The history of the Bulgarian capital market dates back from the beginning of the 20th century. The first provisional Stock Exchange Act was adopted in and regulated the structure and functions of both the stock and commodity exchanges in the country.

Sofia Stock Exchange started its activity in January and initially there were 21 companies listed on the exchange. In the Stock Exchange adopted the rules and regulations which governed its management, structure and membership requirements as well as the organization of trading.

During the world economic crisis of the Exchange worked on a small scale due to the bankruptcy of a large number of local companies and low liquidity. After the end of the world economic crisis the exchange turnover and liquidity increased and some 30 companies were listed at the Exchange.

BSE-Sofia introduced new market segmentation and issues were allocated to the market segments of the main market BSE www. Bulgarian Stock Exchange and InvestBulgaria Agency hosted a series of events in Vienna, Zurich, London and Frankfurt that presented the investment opportunities in Bulgaria.

Bulgarian and Romanian Stock Exchanges signed a Memorandum of Understanding. The partnership aims at offering investors a better access to timely information on publicly listed companies and instruments traded on both markets.

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At the same time, the improved communication between the Bulgarian and Romanian Central Depositories clears the way to dual listings in the near future. Duration of the trading sessions was extended till 5.

Bulgarian Stock Exchange-Sofia stock symbol: BSO was officially admitted to trading on regulated market.

On 27th September Bulgarian Stock Exchange-Sofia and Macedonian Stock Exchange signed an Agreement on exchange of stock market information.

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According the agreement the two exchange operators will provide all market participants with stock market data at the end of their trading sessions through the official web sites www. On 13th September, an extraordinary General Meeting of Shareholders of BSE-Sofia is held which takes a decision to increase the capital of the Exchange from BGN 5,, to BGN 6,, The issuing value of each share of the increase is BGN 1. The shareholders also decide the Exchange to become a public company.

In this reference the General Meeting adopts new Statutes of the company and assigns to the Board of Directors of BSE-Sofia to perform all legal and factual actions needed for the registration of the existing issue of shares for trading on a regulated market. New rules for calculation of BSE-Sofia indices, replacing the existing ones, are adopted. The new rules are a result of the wish of the Exchange and the investment community to minimise the element of subjectivity in the inclusion of issues to the indices, as well as of the effort to achieve a harmonic basis of companies, providing opportunities for an active trading in accordance with the current market situation.

BSE-Sofia AD is officially awarded the certificates for the international standards ISO That was the first road show of the Bulgarian business abroad and representatives from leading Bulgarian public companies carried out presentations. BSE-Sofia organized the international conference entitled "The Prospects for capital markets in Southeast Europe" in Sofia on 16th Sept. The speakers included representatives from the main institutions related to the Bulgarian capital market, experts from the European Commission and the Federation of European Securities Exchanges, as well as executive directors from the Stock Exchanges in Southeastern Europe.

The main topics discussed at the conference were the challenges for the exchanges in Southeastern Europe in the conditions of globalizing capital markets; opportunities for attracting more investors, and the benefits of market consolidation in Southeastern Europe. BSE-Sofia signed a Memorandum of Understanding with InvestBulgaria Agency on July With the Memorandum the two institutions engaged in work in coordination in an effort to improve the investment climate in Bulgaria and to popularize the Bulgarian business abroad.

BSE-Sofia and InvestBulgaria Agency also agreed to organize mutual initiatives with the aim to explain and popularize the investment opportunities in the country, as well as the benefits of being a public company.

In connection with the implementation of the new trading platform BSE-Sofia adopted new Rules and Regulations.

On 16 June the Exchange also officially introduced its new corporate identity and vision. The whole available information for COBOS, log in to the system, as well as the updated COBOS User Guide were moved to a new internet site http: BSE-Sofia started X3Analyses, a financial analyses application, developed and operated by Balkan Services Ltd. X3Analyses' mission is to serve professional and individual investors by simplifying company analysis to a quick and easy task. BSE-Sofia started a new information product, X3 News, offered by its wholly-owned subsidiary Financial Markets Services EOOD.

X3 News is a specialized media, through which the public companies and the other issuers of securities can fulfill their legal obligations for information disclosure to the public according to the Law on public offering of securities.

According to the agreement Deutsche Boerse AG will organize the trading and will assume control of its technological market. The agreement has a five-year term.

