Capital Market Integration and MiFID Implementation : The Bulgarian Experience

Bulgaria's financial integration with Europe has been essential in financing economic transition and spurring economic growth. As the sovereign debt turmoil in Europe casts a cloud over the financial sector, the development of capital markets over the medium term may offer a beneficial diversification of the financial system. Bulgaria began aligning its regulation of securities markets to European Union (EU) standards when its EU accession process began and introduced the Markets in Financial Instruments Directive (MiFID) in November 2007 along with other EU countries. This report aims to assess the implementation of MiFID in Bulgaria, to provide an initial view on the impact it had on the Bulgarian securities markets, and to draw lessons about the experience. The report not only offers concrete suggestions for stimulating development of the capital market to the benefit of firms and investors, but it also aims to stimulate further debate about how to organize the securities market infrastructure for long-term development.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2011-11-30
Subjects:	ACCOUNTING, ALTERNATIVE TRADING SYSTEMS, ASSET MANAGEMENT, BALANCE OF PAYMENTS, BANKING SECTOR, BANKING SERVICES, BLUE CHIP, BLUE CHIPS, BOND, BOND MARKET, BOND MARKETS, BONDS, BROKERAGE, BROKERAGE FIRMS, BROKERS, BUSINESS ENVIRONMENT, CAPITAL ADEQUACY, CAPITAL ASSET, CAPITAL ASSET PRICING, CAPITAL MARKET, CAPITAL MARKET ACTIVITIES, CAPITAL MARKET DEVELOPMENT, CAPITAL MARKET REGULATION, CAPITAL MARKETS, CAPITAL MARKETS LEGISLATION, CAPITAL REQUIREMENTS, CASH SETTLEMENT, CD, CENTRAL BANK, CENTRAL DEPOSITORIES, CENTRAL DEPOSITORY, CENTRAL SECURITIES DEPOSITORY, CLIENT ASSETS, COLLECTIVE INVESTMENT, COMMODITIES, COMPETITIVE FRAMEWORK, CONFLICT OF INTEREST, CONFLICTS OF INTEREST, CONNECTIVITY, CONTINUOUS MARKET, CORPORATE BONDS, CORPORATE SECURITIES, CREDIT INSTITUTIONS, CURRENCY, DEPOSITARY RECEIPTS, DEPOSITORY SERVICES, DERIVATIVE, DERIVATIVE MARKETS, DERIVATIVES, DOMESTIC ECONOMY, DOMESTIC EXCHANGE, DOMESTIC MARKET, EMERGING MARKET, EMERGING MARKETS, EQUITIES, EQUITY MARKET, EQUITY MARKET CAPITALIZATION, EQUITY MARKET CAPITALIZATIONS, EQUITY SECURITIES, EQUITY TRADING, EXCHANGE RATE, EXISTING INFRASTRUCTURE, EXPOSURE, EXPOSURES, FINANCIAL ASSETS, FINANCIAL CRISIS, FINANCIAL INSTITUTION, FINANCIAL INSTRUMENTS, FINANCIAL INTEGRATION, FINANCIAL MARKET, FINANCIAL SECTOR, FINANCIAL SECTOR DEVELOPMENT, FINANCIAL SERVICES, FINANCIAL SYSTEM, FOREIGN ASSETS, FOREIGN BANKS, FOREIGN DIRECT INVESTMENT, FOREIGN DIRECT INVESTMENTS, FOREIGN EQUITY, FOREIGN INFLOWS, FOREIGN INTEREST, FOREIGN INVESTMENT, FOREIGN INVESTMENTS, FOREIGN INVESTORS, FOREIGN MARKETS, FOREIGN OWNERSHIP, FOREIGN PORTFOLIO, FOREIGN PORTFOLIO INVESTMENTS, FRAMEWORK FOR SECURITIES, GLOBAL MARKETS, GOVERNMENT BOND, GOVERNMENT BOND MARKET, GOVERNMENT SECURITIES, GROSS DOMESTIC PRODUCT, GUARANTEE FUND, HARMONIZATION, HOLDING, HOLDINGS, HOME COUNTRY, HOME MARKET, HOST COUNTRY, INFORMATION DISCLOSURE, INITIAL PUBLIC OFFERING, INSTITUTIONAL INVESTOR, INSTITUTIONAL INVESTORS, INTEREST RATES, INTERNAL CONTROL, INTERNATIONAL BANK, INTERNATIONAL BANKING, INTERNATIONAL FINANCIAL MARKET, INTERNATIONAL INVESTMENT, INTERNATIONAL MARKET, INTERNATIONAL SETTLEMENTS, INVESTMENT ACTIVITIES, INVESTMENT BANKING, INVESTMENTS IN EQUITY, INVESTOR BASE, INVESTOR PROTECTION, IPO, ISSUANCE, ISSUANCES, LEGAL FRAMEWORK, LEGAL PROHIBITIONS, LIQUIDITY, LOCAL CAPITAL MARKET, LOCAL EXCHANGES, LOCAL INVESTORS, LOCAL MARKET, LOCAL STOCK MARKETS, MAJORITY SHAREHOLDER, MARKET ACCESS, MARKET DEVELOPMENT, MARKET ENVIRONMENT, MARKET INDEX, MARKET INFRASTRUCTURE, MARKET INFRASTRUCTURES, MARKET INSTRUMENTS, MARKET INTEGRATION, MARKET PARTICIPANTS, MARKET PLAYERS, MARKET REGULATORS, MARKET RETURNS, MARKET SEGMENTS, MARKET SHARE, MARKET SURVEILLANCE, MARKET TRANSPARENCY, MINIMUM CAPITAL REQUIREMENT, MONETARY FUND, MONEY LAUNDERING, MONEY-MARKET, PAYMENT SERVICES, PAYMENT SYSTEMS, PENSION, PENSION FUNDS, PORTFOLIO, PORTFOLIO MANAGEMENT, PRICE MOVEMENTS, PRICE TRANSPARENCY, PRICE VARIATION, PRICING MODEL, PRIVATE SECTOR DEVELOPMENT, PRUDENTIAL SUPERVISIONS, PUBLIC POLICY, REAL ESTATE, REAL ESTATE INVESTMENT, REGULATOR, REGULATORY FRAMEWORK, REGULATORY REQUIREMENTS, REPUTATION, RETAIL, RETAIL INVESTORS, RETURN, RETURNS, RISK MANAGEMENT, SALE, SECONDARY MARKETS, SECURITIES DEALERS, SECURITIES EXCHANGES, SECURITIES LAW, SECURITIES MARKET, SECURITIES MARKETS, SECURITIES REGULATIONS, SETTLEMENT, SETTLEMENT SYSTEM, SHAREHOLDER, SHAREHOLDERS, SINGLE MARKET, SOVEREIGN DEBT, STOCK EXCHANGE, STOCK EXCHANGES, STOCK MARKET, SUPERVISORY AUTHORITIES, TECHNICAL ASSISTANCE, TRADES, TRADING, TRADING PLATFORM, TRADING PLATFORMS, TRADING SYSTEM, TRADING SYSTEMS, TRADING VENUE, TRANSACTION, TRANSFERABLE SECURITIES, TURNOVER, TURNOVER RATIOS, VALUATION, VOUCHER PRIVATIZATION, VOUCHER PRIVATIZATIONS, WARRANTS, WORLD DEVELOPMENT INDICATORS,
Online Access:	http://documents.worldbank.org/curated/en/2011/11/16406287/capital-market-integration-mifid-implementation-bulgarian-experience https://hdl.handle.net/10986/12955
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