# Next Wave of Capital Markets | Manyu Moravenov, Bulgarian Stock Exchange | Future Finance Forum 2026

- Channel: [ETHSofia](https://streameth.org/ethsofia)
- Date: 2026-10-06
- Duration: 12:43
- Topics: Blockchain Week Bulgaria, Bulgaria, Bulgarian Stock Exchange, DLT Pilot Regime, Eurosystem, F3 2026, Future Finance Forum, Manyu Moravenov, Pontes, capital markets, central bank money, interoperability, market infrastructure, tokenisation, tokenization, Science & Technology
- Watch: https://streameth.org/watch/yt-G-0AGh6ldEU
- YouTube: https://www.youtube.com/watch?v=G-0AGh6ldEU

## Description

Assoc. Prof. Manyu Moravenov, CEO of the Bulgarian Stock Exchange, asks what the capital market infrastructure of the future will look like, and whether it can become Europe's next growth engine. He argues that blockchain is moving from experiment to infrastructure inside regulated markets, pointing to the Eurosystem's new Pontes service for settling tokenised assets in central bank money and the European Commission's plan to broaden the DLT Pilot Regime. He sets three conditions for scale: trust, which exchanges and depositories already provide; a digital cash leg, so securities and money move together; and interoperability, so tokenisation does not create new fragmentation. For a smaller market like Bulgaria, he concludes, the goal is not a separate digital market but to make the capital market itself digital.

Keynote at Future Finance Forum 2026, 25 September 2026, Sofia. Part of Blockchain Week Bulgaria 2026.

Speaker

▸ Assoc. Prof. Manyu Moravenov, Ph.D., MRICS, Member of the Board and CEO of the Bulgarian Stock Exchange
Assoc. Prof. Manyu Moravenov, Ph.D., MRICS, is CEO and Board Member of the Bulgarian Stock Exchange. With 25+ years of experience in finance and capital markets, he has led the BSE's transformation, driving market growth and the successful launch of the BEAM SME market. He is also a European Climate Pact Ambassador.
LinkedIn: https://www.linkedin.com/in/manyumoravenov

Chapters
00:00 The capital market infrastructure of the future
00:55 From experiments to scale: Pontes and the DLT Pilot Regime
03:41 Born-digital instruments and technology neutrality
05:35 Trust and the role of exchanges
07:00 Digitising the cash side of the transaction
08:28 Interoperability as Europe's growth engine
12:30 Closing titles

Blockchain Week Bulgaria: https://www.blockchainweek.bg
ETHSofia: https://www.ethsofia.com
Future Finance Forum: https://www.blockchainweek.bg/f3

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Nothing in this video is financial advice.

About the organiser
Blockchain Week Bulgaria, ETHSofia and the Future Finance Forum are organised by the Bithope Foundation, founded in 2014 by Vladislav Dramaliev. Inspired by Andreas Antonopoulos, it is Europe's first non-profit operating exclusively with bitcoin donations. Over more than ten years, it has supported 50+ charitable campaigns, and in January 2016 it co-founded the Sofia Crypto Meetup, now the region's longest-running monthly crypto event.
https://bithope.org