XETRA To Be Launched on Time, FSC's Reaction on New Rules and Regulations Still Not Clear

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“We were able to meet all deadlines regarding the introduction of XETRA and I hope that the new trade platform will enter into operation in mid-June as was announced,” BSE's executive director Bistra Ilkova said during a discussion held earlier today on the challenges the new trade system will put before BSE.

The discussion was also attended by Vasil Vasilev, member of the Industrial Capital Association's Board of Directors and sociologist Emilia Chengelova. Today's event marked the start of a project aiming at improving the structures of society and corporate management in Bulgaria.

However, the Financial Supervision Commission has not yet issued an approval to the appendixes to BSE's Rules and Regulations. The new trade platform can not be launched without the institution's approval.

The draft amendments to the bourse's rules and regulations were ready in March,” said Bistra Ilkova. She also pointed out that on April 21 the FSC and BSE held and expert meeting in order to discuss those amendments. BSE's management has complied with all recommendations made by the FSC and the concerned associations. The final draft issue of the amendments was adopted May 8.

Mrs. Ilkova added that BSE has sent the document in due time and is hoping to receive the FSC's reaction any time now.

The most significant changes within the rules are in section 4 “Rules of trade”. The amendments are made necessary by the XETRA introduction.

Bistra Ilkova also confirmed that BSE will not hold trade sessions on Thursday and Friday. This has been requested by Central Depository, which needs the time in order to clear the settlement on all deals before the implementation of XETRA.

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