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Azerbaijan to end institutionalization of stock market by late 2009: state committee's head

Business Materials 7 May 2009 14:49 (UTC +04:00)

Azerbaijan, Baku, May 7 / Trend , N.Ismayilova/

The Azerbaijan State Committee on Securities analyzed the country's securities market and revealed key directions on reforms and further actions, Chairman of the Azerbaijan State Committee on Securities (SCS) Rufat Aslanli said.

"We are expanding a legislative base on the securities field and finishing development of the bill on Investment Fund and amendments to the Civil Code on providing mortgage securities," Aslanli said.

Aslanli said it will give two impetus, first, it will create opportunities for institutional investors, as private investors in the country are not formed as a stratum. On the other hand, new tools - secured debt bonds will be created on the market.

"We have developed a new architecture which we imagine as an institutional form of the securities market and has launched a process to improve market structure, including organizing auctions on exchange, as well as a system of clearing and account," Aslanli said.

He said implementation of these processes will last by late 2009.

Exchange deals on all tools cost 2,189,880,000 manat in January-April 2009 and this figure is by 22.8 percent lower than the same period in 2008.

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