Who are we

  • First steps
  • First success
  • First obstacles
  • Our efforts and patience were worth it
  • You've continued to trust us

We are
Up Trend

Our business

Up Trend Ltd. was established in 1997 and proved to be one of the first investment intermediaries being licensed in Bulgaria. Up Trend is a member of the Bulgarian Stock Exchange PLC and Central Depository PLC since 1998.

We consult and manage the assets of wide range of clients. We prefer long-term strategies, but we don't miss the short-term opportunities that our markets provide.

Our financial commentaries and analyses are widely covered in the media.

The company is in possession of a full license to perform activities as an investment intermediary within the European Union and the European Economic Area:


  • reception and delivery of orders in relation to one or more financial instruments, including intermediation for entering into transactions with financial instruments;
  • execution of orders on behalf of clients;
  • dealing on own account in financial instruments;
  • management of portfolio;
  • providing of investment consultations to a client;
  • underwriting of issues of financial instruments and/or offering for initial sale financial instruments in the conditions of unconditional and irrevocable commitment for subscription/acquisition of the financial instruments for own account;
  • offering for initial sale of financial instruments without an unconditional and irrevocable commitment for acquisition of the financial instruments for own account;
  • safekeeping and administration of financial instruments for client account, including custodianship (keeping financial instruments and client cash in a depository institution) and related services such as management of the received cash/provided collateral;
  • granting loans for carrying out of transactions in one or more financial instruments, provided that the entity granting the loan is involved in the transaction under conditions and procedure, laid down in an ordinance;
  • advice to undertakings on capital structure, industrial strategy and related matters, as well as advice and services relating to mergers and the purchase of undertakings;
  • providing of services, related to foreign exchange services where these are connected with the provided investment services;
  • investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments;
  • related to underwriting of issues of financial instruments.


Vladimir Malchev

General manager
Vladimir Malchev
Be fearful when others are greedy. Be greedy when others are fearful. - Warren Buffett

Peter Peshev

General manager
Peter Peshev
The trend is your friend, untill it ends.

Company information



+359 2 815 56 60; +359 2 815 56 66
42.671122, 23.319592
Sofia 1407
Nikola Y. Vaptsarov №51A blvd., 1st Floor

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Анализи и прогнози

Analyses and Forecasts

Stay informed

Our economic and finance media comments and research will enrich your capabilities of making decisions


See the latest news about Up Trend Ltd.

Our research

Up Trend Ltd disseminates its research to clients of Capital IQ (a Standard & Poor’s unit) Factset Research Systems, Thomson Reuters and Bloomberg, through information platforms designed, created and maintained by them. We are proud to cooperate with the leading names in the business of economical and financial information services. For the simultaneous dissemination of our analysis, we use the Blue Matrix Lite application. In this section, we are publishing our corporate research, capital markets review and latest macroeconomic developments that might be of interest for our clients.

Macroeconomic analysis

In this section we publish our periodic macroeconomic analysis and forecasts.


Corporate profiles

Here you can see the corporate profiles of the leading Bulgarian companies.

Media activity

Track our media presence 

Bulgarian capital market


The Bulgarian Stock Exchange is the best performing stock market in Europe in 2013 with a gain of 42%.

Brokerage services

Up Trend Ltd. is a licensed investment intermediary through which you can trade on the Bulgarian Stock Exchange with minimal effort and at competitive fees. You can :

  • To trade on the BSE directly through the electronic system COBOS, which gives you an authorized and secure real-time access to the trading system on the BSE. More about COBOS you can read in the COBOS section.
  • To trust our professionals to manage your money by investing in various types of financial instruments ( shares , government and corporate bonds, money market instruments, options, forwards and futures on various financial instruments). The clients themselves set the restrictions on the type of financial instruments in their portfolio.
  • place orders for the purchase or sale of securities as our brokers.


Our advantages:


  • Competitive and fully transparent fees and commissions for transactions on BSE.
  • Professional and fast service.
  • Extensive experience and traditions on the Bulgarian Stock Exchange
  • Personal attention to each client

Our specialists are looking forward to helping you in any case.

Свържете се с нас

Financial consulting

We offer periodic analyzes of trends in the world's leading capital markets and major market indices in Eastern Europe. These analyzes are intended to assist investors in defining of key levels and trends.

Свържете се с нас

Up Trend Ltd disseminates its research to clients of Capital IQ (a Standard & Poor’s unit) Factset Research Systems, Thomson Reuters and Bloomberg, through information platforms designed, created and maintained by them.

