The Bulgarian Association of Licensed Investment Intermediaries (BALII), which pools the country's largest brokerage houses, has requested the reshuffle of Bulgarian bourse's leadership, Dnevnik daily reported on June 25.

Brokers criticised the existing leadership for its style and managerial methods, the disregard of opinions of professionals and veiling decisions and their implementation. Another problem was the tension among individual institutions on the market, which, according to the association, "sparks insecurity and acts negatively on investors' trust".

The proposal will be put to a vote at the June 30 annual meeting of the Bulgarian Stock Exchange (BSE).

The association proposed that shareholders of the bourse relieve all BSE board members of their duties and appoint instead Todor Breshkov, co-managing director of the First Financial Brokerage House (FFBH); Angel Rabadjisky, chief executive of Karoll; and the acting BSE operations director Ivan Takev.

If BSE shareholders change the make-up of the bourse's board of directors, Bulgaria's financial regulator will have to endorse the changes. According to the Financial Instruments Market Act, the deputy head of the Financial Supervision Commission has to approve or reject the proposal within a month.