Following Bulgaria’s entry into the EU on 1 January 2007, the integration of the Bulgarian National Bank into the European System of Central Banks has been smooth, and the work carried out by the Bulgarian National Bank members in the respective ESCB committees has been noticeable, delivering high quality standards.
While – as mentioned before – in principle OTC derivatives should be centrally cleared to the extent possible, some products are not suitable for central clearing, for instance owing to insufficient product standardisation, lack of market liquidity or limited availability of robust prices.