Stock exchanges
Number of listed companies
Domestic market capitalization
million US$

Bulgarian Stock Exchange

Name Bulgarian Stock Exchange
Country Bulgaria
Number of listed companies 385
Domestic market capitalization 16886.84 million US$
SSE Partner Exchange Yes
Has annual sustainability report No

ESG reporting required as a listing rule No

Has written guidance on ESG reporting No

Offers ESG related training Yes

In 2022, the Bulgarian Stock Exchange provided training on Climate-related Financial Disclosures (TCFD recommendations) in collaboration with the SSE, CDP and IFC. (source)

Market covered by sustainability-related index Yes

BSE has adopted Refinitiv’s Environment, Social and Governance (ESG) metrics to power its sustainability index launched at the end of 2022.

Has sustainability bond listing segment No

Has SME listing platform Yes

  • SME Growth Market beam is a special market organised by the Bulgarian Stock Exchange (BSE) which enables the financing of small and medium companies in Bulgaria.

Women on boards mandatory minimum rule No

Additional information
Organizational model of stock exchange


Regulatory bodies

Regulatory model
  • BSE considers its regulatory model to be of a “Limited Exchange SRO” (“Limited exchange self-regulatory organization”). Although its activities as market operator (as well as those of the listed companies and trading members) are supervised by the Bulgarian Financial Supervision Commission, BSE as the market operator for the Regulated Market, has the authority to regulate the organization and carry out the specific activities of its markets in terms of financial instruments available for trading, as well as specific rules applicable to listed companies and trading members. BSE also monitors activities of its trading members and listed companies, within the specific framework that is in line with applicable regulation.

About the stock exchange

Bulgarian Stock Exchange is a public company that was officially licensed by the State Securities and Exchange Commission to operate as a stock exchange on October 9, 1997 and is currently the only functioning stock exchange in Bulgaria. Bulgarian Stock Exchange is licensed to operate as a benchmark administrator of financial instruments and financial contracts or to measure the performance of investment funds following the requirements of Regulation (EU) 2016/1011. In this way, BSE is a part of the European family of benchmark administrators, among which are the stock exchanges in Austria, Germany, Greece, Ireland, Slovenia, Hungary and Croatia as well as the groups of NASDAQ and Euronext. Founded in 1995 by the merger of several regional exchanges Bulgarian Stock Exchange AD is the driving force that contributes to the further development of the Bulgarian capital market. BSE’s core business includes operation of a cash market (equity market, bond market and other financial instruments), operation and maintenance of information systems for trading in securities, establishment and maintenance of a clearing system guaranteeing the obligations assumed under securities transactions executed on the Exchange. BSE’s mission is to facilitate the development of an organized capital market which guarantees its members and their clients’ equal access to market information and equal conditions for participation in exchange trading. Corporate social responsibility is part of the Bulgarian Stock Exchange’s business model. The Exchange has adopted a corporate social responsibility policy that covers the company and its employees and contributes to the sustainable development of Bulgaria.

Criteria for Stock Exchange Database

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.


Criteria Considered

Country Country of primary residence or registration
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
Regulatory model

The extent to which exchanges have regulatory authority in their market. This may include:

  • Limited exchange SRO
  • Strong exchange SRO
  • Independent member SRO
  • Government (Statutory)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.