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...

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Main Authors:	Byskov, Steen, Boskovic, Tanja
Format:	Policy Note
Language:	English en_US
Published:	World Bank, Washington, DC 2013
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 http://hdl.handle.net/10986/13006

id	okr-10986-13006
recordtype	oai_dc
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	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
spellingShingle	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 Byskov, Steen Boskovic, Tanja Capital Market Integration and MiFID Implementation : The Bulgarian Experience
geographic_facet	Europe and Central Asia Bulgaria
description	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.
format	Economic & Sector Work :: Policy Note
author	Byskov, Steen Boskovic, Tanja
author_facet	Byskov, Steen Boskovic, Tanja
author_sort	Byskov, Steen
title	Capital Market Integration and MiFID Implementation : The Bulgarian Experience
title_short	Capital Market Integration and MiFID Implementation : The Bulgarian Experience
title_full	Capital Market Integration and MiFID Implementation : The Bulgarian Experience
title_fullStr	Capital Market Integration and MiFID Implementation : The Bulgarian Experience
title_full_unstemmed	Capital Market Integration and MiFID Implementation : The Bulgarian Experience
title_sort	capital market integration and mifid implementation : the bulgarian experience
publisher	World Bank, Washington, DC
publishDate	2013
url	http://documents.worldbank.org/curated/en/2011/06/16402795/capital-market-integration-mifid-implementation-bulgarian-experience http://hdl.handle.net/10986/13006
_version_	1764420944378462208
spelling	okr-10986-130062021-04-23T14:03:03Z Capital Market Integration and MiFID Implementation : The Bulgarian Experience Byskov, Steen Boskovic, Tanja 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 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. 2013-03-27T21:10:14Z 2013-03-27T21:10:14Z 2011-06 http://documents.worldbank.org/curated/en/2011/06/16402795/capital-market-integration-mifid-implementation-bulgarian-experience http://hdl.handle.net/10986/13006 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work :: Policy Note Economic & Sector Work Europe and Central Asia Bulgaria

Capital Market Integration and MiFID Implementation : The Bulgarian Experience

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