Auction Market Details
Auctions
Trade! Link to the Electronic Trading Platform – Auction Market
1. Access to the Auction Market
Access to the Auction Market is permitted for shareholder members, affiliated members, and commodity brokerage firms.
Affiliated members are companies that acquire trading rights, fulfilling the conditions of the BRM Board of Directors, as stipulated in the Affiliated Member Statute.
Commodity brokerage firms are BRM shareholder members or affiliated members whose object is to provide brokerage services.
Register as an Affiliated Member, thus becoming your own broker!
- Consult the affiliated member statute
- Complete the affiliated member application and its annex
- Conclude a collaboration agreement with BRM
- Compile the affiliation file containing the following documents:
- Certificate of incorporation issued by the National Trade Register Office, in original or copy, no more than 90 days prior to the submission date;
- copy of the Tax Registration Certificate;
- copy of the latest financial statements;
- copy of the document certifying your right to offer the products you provide (producer certificate, distribution authorization, supply licenses, fiscal warehouse certificates, etc.)
- Submit the affiliation file to BRM, in original or via email. Following its validation, an invoice will be issued representing the annual BRM affiliation fee for trading services on the Retail Market. The Romanian Commodities Exchange will send you the collaboration (affiliation) agreement, a document certifying your company’s status and acquired rights, which will be signed annually after payment of the membership fee.
The Auction Market Regulations, administered by BRM, include rules for organizing and conducting transactions under Law 357/2005 on commodity exchanges.
2. Organization of the Auction Market
Trade on the Auction Market, various goods, services, and/or works, such as:
- purchase or sale of products (fuels, ores, raw materials, etc.)
- rental of spaces for various purposes (office spaces, industrial spaces, undeveloped spaces and land, advertising spaces, etc.)
- valorization of waste resulting from daily activities through its sale (ferrous and non-ferrous metals, oils, fixed assets, etc.)
- contracting services, in compliance with specific legislation for contracting authorities or entities (security services, medical services, advertising services, etc.)
On the Auction Market, transactions and contract conclusions for the sale and/or acquisition of goods, services, or works are carried out.
Procedures organized on the Auction Market are primarily addressed to:
- private commercial companies,
- central and local public administrations,
- companies under the subordination or authority of a state institution,
- natural persons.
Trading sessions take place either electronically or with physical presence in the exchange floor, through the open outcry system, thus ensuring the principles underlying contract award and procedure organization, namely non-discrimination, legal treatment, transparency, and accountability.
In the case of electronic auctions, this stage takes place on the BRM electronic trading platform.
Advantages of the Auction Market
- Large number of existing market participants;
- Transparency and competitiveness;
- Reference quotes and prices made available to clients by BRM;
- Electronic price negotiation, via the www.brm.ro platform or by open outcry auction;
- Price negotiation is carried out in 15-minute stages, during which bidders can improve their financial offer based on the offers of competing bidders;
- Reduced timeframe for procedures – the procedure is scheduled for trading within a maximum of 7 days from its issuance
Services offered by BRM on the Auction Market
- Consultancy for applying procurement/public procurement procedures;
- Organization of procedures for the acquisition of products, services, and works;
- Organization of procedures for the sale of goods, fixed assets, assets;
- Assistance for specialized departments in organizing and applying sales and procurement procedures throughout the entire process:
- preparation of the Annual Public Procurement Program,
- establishment of qualification and selection criteria for bidders,
- development of necessary documents,
- organization of auctions,
- finalization of framework procurement contracts.
