Development of the Leading Stock Markets and the Challenges to "BSE – Sofia" AD

Lyubomir Georgiev () and Krasimira Naydenova ()
Additional contact information
Lyubomir Georgiev: University of Economics – Varna, Bulgaria
Krasimira Naydenova: University of Economics – Varna, Bulgaria

Nauchni trudove, 2020, issue 1, 223-259

Abstract: Stock exchange trading does not exist in its classical form. Technological innovations implemented by electronic trading platforms and OTC markets offer additional opportunities to investors and attract them, changing bourses. Opportunities for greater access to the investment process create modern trends "financialisation", "demutualization", "hybridization", "automation", "consolidation" and impose transparency. The Bulgarian stock market remains unchanged from the mainstream trends in securities trading. It is created administratively and the state continues to be a majority shareholder both in the market operator and in the depository institution. The low market liquidity, the high ownership concentration and the lack of basic infrastructure units make the market unattractive, which is why it lags behind world developments.

Keywords: stock market; stock exchange industry; market fragmentation; alternative trading systems; transparency; demutualization; consolidation; market liquidity; Bulgarian Stock Exchange – Sofia AD (search for similar items in EconPapers)
JEL-codes: G10 G24 (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations:

Downloads: (external link)
http://unwe-research-papers.org/bg/journalissues/article/10240 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nwe:natrud:y:2020:i:1:p:223-259

Access Statistics for this article

More articles in Nauchni trudove from University of National and World Economy, Sofia, Bulgaria Contact information at EDIRC.
Bibliographic data for series maintained by Vanya Lazarova ().