The Bulgarian CSD is planning service improvements. It is adopting the ISO 15022 message standard for communications with users, with a view to better security, real-time processing of incoming messages, immediate validation of messages, higher levels of STP and, eventually, a switch to settlement on T+1 for all stock exchange deals.
A spokesman for BA-CA in Sofia says the new communication tool will be tested from 1 January 2005, with the aim of going live on 1 March 2005. The spokesman adds that the CSD is also planning to introduce a web-based application named “Virtual Back Office System” that will provide secure access for all CSD members and their clients to information held by the depository.