Bulgarian Stock Exchange
The Bulgarian Stock Exchange in Sofia , BWB for short ( Bulgarian Българска фондова борса / Bălgarska fondowa Borsa ; English or international Bulgarian Stock Exchange , BSE for short ) was founded in 1995 and continued the tradition of the Sofia Stock Exchange (bulg. Софийска вафондо which Existed from 1914 to 1947. The Bulgarian Stock Exchange maintains close cooperation with Deutsche Börse ; Both share systems and infrastructures, among other things, since 2008 trading with the electronic trading system Xetra in Sofia has been possible. Further cooperations exist with the Athens Stock Exchange (since 2001), the Russian Trading System (2002), the Skopje Stock Exchange (2003) and the Vienna Stock Exchange (2006).
Sofia Stock Exchange
The first beginnings of securities trading in Bulgaria began in 1907 when the first stock exchange law was passed by the Bulgarian parliament, which regulated the structure and operation of a securities and commodity exchange. On April 15, 1914, the Tsar's Decree No. 7 established the Sofia Stock Exchange (bulg. Софийска фондова борса). Actual trading did not start until January 1918, initially with shares from 21 companies. In 1922, stock exchange regulations were passed that governed the management, structure and structure of the stock exchange, as well as regulations for the admission of people to visit and participate in trading on the stock exchange.
Between 1925 and 1928, trading on the stock exchange was suspended. With the onset of the Great Depression in 1929, stocks fell sharply and reached their lowest level in 1932. The exchange remained open during the crisis, but only symbolic trading was carried out. After the end of the crisis, trading was activated and soon more than 30 companies were again listed on the stock exchange. From 1933 the stock market recovered and in 1939 reached the highest level of the interwar period in terms of prices and trading volume . During the Second World War , the stock exchange remained open and sales even increased.
After the Communist Party came to power in Bulgaria in 1945 , the entire financial sector was nationalized and the stock exchange system was abolished. The exchange itself was closed by a corresponding law in 1947.
Bulgarian Stock Exchange
The private financial sector, as well as the foreign exchange and capital market, were re-permitted by law in July 1991 after the end of the communist era (1989/90). In October of the same year, the First Bulgarian Stock Exchange AG (bulg. Първа българска фондова борса), or EBW for short , was founded. Between 1992 and 1994 there were more than 20 regional stock exchanges in Bulgaria and trading was not yet regulated by law. This regulation took place in July 1995 through the Law on Securities, Stock Exchanges and Investment Companies (Bulgarian Закона за ценните книжа, фондовите борси и инвестиционните дружества). At the same time, a commission for securities and stock exchange trading (Bulgarian Комисия по ценните книжа и фондовите борси), or KWB for short , was set up.
In December 1995, was Bulgarian Stock Exchange by five stock exchanges - the EBW that Plowdiwer Stock Exchange (bulg Пловдивска фондова борса.), The Black Sea Stock Exchange (bulg Черноморска фондова борса.), The Commodity Exchange Danube (Стокова борса "Дунав") and the Stock Exchange North (bulg. Фондова борса “Север”) - founded. In October 1996 the trade was closed by the supervisory authority EWB due to regular violations of legal regulations by some companies.
In July 1997 the Bulgarian Stock Exchange was renamed Bulgarian Stock Exchange Sofia AG . In August of the same year, new exchange rules were adopted. On October 21, 1997, after a one-year break, the BWB was able to resume trading in shares in more than 1,000 companies. In February 2003 the online trading system COBOS (Client order book online system) was put into operation.
Stock index
The stock exchange index is SOFIX , which has been published since October 20, 2000. The starting point of 100 points is July 1, 1997.
Other stock indices:
- BG40, since 2005
- BGTR30, since 2007
- BGREIT, an index for companies in the real estate industry since 2007
literature
- Ulrich Drobnig, Christa Jessel-Holst: System transformation in Central and Eastern Europe and its consequences for banks, stock exchanges and loan collateral , Mohr Siebeck Verlag, Tübingen, 1998, ISBN 3-16-146900-3
Web links
- Bulgarian Stock Exchange - official website