Byskov, SteenBoskovic, Tanja2013-03-272013-03-272011-06https://hdl.handle.net/10986/13006This 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-USCC BY 3.0 IGOACCOUNTINGALTERNATIVE TRADING SYSTEMSASSET MANAGEMENTAUCTIONSBANK CREDITBANKING SERVICESBIDBLOCK TRADESBLUE CHIPSBONDBOND ISSUESBOND MARKETBOND MARKETSBONDSBROKERAGEBROKERAGE FIRMSBROKERSBUSINESS ENVIRONMENTCAPITAL ADEQUACYCAPITAL ASSETCAPITAL ASSET PRICINGCAPITAL INVESTMENTCAPITAL MARKETCAPITAL MARKET ACTIVITIESCAPITAL MARKET DEVELOPMENTCAPITAL MARKETSCAPITAL MARKETS LEGISLATIONCAPITAL REQUIREMENTSCASH SETTLEMENTCENTRAL BANKCENTRAL DEPOSITORIESCENTRAL DEPOSITORYCOLLECTIVE INVESTMENTCOMMERCIAL LAWCOMPETITIVE FRAMEWORKCONFLICT OF INTERESTCONNECTIVITYCORPORATE BONDCORPORATE BOND MARKETCORPORATE BONDSCORPORATE SECURITIESCREDIT INSTITUTIONSCROSS-BORDER SECURITIESCUSTODIAN BANKSDEBTDEBT MARKETDEPOSITORY SERVICESDERIVATIVEDERIVATIVE MARKETSDERIVATIVESDIRECT INVESTMENTDOMESTIC ECONOMYDOMESTIC MARKETEMERGING MARKETEMERGING MARKETSEQUITIESEQUITY MARKETEQUITY MARKET CAPITALIZATIONEQUITY MARKET CAPITALIZATIONSEQUITY SECURITIESEQUITY TRADINGEXCHANGE RATEFINANCIAL ASSETSFINANCIAL CRISISFINANCIAL INFRASTRUCTUREFINANCIAL INSTITUTIONFINANCIAL INSTRUMENTSFINANCIAL MARKETFINANCIAL SECTORFINANCIAL SERVICESFINANCIAL SYSTEMFISCAL POLICYFOREIGN ASSETSFOREIGN BANKSFOREIGN DIRECT INVESTMENTSFOREIGN EQUITYFOREIGN FUNDSFOREIGN INFLOWSFOREIGN INTERESTFOREIGN INVESTMENTFOREIGN INVESTMENTSFOREIGN INVESTORSFOREIGN MARKETSFOREIGN PORTFOLIO INVESTMENTSFRAMEWORK FOR SECURITIESGLOBAL MARKETSGOVERNMENT BONDGOVERNMENT BOND MARKETGOVERNMENT SECURITIESGUARANTEE FUNDHARMONIZATIONHOLDINGHOLDINGSHOME COUNTRYHOME MARKETHOST COUNTRYINCOMEINFORMATION DISCLOSUREINITIAL PUBLIC OFFERINGSINSTITUTIONAL INVESTORINSTITUTIONAL INVESTORSINTEREST RATESINTERNATIONAL BANKINGINTERNATIONAL BORROWINGINTERNATIONAL FINANCIAL INSTITUTIONSINTERNATIONAL FINANCIAL INTEGRATIONINTERNATIONAL FINANCIAL MARKETINTERNATIONAL INVESTMENTINTERNATIONAL MARKETINTERNATIONAL SETTLEMENTSINVESTMENT ACTIVITIESINVESTMENT BANKINGINVESTMENTS IN EQUITYINVESTOR BASEINVESTOR PROTECTIONISSUANCEISSUANCESLEGAL FRAMEWORKLEGAL PROHIBITIONSLEGAL REFORMSLIQUIDITYLOCAL BANKSLOCAL CAPITAL MARKETLOCAL EXCHANGESLOCAL GOVERNMENTLOCAL GOVERNMENTSLOCAL INVESTORSLOCAL MARKETLOCAL STOCK MARKETSMAJORITY SHAREHOLDERSMARKET CONCENTRATIONMARKET DEVELOPMENTMARKET ENVIRONMENTMARKET INDEXMARKET INFRASTRUCTUREMARKET INFRASTRUCTURESMARKET INSTRUMENTSMARKET INTEGRATIONMARKET LIQUIDITYMARKET PARTICIPANTSMARKET PLAYERSMARKET REGULATORSMARKET RETURNSMARKET SHAREMARKET SURVEILLANCEMARKET TRANSPARENCYMINIMUM CAPITAL REQUIREMENTMINORITY SHAREHOLDERSMONEY-MARKETNATIONAL BANKPAYMENT SERVICESPAYMENT SYSTEMSPENSIONPENSION FUNDSPORTFOLIOPORTFOLIO MANAGEMENTPOST-CRISIS PERIODPRICE MOVEMENTSPRICE TRANSPARENCYPRIMARY DEALERSPRIVATE SECTOR DEVELOPMENTPRUDENTIAL SUPERVISIONSPUBLIC OFFERINGPUBLIC POLICYREAL ESTATE INVESTMENTREGULATORREGULATORY FRAMEWORKREGULATORY FRAMEWORKSREGULATORY REQUIREMENTSREPUTATIONRETURNRETURNSRISK MANAGEMENTSECONDARY MARKETSSECONDARY TRADINGSECURITIES DEALERSSECURITIES EXCHANGESSECURITIES MARKETSECURITIES MARKETSSECURITIES REGULATIONSSETTLEMENTSETTLEMENT INFRASTRUCTURESETTLEMENT SYSTEMSHAREHOLDERSHAREHOLDERSSINGLE MARKETSTOCK EXCHANGESTOCK EXCHANGESSTOCK MARKETSTRATEGIC INVESTORSUPERVISORY AUTHORITIESTECHNICAL ASSISTANCETRADING ACTIVITYTRADING PLATFORMTRADING SYSTEMTRADING SYSTEMSTRADING VENUETRANSACTIONTURNOVERTURNOVER RATIOTURNOVER RATIOSVALUATIONVOUCHER PRIVATIZATIONVOUCHER PRIVATIZATIONSWARRANTSYIELD CURVEWorld Bank10.1596/13006