[4] As of 31 December 2019[update], the most liquid company within the BVB’s main (Regular) market was Banca Transilvania (TLV), which owns approximately 30% of the total traded value.Throughout its early existence, the activities of the Bucharest Stock Exchange were affected by the socio-political events of the time, such as the Romanian Uprising of 1907 or the Balkan Wars that took place between 1912 and 1913.In 1948 the activity of the Market for Effects, Actions and Exchange was stopped, with the establishment of the Communist regime in Romania and the beginning of the nationalisation process.At that time, shares issued by 93 companies and 77 fixed-income instruments (bond type) were listed on the Bucharest Stock Exchange.In 2010, the Alternative trading system was launched by BVB for SMEs and start-up companies wanting to raise capital from the market.AeRO targets early stage companies, to finance their projects, growth stories, increase their visibility and contribute to the development of the business environment.The following types of financial instruments are traded on BVB: shares, rights, bonds, fund units, structured products and futures contracts.BVB operating revenues are generated mainly from trading activity, from membership and listing fees, as well as from data vending to various users.It is a market segment designed for listing of early stage companies, start-ups and SMEs, to finance their projects, growth stories, increase their visibility and contribute to the development of the business environment.Based on the BVB alternative trading system existing since 2010, the AeRO market, under its redesigned and reconstructed concept, was launched on February 25, 2015.BET-NG is a sectoral index that reflects the evolution of companies listed on BVB regulated market that operate primarily in energy and utilities field.BET-XT-TR is the total return version of BET-XT index, which includes the 25 most traded Romanian companies listed at BVB.ROTX is an index weighted by free float capitalization, calculated in RON, EUR and USD and disseminated in real time by the Vienna Stock Exchange.[21] BVB supplies its participant with a wide range of tools that provide real time prices and trading data.The Stock Exchange does not trade on Saturdays and Sundays as well as Romanian national holiday days, declared by BVB in advance.