Capital Market Integration and MiFID Implementation : The Bulgarian Experience
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...
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| Format: | Commodities Study |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2011/11/16406287/capital-market-integration-mifid-implementation-bulgarian-experience http://hdl.handle.net/10986/12955 |
| Summary: | 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. |
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