Capital Market Integration and MiFID Implementation : The Bulgarian Experience

• Ngôn ngữ: eng
• Ký hiệu phân loại: 891.81 South Slavic literatures Bulgarian literature
• Thông tin xuất bản: Washington, DC, 2013
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 247476
• Chủ đề: 1. ACCOUNTING; 2. ALTERNATIVE TRADING SYSTEMS; 3. ASSET MANAGEMENT; 4. BALANCE OF PAYMENTS; 5. BANKING SECTOR

Tóm tắt

Bulgaria'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.