Azerbaijan, Baku, 31 May /corr. Trend I.Khalilova / The GUAM participating countries ( Georgia, Ukraine, Azerbaijan and Moldova) are interested in establishing a single stock exchange, but for efficiency, firstly the national stock exchanges should be improved.
The President of Association of Banks of Ukraine, Alexander Sugonyak, said during conference 'Development strategy of GUAM' in Baku that the stock markets of the countries are still weak and it needs to coordinate their activities, devising single principles. Due to institutional problems, today the portfolio of securities in assets of the Ukrainian banks makes up 5-7%.
"At this stage, the representatives of stock exchanges may co-operate," Sugonyak said.
According to the President of Association of Banks of Georgia, Zurab Gvasalia, the countries may begin studying integration of stock exchanges. Currently this initiative is actively discussed between Azerbaijan and Georgia. He considers this activity direction very interesting. Meeting of heads of stock exchanges of Georgia, Ukraine, Azerbaijan and Moldova may be organized for development of co-operation.
Head of Association of Banks of Moldova, Dimitry Ursu, suggests to firstly organize listing of the companies in stock exchanges of the countries to develop co-operation between them.
"Yet the stock markets of GUAM countries are small and the integration should firstly take place in each country," said the Head of Association of Banks of Azerbaijan, Eldar Ismaylov. However, one of the targets of Coordination Council of the Bank Associations will be to ensure co-operation of stock and currency exchanges.
Representative of the National Bank of Azerbaijan, Rashad Orujov, supported necessity to develop stock exchanges with their onward integration. Today the key players of securities market of Azerbaijan are banks which firstly organized issuance of corporate bonds and sale of shares via exchanges.
"The GUAM countries should obtain certain level in order to ensure development for efficiency of integration of markets of GUAM countries," Orujov said.
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