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Commodities with a high standardization degree, also referred to as fungible commodities, are traded on the cash market. According to the law regarding commodities exchanges (i.e. no. 357/2005), fungible commodities are those commodities which are generically determined and which may be replaced between them during the performance of a contractual obligation. Irrespective of their producer, the commodities are identified based on physical and chemical characteristics that determine their quality. Thus, products are divided in several quality classes, according to which their price is determined. Due to the high standardization degree, the lots of the same product falling within the same quality class are interchangeable. Romanian Commodities Exchange is currently organising several specialised floors. Among them: oil products floor, electric power floor, coal floor and cereals floor. In addition, there is also a general floor of the fungible products, which offer the possibility to perform transactions for any type of fungible commodity, other than those from specialised floors.


Within each floor, the support assets (i.e. commodities) are defined, for which trading sessions may be organised. For example, on the petroleum product floor, products such as petrol, gas oil and black oil are identified as support assets.


Transactions on the cash market are performed either by open outcry on the exchange floor, either by using the exchange electronic trading platform. In the case of electronic trading, brokers may launch the orders based on electronic signature, without requiring their presence in person.


RCE uses a guarantee system to make sure that the sellers and purchasers fulfil their contractual obligations. Brokerage companies establish for their clients a guarantee account at RCE’s disposal, in which the guarantees related to all traded orders are administered. The guarantees are not related to each separate order and they are transferable from one order to another. So, the company shall take care that the amount existing in the guarantee account exceeds or equals the aggregate amount of all the guarantees requested for the orders that it intends to perform. The amounts are blocked into the guarantee account in the succession in which the trading orders were registered. The guarantee may be established in one of the following forms: payment order, cash, bank letter of guarantee, cheque, promissory note, security interest in personal property.

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