Market infrastructure - Bulgaria

01.03.2010

Institutions and organisation

The Bulgarian Stock Exchange-Sofia (BSE-Sofia - www.bse-sofia.bg)

BSE-Sofia, the only stock exchange in Bulgaria, is a joint stock company with the participation of the estate, private financial institutions, banks, investment intermediaries and insurance companies.

The scope of the BSE-Sofia activity includes organisation of trading in equities, investment funds, mortgage, municipal bonds and corporate bonds, operation and maintenance of information systems for trading in securities and establishment and maintenance of a clearing system guaranteeing the obligations assumed under securities transactions executed on BSE-Sofia.

The BSE-Sofia is regulated by the Financial Supervision Commission (FSC).

CSD - Centralen Depozitar AD (CDAD - www.csd-bg.bg)

CDAD, a joint-stock company, is the central depository for all dematerialised securities except government securities. It organises and maintains systems for book-entry registration of dematerialised shares and shareholders' of the companies traded at the BSE-Sofia. All securities listed at the BSE-Sofia are required to be registered with the CDAD. CDAD acts also as the National Numbering Agency, allocating ISIN codes for all securities issued in Bulgaria.
The Financial Supervision Commission (FSC), the Bulgarian National Bank and the Ministry of Finance directly control CDAD's operations.

Central Bank - The Bulgarian National Bank (BNB - www.bnb.bg)

BNB is the official depository for government securities issued by the Ministry of Finance. The BNB's system (ESROT) registers government securities acquired at auctions, registers secondary market transactions and processes principal and interest payments.

Regulatory structure

The Ministry of Finance (www.minfin.bg)

The Ministry of Finance issues government securities and is responsible for the legislation for the securities market in Bulgaria.

Financial Supervision Commission (FSC - www.fsc.bg)

The FSC is an independent state body and its main role is to regulate and control the financial system including public offering and trading of securities, regulated securities markets and the central securities depository.

Central Bank - The Bulgarian National Bank (BNB - www.bnb.bg)

BNB regulates and supervises the banking sector and grants banking licenses. It also monitors the activities of the CDAD.