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 ente...
| Main Authors: | , |
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| Format: | Policy Note |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2011/06/16402795/capital-market-integration-mifid-implementation-bulgarian-experience http://hdl.handle.net/10986/13006 |
| Summary: | 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. |
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