Capital Market Integration and MiFID Implementation : The Bulgarian Experience

This note aims to assess the implementation of the Markets in Financial Instruments Directive (MiFID) in Bulgaria, provide an initial view on the impact it had on the Bulgarian securities markets, and draw lessons from the experience. Bulgaria entered the European Union (EU) and adopted MiFID at the cusp of a global crisis that hit central Europe particularly hard. MiFID implementation in Bulgaria began along with other EU countries on November 1st 2007, less than a year after Bulgaria had entered the union. Important changes for the local market were the introduction of the passport, which allows intermediaries to operate throughout Europe under the local license, a more competitive environment for trading venues as shares listed on the regulated market (RM) shares can be traded anywhere in Europe, and greater role for home supervisor.

Bibliographic Details

Main Authors:	Byskov, Steen, Boskovic, Tanja
Language:	English en_US
Published:	World Bank, Washington, DC 2011-06
Subjects:	ACCOUNTING, ALTERNATIVE TRADING SYSTEMS, ASSET MANAGEMENT, AUCTIONS, BANK CREDIT, BANKING SERVICES, BID, BLOCK TRADES, BLUE CHIPS, BOND, BOND ISSUES, BOND MARKET, BOND MARKETS, BONDS, BROKERAGE, BROKERAGE FIRMS, BROKERS, BUSINESS ENVIRONMENT, CAPITAL ADEQUACY, CAPITAL ASSET, CAPITAL ASSET PRICING, CAPITAL INVESTMENT, CAPITAL MARKET, CAPITAL MARKET ACTIVITIES, CAPITAL MARKET DEVELOPMENT, CAPITAL MARKETS, CAPITAL MARKETS LEGISLATION, CAPITAL REQUIREMENTS, CASH SETTLEMENT, CENTRAL BANK, CENTRAL DEPOSITORIES, CENTRAL DEPOSITORY, COLLECTIVE INVESTMENT, COMMERCIAL LAW, COMPETITIVE FRAMEWORK, CONFLICT OF INTEREST, CONNECTIVITY, CORPORATE BOND, CORPORATE BOND MARKET, CORPORATE BONDS, CORPORATE SECURITIES, CREDIT INSTITUTIONS, CROSS-BORDER SECURITIES, CUSTODIAN BANKS, DEBT, DEBT MARKET, DEPOSITORY SERVICES, DERIVATIVE, DERIVATIVE MARKETS, DERIVATIVES, DIRECT INVESTMENT, DOMESTIC ECONOMY, DOMESTIC MARKET, EMERGING MARKET, EMERGING MARKETS, EQUITIES, EQUITY MARKET, EQUITY MARKET CAPITALIZATION, EQUITY MARKET CAPITALIZATIONS, EQUITY SECURITIES, EQUITY TRADING, EXCHANGE RATE, FINANCIAL ASSETS, FINANCIAL CRISIS, FINANCIAL INFRASTRUCTURE, FINANCIAL INSTITUTION, FINANCIAL INSTRUMENTS, FINANCIAL MARKET, FINANCIAL SECTOR, FINANCIAL SERVICES, FINANCIAL SYSTEM, FISCAL POLICY, FOREIGN ASSETS, FOREIGN BANKS, FOREIGN DIRECT INVESTMENTS, FOREIGN EQUITY, FOREIGN FUNDS, FOREIGN INFLOWS, FOREIGN INTEREST, FOREIGN INVESTMENT, FOREIGN INVESTMENTS, FOREIGN INVESTORS, FOREIGN MARKETS, FOREIGN PORTFOLIO INVESTMENTS, FRAMEWORK FOR SECURITIES, GLOBAL MARKETS, GOVERNMENT BOND, GOVERNMENT BOND MARKET, GOVERNMENT SECURITIES, GUARANTEE FUND, HARMONIZATION, HOLDING, HOLDINGS, HOME COUNTRY, HOME MARKET, HOST COUNTRY, INCOME, INFORMATION DISCLOSURE, INITIAL PUBLIC OFFERINGS, INSTITUTIONAL INVESTOR, INSTITUTIONAL INVESTORS, INTEREST RATES, INTERNATIONAL BANKING, INTERNATIONAL BORROWING, INTERNATIONAL FINANCIAL INSTITUTIONS, INTERNATIONAL FINANCIAL INTEGRATION, INTERNATIONAL FINANCIAL MARKET, INTERNATIONAL INVESTMENT, INTERNATIONAL MARKET, INTERNATIONAL SETTLEMENTS, INVESTMENT ACTIVITIES, INVESTMENT BANKING, INVESTMENTS IN EQUITY, INVESTOR BASE, INVESTOR PROTECTION, ISSUANCE, ISSUANCES, LEGAL FRAMEWORK, LEGAL PROHIBITIONS, LEGAL REFORMS, LIQUIDITY, LOCAL BANKS, LOCAL CAPITAL MARKET, LOCAL EXCHANGES, LOCAL GOVERNMENT, LOCAL GOVERNMENTS, LOCAL INVESTORS, LOCAL MARKET, LOCAL STOCK MARKETS, MAJORITY SHAREHOLDERS, MARKET CONCENTRATION, MARKET DEVELOPMENT, MARKET ENVIRONMENT, MARKET INDEX, MARKET INFRASTRUCTURE, MARKET INFRASTRUCTURES, MARKET INSTRUMENTS, MARKET INTEGRATION, MARKET LIQUIDITY, MARKET PARTICIPANTS, MARKET PLAYERS, MARKET REGULATORS, MARKET RETURNS, MARKET SHARE, MARKET SURVEILLANCE, MARKET TRANSPARENCY, MINIMUM CAPITAL REQUIREMENT, MINORITY SHAREHOLDERS, MONEY-MARKET, NATIONAL BANK, PAYMENT SERVICES, PAYMENT SYSTEMS, PENSION, PENSION FUNDS, PORTFOLIO, PORTFOLIO MANAGEMENT, POST-CRISIS PERIOD, PRICE MOVEMENTS, PRICE TRANSPARENCY, PRIMARY DEALERS, PRIVATE SECTOR DEVELOPMENT, PRUDENTIAL SUPERVISIONS, PUBLIC OFFERING, PUBLIC POLICY, REAL ESTATE INVESTMENT, REGULATOR, REGULATORY FRAMEWORK, REGULATORY FRAMEWORKS, REGULATORY REQUIREMENTS, REPUTATION, RETURN, RETURNS, RISK MANAGEMENT, SECONDARY MARKETS, SECONDARY TRADING, SECURITIES DEALERS, SECURITIES EXCHANGES, SECURITIES MARKET, SECURITIES MARKETS, SECURITIES REGULATIONS, SETTLEMENT, SETTLEMENT INFRASTRUCTURE, SETTLEMENT SYSTEM, SHAREHOLDER, SHAREHOLDERS, SINGLE MARKET, STOCK EXCHANGE, STOCK EXCHANGES, STOCK MARKET, STRATEGIC INVESTOR, SUPERVISORY AUTHORITIES, TECHNICAL ASSISTANCE, TRADING ACTIVITY, TRADING PLATFORM, TRADING SYSTEM, TRADING SYSTEMS, TRADING VENUE, TRANSACTION, TURNOVER, TURNOVER RATIO, TURNOVER RATIOS, VALUATION, VOUCHER PRIVATIZATION, VOUCHER PRIVATIZATIONS, WARRANTS, YIELD CURVE,
Online Access:	http://documents.worldbank.org/curated/en/2011/06/16402795/capital-market-integration-mifid-implementation-bulgarian-experience https://hdl.handle.net/10986/13006
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