Sibiu Stock Exchange
Corporate brand
UnclaimedSibiu Stock Exchange was a Romanian securities and derivatives exchange that specialized in futures and options before merging into the Bucharest Stock Exchange in 2017.
Last updated August 24, 2026
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Overview
Sibiu Stock Exchange, also known as Sibex or Sibex-Sibiu Stock Exchange, was a Romanian financial-market operator headquartered in Sibiu. Established as a private company in December 1994, it became the first Romanian exchange authorized by the Romanian National Securities Commission and developed a distinctive position in derivatives trading. The institution originally operated under the name Sibiu Monetary Financial and Commodities Exchange, reflecting its focus on monetary, financial, and commodity contracts. Sibex became Romania’s first derivatives exchange in July 1997, when it introduced futures contracts. Its main competitive distinction was its concentration on futures and options rather than the predominantly equity-oriented business associated with the Bucharest Stock Exchange. Over time, its derivatives offering covered single-stock futures, equity-index futures, commodity futures, and currency futures. This specialization made Sibex one of the country’s principal venues for listed derivatives and, according to historical descriptions, the largest Romanian market for futures and options trading. The exchange broadened its activities during the 2000s and early 2010s. It joined the Association of Futures Markets in 2008, launched a regulated spot market in 2010, and admitted its own shares to trading on that market. In March 2011, the company adopted the Sibex-Sibiu Stock Exchange name and introduced a new logo referencing seven Transylvanian cities. The rebranding presented the exchange as a meeting point for investors and linked its modern market infrastructure with Sibiu’s regional identity. Sibex also sought to expand its product and infrastructure capabilities. It entered a 2013 partnership with OPCOM, Romania’s electricity and gas market operator, to develop power derivatives. It introduced futures contracts based on United States stocks, adding international underlyings to its Romanian-market offering. In 2014, it agreed to cooperate with the Athens Exchange Group on clearing, trading technology, and market connectivity. The resulting infrastructure program connected Sibex’s derivatives market to ATHEXClear as central counterparty and moved trading to a newer system, with the project completed in December 2014. The exchange’s relationship with the Bucharest Stock Exchange was central to its later history. A proposed merger discussed in 2006 was rejected by Bucharest Stock Exchange shareholders in October of that year. Bucharest subsequently announced plans to develop its own derivatives market, increasing competitive pressure on Sibex. The two institutions ultimately combined in 2017. The merger concluded with Sibex’s dissolution, ending the independent operation of a market that had pioneered exchange-traded derivatives in Romania.
History
Sibiu Stock Exchange was created in December 1994 as a privately organized Romanian exchange. At the time, the country was rebuilding its capital-market institutions, and Sibex became the first Romanian exchange authorized by the Romanian National Securities Commission. Its original name, Sibiu Monetary Financial and Commodities Exchange, reflected a broad ambition to organize trading in financial, monetary, and commodity instruments. The institution established its defining business in July 1997 by implementing futures contracts. This made it Romania’s first derivatives exchange and gave it a specialization that distinguished it from the Bucharest Stock Exchange. Sibex subsequently developed a market for futures and options, including contracts based on individual shares, stock indexes, commodities, and currencies. Its role as a derivatives venue grew during the 2000s, and it was widely described as Romania’s leading or largest market for futures and options. Sibex explored a closer relationship with the Bucharest Stock Exchange in 2006. Negotiations continued for several months, but shareholders of the Bucharest exchange rejected the proposed merger in October. In June 2007, Bucharest Stock Exchange announced that it intended to establish its own derivatives market, creating a more direct competitive relationship between the two institutions. The exchange pursued international recognition and operational expansion. It joined the Association of Futures Markets in January 2008, an organization bringing together exchanges and other financial-market entities from multiple regions. In January 2010, it formally launched a regulated spot market and admitted its own shares to trading there. This complemented its derivatives business with a venue for spot-market instruments. Sibex also administered an alternative trading system, while securities traded through its spot-market venues were settled through the Sibex Depository system. In March 2011, the company changed its name to Sibex-Sibiu Stock Exchange. The rebranding included a logo depicting seven Transylvanian cities, presenting the exchange as a regional meeting point for investors and associating its market identity with local tradition. During the following years, Sibex expanded the range of instruments available or under development. It began trading futures contracts on United States stocks, described as a first for Romania, and in 2013 signed a partnership agreement with OPCOM to develop power derivatives. Technology, clearing, and regulatory infrastructure became important parts of Sibex’s later strategy. In February 2014, Sibex entered into an agreement with the Athens Exchange Group. The arrangement included clearing services from ATHEXClear under European Market Infrastructure Regulation requirements, use of the group’s OASIS multi-exchange trading platform, and XNET connectivity services. In December 2014, Sibex completed the project to connect its derivatives market to ATHEXClear as central counterparty and migrated the derivatives market to a new trading system. Clearing and settlement for the derivatives market were consequently provided through the Athens exchange infrastructure under the contractual arrangements described for Sibex. The exchange remained a specialist competitor to Bucharest Stock Exchange, but the two markets ultimately moved toward consolidation. In 2017, Bucharest Stock Exchange merged with Sibex. The transaction ended Sibex’s existence as an independent legal and market institution, and Sibex was dissolved. Its historical importance rests primarily on pioneering exchange-traded derivatives in Romania and on helping establish a domestic market infrastructure for futures and options.
