World Bank2013-03-262013-03-262011-11-30https://hdl.handle.net/10986/12955Bulgaria's financial integration with Europe has been essential in financing economic transition and spurring economic growth. As the sovereign debt turmoil in Europe casts a cloud over the financial sector, the development of capital markets over the medium term may offer a beneficial diversification of the financial system. Bulgaria began aligning its regulation of securities markets to European Union (EU) standards when its EU accession process began and introduced the Markets in Financial Instruments Directive (MiFID) in November 2007 along with other EU countries. This report aims to assess the implementation of MiFID in Bulgaria, to provide an initial view on the impact it had on the Bulgarian securities markets, and to draw lessons about the experience. The report not only offers concrete suggestions for stimulating development of the capital market to the benefit of firms and investors, but it also aims to stimulate further debate about how to organize the securities market infrastructure for long-term development.en-USCC BY 3.0 IGOACCOUNTINGALTERNATIVE TRADING SYSTEMSASSET MANAGEMENTBALANCE OF PAYMENTSBANKING SECTORBANKING SERVICESBLUE CHIPBLUE CHIPSBONDBOND MARKETBOND MARKETSBONDSBROKERAGEBROKERAGE FIRMSBROKERSBUSINESS ENVIRONMENTCAPITAL ADEQUACYCAPITAL ASSETCAPITAL ASSET PRICINGCAPITAL MARKETCAPITAL MARKET ACTIVITIESCAPITAL MARKET DEVELOPMENTCAPITAL MARKET REGULATIONCAPITAL MARKETSCAPITAL MARKETS LEGISLATIONCAPITAL REQUIREMENTSCASH SETTLEMENTCDCENTRAL BANKCENTRAL DEPOSITORIESCENTRAL DEPOSITORYCENTRAL SECURITIES DEPOSITORYCLIENT ASSETSCOLLECTIVE INVESTMENTCOMMODITIESCOMPETITIVE FRAMEWORKCONFLICT OF INTERESTCONFLICTS OF INTERESTCONNECTIVITYCONTINUOUS MARKETCORPORATE BONDSCORPORATE SECURITIESCREDIT INSTITUTIONSCURRENCYDEPOSITARY RECEIPTSDEPOSITORY SERVICESDERIVATIVEDERIVATIVE MARKETSDERIVATIVESDOMESTIC ECONOMYDOMESTIC EXCHANGEDOMESTIC MARKETEMERGING MARKETEMERGING MARKETSEQUITIESEQUITY MARKETEQUITY MARKET CAPITALIZATIONEQUITY MARKET CAPITALIZATIONSEQUITY SECURITIESEQUITY TRADINGEXCHANGE RATEEXISTING INFRASTRUCTUREEXPOSUREEXPOSURESFINANCIAL ASSETSFINANCIAL CRISISFINANCIAL INSTITUTIONFINANCIAL INSTRUMENTSFINANCIAL INTEGRATIONFINANCIAL MARKETFINANCIAL SECTORFINANCIAL SECTOR DEVELOPMENTFINANCIAL SERVICESFINANCIAL SYSTEMFOREIGN ASSETSFOREIGN BANKSFOREIGN DIRECT INVESTMENTFOREIGN DIRECT INVESTMENTSFOREIGN EQUITYFOREIGN INFLOWSFOREIGN INTERESTFOREIGN INVESTMENTFOREIGN INVESTMENTSFOREIGN INVESTORSFOREIGN MARKETSFOREIGN OWNERSHIPFOREIGN PORTFOLIOFOREIGN PORTFOLIO INVESTMENTSFRAMEWORK FOR SECURITIESGLOBAL MARKETSGOVERNMENT BONDGOVERNMENT BOND MARKETGOVERNMENT SECURITIESGROSS DOMESTIC PRODUCTGUARANTEE FUNDHARMONIZATIONHOLDINGHOLDINGSHOME COUNTRYHOME MARKETHOST COUNTRYINFORMATION DISCLOSUREINITIAL PUBLIC OFFERINGINSTITUTIONAL INVESTORINSTITUTIONAL INVESTORSINTEREST RATESINTERNAL CONTROLINTERNATIONAL BANKINTERNATIONAL BANKINGINTERNATIONAL FINANCIAL MARKETINTERNATIONAL INVESTMENTINTERNATIONAL MARKETINTERNATIONAL SETTLEMENTSINVESTMENT ACTIVITIESINVESTMENT BANKINGINVESTMENTS IN EQUITYINVESTOR BASEINVESTOR PROTECTIONIPOISSUANCEISSUANCESLEGAL FRAMEWORKLEGAL PROHIBITIONSLIQUIDITYLOCAL CAPITAL MARKETLOCAL EXCHANGESLOCAL INVESTORSLOCAL MARKETLOCAL STOCK MARKETSMAJORITY SHAREHOLDERMARKET ACCESSMARKET DEVELOPMENTMARKET ENVIRONMENTMARKET INDEXMARKET INFRASTRUCTUREMARKET INFRASTRUCTURESMARKET INSTRUMENTSMARKET INTEGRATIONMARKET PARTICIPANTSMARKET PLAYERSMARKET REGULATORSMARKET RETURNSMARKET SEGMENTSMARKET SHAREMARKET SURVEILLANCEMARKET TRANSPARENCYMINIMUM CAPITAL REQUIREMENTMONETARY FUNDMONEY LAUNDERINGMONEY-MARKETPAYMENT SERVICESPAYMENT SYSTEMSPENSIONPENSION FUNDSPORTFOLIOPORTFOLIO MANAGEMENTPRICE MOVEMENTSPRICE TRANSPARENCYPRICE VARIATIONPRICING MODELPRIVATE SECTOR DEVELOPMENTPRUDENTIAL SUPERVISIONSPUBLIC POLICYREAL ESTATEREAL ESTATE INVESTMENTREGULATORREGULATORY FRAMEWORKREGULATORY REQUIREMENTSREPUTATIONRETAILRETAIL INVESTORSRETURNRETURNSRISK MANAGEMENTSALESECONDARY MARKETSSECURITIES DEALERSSECURITIES EXCHANGESSECURITIES LAWSECURITIES MARKETSECURITIES MARKETSSECURITIES REGULATIONSSETTLEMENTSETTLEMENT SYSTEMSHAREHOLDERSHAREHOLDERSSINGLE MARKETSOVEREIGN DEBTSTOCK EXCHANGESTOCK EXCHANGESSTOCK MARKETSUPERVISORY AUTHORITIESTECHNICAL ASSISTANCETRADESTRADINGTRADING PLATFORMTRADING PLATFORMSTRADING SYSTEMTRADING SYSTEMSTRADING VENUETRANSACTIONTRANSFERABLE SECURITIESTURNOVERTURNOVER RATIOSVALUATIONVOUCHER PRIVATIZATIONVOUCHER PRIVATIZATIONSWARRANTSWORLD DEVELOPMENT INDICATORSWorld Bank10.1596/12955