Azerbaijan and Georgia freeze integration of currency exchanges
Azerbaijan, Baku, September 29 / Trend I. Khalilova /
The idea on establishment of financial center has been frozen. It has been discussed by Baku and Tbilisi inter-bank currency exchanges since 2007, manager of Baku inter-bank currency exchange, Farhad Amirbayov, said on September 29.
"The reason was information about freezing of Tbilisi exchange's activity. This information was spread in the first half of June, Amirbayov said.
I think that transfer of auctions with Tbilisi exchange's currency to foreign trading system - Bloomberg, is wrong decision. Certainly, it is necessary to develop financial system in local trading systems.
He does not rule out opportunities to consider integration with markets of neighboring countries. But commensurable markets are necessary for it.
"I do not believe in equal partnership of small and large markets as it causes absorption not cooperation," Amirbayov said.
Integration of trade systems of Azerbaijani and Georgian national exchanges would allow commercial banks to operate with liquidity not only within their countries but conduct inter-state transactions.
Joint annual cooperation program was prepared on the basis of the protocol of cooperation signed with Tbilisi Interbank Currency Exchange in 2007. Exchanges had to prepare their proposals to integrate trading systems upon this program by late 2008.
It does not deal with creation of dominating center but integrated trade system. It had to support operations at their national markets in the same interface simultaneously, as well as allow operators from one market to conduct operations at the other market.
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