Ivan Takev: Eight Companies Meet the Criteria For Short Selling

Ivan Takev: Eight Companies Meet the Criteria For Short Selling

Eight stocks on BSE currently meet the liquidity criteria for short selling. This is what Ivan Takev, Trading & Surveillance & Market Data Director in BSE, said in an interview for Profit TV.

These stocks are Chimimpot, Sopharma, Central Cooperative Bank, Eurohold Bulgaria, Industrial Holding Bulgaria, First Investment Bank, Monbat and Zarneni Hrani Bulgaria.

BSE will publish the final list today in its bulletin.

15 companies have increased capital on BSE by issuing rights, raising a total of 322.7 mln leva (164.9 mln euros). This figure is larger than the total amount of funds raised in 2007. The number of companies debuting on BSE last year was much higher than this year, but during times of financial crisis, this is normal, Takev said.

The main projects on which BSE currently works involve improvement of infrastructure, attracting foreign issuers, increasing the popularity of the stock market and offering new products, services and markets, Takev also said.

BSE's main investment goal for 2008 is already achieved – the introduction of the new trading platform XETRA.

There are no other major investments planned for the rest of the year, but in 2009 BSE will be investing in new markets and new trading products, including derivatives.

It is obvious for everybody that BSE has gained a lot of popularity in recent years, although, attracting new companies in difficult financial times (as at the moment) is not an easy task, Takev pointed out.

Many IPOs were postponed until more favorable times, but this does not mean BSE has lost its appeal to business.

BSE is planning to continue with the so called road shows, aiming to present the opportunities the capital market offers. A memorandum with the Bulgarian Investments Agency was signed recently, stating both institutions' commitment to hold a “Bulgarian Day” as part of the Frankfurt exhibition.

The long awaited short sales start August 14. “From a technical points of view, everything must be normal as we have take all measures necessary and coordinated the processes with Central Depository,” Takev pointed out.

Whether intermediaries will be willing to offer this service is another question. Just as margin sales, short selling is a way of borrowing from the intermediary (in the first case the trader borrows money loan and in the second - stock). This would require them to sign additional agreements with their clients and to evaluate them more throughly.

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