Moldova’s new Moldova International Stock Exchange (MIE), developed with the participation of the Bucharest Stock Exchange (BVB), has received an unlimited-term market operator licence, clearing a major regulatory hurdle ahead of its operational launch. The National Commission for Financial Markets (NCFM) also authorised MIE to administer and operate a regulated market and a multilateral trading system (MTS).

The new exchange is expected to strengthen Moldova’s capital-market infrastructure and diversify financing sources for companies, particularly through the development of equity and bond markets. The BVB’s 26.7% stake provides a direct link to Romania’s more developed capital-market infrastructure as Moldova advances its integration with European financial markets.

The NCFM approved qualified holdings in MIE by five shareholders, with BVB holding the largest individual stake at 26.7%. The Public Property Agency (APP), representing the Moldovan state, holds 20%, followed by Donaris Vienna Insurance Group with 11.7%, Grawe Carat Asigurări with 10% and Moldova-Agroindbank with 10%. Together, the five shareholders hold 78.3% of MIE’s share capital.

The MIE project was publicly announced in 2025, when the Moldovan state and companies from the financial and economic sectors began preparations for the new exchange. A memorandum of understanding was signed in Chisinau on September 15, 2025, during Moldova Business Week, by BVB, maib, OTP Bank Moldova, Mikro Kapital, Moldcell, APP and Donaris Vienna Insurance Group.

The initial plan envisaged share capital of around MDL30mn (€1.5mn), with approximately €3mn of investment in two tranches during the initial stage.

The shareholder structure subsequently established includes BVB with 26.7%, APP with 20%, Donaris Vienna Insurance Group with 11.7%, Moldova-Agroindbank with 10%, Grawe Carat Asigurări with 10%, Moldindconbank with 6.7%, MK Kredit Company with 5%, and OTP Bank Moldova, Moldcell and Premier Energy with 3.3% each.

The Moldovan authorities have presented MIE as a strategic investment in the country’s capital market. APP estimated in 2025 that the new infrastructure could help attract up to €300mn in investments over the next decade.

The authorities also estimated that the capital market’s share of the economy could rise to 15%-20% of GDP, from 3%-7.7% at the time, while its development could contribute an additional 0.5%-1% to annual GDP growth. The exchange is expected to give companies greater access to financing through share and bond issues and reduce their dependence on bank lending.

MIE is being established as Moldova’s existing stock exchange, the Moldovan Stock Exchange (BVM), faces difficulties meeting capital requirements.

According to an explanatory note accompanying a 2025 government project, BVM had been unable to meet the legal requirement for minimum equity of €1mn. The authorities warned that failure to raise the necessary capital could lead first to a suspension of its activity and eventually to voluntary dissolution, potentially leaving Moldova without a regulated market operator.

Legal assistance for MIE’s establishment and authorisation was provided by Dentons, which advised on international and EU law and relevant European practices, in cooperation with Moldovan law firm ACI Partners, which advised on local legislation and supported the authorisation process.