Central Depository

What Central Depository does

Central Depository AD (Централен депозитар АД) is the sole Central Securities Depository in Bulgaria, holding an exclusive statutory mandate to settle dematerialized corporate securities within the country. The firm operates as critical financial market infrastructure under regulatory oversight from the Financial Supervision Commission (КФН) and serves three core constituencies: issuers (companies registering stocks and bonds), members (investment intermediaries and commercial banks participating in the clearing and settlement system), and investors seeking market data. Its core product is the Clearing and Settlement System (СКС), which handles trade matching, netting, and delivery-versus-payment settlement for Bulgarian Stock Exchange and OTC transactions, supplemented by securities registration with ISIN assignment, corporate actions processing, special pledges registration, and Legal Entity Identifier (LEI) issuance through the CSDLEI portal.

The company's technology stack is built around its domestic settlement system, which was migrated to the ECB-operated TARGET2-Securities (T2S) pan-European platform in September 2023 and transitioned to euro currency in January 2025 following Bulgaria's eurozone accession. Additional technical capabilities include the E-Portal (enter.csd-bg.bg) for member access, an LEI portal, the Securities Lending Platform launched in 2024 in partnership with Bulgarian Stock Exchange using T7 trading infrastructure, and supporting modules such as weekly statistical bulletins, daily free float reports, and annual failed-settlement reports. Member service delivery runs through dedicated electronic portals and direct relationships at the Sofia headquarters.

Central Depository's revenue model combines annual membership subscriptions, recurring issuer fees (monthly maintenance of registered securities), per-transaction settlement charges, and subscription-based LEI services (270 BGN for issuance, 160 BGN for annual maintenance). Pricing is now dual-denominated in BGN and EUR following euro adoption. The go-to-market is institutional B2B/B2G by regulatory necessity, with members connected through mandated infrastructure rather than competitive sales cycles. Shareholders include the Ministry of Finance, large commercial banks, and investment intermediaries; the company is not publicly listed. The firm is led by Executive Director Georgi Karadzhov, appointed May 2025, who succeeded Vasil Goletmanski following his election as Chairman of the Financial Supervision Commission.

Name

Central Depository

Legal name

Централен депозитар АД

Website

https://csd-bg.bg

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Central Depository AD is Bulgaria's sole Central Securities Depository, operating the regulated infrastructure for registration, clearing, and settlement of dematerialized corporate securities for issuers, member banks, and investment intermediaries.

Ownership category

akta.pro rank

Product category

Central Securities Depository Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Functions Related To Depository Banking, Nec (6099), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Securities Clearing & Custody Services (DVP/RVP, Safekeeping) (FSABAJAD)

akta.pro secondary industries

Tri-Party Collateral Management & Settlement (FSACAHAE), Clearing & Settlement for SFTs (CCP/Agent Clearing) (FSACAIAG)

Keywords

• Securities settlement services
• Central securities depository
• Securities registration
• LEI code management
• Financial market infrastructure

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure

Revenue model

1. Membership Fees: Annual membership fees charged to investment intermediaries and banks that are members of the CSD
2. LEI Code Services: Fees for issuance and annual maintenance of LEI codes - 270 BGN for issuance, 160 BGN for maintenance/transfer
3. Settlement and Transaction Fees: Fees for processing securities transactions through the Clearing and Settlement System
4. Issuer Services: Fees for registration and maintenance of securities issues, corporate actions processing

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Central Depository AD operates as the sole Central Securities Depository in Bulgaria, providing registration, clearing, and settlement of dematerialized corporate securities through its proprietary Securities Settlement System (СКС). It delivers related services including ISIN code assignment and corporate actions processing, special pledges registration, LEI code issuance and maintenance as Registration Agent for KDD-LEI, and a Securities Lending Platform operated jointly with the Bulgarian Stock Exchange using T7 and T2S infrastructure.

Product overview

Central Depository is the sole securities depository in Bulgaria providing a unified infrastructure for securities registration, clearing, and settlement. The core offering is the Clearing and Settlement System (СКС) for dematerialized corporate securities. Related services include the CSDLEI Portal for Legal Entity Identifier management, Securities Registration with ISIN assignment, Special Pledges registration, and a Securities Lending Platform launched with BSE. Supporting modules include Weekly Bulletin statistics, Free Float data, and Failed Settlement reports. Member access is provided through dedicated web portals.

