Transcript Slide 1
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.