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A draft Ordinance regulates the activity of the clearing house in Bulgaria The draft Ordinance on the structure and rules for the activity of the clearing house regulates the structure, functions and activity of the clearing house. It is created to service the commodity exchange transactions made on the commodity exchanges, as well as the supervision over it. The introduction of this new institution must ensure the equality of participants in commodity exchange trading by providing a financial guarantee of the obligations of the parties to commodity exchange transactions, will provide a more transparent market and greater security in concluding transactions with grain and fuels. The establishment of a clearing house will provide an opportunity to start futures trading in Bulgaria. In the register for commodity exchanges, for the members of the commodity exchange and for the brokers operating on the respective commodity exchange are entered three commodity exchanges in the country: Sofia Commodity Exchange JSC, Bulgarian Commodity Exchange JSC and National Commodity Exchange JSC. Last year, the Sofia Commodity Exchange concluded 1,376 commodity exchange transactions, the Bulgarian Commodity Exchange - 8 commodity exchange transactions and the National Commodity Exchange - 64 commodity exchange transactions. Like everywhere in the world, Bulgaria also needs a clearing institution to monitor the completion of transactions and to guarantee payments.

 

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