BSE-Sofia became a full member of the Federation of European Securities Exchanges FESE , which represented operators of the European regulated markets. The subsidiary Financial Markets Services EOOD was registered with the Commercial Register.

BSE-Sofia officially launched EXTRI integrated information disclosure system, developed jointly with the Financial Supervision Commission and Central Depository AD.

EXTRI is a system for information disclosure by the public companies and other issuers of securities through an electronic system. The same month BSE-Sofia started trading bonds at clean prices.

BSE-Sofia started calculation of financial ratios of the companies, traded on the Exchange. The same month the Board of Directors of BSE-Sofia adopted a Code of Corporate Governance for the public companies, listed on the Exchange. BSE-Sofia introduced a new product, named BSE Charts, which gave an opportunity for analysis of the exchange trade in real time.

BSE-Sofia started the calculation of BG40 index, which included the shares of the Top 40 companies graded by the number of transactions executed in the last six months. BG40 initial value was points. A stake of The first initial public offering on the Bulgarian Stock Exchange was carried out by the Internet company Investor. BSE-Sofia became a corresponding member of the Federation of European Securities Exchanges FESE ; BSE-Sofia signed a Memorandum of Understanding with the Macedonian Stock Exchange.

National State Securities Commission was replaced by a new supervisory body, the Financial Supervision Commission FSC , that pulled together the regulation of a number of financial non-banking sectors under one body. The newly established FSC is currently responsible for protecting investor interests, regulating the issuance of securities, monitoring transactions, as well as supervising investment companies, including pension funds and insurance companies.

BSE-Sofia launched its internet-based application for an authorized and secure access to the BSE Trading System in real time, named COBOS Client order book online system. BSE-Sofia signed a Memorandum of Understanding with the Russian Trading System Stock Exchange RTS. BSE-Sofia was licensed by the Commission to organize an Unofficial market of securities, which replaced the Free market. The aim of the unofficial market was to set clear conditions and criteria for trading on the Exchange.

BSE-Sofia launched a new trading system RTS Plaza , which was fully automated and its first version was based on the NASDAQ quotation system. On October 20, the Exchange started the calculation of the SOFIX index. SOFIX represents a correlation of the sum of the market capitalization of the companies within the index portfolio on the current day and the sum of the market capitalization of the same on the previous day. SOFIX initial value was points.

BSE-Sofia adopted new Rules and Regulations as a response to the changed market conditions and in compliance with the new legal requirements of the Public Offering of Securities Act. Public Offering of Securities Act was adopted by the Bulgarian Parliament repealing the former Securities, Stock Exchanges and Investment Companies Act.

The law was aimed at providing protection for investors and creating prerequisites for development of a transparent capital market in Bulgaria. BSE-Sofia introduced a new marker segment, Official market of bonds. The same month Elkabel became the first listed company on the Official market. BSE-Sofia AD was officially licensed as a Stock Exchange by the Bulgarian Securities and Stock Exchanges Commission.

The first trading session on the regulated market took place on October 21, and was officially opened by the Bulgarian Prime Minister. More than 1, companies were listed on the Free OTC Market as a result of the Mass Privatization Program. BSE-Sofia started publishing its official daily bulletin. Securities and Stock Exchanges Commission SSEC introduced the requirement that all listed securities should have their prospectuses approved by the SSEC in order to be traded on the stock exchange.

As no company complied with this requirement, trading on the Bulgarian Stock Exchange was ceased.

Central Depository AD CDAD was established as the only institution in Bulgaria providing settlement of corporate securities in book-entry form. Bulgarian Stock Exchange was established after the merger of the following regional exchanges: First Bulgarian Stock Exchange, Plovdiv Stock Exchange, Black Sea Stock Exchange, Dunav Commodity Exchange, Sever Stock Exchange.

The basis of the Bulgarian regulated capital market was set up after the adoption of the Securities, Stock Exchanges and Investment Companies Act. In compliance with the newly adopted Act a Securities and Stock Exchanges Commission SSEC was established. First Bulgarian Stock Exchange became one of the founders of the Federation of Euro-Asian Stock Exchanges FEAS. Some 20 regional stock exchanges were established in Bulgaria. The local capital market was functioning in a completely unregulated environment.

Bulgarian capital market was re-established with the introduction of the Commerce Act. About BSE Rules And Regulations Issuers and Membership Trading Products and Services. Profile For the Shareholders Press Center Publications Trading Calendar Careers Links. Historical Overview The history of the Bulgarian capital market dates back from the beginning of the 20th century.