We are proud to cooperate with the leading names in the business of economical and financial information services. For the simultaneous dissemination of our analysis, we use the Blue Matrix Lite application.

Investment banking

Our experts will be happy to talk to you and provide you with a personal solution.

  • Project financing
  • Management and restructuring of debts,acquisition of corporate control
  • Preparing of investment strategies, managing investment risks
  • Acquisitions and financial management
  • Development of financial solutions for projects for corporate clients


The clients of Up Trend can participate directly (i.e., online) in the sessions of the Bulgarian Stock Exchange (BSE) and list securities on-line using COBOS.

What is COBOS?

The system COBOS (Client Order-Book Online System) is an Internet based application for authorized and protected access in real time to the system for trade on the BSE. The orders are filed through a client terminal. Customers who have signed contracts with Bull Trend Brokerage are given access with a user name and password.The terminal has been created by the IT specialists of BSE-Sofia tomeet the needs of non-professional investors. It contains necessaryinformation about the quotes on exchange. Our clients can file theirorders in real time without having to visit the intermediary’s office.This saves you time, minimizes the needed documentation, and mostimportantly –you are “present” at the market.


On Figure 1 you can see the client terminal for order filing.

COBOS Preview
After clicking the Buy/Sell button the window on Figure 2 appears and orders can be filed.

COBOS Preview 2



Fees for using COBOS

Price of the electronic certificate, issued by BSE

60 BGN + VAT

Switching-in and maintenance fee


Minimal amount needed for opening an account


Commission for performed transaction

According to the Up Trend fee

COBOS allows real time access to the trading system of the Bulgarian Stock Exchange.

Световни пазари

Forex & CFDs

Capture new opportunities on the world financial markets

US and European markets

You can trade shares, ETFs and CFDs on shares, indices and ETFs traded on exchanges in North America and Europe using Market, Limit and Stop orders.

Stock markets in the U.S.:

• New York Stock Exchange (NYSE & ARCA)
• OTC Bulletin Board / Pink Sheets (OOTC & OTCBB)

Stock markets in Canada

• Toronto Stock Exchange (TSE)
• TSX Venture Exchange (TSX)

Stock markets in Europe:

• Athens Exchange (AT)
• BME Spanish Exchanges (SIBE)
• Deutsche Börse (XETRA) (FSE)
• Irish Stock Exchange (ISE)
• London Stock Exchange (IOB) (LSE_INTL)
• London Stock Exchange (LSE_SETS)
• Milan Stock Exchange (MIL)
• NASDAQ OMX Copenhagen (CSE)
• NASDAQ OMX Helsinki (HSE)
• NASDAQ OMX Stockholm (SSE)
• NYSE Euronext Amsterdam (AMS)
• NYSE Euronext Brussels (BRU)
• NYSE Euronext Lisbon (LISB)
• NYSE Euronext Paris (PAR)
• Oslo Stock Exchange (OSE)
• Prague Stock Exchange (PRA)
• SIX Swiss Exchange (SWX)
• SIX Swiss Exchange (Blue-Chip) (VX)
• Vienna Stock Exchange (VIE)
• Warsaw Stock Exchange (WSE)

Risk management

Insure your income and expenses from the changes in exchange rates and the prices of exchange- traded commodities (oil, gold, silver , grains and crops ).

Hedging against currency risk

Currency risk is part of every business with foreign counterparties. It effects both big corporations and individual investors. We are specialists in managing and limiting currency risks.

Basic hedging operations:

Currency option - a financial product that gives the right but not the obligation of the customer for currency exchange (buying or selling) a predetermined exchange rate at a future date.

Currency option compensates the option premium -  financial product, limiting the possible fluctuation of the exchange rate in a predetermined range without paying a separate premium by the client (the client’s costs for a purchase at a fixed lower boundary offset with the sale at the upper limit of the bank).

Forward foreign exchange contracts - financial product which with the client signs a contract for purchase / sale of foreign currency at a future date and at exchange rate, fixed at the time of signing the contract.

Forex trading by a bank account (real delivery), cash-desk (real delivery) and on margin.

We are leader in providing forex trading on margin account for professional currency dealers or speculative minded investors seeking quick profits at higher levels of risk.

Agricultural commodity price hedging

Farmers can insure themselves against changes in the commodity prices.

Due to the globalization of the markets the prices of agricultural commodities in Bulgaria are equalizing with those on the global markets. This high correlation of prices allows to hedge using financial instruments on the global markets.

