EUROPEAN CODE OF CONDUCT FOR CLEARING AND SETTLEMENT

The European Code of Conduct for Clearing and Settlement is an initiative of European securities exchanges, clearing houses and central securities depositories to create a uniform set of rules for trading, clearing, settlement and custody services for stocks. The objective is to enhance transparency for customers and improve services for cross-border transactions.
The Code contains rules on:

Price transparency

The European Code of Conduct for Clearing and Settlement contains rules for the improvement of price transparency. In this spirit, Bulgarian Stock Exchange - Sofia AD in the "Fees for trading on the exchange and for reporting of information on transactions concluded outside the regulated market" Section, presents the Schedule of Fees for trading in stocks and reporting of information. It contains examples to better illustrate the application of the fees to trading. A complete overview of all fees of BSE-Sofia is available in the Tariff of fees collected by BSE-Sofia.

Access and interoperability

The objective of the rules of the European Code of Conduct for Clearing and Settlement is the open access to services (trade, clearing and settlement) to facilitate cross-border stock trading. To achieve this objective, uniform access principles were defined on June 28, 2007.

Unbundling of services and accounting separation

The objective of this rule is to separate services relating to trade, clearing settlement, and custody services and to enable the separate billing of these services.

BSE-Sofia complies with the Code of Conduct for Clearing and Settlement.
BSE-Sofia is committed to the objectives of the Code and will ensure the implementation of the measures proposed therein.