Publication:
Capital Market Integration and MiFID Implementation : The Bulgarian Experience

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dc.contributor.authorByskov, Steen
dc.contributor.authorBoskovic, Tanja
dc.date.accessioned2013-03-27T21:10:14Z
dc.date.available2013-03-27T21:10:14Z
dc.date.issued2011-06
dc.description.abstractThis 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/2011/06/16402795/capital-market-integration-mifid-implementation-bulgarian-experience
dc.identifier.doi10.1596/13006
dc.identifier.urihttps://hdl.handle.net/10986/13006
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectALTERNATIVE TRADING SYSTEMS
dc.subjectASSET MANAGEMENT
dc.subjectAUCTIONS
dc.subjectBANK CREDIT
dc.subjectBANKING SERVICES
dc.subjectBID
dc.subjectBLOCK TRADES
dc.subjectBLUE CHIPS
dc.subjectBOND
dc.subjectBOND ISSUES
dc.subjectBOND MARKET
dc.subjectBOND MARKETS
dc.subjectBONDS
dc.subjectBROKERAGE
dc.subjectBROKERAGE FIRMS
dc.subjectBROKERS
dc.subjectBUSINESS ENVIRONMENT
dc.subjectCAPITAL ADEQUACY
dc.subjectCAPITAL ASSET
dc.subjectCAPITAL ASSET PRICING
dc.subjectCAPITAL INVESTMENT
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKET ACTIVITIES
dc.subjectCAPITAL MARKET DEVELOPMENT
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL MARKETS LEGISLATION
dc.subjectCAPITAL REQUIREMENTS
dc.subjectCASH SETTLEMENT
dc.subjectCENTRAL BANK
dc.subjectCENTRAL DEPOSITORIES
dc.subjectCENTRAL DEPOSITORY
dc.subjectCOLLECTIVE INVESTMENT
dc.subjectCOMMERCIAL LAW
dc.subjectCOMPETITIVE FRAMEWORK
dc.subjectCONFLICT OF INTEREST
dc.subjectCONNECTIVITY
dc.subjectCORPORATE BOND
dc.subjectCORPORATE BOND MARKET
dc.subjectCORPORATE BONDS
dc.subjectCORPORATE SECURITIES
dc.subjectCREDIT INSTITUTIONS
dc.subjectCROSS-BORDER SECURITIES
dc.subjectCUSTODIAN BANKS
dc.subjectDEBT
dc.subjectDEBT MARKET
dc.subjectDEPOSITORY SERVICES
dc.subjectDERIVATIVE
dc.subjectDERIVATIVE MARKETS
dc.subjectDERIVATIVES
dc.subjectDIRECT INVESTMENT
dc.subjectDOMESTIC ECONOMY
dc.subjectDOMESTIC MARKET
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKETS
dc.subjectEQUITIES
dc.subjectEQUITY MARKET
dc.subjectEQUITY MARKET CAPITALIZATION
dc.subjectEQUITY MARKET CAPITALIZATIONS
dc.subjectEQUITY SECURITIES
dc.subjectEQUITY TRADING
dc.subjectEXCHANGE RATE
dc.subjectFINANCIAL ASSETS
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL INFRASTRUCTURE
dc.subjectFINANCIAL INSTITUTION
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL SYSTEM
dc.subjectFISCAL POLICY
dc.subjectFOREIGN ASSETS
dc.subjectFOREIGN BANKS
dc.subjectFOREIGN DIRECT INVESTMENTS
dc.subjectFOREIGN EQUITY
dc.subjectFOREIGN FUNDS
dc.subjectFOREIGN INFLOWS
dc.subjectFOREIGN INTEREST
dc.subjectFOREIGN INVESTMENT
dc.subjectFOREIGN INVESTMENTS
dc.subjectFOREIGN INVESTORS
dc.subjectFOREIGN MARKETS
dc.subjectFOREIGN PORTFOLIO INVESTMENTS
dc.subjectFRAMEWORK FOR SECURITIES
dc.subjectGLOBAL MARKETS
dc.subjectGOVERNMENT BOND
dc.subjectGOVERNMENT BOND MARKET
dc.subjectGOVERNMENT SECURITIES
dc.subjectGUARANTEE FUND
dc.subjectHARMONIZATION
dc.subjectHOLDING
dc.subjectHOLDINGS
dc.subjectHOME COUNTRY
dc.subjectHOME MARKET
dc.subjectHOST COUNTRY
dc.subjectINCOME
dc.subjectINFORMATION DISCLOSURE
dc.subjectINITIAL PUBLIC OFFERINGS
dc.subjectINSTITUTIONAL INVESTOR
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANKING
dc.subjectINTERNATIONAL BORROWING
dc.subjectINTERNATIONAL FINANCIAL INSTITUTIONS
dc.subjectINTERNATIONAL FINANCIAL INTEGRATION
dc.subjectINTERNATIONAL FINANCIAL MARKET
dc.subjectINTERNATIONAL INVESTMENT
dc.subjectINTERNATIONAL MARKET
dc.subjectINTERNATIONAL SETTLEMENTS
dc.subjectINVESTMENT ACTIVITIES
dc.subjectINVESTMENT BANKING
dc.subjectINVESTMENTS IN EQUITY
dc.subjectINVESTOR BASE
dc.subjectINVESTOR PROTECTION
dc.subjectISSUANCE
dc.subjectISSUANCES
dc.subjectLEGAL FRAMEWORK
dc.subjectLEGAL PROHIBITIONS
dc.subjectLEGAL REFORMS