In Sofia Stock Exchange ceased its operations. December Bulgarian Stock Exchange and InvestBulgaria Agency hosted a series of events in Vienna, Zurich, London and Frankfurt that presented the investment opportunities in Bulgaria. November Bulgarian and Romanian Stock Exchanges signed a Memorandum of Understanding.

July Duration of the trading sessions was extended till 5. January Bulgarian Stock Exchange-Sofia stock symbol: December BSE-Sofia starts a Disaster Recovery Centre. September On 27th September Bulgarian Stock Exchange-Sofia and Macedonian Stock Exchange signed an Agreement on exchange of stock market information.

July New rules for calculation of BSE-Sofia indices, replacing the existing ones, are adopted. November BSE-Sofia AD is officially awarded the certificates for the international standards ISO September BSE-Sofia organized the international conference entitled "The Prospects for capital markets in Southeast Europe" in Sofia on 16th Sept. July BSE-Sofia signed a Memorandum of Understanding with InvestBulgaria Agency on July April BSE-Sofia started X3Analyses, a financial analyses application, developed and operated by Balkan Services Ltd.

January BSE-Sofia started a new information product, X3 News, offered by its wholly-owned subsidiary Financial Markets Services EOOD. June BSE-Sofia became a full member of the Federation of European Securities Exchanges FESE , which represented operators of the European regulated markets.

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March The subsidiary Financial Markets Services EOOD was registered with the Commercial Register. January BSE-Sofia officially launched EXTRI integrated information disclosure system, developed jointly with the Financial Supervision Commission and Central Depository AD. October BSE-Sofia started calculation of financial ratios of the companies, traded on the Exchange.

March BSE-Sofia signed a Memorandum of Understanding with the Vienna Stock Exchange. June BSE-Sofia introduced a new product, named BSE Charts, which gave an opportunity for analysis of the exchange trade in real time. February BSE-Sofia started the calculation of BG40 index, which included the shares of the Top 40 companies graded by the number of transactions executed in the last six months.

January A stake of October BSE-Sofia became a corresponding member of the Federation of European Securities Exchanges FESE ; BSE-Sofia signed a Memorandum of Understanding with the Macedonian Stock Exchange. March National State Securities Commission was replaced by a new supervisory body, the Financial Supervision Commission FSC , that pulled together the regulation of a number of financial non-banking sectors under one body. February BSE-Sofia launched its internet-based application for an authorized and secure access to the BSE Trading System in real time, named COBOS Client order book online system.

May BSE-Sofia signed a Memorandum of Understanding with the Russian Trading System Stock Exchange RTS December BSE-Sofia was licensed by the Commission to organize an Unofficial market of securities, which replaced the Free market.

April BSE-Sofia signed a Memorandum of Understanding with the Athens Stock Exchange. October BSE-Sofia launched a new trading system RTS Plaza , which was fully automated and its first version was based on the NASDAQ quotation system. September BSE-Sofia adopted new Rules and Regulations as a response to the changed market conditions and in compliance with the new legal requirements of the Public Offering of Securities Act.

December Public Offering of Securities Act was adopted by the Bulgarian Parliament repealing the former Securities, Stock Exchanges and Investment Companies Act. August BSE-Sofia introduced a new marker segment, Official market of bonds. October BSE-Sofia AD was officially licensed as a Stock Exchange by the Bulgarian Securities and Stock Exchanges Commission. August The first Rules and Regulations of BSE-Sofia were adopted. October Securities and Stock Exchanges Commission SSEC introduced the requirement that all listed securities should have their prospectuses approved by the SSEC in order to be traded on the stock exchange.

August Central Depository AD CDAD was established as the only institution in Bulgaria providing settlement of corporate securities in book-entry form. December Bulgarian Stock Exchange was established after the merger of the following regional exchanges: July The basis of the Bulgarian regulated capital market was set up after the adoption of the Securities, Stock Exchanges and Investment Companies Act.

May First Bulgarian Stock Exchange became one of the founders of the Federation of Euro-Asian Stock Exchanges FEAS. October First Bulgarian Stock Exchange was established as a joint stock company.

July Bulgarian capital market was re-established with the introduction of the Commerce Act. BULGARIAN STOCK EXCHANGE - Sofia 6 Tri ushi St.

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