At UniCredit Bulbank, Global Securities Services covers the full range of services including safekeeping, settlement, corporate action and proxy voting, pension fund administration and NAV calculations, advisory functions on financial markets etc. The number one custodian features the biggest leading and cross-border client base
The Bank’s in-house development of IT-solutions, furthermore, reaches the highest level of STP processing. It comprises experts of security services with large-scale and deep market knowledge and a long track record in both, in- and outbound businesses, who consistently provide top services and strong client-oriented approaches.
UniCredit Bulbank is the subcustodian with the most extensive coverage of the CEE region, which is crucial for the large number of domestic clients investing abroad.
Madlen Mineva
Head of Global Securities Services, Bulgaria
+359 2 923 2673
madlen.mineva@unicreditgroup.bg
Borislav Hitov
Senior Relationship Manager
+359 2 923 2670
borislav.hitov@unicreditgroup.bg
On 20 January 2023 Central Depository AD held a webinar with market participants to provide more details on its forthcoming joining to TARGET2-Securities. The webinar was also attended by European Central Bank (ECB) experts, the Financial Supervision Commission (FSC) and the Bulgarian National Bank (BNB). The main points shared during the webinar can be summarized as follows:
On 22 December 2022, the Bulgarian National Bank (BNB) announced that BNB, as the owner and operator of the Depository of Government Securities, and the European Central Bank (ECB), signed a Framework Agreement for TARGET2-Securities (T2S), which provides for the Depository of Government Securities to join the platform of the European Securities Settlement System - T2S.
Bulgaria starts applying the Multilateral Convention
On 20 October 2022, the Central Depository AD (“CDAD”) announced that it has signed the T2S Framework Agreement with the European Central Bank (“ECB”) following a year-long collaboration. The CDAD is now analysing to find a suitable migration date to join T2S, however the expectations of both the CDAD and ECB are that the settlement of EUR-denominated securities will be migrated to T2S within 2023.
At the end of September, BNB held a webinar with market participants to provide more details on the initiated procedure to join TARGET2-Securities (T2S), the main point of which can be summarized as follows:
- In June 2022 BNB had sent a Letter of Intent to join T2S to the European Central Bank (ECB);
- BNB had also finalized the required Feasibility Assessment;
- In Q4 2022 it is expected that BNB will also sign the T2S Framework Agreement;
Adoption of ESG in order to power BSE sustainability index
Bulgaria
22 September – Independence Day: Stock Exchange, CSDs, Payments and Banking services are closed.
The Bulgarian National Bank (BNB) has informed the local banks which are participants in ESROT (the Electronic System for Registration and Servicing of Trades in Government Securities) that, in accordance with the BNB Management Board decision and in coordination with the European Central Bank, it has started the preparations for the Bulgarian government securities’ CSD to join the T2S platform.
The National Plan for the EUR adoption has been approved
Following promulgation of the amended Ordinance No. 31 of 4 October 2007 on Government Securities Settlement (“Ordinance No. 31”) in the State Gazette on 18 March 2022, the Bulgarian National Bank has put into force the new CSDR system functionalities in ESROT (the Electronic System for Registration and Servicing of Trades in Government Securities).
The CSDR-related changes in Ordinance No. 31 are the following:
