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Bulgarian Central Depository to link to SWIFT soon

Wed, Mar 10 2010 10:41 CET

byDnevnik.bg

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Bulgarian Central Depository to link to SWIFT soon

Bulgaria’s Central Depository (CD) will link to the global financial messaging network SWIFT most likely in April, CEO Ivan Dimov said on March 9 2010 at a capital market forum.

The introduction of SWIFT will facilitate the access of foreign investors to the Bulgarian market and of domestic players to the international scene.

The system will benefit securities trading, Deputy Finance Minister Anna Mikhailova said.

Using the SWIFT system will enable direct link with the Polish capital market, where Bulgarian pharmaceutical company Sopharma is to make soon a dual listing, Dimov said.

Currently, the Bulgarian capital market has two indirect links to foreign markets - through UniCredit Bulbank as a custodian of the Polish Central Securities Depository (KDPW) and Postbank as a custodian of Clearstream Banking Luxembourg.

Clearstream said that they considered switching to a direct link after the introduction of SWIFT by CD.

KDPW’s chief executive, Iwona Sroka, said that the Polish institution has always wanted to connect directly to the Bulgarian Central Depostory and it will reconsider its strategy as long as it is in tune with its objectives and commitments to UniCredit Bulbank.

Source: Dnevnik.bg

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