Adriana Tanasoiu

Adriana Tanasoiu

Founder and Chief Executive Officer

Senior International Capital Markets Strategic Advisor and Consultant

Adriana Tanasoiu is a senior international capital markets strategic advisor and consultant with over 25 years of professional experience in capital markets, primarily with trading venues and post-trade financial market infrastructures, their clients and regulators.

She has a wealth of experience and demonstrated history of leadership in domestic and international projects in the financial services industry, as well as in leading local and global cross functional teams.

Ms. Tanasoiu was part of the Central Bank of Romania’s team which established the Bucharest Stock Exchange; this included the establishment of both trading and post-trade services (clearing, settlement, depository and registry). As part of this effort, she coordinated the stock exchange trading and post-trade software implementation and the stakeholders’ and users’ training programs.

Ms.  Tanasoiu was recruited for the role of Manager of Operations and Stock Exchange Software of the Bucharest Stock Exchange; she was soon promoted Deputy Chief Executive Officer of the exchange. In these roles, she managed the trading and post-trade operations and software, and market surveillance. She also assumed responsibility for coordinating the development and implementation of new services, and enhancements to existing services. Ms. Tanasoiu was subsequently promoted to Second Legal Representative of the Bucharest Stock Exchange.

Ms. Tanasoiu was then selected to lead the establishment of the Central Securities Depository (CSD) as a separate legal entity, being appointed Chief Executive Officer of the new CSD from its establishment. She led a diverse team from multiple entities (Bucharest Stock Exchange and the two largest securities registrars in the market), as well as staff recruited by the new CSD, to develop and make operational the new CSD, streamlining operations for greater efficiency, transparency and risk controls. This effort included:

  • Development of CSD rules for the new entity, consistent with the new Romanian capital markets law, the new CSD regulation issued by the Financial Supervisory Authority, the Central Bank of Romania’s regulation for payment systems, and the Bucharest Stock Exchange regulations
  • Obtain regulatory approval for the new CSD, and for the new CSD rules, by the Central Bank of Romania and the Romanian Financial Supervisory Authority
  • Consolidation of all post trade functions previously maintained across multiple entities, including the Bucharest Stock Exchange, another securities depository, and five securities registrars, within the newly established CSD. This included integration of existing systems and technology, operations, risk management, and client services, as well as the introduction of new operational processes and client interfaces.

Ms. Tanasoiu has extensive experience in the design and implementation of strategic reforms, managing and successfully implementing numerous strategic projects, aimed at establishing, developing and modernizing the Romanian capital market infrastructures (Bucharest Stock Exchange and the new CSD), according to the European Union directives, regulations, standards and practices. Some of the most important such projects are the following:

  • implementation of new trading and post-trade systems (clearing, settlement, depository and registry)
  • building cross-border links of the new CSD with one International CSD and 19 CSDs located on 3 continents, in order to facilitate cross-border settlements in 13 currencies
  • implementing SWIFT, and securities borrowing and lending sevices based on the Global Master Securities Lending Agreement
  • implementing a settlement system without pre-validation and an omnibus accounts structure
  • reducing the settlement cycle of securities transactions from 3 days to 2 days, at the same time with other 26 European capital markets

Ms. Tanasoiu led the new CSD to be a promoter of global standards implementation in the Romanian market and to be at the forefront of the European Union’s projects shaping the Europe’s capital markets, including the pan-European settlement system TARGET2 Securities, developed under the leadership of the European Central Bank.

Ms. Tanasoiu served for many years in numerous EU (European Union) and ECB (European Central Bank) Steering and Advisory Committees, Boards and Executive Committees, Markets Stakeholder Groups, Working Committees and National User Groups, including:

  • The first ESMA (European Securities and Markets Authority) Securities and Markets Stakeholder Group (SMSG), which advised ESMA on the regulatory and implementing technical standards for the EU trading and post-trade regulations and directives, including MiFID II (EU Markets in Financial Instruments Directive) and EMIR (European Market Infrastructure Regulation)
  • The ESMA Post Trade Consultative Working Group (PTCWG), which advised and assisted the ESMA Post Trading Standing Committee on advice to be submitted to the European Commission, as well as on regulatory and implementing technical standards, guidelines and recommendations for EMIR (European Market Infrastructure Regulation) and the CSDR (EU Central Securities Depositories Regulation)
  • The TARGET2 Securities (T2S) Advisory Group, T2S Central Securities Depositories Steering Committee and T2S Harmonization Steering Group; chairing the TARGET2 Securities Romanian National User Group
  • ECSDA (European Central Securities Depositories Association) Board of Directors and Executive Committee; chairing ECSDA Working Group on Harmonization; actively involved in the discussions on the CSDR from inception and participated, together with ECSDA colleagues, in meetings with the representatives of the European Commission, European Parliament and ESMA
  • The Consultative Committee of the Bucharest University of Economic Studies

Ms. Tanasoiu is recognized as a distinguished speaker, and has presented frequently on capital markets topics, delivering many lectures in Romania and internationally, including: Securities and Exchange Commission conference Washington; SIBOS Toronto; SIBOS Amsterdam; CSDs international conference CSD12 Saint Petersburg; CSDs international conference CSD11 Cape Town; several conferences of the SWIFT Business Forum in Bucharest; The Future of Clearing & Settlement conference in London. She was also a guest speaker at the Bucharest University of Economic Studies, the Romanian-American EMBA program ASEBUSS and the Romanian-Canadian MBA program.

Ms. Tanasoiu worked in capital markets strategic advisory and consulting technical assistance projects with international donor organizations and agencies, including the European Bank for Reconstruction and Development (EBRD), Expertise France (The French International Technical Cooperation Agency), the United States Agency for International Development (USAID), the World Bank, and the Financial Services Volunteer Corps (FSVC); in partnerships with other consulting firms; and directly with clients, in areas including:

  • Identifying barriers to capital markets development, proposing improvement levers, providing recommendations and implementation roadmaps for the identified measures and recommendations
  • Assisting stock exchanges, central securities depositories and other post-trade financial market infrastructures in developing corporate strategies and business plans
  • Designing, establishing and making operational central securities depositories and other post-trade financial market infrastructures
  • Assisting regulators in improving their institutional and regulatory capacities to supervise capital markets and institutions, as well as in designing development strategies for capital markets and frameworks which support development
  • Assisting regulators, stock exchanges, central securities depositories and other post-trade financial market infrastructures in harmonizing local laws and regulations with the EU legislative framework and global standards

Adriana Tanasoiu founded Araliya Management Consulting, has led it since its establishment, and continues to lead it in fulfilling the company’s vision to offer strategic advisory and consulting services for supporting the development and growth of local and global capital markets, and to contribute to creating a network of interconnected capital markets at regional and global level, for the benefit of investors, issuers and other categories of stakeholders.