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Bulgarian Stock Exchange to migrate to Xetra T7 in 2019 under deal with Deutsche Boerse

Bulgarian Stock Exchange to migrate to Xetra T7 in 2019 under deal with Deutsche Boerse hxdbzxy/Shutterstock.com

SOFIA (Bulgaria), November 5 (SeeNews) - The Bulgarian Stock Exchange (BSE) said that it has signed a seven-year deal with the Deutsche Boerse for the right to use the Xetra T7 platform to facilitate trading on its regulated market and the Multilateral Trading Facility (MTF).

The platform was selected due to its low operating costs and minor functional differences compared to Xetra Classic, which the Sofia bourse uses currently, the BSE said in a statement on Friday.

The Sofia bourse has already started activities in relation to the introduction of the trading system. The migration date is set for the second half of June 2019, although the exact date will be announced at a later stage.

Following the migration, the BSE forecasts an increase in its expenses for hired services of around 19%, as a result of the platform's higher operating costs. In the first nine months of the year, the BSE spent 673,000 levs ($392,000/344,100 euro) on hired services, virtually unchanged from a year earlier, figures from its interim financial statement show.

The bourse operator started the selection process in the second quarter of the year and considered three alternative platforms offering similar functionality.

(1 euro = 1.95583 levs)

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