Azerbaijan, Baku, Sept. 9 /Trend E. Aliyev/
The functions of the state securities depositary have been transferred to the National Depository Center (NDC) of Azerbaijan, a report of Azerbaijan's State Committee for Securities (SCS) said on Monday.
According to the report the calculating and clearing functions on operations with securities, which were previously included into the responsibility of Baku Stock Exchange (BSE) have been also transferred to the NDC.
The measures are taken within the framework of creation of a single post-trade-institute, which is envisaged for the purposes of institutional development of securities market.
"On August 22, 2013 the NDC was granted a special license for the clearing activities for a period of five years. Besides the legal, technical and organizational measures for transfer of BSE's functions to the NDC on clearing and calculation on securities, as well as keeping the government securities market was completed," the report said.
These measures have been taken within the framework of the World Bank project on modernization of capital markets, as well as an action plan aimed at creating a single depository system of corporate securities and optimization of clearing processes under the State program for development of the securities market in Azerbaijan in 2011-2020.
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