BSE joins the European group of benchmark administrators
On June 16th, 2020, the Financial Supervision Commission licensed Bulgarian Stock Exchange (MIC: XBUL) to operate as a benchmark administrator of financial instruments and financial contracts so that the Stock Exchange can measure the performance of investment funds in accordance with the requirements of Regulation (EU) 2016/1011. The licensing translates into Bulgarian Stock Exchange becoming a part of the European group of benchmark administrators, a family which includes stock exchanges in Austria, Germany, Greece, Ireland, Slovenia, Hungary, and Croatia, as well as the groups of NASDAQ and Euronext.
The benchmark administrators’ licensing in EU aims at unifying the requirements regarding the activity of such administrators in order to provide a guarantee for the accurate, continuous and trustworthy process of indices determination, as well as for the elimination of possible errors and conflicts of interests. Thus, the licensing implies proper functioning and improvement of the conditions on the internal capital market, as well as the protection of clients and investors. Finally, such a move is of high importance for cross-border transactions in the European Union.