FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2013
BULGARIAN STOCK EXCHANGE
CAPITAL MARKET DEVELOPMENT
AND ECONOMIC OUTLOOK
1. BSE-Sofia has made changes in the market
segmentation during the first quarter of 2012
which were related to creating a second
regulated market (Bulgarian Alternative Stock
Market or BaSE), where low liquidity financial
instruments are to be traded. All instruments,
which do not meet certain minimal liquidity and
corporate governance criteria, were transferred
to BaSE market. Liquid shares with good
corporate governance, bonds, UCITs, structured
products and subscription rights will be traded
at the existing market called BSE main market
(BSE). The amendments came into power as of
March 01, 2012.
2. BSE-Sofia extended the duration of the
trading sessions till 5.30 p.m. as from July 02,
2012 according to the following time schedule:
9:30 a.m. - 10:00 a.m. Pre-trading
10:00 a.m. - 10:10 a.m. Opening auction
10:10 a.m. - 4:55 p.m. Continuous trading
4:55 p.m. - 5:00 p.m. Closing auction
5:00 p.m. - 5:30 p.m. Post-trading,
The Decision has been taken in implementation
of the goals set in the Development Strategy of
BSE-Sofia, namely aiming at synchronization
with the European markets and attraction of
more foreign investors and clients.
BSE-Sofia statistics
Total turnover on the regulated market reached
US$ 568 mln in 2012 which was an increase
of some 11% year-on-year. The main reason
for the increase came from the successful
privatization through the Exchange of the state
stakes in the electricity distribution companies
CEZ Distribution Bulgaria, CEZ Electro Bulgaria,
Energo-Pro networks and Energo-Pro Sales.
The number of financial instruments admitted to
trading on the markets, organized by BSE-Sofia,
was 496 at the end of 2012 compared to 507 at
the end of 2011. During the year some 27 new
issues were registered at the Exchange, incl.
1 initial public offering, 13 secondary offerings
and 13 bond issues, which was an increase of
59% year-on-year.
Key Information Contacts
Financial Supervision Commission www.fsc.bg
Central Depository www.csd-bg.bg
Bulgarian National Bank www.bnb.bg
Invest Bulgaria Agency www.investbg.government.bg
National Statistical Institute www.nsi.bg
CONTACT INFORMATION
Contact Name Mr. Panteley Karassimeonov
PAGE 38
E-mail [email protected]
Website www.bse-sofia.bg
The market capitalization of the markets
operated by BSE-Sofia reached US$ 6.46
billion at the end of 2012, an annual increase
of some 27%. The fall in the capitalization led
to a decrease in the Market capitalization/
Gross domestic product ratio - from 16.13% to
12.71%. Three of the four indices of BSE-Sofia
increased their value in 2012. The main index
SOFIX rose by 7% and local broad index BG40
- by 10%. BG REIT which contains companies
that operate in the field of securitization of real
estate or land registered the biggest increase
on an annual basis (+55%). The equal-weighted
indicator BGTR 30 was the only index that
decreased in value last year (-2.51%)