Hedging is highly effective method for managing and eliminating the risk of changing agricultural commodity prices. Each producer could predetermine the selling price for their products long before the harvest and thus he can predict his profits.

You can hedge the risk by:

- Options

Options are financial instruments with a predefined level of risk. They allow you to buy (call option) or sell (put option) a particular agricultural commodity (corn, wheat, sugar, cocoa, soybeans, coffee) at a predetermined price on a specific date. The buyer of the option pays a premium to the seller of the option. The option buyer may decide to exercise his right to buy or sell goods depending on whether the current market price is better for him than the predetermined option price. In this way the loss on the position is limited to the paid.

- Futures contracts

Futures are financial derivative that allows you to hedge the risk of changes in the price of the underlying asset of the contract. Futures contracts are an agreement to buy or sell a particular commodity at a fixed price on a specified date and this commitment is irrevocable.


Forward Exchange Contract – Financial product which with the client signs a contract for purchase / sale of foreign currency at a future date and at exchange rate, fixed at the time of signing the contract. Financial product for purchase or sale of currency based on a pre-agreed exchange rate, amount and date in the future. The client enters into an irrevocable commitment to execute the deal.

Flexible Forward

Forward with the possibility of making partial payments on its performance during the period untill its expiration.
Financial product based on a fixed exchange rate, agreed nominal value and end date until which the mutual obligations must be executed, allowing the client for partial transactions until the full execution of the forward commitment.



Forward Plus

Forward Plus - Forward deal, providing an opportunity to benefit from the favorable movements in the exchange rate to a certain barrier by taking the risk of switching it.
Financial product for protection against currency risk and opportunity to participate in a favorable movement in the exchange rate to a certain barrier.


Investment consulting

We have a vision for our future and we know where we want to be in 5 years. For some people this means a lot. We believe you need a reliable partner, a wide range of solutions and opportunities and highly individualized approach.

Investment advise

You should be familiar with all the potential risks and benefits of taking an investment and the refusal of any alternative.

We can assist you in making a decision about:


  • Trading shares, bonds and other financial instruments.
  • Evaluation of international investment projects and companies.
  • Fundamental and economic analysis of individual companies, sectors and whole economies.
  • Trading on margin.
  • Choice of arbitrary, investment and speculative strategies.
  • Portfolio diversification on regional, business or others principal.
  • Hedging against inflation and changes in the commodity prices and the exchange rates.

Financial planning

By analyzing your current income and expenses, goals and needs will help you to manage your future better. This way you can achieve better welfare for you and your family.

If you hesitate:

• how to choose a credit;
• how to choose an insurance policy;
• which pension fund to choose ;
• where to invest your savings according to your risk, age and professional profile;

Whether you are trying to make a decision about pension funds, insurance, savings, credit and/or specialized investment products or you just want to talk about your future goals and desires in financial terms, do not hesitate to contact us.

Please contact us to discuss your individual needs. Welcome to our office, use the contact form (click here) or just call us!

Speculative investment

Looking for a short-term and medium-term profit opportunities from the changes in the prices of financial instruments? We have the right solutions and products for you.

Markets often provide profit opportunities especially after large price changes. The stock market of 2008 provided good opportunities for speculative profits. Markets provide opportunities for profit every day (with a certain level of risk).



Asset Management

Asset management

Individual portfolio for every client

Asset management

Bull Trend Brokerage Ltd. provides its clients with individual services related to the management of the clients funds by investing in various types of financial instruments (shares, government and corporate bonds, money market instruments, options, forwards and futures on various financial instruments). The service is designed for customers who prefer to use the services of a professional investor whose primary occupation is to choose investments with favorable risk/earnings ratio relative to the customer’s requirements for risk and return. Customers are free to decide the scope of their investments by restricting certain types of financial instruments in their portfolio (Annex to the contract).
According to the risk level of the client's portfolio and according to the investment objectives individual client portfolios can be:
Aggressive profile

Aggressive profile

Up to 90% of the funds are invested in equities primarily traded on a regulated market. The corresponding stock index will be used as a yield on the portfolio.

Balanced profile

Balanced profile

Up to 60% of the funds are invested in equities and 40% in debt instruments. The yields is formed as a combination of a stock index and the 12-month EURIBOR + 2% depending on the weights of the two types of financial instruments in the client portfolio

Conservative profile

Conservative profile

The funds are invested primarily in corporate and government-guaranteed bonds and as the yield is the 12-month EURIBOR + 2%.


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