Azerbaijan, Baku, Nov. 13 / Trend , N.Ismayilova/
The Azerbaijani State Committee for Securities (SCS) will make the first stock exchange index increase after activating listings on the Baku Stock Exchange (BSE), State Committee Chairman Rufat Aslanli said at a news conference at the headquarters of the ruling New Azerbaijan Party (NAP) today.
"New listing rules at the BSE, which provide more realistic conditions to offer securities on the stock market, have already been applied and are now being negotiated with potential issuers," said Aslanli.
He added that the SCS aims to include companies in the BSE listings and ensure the liquidity of their securities to stimulate demand and supply. Presumably, the company listings will take place in mid-2010, as gathering the required documents demands at least a year.
"The next step can become the preparation of the stock index. We believe the preparation of the index will send the right signal to interested parties, namely, companies representing the financial sector, ICT sector, and food production, retail trade and health sectors," said Aslanli.
He added that the BSE is negotiating with 20 companies as potential issuers.
Measures have been taken to automate the trading infrastructure and guarantee the effective functioning of the country's securities market. The BSE is using an e-trading system that allows brokers and dealers to trade in electronic format.
"More than 99 percent of securities in currency have been issued in electronic form - in the form of book-entry stocks - and are kept in the depository system," Aslanli said. "The total amount of securities kept in the National Securities Depository Center tops 3.5 billion manat."
He said trading on the exchange using these papers requires electronic communication between the depository and exchange center, which was already established this year.
On Nov. 13, the official exchange rate is 0.803 manat to $1.
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