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Margin Trade, Short Selling Could Revive Bulgarian Bourse |
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28 05 2010 |
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Margin trade and short selling could pump up liquidity on the Bulgarian Stock Exchange (BSE) and help bring the market back to life, according to Angel Rabadjiiski, executive director of investment brokerage Karoll.
Karoll is one of the brokerages that struck some of the first margin and short-selling deals in the recent days. The market is currently restricted to just industrial conglomerate Chimimport and Central Cooperative Bank (CCB), the only companies that comply with the liquidity requirements.
Another roadblock for the market is the absence of a clearing house, with all the risks and guarantees currently borne by the brokerage and its customer. Rabadjiiski said Karoll is already in talks with banks operating on the capital market to team up and kick-start margin trade and short selling. The company has also spoken to public firms representatives that have agreed in principle to release some of the shares they held to be used as collateral. This will ensure companies make additional return and boost liquidity by 5-10%, according to Rabadjiiski.
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