Recommendation 1 Recommendation 2 Recommendation 3 Recommendation 4

Recommendation 5 Recommendation 6 Recommendation 7 Recommendation 8

Market selection

Recommendation 6

Convergence of Securities Systems, both within countries and across borders, should be encouraged where this eliminates operational risk, reduces cost and enhances market efficiency.

1.	Is the depository linked electronically and in real time with other segments of the core market infrastructure (e.g. trading platforms, netting systems, matching platforms, payment systems)?	Yes, the depository is linked with the payment system BISERA.
2.	Is there one or more depository or settlement system in the market?	Yes - the Central Depository AD for equities; and the Bulgarian National Bank for government securities.
3.	If there are several, has a consolidation been considered? If yes, by when?	Not yet.
4.	Does (do) the securities system(s) allow other domestic or foreign systems to establish direct links on an equal basis to local members?	Yes.
5.	Does (do) the securities system(s) allow foreign market participants to become direct participants?	No.