Банкеръ Weekly

Briefs

NEW SYSTEMS TO COMPETE WITH COBOS

Delta Stock and Euro Finance are among the first investment intermediaries that will profit by the BSE Online service which will be launched by the Bulgarian Stock Exchange - Sofia on November 14. It will allow the members of the stock exchange to create their own electronic networks serving end customers, analogical to COBOS. The decision was taken during a meeting of the BSE Board of Directors held on November 8.
In fact, the decision probably resulted from the pressure exercised by the Euro Finance investment intermediary which has its own network for trading on the Bulgarian stock exchange from the beginning of 2005. However, until now the network has not been linked to the platform of BSE-Sofia. The online market will allow the electronic systems of the investment intermediaries have direct entrance to the BSE-Sofia system. Many investors will choose to use the system of the intermediary whose customers they are instead of COBOS. This will help them get informed about all transactions carried out on their account as well as about the amount of money they have at their disposal in any moment, experts comment. According to the Euro Finance Executive Director, Simeon Petkov, the company will profit by the possibilities offered by the online exchange by the end of November.
Delta Stock is going to follow the example. By the end of the current month, a beta version of Delta Broker will start operating. It is a platform for e-trading of Bulgarian shares and bonds on BSE-Sofia, Delta Stock representatives announced. It will be an analogue to Delta Trading and will be linked to the market floor through the BSE-Sofia service for real-time order submission and information receiving. The platform will provide real-time curves, SMS and e-mail notification of quoting levels, current market news, chat with brokers, GPRS and WAP quotation monitoring, etc. The BSE Online service will also allow for obtaining market information in real time. It means that submission of information to third parties will be carried out electronically without deliberate delay or with up to 15 minutes of delay. An annual fee amounting to BGN5,000 will be paid for using BSE Online.
So far, intermediary customers were able to submit orders to BSE-Sofia through COBOS. By the end of October, the COBOS system has been used by 1,370 people.
In the meantime, in order to stimulate investors the board of the exchange decided to reduce the shares trading fee. BSE-Sofia will take up the value-added tax and the lowest fee will practically fell from 0.1% to 0.083% of the value of each transaction.

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