The Financial Supervision Commission (FSC) held the first National Forum on the Transition to T+1 settlement on January 27, 2026. The event marked the beginning of Bulgaria’s preparation for moving from a T+2 to a T+1 settlement cycle, in line with changes planned across European Union capital markets by October 11, 2027. This transition aims to enhance competitiveness, support cross-border transactions, and reduce risks between trade execution and settlement.
Currently, securities trades in Bulgaria are settled within two business days. The reform will shorten this period to one business day after the trade date.
Vasil Golemanski, Chair of the FSC, opened the forum and highlighted its significance: “This is a profound transformation that cannot happen in isolation. It requires a space for dialogue, coordination, and predictability – precisely the role of the National Forum,” Mr Golemanski stated.
Mira Dobreva-Hilton, Adviser for International Affairs at the FSC, presented details about the European framework for this reform. She discussed ESMA’s 2024 report and described ongoing working groups and recommendations guiding the transition process.
Representatives from several key organizations participated in panel discussions. These included the Bulgarian Stock Exchange (BSE), which is Bulgaria’s main venue for trading equities, bonds and other securities. The BSE has operated as an organized capital market since its establishment in 1995 through a merger of regional exchanges and received official licensing as a stock exchange on October 9, 1997 according to its official website. Other participants were from the Central Depository, Association of Banks in Bulgaria, Bulgarian Association of Licensed Investment Intermediaries, and Bulgarian Association of Asset Management Companies.
Assoc. Prof. Dr Manyu Moravenov, Executive Director of BSE—who has served as chief executive officer while Asen Yagodin is chairman of the board—spoke about technological changes affecting financial instruments: “Automation is not a choice, but a necessity. We must prepare not only for T+1, but also for a future transition to T+0.”
The forum will continue as a platform for coordination among stakeholders leading up to October 2027.
The Bulgarian Stock Exchange continues to foster an organized capital market by providing equal access to information and trading conditions for members and clients (source). The exchange also supports sustainable development through corporate social responsibility efforts (source).
