April 8, 2022 marks the 30th anniversary of the first stock exchange session in the new economic history of Bulgaria. These are the years in which the Bulgarian capital market has resumed work, institutionalized structure, developed technologically and functionally, created investment interest in the country and abroad. These 30 years were not easy and the capital market passed its difficult path of development - different generations of experts, brokers, issuers, investors and institutions changed, but each of them contributed to upgrading the achievements in time to acquire the stock exchange and the Bulgarian capital market its current appearance.
The beginning of the stock exchange trading on April 8, 1992
The first stock exchange session of the Sofia Stock Exchange was held on April 8, 1992, in the boardroom of the then building of the Bulgarian Industrial Association, 16-20 Alabin Street. For the people of today's generation, this first stock exchange session would probably cause more condescending smiles, because it was held on the principle of the auction - with bidding for the proposed shares. The first official deal with 7 shares of the then CB Balkanbank AD marked the beginning of the operation of the stock exchange.
Stock trading today and tomorrow
30 years after the first stock exchange session in Bulgaria, we can be undoubtedly proud of what we have achieved. Let's not forget that the London Stock Exchange dates back to 1773, the New York Stock Exchange since 1792, the Paris Stock Exchange since 1802, and so on. Our stock exchange is relatively young, but quickly strengthened, developed and established itself. Today, the securities of more than 350 issuers are traded on the BSE, the market for small and medium enterprises (BEAM) successfully implements several extremely successful initial public offerings of shares, the trading system is modern and allows the provision of new services, financial instruments and opportunities for issuers, intermediaries and investors. Bulgaria can only be proud of the work of the Central Depository.
The work for the development of the capital market in Bulgaria is the responsibility of all - issuers, intermediaries, investors, experts on the stock exchange and the Central Depository, employers' and professional associations and NGOs, but also mainly the state. It must finally understand the need for the capital market and its place in the financial system of the modern state. The exchange can and should be a powerful tool for providing financing for Bulgarian enterprises, an opportunity to provide alternative investments for Bulgarian citizens, a door for Bulgarian high-tech companies to international markets.
Let’s celebrate today the 30th anniversary of the first stock exchange session and thank all those who have contributed to its development, and from tomorrow to look ahead, find the right and sustainable solutions to meet the challenges of time.
Author: Zhechko Dimitrov –
Executive Director of SFB Capital Market AD
(successor of the Sofia Stock Exchange)