• Law 357/2005 concerned with Commodity exchanges which allows the administering of organised markets, of which Receivables also.
• The Fiscal Code allows the possibility of expenditure deduction through the trade of commerical receivables through commodity exchanges
• RCE rules for Receivable trading

• Rulebook for RCE Receivables market
• Compensation procedure

• A percentage of 20% of the GDP (56 billion lei, according to estimates for the year 2005) is blocked by old receivables which commercial organisations owe to the state or to other commercial organisations.
• Commercial receivables count for approximately two thirds of this debt, close to 37 billion Lei (the equivalent of 10 billion Euros)

Benefits of trading through RCE

• From a macroeconomic level
  • it represents an instrument of the market economy, not an administrative order measure;
  • clearing of blocked sums between economic operators.
• From a microeconomic level
  • Monetizing and transforming receivables considered losses;
  • Fiscal deductability of expenditure registered due to commercial receivables;
  • Unloading of balance related to unpaid invoices;
  • Improvement of financial indicators.

• Economic operators interested in capitalizing on receivables from clients, partners, collaborators or beneficiaries (e.g. credit institutions, utility suppliers, telecommunication operators)
• Organisations specialised in collecting and recovering receivables;
• Economic operators or people whom already have a debt towards the receivable debtor offered towards sale (in the perspective of compensation)

• Presenting the sale offer to the initiator:
• Verification and publication of the initiators offer;
• Verification, presentation and registration of the opposite order to the sellers offer
• Trading session completion
• Contract signing

• Presenting the sale offer to the initiator:
• Verification and publication of the initiators offer;
• Verification, presentation and registration of the opposite order to the buyers offer
• Trading session completion
• Contract signing

• Promoting the selling procedure of a receivable
• The posibility of selling a receivable portfolio
• Fiscal deductability

• Finalising debts towards creditors
• Paying a lower price than the nominal value of a receivable
• A guarantee that the respective receivable will not increase in value

• Dutch auction (when the seller is the initiator) the offering decreases
• Live auction (when the buyer is the initiator) the offering increases

• Transactions concerned with receivables’ cession have as an objective liquid and chargeable receivables, inclusive of VAT and consisten with the accepted invoice
• Transactions concerned with the cession of a receivable can take place for a part of the receivable as well as the receivable portfolio.
• Currently through RCE you DO NOT trade guarantee receivables, budgetary receivables and receivables representing sums to be reimbursed/reimbursed to the budget

• Transparency and efficiency of trading procedures;
• Equal treatment and market participant protection
• Advertising the supply and demand