The launch of Xetra, the new trading platform to be used by the Bulgarian Stock Exchange (BSE), is unlikely to happen on June 16 as planned, Dimana Rankova, deputy head of the Financial Supervision Commission (FSC), said on June 11, as quoted by Dnevnik daily.

The statement countered the re-assurances given by BSE executive director Bistra Ilkova earlier that day. Ilkova said that the FSC was due to endorse the BSE new rules within a day or two. The new rules, which define the rules by which Xetra should be operated, are the last hurdle to the launch of the new platform.

The FSC, however, said that the rules would not be endorsed before the end of this year. “Even if the rules are endorsed by June 13, the launch of the platform can only happen two weeks thereafter,” Rankova said.

The period of two weeks is the allowance the financial oversight body gives to anyone willing to file a complaint against the new trading platform. By law, the FSC must wait until this period expires.

BSE purchased the right to use Xetra from its German peer, Deutsche Boerse in autumn last year.

Meanwhile, representatives of business called for a quick start of the trading platform. The trading platform is ready for launch as of June 16 and we urge the FSC to timely endorse the trading rules,” said Vassil Velev, head of board of directors of the Association of Industrial Capital. He also underscored that members of the association were given ample time to familiarise with the system and, respectively, give recommendations in regard to any necessary changes.