An interview with Mr Michael Buhl, Member of the Management Board of Vienna Stock Exchange, for "International Survey: Bulgaria-Austria" of Novinite.com (Sofia News Agency) & Novinite.bg.

What does it take for a stock exchange to stay resilient amid global turbulence?

The Vienna Stock Exchange could benefit from Austria's central geographical location. International investors were attracted by an economic policy that relies on continuity, exemplary legal certainty and social and economic stability in the country. Additionally, its closeness to the markets of Central, Eastern and Southern Europe, which will continue to grow, make it an attractive venue.

Can we say that the Vienna Stock Exchange is the logical place to list a Bulgarian company?

Generally, the Vienna Stock Exchange believes that the domestic market is the "natural" marketplace for companies. However, there can be many reasons why companies are compelled to list on other exchanges outside their home markets. In such cases, the Vienna Stock Exchange has proven an excellent partner. Because the Vienna Stock Exchange has long since proven that an exchange can offer more than just a trading platform.

Which companies can qualify for the different types of market the Vienna Stock Exchange is divided into?

The exchange's clear market segmentation ensures listed companies sufficient visibility in the international investing community. The financial instruments traded on the markets of Wiener B?rse AG are grouped into the following segments: equity market.at (shares), bond market.at (bonds), derivatives market.at (derivatives), structured products.at (certificates, exchange traded funds, investment funds and warrants) and other securities.at (shares, participation certificates).

What is the added value of the Vienna Stock Exchange in comparison with other European exchanges?

The Vienna Stock Exchange was founded in 1771, making it one of the oldest stock exchanges in the world, but it is nonetheless a young company. As a customer-oriented service company, the exchange provides state-of-the-art infrastructure, data and information for securities trading. Its principle task is to ensure the smooth and efficient execution of exchange trades and to serve as an intermediary for all market participants via its internationally-recognized Xetra® trading system.

The high number of trading participant's shows how well recognized and established the Vienna Stock Exchange is on an international level. As early as 1996 when the Eastern Europe story was still fresh, the experts of the Vienna Stock Exchange started computing the first index for the Central and East European region. Today, the Vienna Stock Exchange publishes 60 indices which are highly popular among international investors because of their quality, state of the art calculation methodology and preciseness.

What would a listing on the Vienna Stock Exchange give Bulgarian issuers? Is the procedure simple and fast?

Compared to other international stock exchanges Vienna Stock Exchange offers attractive listing fees. Admission and annual fees depend on the market capitalization with a minimum and maximum cap. Especially for small and mid caps, listing fees are favourable. In Austria the IPO procedure is based on an international level with a modern entire listing-framework and a state of the art clearing and settlement environment.

Offerings from Bulgarian companies in which sectors could generate most excitement?

Basically investors seek for companies with stable profitability and a growth perspective. An interesting investment story matters and thus companies from different sectors can generate excitement. After the IPO transparent and open investor communication leads to higher visibility and excitement for investors.

What will it take to bring back to life Bulgaria's capital market, dented by low liquidity and lack of quality stock?

From our experience, high liquidity, high numbers of trading participants supplemented by good quality of service make a stock exchange attractive. Also innovation keeps the revenue streams alive and healthy. That is why Vienna Stock Exchange is acquiring international trading members, does joint international index licensing activities and joint international road shows.

On the Vienna Stock Exchange, international investors can trade through the internationally recognized trading system, Xetra®, which is also used for trading on the New York Stock Exchange and Deutsche B?rse. This is an important factor, because today more than two-thirds of trading volumes on the Vienna Stock Exchange are generated by international investors, most of which come from the US and Great Britain.