The SEE Link Balkan stock exchange platform, which links the stock markets of Bulgaria, Croatia and Macedonia started operation on April 1 with the introduction of two indices that include companies from the three countries. Index calculations are carried out by the Bulgarian Stock Exchange (BSE). The new platform aims to give access to members of the single market to those of other countries, participating in the project. Thus, Bulgarian investors will be able to deal with Macedonian and Croatian sharesthrough their local brokers. Respectively, the Bulgarian market would be accessible to Macedonian and Croatian investors.

Ivan Takev, director of the BSE, said in an interview for the Bulgarian National Radio that the stock exchanges of Serbia and Slovenia are also allowed toaccess to the platform, although they are not yet linked to it:

“They are expected to take measures to adapt their systems to SEE Link, so that we could carry out normal communication. The stock market of Banja Luka also expressed will to join and their membership was approved. Recently, the Romanian Stock Exchange has also shown interest in the platform.”

The fact the platform is operational does not meanthat deals will be made on the first day.

“What we announced was actually the technical readiness of SEE Link. It now links members of the stock exchanges of the three countries. The principle of operation of the platform requires a correspondent broker in the neighbouring country and so far there are no signed agreements through which trading could take place. We expect this to happen soon, but it's a long process and depends on talks between our members and members of the other two exchanges. So, when our brokers and banks become technically ready and the meet other operational requirements, they could start using the platform.”

SEE Link has used the experience of two other similar platforms but has its distinctive features:

“There are two similar platforms. One is operational in Southeast Asia and unites seven exchanges in the region. The other is in Latin America and brings together four exchanges. SEE Link is similar to them. But we strive to use several key advantages that we believe we have - better financial analysis on companies, so that investors from other countries could understand the business of individual companies. We also take advantage of the membership of Bulgaria, Croatia and Slovenia in the EU, as almost uniform rules are used in relation to trading and listings of companies.”

Ivan Takev warns that local markets have been experiencing a number of problems that cannot be overcome by the presence of a platform. It is only a tool, which facilitates access of investors to the different markets. The goal is trading between Balkan countries to become easier. More from Ivan Takev:

“Currently, nine brokerage firms from Bulgaria have expressed their desire to join SEE Link. Investors, operating on the Bulgarian market will now be able to trade on the other markets in the same way they are used to. There will be no big differences in the ways transactions and deals are processed. Transaction settlements would take place in local CSDs, but this is something brokers should take care of.”

English: Alexander Markov