Executive Co-Director of the Vienna Stock Exchange to

Executive Co-Director of the Vienna Stock Exchange to "Capital" Capital - issue. 13 of 2006 http://www.capital.bg/show.php?storyid=238579 Bulgarian Stock Exchange (BSE) signed a memorandum of cooperation with the Vienna Stock Exchange last week. So far, it was agreed to provide BSE stock data on the Vienna Stock Exchange and Bulgaria to be included in the index NTX, calculated by the Vienna Stock Exchange. It includes 30 companies with the largest capitalization of the free float (free float) from Austria, toolbox foam Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Slovakia and Slovenia. So far there is no index Bulgarian toolbox foam company. The lowest weight in the index is now Vienna airport capitalization of the free float of nearly 850 million. Euros. The signing of the memorandum toolbox foam is another step in the direction of the Vienna Stock Exchange integration with exchanges in the region. It owns 70% of the Budapest Stock Exchange and has signed memoranda of cooperation with exchanges in Bucharest and Zagreb. What specifically will consist cooperation between the two exchanges? Now we start with the index NTX. Bulgaria is part of it, although Bulgarian toolbox foam shares toolbox foam has not yet been included in the calculation. Will soon launch index for Southeast Europe, which will enter Bulgaria, Romania, Croatia and Serbia. We can distribute data of BSE and to advise toolbox foam on the introduction of new financial products. We have concluded agreements on recognition of indices (index licence agreements) with many banks and through them we can offer investors structured products based on the indexes. What raises your interest in the markets in the region and what is your strategy for unification? If you join forces to form a larger critical mass to attract the attention of international institutional investors. My vision is that after 5-10 years a trader in London will monitor all shares on the Bulgarian, Vienna, Romanian, Hungarian i.t.n. stock exchanges on a single screen without interest in what classes are held sessions, what settlement is used in what currency toolbox foam i.t.n. toolbox foam I'll just push a button and know that the action will be in the depositary's account and settlement will be in EUR. All this means harmonizing the requirements for listing, trading rules, toolbox foam corporate governance, toolbox foam the days trading hours trading sessions, settlement. European Union helps in terms of regulation. In Bulgaria, many things have already been made to harmonize the rules. But there is still much to be done. What model of integration should Wiener Börse? Our model is different from that of Euronext, centralizing exchanges of four countries in one place. Our concept is similar to OMX. The difference is that at first we want to do business together and increase their income and then if we have become good colleagues and we have confidence to take the second step - together to decide what should be the common commercial system. OMX usually offers the first integration of the technological level. Have you made the offer to the finance ministry to buy government stake in BSE? Not yet. We do not keep to gain equity. If you do not own the title, just the process will take longer. We'll keep things under control by doing so that both countries gain more money. Whatever we do with BSE, it will have to bring us money. We also want to win. Cooperation with indices helps us because we can sell more thing to your customers. Accordingly, we share some of their revenue to the exchanges, toolbox foam with whom we cooperate. Other stock centers also have aspirations in the region. They Are your competitors? I know OMX interested. We are their customers. In constant contact with them and I rather see them as a partner, not a competitor. In Athens I have not had contact. As far as I know, Athens is interested in part of the region. Maybe there is some overlap. Personally, I think that from a historical and cultural perspective, the countries of Central and Eastern Europe (excluding Russia and Ukraine) form a region. Region, which consists of Romania, Bulgaria, Greece and Turkey, for me is not historical region. I think your relationship with the countries of the former Yugoslavia are stronger than Greece. If you need to convince market participants that for them it is better to cooperate with Vienna, what benefits can you give? We can attract international interest. All parties will benefit. Investors will have more investment opportunities, issuers will have greater access to finance, including international investors. A broker will deal with larger toolbox foam volumes and earn more. Austria belongs to the Central and Eastern Europe and cover OMX Nordic and Baltic peninsula forming the historical region of more than 100 years. Investor who invests in Austria, invest in the region - Poland, Bulgaria toolbox foam i.t.n. It does not invest in Scandinavia. Interview Hristo SHEMTOV
2007