FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 29
BULGARIAN STOCK EXCHANGE
Trading
Days
Hours
Market Segmentation
System
Mechanisms
Market maker/specialists
Instruments
Currency
Real time information
Clearing & Settlement
Monday-Friday
9:30-14:00
Official equity market: segments A, B, C;
Official bond market: government,
municipality bonds, corporate bonds;
Unofficial market
Automated, remote access, depository link,
Internet services, WAN
Continuous auction
No
Government, municipal, mortgage & corporate
bonds, Bulgarian depository receipts
Local
Best bid/ask, last price, last volume,
total volume
Structure & Regulations
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Interest income
Capital gains
Not-for-profit company
Self
Regulator and exchange w/ regulator approval
Exchange
Yes, electronic
Centralized
Yes
Yes
Foreign investors
Investment limitations
Repatriation
No restrictions
No limitation
No restrictions
2002 Volume by Market
0% - received by local companies,
15% - payable by local companies to
Bulgarian residents and non-profit organizations,
15% - distributed by Bulgarian companies
to foreign shareholders
15% - all investors
Included in the corporate income and taxable
corporate income tax
5%
2%
56%
37%
Other Markets
Unofficial Market
Minimum Listing Requirements
Segment A
Requirements
Years of business activity
Capitalization of issue
Free float
Minimum # of shareholders
Minimum years of positive financial results
# times dividends distributed in last 3 years
Listing agreement with central depository
Prospectus required
Min. # shares traded per month
Yes
T+3
Bearer
Book entry
Transaction by transaction
Full DVP
Yes
Yes
Yes, lending
Banks
Foreign Participation
Taxes
Cash dividends
Central depository
Period
Registered
Settlement
Clearing
DVP
Clearing institution
Risk sharing
Margin/lending
Custodians
3
BGN 20,000,000
25%
400
3
1
Yes
Yes
1,000
Segment B
(Parallel)
2
BGN 10,000,000
10%
100
1
n/a
Yes
Yes
n/a
Segment C
(Provisional)
1
BGN 500,000
5%
100
n/a
n/a
Yes
Yes
1,000
Block Transactions
Official Market