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The Prospects for Capital
Markets in Southeast
Europe
Conference
The Bulgarian Stock Exchange
After the EU Accession:
Recent Developments, New Products and Services
Bistra Ilkova
CEO
Bulgarian Stock Exchange – Sofia
Sofia
16.09.2008
Jan. 1, 2007 – THE EU ACCESSION
Legislation Harmonization
1. Single passport notification process for investment
intermediaries and management companies;
2. Unified and simplified procedure for admission to trading
of foreign companies on the Bulgarian regulated market;
3. Transparency Directive and price-sensitive information
disclosure;
4. Market on Financial Instruments Act
The Prospects for Capital
Markets in Southeast
Europe
Conference
CAPITAL MARKET POPULARIZATION
The Prospects for Capital
Markets in Southeast
Europe
Conference
1. Realization of the benefits of the public status and
accepting the capital market as an alternative source of
financing the business;
2. Increasing the quality of the corporate governance;
3. Increasing role of the Stock Exchange in the area of the
financial intermediation;
4. Public oriented communication strategy
–
Active dialog with the investment society and the local
business;
–
Active dialog with the international institution and European
exchanges.
In 2007 BSE-Sofia was awarded the Mr/Mrs. Economy prize in the top
category
“Overall Contribution to the Development of the National Economy”
The Prospects for Capital
Markets in Southeast
Europe
Conference
MARKET STATISTICS
Semi-annual
Raised capital (face value, EUR mln.)
2006
2007
June
2008
Shares
REITs & SPVs
105.615
5.78
266.81
21.01
57.05
4.14
Bonds
194.72
229.19
94.85
Capital increase
2006
2007
June
2008
Shares
REITs & SPVs
46.88
129.66
48.94
37.73
10.07
21.13
New listings
Market capitalization (BSE-Sofia) / GDP
2005
19.71%
2006
31.20%
2007
55.46%
30.06.2008
34.45%
47 new issues
admitted to trading
for Q1 2008
TECHNOLOGY & INNOVATIONS
The Prospects for Capital
Markets in Southeast
Europe
Conference
• Start of the new trading platform – XETRA (16.06.2008)
• X3News – a specialized financial media through which the
public companies and the other issuers of securities can fulfill
their legal obligations for disclosure of regulated information.
(January 2008)
• X3Analyses - financial analyses application (March 2008)
• BG TR 30, BG REIT (September 2007)
•
Client Order-Book Online System
(COBOS) – internet - based
application for secure access to
the BSE Trading System (Xetra )
in real time that allows BSEmembers' clients to enter orders
and to make transactions after
receipt of confirmation from their
broker. (March 2003)
MAIN STRATEGIC PRIORITIES
• Attracting new issuers and investors;
• Popularization of the capital market abroad;
• Increasing the number, volume and variety of the traded
instruments, that is - enhancing the liquidity of the
market;
• Creation of an alternative mechanism/segment for
financing small and medium companies;
• Launching a Derivative Market will be the next big step
ahead
The Prospects for Capital
Markets in Southeast
Europe
Conference
The Prospects for Capital
Markets in Southeast
Europe
Conference
Thank you.