Differentiator

Problem solved

Functional benefit

Products and services

• Securities Settlement and Clearing System (СКС)

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• БФБ (Бulgarian Stock Exchange)coreStrategic or Co-development Partner · 17 June 2024Partnership with БФБ for the securities lending platform - a new generation integrated service allowing investors to lend or borrow financial instruments. The platform uses T7 trading infrastructure and Central Depository's settlement infrastructure for managing collateral.
• European Central Bank (ECB)coreTechnology or Integration · 12 September 2023Membership in TARGET2-Securities (T2S) platform - a pan-European settlement platform operated by ECB. Central Depository migrated to T2S in September 2023, enabling cross-border settlement of euro-denominated securities.
• Bulgarian National Bank (БНБ)coreTechnology or IntegrationCooperation with БНБ for T2S migration and transition to euro. БНБ provides the DCA (Dedicated Cash Account) used for euro-denominated settlements through T2S.
• Financial Supervision Commission (КФН)coreStrategic or Co-development PartnerRegulatory oversight and approval of CSD operations, rules changes, and euro adoption preparations. КФН approved modifications to the Activity Rules in preparation for euro adoption and T2S migration.
• KDD-LEI (Global Legal Entity Identifier Foundation)coreTechnology or IntegrationCentral Depository operates as Registration Agent (РА) for KDD-LEI, the Local Operating Unit for LEI codes in Bulgaria. Handles issuance, transfer, and maintenance of LEI codes following GLEIF standards.

Scale indicators2 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• KELER: KELER is Hungary's central securities depository and clearing house, providing settlement, clearing, and central securities depository services in a single emerging European market. Comparable to Central Depository on CSD function, T2S participation, and the operating model of serving a national capital market with limited product diversification.
• Nasdaq CSD (Baltic CSD): Nasdaq CSD is a smaller regional CSD serving the Estonian, Latvian, and Lithuanian markets, also connected to T2S. It is one of the closest structural analogues to Central Depository: a national CSD serving a small-to-mid European market, T2S-integrated, focused on dematerialized securities settlement with similar member/issuer business models.
• Depozitarul Central: Depozitarul Central is the Romanian central securities depository, providing registration, settlement, and related services for the Romanian capital market. Comparable to Central Depository as a CEE national CSD operating in an adjacent emerging European market with similar service scope and T2S participation.
• CDCP (Centrálny depozitár cenných papierov SR): CDCP is the Slovak central securities depository, providing securities registration, settlement, and custody in Slovakia. Closely comparable to Central Depository as a small CEE national CSD with T2S integration, similar service portfolio (registration, settlement, LEI services), and similar ownership structure involving state and financial institutions.
• SKD (Središnje klirinško depozitarno društvo): SKD is the Croatian central depository & clearing company, providing clearing, settlement, and depository services for the Croatian capital market. Directly comparable to Central Depository on core function, market size profile (small CEE economy), and T2S integration.
• KDD (Centralna klirinško depotna družba): KDD is the Slovenian central securities depository (now part of a broader group), providing settlement and depository services for the Slovenian market. Comparable to Central Depository as a small CEE national CSD with similar operating model and T2S participation.
• ATHEX CSD (Hellenic Central Securities Depository): ATHEX CSD is the Greek central securities depository, providing settlement and depository services for the Greek capital market. Comparable to Central Depository on core CSD function and T2S integration, though operating in a larger market.

Broad incumbents

• Clearstream: Clearstream is one of Europe's two largest international CSDs, providing securities settlement, custody, and related post-trade services across multiple currencies and jurisdictions. As a pan-European incumbent, it is comparable to Central Depository in core CSD function (settlement, custody, asset servicing) and in T2S participation, though it operates at vastly greater scale and serves global issuers.
• Euroclear: Euroclear is the other dominant European CSD/ICSD, operating settlement and custody infrastructure across multiple European markets. Directly comparable to Central Depository on core CSD activity (DVP settlement, custody, collateral services) and on integration with European settlement platforms, though at much larger scale and broader jurisdictional reach.
• Monte Titoli: Monte Titoli is the Italian central securities depository, providing post-trade infrastructure for the Italian capital market. Comparable to Central Depository on CSD function and T2S participation, though at larger scale and as part of the LSE Group ecosystem.

Market position

Strengths1 record

Weaknesses5 records

Competitive moat4 records

Key risks2 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCtpgISArYmjrdkx3xvIfhyQ
• Facebookfacebook.com/CentralDepository
• LinkedInlinkedin.com/company/central-depository

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Central Depository