Azerbaijan, Baku, Sept. 28 / Trend N.Ismayilova /
About 99 percent of securities issued currently in Azerbaijan are uncertificated creating opportunities for an active trade on organized markets, the head of the Azerbaijani State Securities Committee, Rufat Aslanli, has said in an interview with the media.
"Is should be noted that the process of uncertification of securities is very time-consuming even on markets with a long history of development, which does not positively impact the development of these markets," Aslanli said.
He said Azerbaijan plans to conduct a series of reforms to ensure the effectiveness and safety of activities by improving the role and position of existing market institutions.
It is also planned to implement measures to create investment companies with professional personnel potential, effective operational management systems, adequate financial resources, and offering integrated financial services to investors and issuers.
The total turnover of the Baku Stock Exchange (BSE) rose from 4.1 percent of GDP to 9.6 percent of GDP in 2005-2009, Aslanli said. During this period, turnover of BSE has increased by 6.4 times, including trading volume in government bonds by 9.7 times and the volume of transactions in corporate bonds by 23.3 times.