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

Authors

  • Assoc. Prof. Dr Lyubomir Georgiev Department of Fince, Faculty of Fince and Accounting, University of Economics – Varna Author
  • Chief Assist. Prof. Dr Krasimira Naydenova Department of Fince, Faculty of Fince and Accounting, University of Economics – Varna Author

Keywords:

Stock exchange industry, Market fragmentation, Alternative trading systems, Demutualization, Consolidation, Market liquidity, Bulgarian stock exchange, Transparency, Stock market
G10, G24

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.

References

Faten and Ben Slimane and first (2012). The Structural Evolution of Stock Exchanges. Recherches en Sciences de Gestion, 6/93, 47-71. DOI: https://doi.org/10.3917/resg.093.0045

Sanford and Merton and Grossman and Miller and first and additional (1988). Liquidity and Market Structure. Journal of Finance, XLIII(3), 617-635. DOI: https://doi.org/10.3386/w2641

PK Jain - Available at SSRN 869253, 2003 (2003). Institutional design and liquidity at stock exchanges around the world. URL: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=869253

J Miller, S Petranov (2001). The financial system in the Bulgarian economy. URL: https://mpra.ub.uni-muenchen.de/id/eprint/107704

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Published

2020-05-23

Issue

No. 1 (2020)

Section

Articles

License

Copyright (c) 2020 Lyubomir Georgiev, Krasimira Naydenova (Author)

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Authors retain copyright to their works.

All publications are distributed under the terms of the Creative Commons Attribution 4.0 International (CC BY 4.0) license.

How to Cite

Georgiev, L., & Naydenova, K. (2020). Development of the Leading Stock Markets and the Challenges to "BSE – Sofia" AD. Research Papers, 1, 223-259. https://bjiep.e-dnrs.org/index.php/rp/article/view/5405