authorization F.S.A./R.N.S.C., the administration of other collective investment undertakings (AOPC), to which it is subject to prudential supervision.

Societate cu o capitalizare bursiera redusa/Company with reduced market capitalization   Company listed on a regulated market which had an average market capitalization lower than the RON equivalent of 100 million EUR  based on the end quotes of the year  from the last three calendar years.

S.S.I.F.  Investment firm, Romanian legal person.

Societate initiatoare/Sponsoring Intermediary – A Participant ensuring the necessary support to issuers so as to be admitted or upgraded to trading.

Societate mama/parent undertaking – Company that is in one of the following:

a) holds a majority of voting rights of the shareholders or associates from another company

( branch ) ;

b ) has the right to appoint or remove a majority of the members of the administrative, management or supervisory body of another company ( the subsidiary) and is simultaneously a shareholder or associate company;

c ) has the right to exercise a dominant influence over a company ( subsidiary ) of the shareholder or member is under a contract with that company or of a provision in its memorandum or statute of the cause, if the law under which intra branch allows it to be subject to such contracts or clauses ;

d ) is a shareholder or member of a company and :

(i ) a majority of members of the administrative , management or supervisory bodies of the company concerned ( branch ) who have held office during the financial year incauza , during the previous financial year and up to the time of preparation of the consolidated accounts have been appointed only by exercising its voting rights ;

( ii) controls alone, pursuant to an agreement with other shareholders or associates of that company ( subsidiary ) , the majority of voting rights of the shareholders or associates of that company.

Point (i) does not apply if another company owns the rights referred to in a), b) or c) with respect to the subsidiary. In the letters a) , b ) and d ) voting rights, appointment or removal of any other branch , and those of any person acting in his own name but on behalf of the parent or other subsidiaries shall be added those of the parent .

In the letters a), b) and d), the rights mentioned in the previous paragraph shall be deducted the following rights :

1 ) attaching to shares held in the account of a person who is neither a parent nor a subsidiary thereof or

2 ) attaching to shares held as collateral , provided that such rights are exercised in accordance with the instructions received or holding of such shares to constitute the company holds a current operation in its operations in terms of loans , provided voting rights to be exercised in the interest of providing the guarantee .

In the letters a) and d) of the total voting rights of the shareholders or associates of the subsidiary minus the voting rights attaching to the shares held by the company itself , a subsidiary of the company concerned or by a person acting in his own name but on out of these companies.

Societati mici si mijlocii (SMM)/Small and medium sized companies (SMC)  Companies that, according to their last annual or consolidated financial statements, meet at least two of the following criteria:

1. average number of employees during the financial year less than 250;

2. value of total assets not exceeding the equivalent of 43,000,000 EUR;

3. annual net turnover not exceeding the equivalent of 50,000,000 EUR.

Specificatii Contract sau Specificatii de Contract/Contract specifications – The set of standard clauses contracts such as the symbol, underlying, multiplier, quotation, the tick size, delivery month, delivery date, etc. Which are approved by BSE Board and registered with A.S.F./R.N.S.C.

Speculatie/Speculation – The trial to obtain profit form the favorable price variation; in this process, the speculator assumes the risk transmited by the hedger and thus it ensures liquidity on the market.

Spread/Spread – The difference between the buying price and the selling price of the derivative financial instrument.

Stat membru de origine/Home Member State – The Member State where the registered office of the investment company or the management company is situated; if, under its national law, the firm has no registered office, the home Member State is that in which its head office is situated; the Member State where the registered office of the body which provides trading facilities is situated; if, under its national law, the body has no registered office, the home Member State is that in which the body’s head office is situated; the Member State where the registered office of a management company of an undertaking for collective investment in securities, established as open end investment fund, is situated, as well as the Member State where the registered office of the investment company is situated, in the case of an undertaking for collective investment in securities established as an investment company.

State membre/Member States  The Member States of the European Union and the other states which belong to the European Economic Area.

Stat membru gazda/Host Member State:

a)      the Member State in which an investment company or a asset management company has a branch or provides services;

b)      the Member State, other than the home Member State of the Collective investment undertakings in securities, where are trade the Participation titles issued this.

Sucursala/Branch – Organized structure, with no separate legal personality, of a firm which provides one or all of the services for which the firm has been authorized, according to the mandate received. All the places of business set up in Romania by a firm with registered office or headquarters in a Member State shall be regarded as a single branch.

Suport durabil/Durable medium  Any instrument which enables a client to store information addressed personally to that client in a way accessible for future reference for a period of time adequate for the purposes of the information and which allows the unchanged reproduction of the information stored.