dc.subjectLIQUIDITY
dc.subjectLOCAL BANKS
dc.subjectLOCAL CAPITAL MARKET
dc.subjectLOCAL EXCHANGES
dc.subjectLOCAL GOVERNMENT
dc.subjectLOCAL GOVERNMENTS
dc.subjectLOCAL INVESTORS
dc.subjectLOCAL MARKET
dc.subjectLOCAL STOCK MARKETS
dc.subjectMAJORITY SHAREHOLDERS
dc.subjectMARKET CONCENTRATION
dc.subjectMARKET DEVELOPMENT
dc.subjectMARKET ENVIRONMENT
dc.subjectMARKET INDEX
dc.subjectMARKET INFRASTRUCTURE
dc.subjectMARKET INFRASTRUCTURES
dc.subjectMARKET INSTRUMENTS
dc.subjectMARKET INTEGRATION
dc.subjectMARKET LIQUIDITY
dc.subjectMARKET PARTICIPANTS
dc.subjectMARKET PLAYERS
dc.subjectMARKET REGULATORS
dc.subjectMARKET RETURNS
dc.subjectMARKET SHARE
dc.subjectMARKET SURVEILLANCE
dc.subjectMARKET TRANSPARENCY
dc.subjectMINIMUM CAPITAL REQUIREMENT
dc.subjectMINORITY SHAREHOLDERS
dc.subjectMONEY-MARKET
dc.subjectNATIONAL BANK
dc.subjectPAYMENT SERVICES
dc.subjectPAYMENT SYSTEMS
dc.subjectPENSION
dc.subjectPENSION FUNDS
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO MANAGEMENT
dc.subjectPOST-CRISIS PERIOD
dc.subjectPRICE MOVEMENTS
dc.subjectPRICE TRANSPARENCY
dc.subjectPRIMARY DEALERS
dc.subjectPRIVATE SECTOR DEVELOPMENT
dc.subjectPRUDENTIAL SUPERVISIONS
dc.subjectPUBLIC OFFERING
dc.subjectPUBLIC POLICY
dc.subjectREAL ESTATE INVESTMENT
dc.subjectREGULATOR
dc.subjectREGULATORY FRAMEWORK
dc.subjectREGULATORY FRAMEWORKS
dc.subjectREGULATORY REQUIREMENTS
dc.subjectREPUTATION
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectRISK MANAGEMENT
dc.subjectSECONDARY MARKETS
dc.subjectSECONDARY TRADING
dc.subjectSECURITIES DEALERS
dc.subjectSECURITIES EXCHANGES
dc.subjectSECURITIES MARKET
dc.subjectSECURITIES MARKETS
dc.subjectSECURITIES REGULATIONS
dc.subjectSETTLEMENT
dc.subjectSETTLEMENT INFRASTRUCTURE
dc.subjectSETTLEMENT SYSTEM
dc.subjectSHAREHOLDER
dc.subjectSHAREHOLDERS
dc.subjectSINGLE MARKET
dc.subjectSTOCK EXCHANGE
dc.subjectSTOCK EXCHANGES
dc.subjectSTOCK MARKET
dc.subjectSTRATEGIC INVESTOR
dc.subjectSUPERVISORY AUTHORITIES
dc.subjectTECHNICAL ASSISTANCE
dc.subjectTRADING ACTIVITY
dc.subjectTRADING PLATFORM
dc.subjectTRADING SYSTEM
dc.subjectTRADING SYSTEMS
dc.subjectTRADING VENUE
dc.subjectTRANSACTION
dc.subjectTURNOVER
dc.subjectTURNOVER RATIO
dc.subjectTURNOVER RATIOS
dc.subjectVALUATION
dc.subjectVOUCHER PRIVATIZATION
dc.subjectVOUCHER PRIVATIZATIONS
dc.subjectWARRANTS
dc.subjectYIELD CURVE
dc.titleCapital Market Integration and MiFID Implementation : The Bulgarian Experienceen
dspace.entity.typePublication
okr.date.disclosure2012-06-20
okr.date.doiregistration2025-05-07T12:35:09.435406Z
okr.doctypeEconomic & Sector Work::Policy Note
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2011/06/16402795/capital-market-integration-mifid-implementation-bulgarian-experience
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid745671468026362100
okr.identifier.externaldocumentum000425970_20120620111446
okr.identifier.internaldocumentum16402795
okr.identifier.report64802
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2012/06/20/000425970_20120620111446/Rendered/PDF/648020ESW0P1220EPORT0Draft0June028.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryBulgaria
okr.sectorFinance :: Capital markets
okr.sectorFinance :: Banking
okr.themeFinancial and private sector development :: Regulation and competition policy
okr.themeFinancial and private sector development :: Standards and financial reporting
okr.topicFinance and Financial Sector Development::Microfinance
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicPrivate Sector Development::Emerging Markets
okr.topicMacroeconomics and Economic Growth::Markets and Market Access
okr.topicFinance and Financial Sector Development::Non Bank Financial Institutions
okr.unitPrivate/Financial Sectors Devt (ECSPF)
okr.volume1 of 1
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