- 2017
Merged into Bucharest Stock Exchange
[1]The merger with Bucharest Stock Exchange was completed and Sibex was dissolved.
- 2014
ATHEX infrastructure project completed
[1]Sibex connected its derivatives market to ATHEXClear and migrated trading to a new system.
- 2013
Power-derivatives partnership
[1]Sibex signed an agreement with OPCOM to develop and launch power derivatives.
- 2011
Company rebrands as Sibex
[1]The company adopted the Sibex-Sibiu Stock Exchange name and introduced a new Transylvania-themed identity.
- 2010
Regulated spot market begins
[1]The exchange launched its regulated spot market and admitted its own shares to trading there.
- 2008
Joins the Association of Futures Markets
[1]Sibex joined an international organization of futures exchanges and related financial entities.
- 2006
Proposed Bucharest merger fails
[1]A proposed combination with Bucharest Stock Exchange was rejected by Bucharest shareholders after negotiations.
- 1997
First Romanian derivatives exchange
[1]Sibex implemented futures contracts, establishing Romania’s first derivatives exchange.
- 1994
Sibiu exchange is established
[1]Sibiu Monetary Financial and Commodities Exchange was established as a private company in December and became the first Romanian exchange authorized by the national securities regulator.
Products and positioning
A specialist Romanian exchange built around futures and options, with a secondary role in regulated spot-market and alternative-trading-system services. Sibex positioned itself as a pioneer and leading domestic venue for listed derivatives, in contrast with the broader equity-market role of the Bucharest Stock Exchange.
Derivatives · 1997
Futures contracts
Futures were Sibex’s core product and the basis of its identity as Romania’s first derivatives exchange. The exchange offered contracts linked to several underlying categories, including individual equities, stock indexes, commodities, currencies, and later internationally oriented instruments such as United States stocks.
Derivatives
Options contracts
Options formed part of Sibex’s specialist derivatives offering. Alongside futures, they supported the exchange’s role as a Romanian venue for listed risk-management and market-exposure instruments.
Securities market · 2010
Regulated spot market
Sibex launched a regulated spot market in 2010. Securities traded there, together with instruments admitted to its alternative trading system, were settled through the Sibex Depository’s infrastructure.
Energy derivatives · 2013
Power derivatives
Through its 2013 partnership with OPCOM, Romania’s electricity and gas market operator, Sibex sought to develop and launch derivatives based on power-market products.
Marketing campaigns
- 2011Sibex rebranding and Transylvanian identity
Romania
Sibex changed its corporate name and launched a logo representing seven Transylvanian cities. The identity emphasized Sibiu’s regional setting and portrayed the exchange as a meeting place for investors.
Outcome. The rebranding established the Sibex name used during the exchange’s final operating period.
Brand decisions
2017
Merge with Bucharest Stock ExchangeM&ABackground
The Romanian exchange sector ultimately consolidated after the earlier failed merger discussions.
Action taken
Bucharest Stock Exchange merged with Sibex.
Aftermath
Sibex was dissolved and ceased to operate as an independent exchange.
2014
Modernize clearing and trading infrastructureStrategyBackground
Sibex needed infrastructure compatible with European derivatives-market requirements and broader market connectivity.
Action taken
It partnered with the Athens Exchange Group, connected derivatives clearing to ATHEXClear, adopted related technology services, and migrated to a new trading system.
Aftermath
The derivatives market gained a central-counterparty and technology framework linked to the Athens exchange infrastructure.
2010
Expand into regulated spot tradingStrategyBackground
Sibex was primarily identified with derivatives and sought to broaden its market-operator activities.
Action taken
The exchange launched a regulated spot market and admitted its own shares to trading on that market.
Aftermath
Sibex operated both derivatives and spot-market infrastructure, as well as an alternative trading system.
2006
Pursue a merger with Bucharest Stock ExchangeM&ABackground
Sibex and the larger Bucharest Stock Exchange explored combining their Romanian market operations.
Action taken
The exchanges negotiated a proposed merger, which was ultimately rejected by Bucharest Stock Exchange shareholders.
Aftermath
Bucharest Stock Exchange later announced plans to build its own derivatives market, preserving competition between the venues.
- Bucharest Stock Exchange — After shareholders rejected the merger, Bucharest Stock Exchange announced plans to develop its own derivatives market.
1997
Introduce futures contractsProduct launchBackground
Romania lacked an established domestic exchange-traded derivatives venue.
Action taken
Sibex implemented futures contracts and became the country’s first derivatives exchange.
Aftermath
Futures and options became the foundation of Sibex’s market specialization.
Recent events
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