Изграждането на българския фондов пазар и неговото настояще

The paper examines the essence of the exchange, in particular the stock exchange, its establishment and specifics. The main accent is on the Bulgarian stock exchange. From legislative perspective there are two main periods in the formation of the stock exchange and they are thoroughly examined. Following the detailed characteristics of these periods it is pointed out that in 1996 the stock exchange practically ceases functioning. The main reason is that the elements for the development of this market are absent: lack of the respective regulation, drastically worsening macroeconomic environment, limited supply and demand. In the process of formation of the stock exchange the only national institution of such kind remains the Bulgarian Stock Exchange – Sofia. The paper also lists its international contacts. The four currently used indices are presented: SOFIX, BG40, BGREIT, BGTR30. The conclusion is that all markets for securities develop in various ways, but there are several key and common steps in this process