Azerbaijan studies methodology of clearing and settlement of European depositories

Azerbaijan studies methodology of clearing and settlement of European depositories

Azerbaijan, Baku, July 24 / Trend, N. Ismayilova /

Representatives of the Azerbaijani National Depository Center (NDC) attended a workshop, held on July 4-8 in Athens, Greece, on the topic "Methodology for clearing and settlement", the NDC said in its report.

The training was prepared by the European Commission program TAIEX with the support of the Greek Hellenic Exchanges Group (Helex) and was devoted to the structure and functions of the Greek securities market, the services provided by the Greek depositories, stock exchange and clearing company, as well as standards, procedures and software of clearing and settlement.

The main purpose of the NDC representatives' visit was studying mutual relations between the central depositories and stock exchanges of the EU countries, the methodology of clearing and settlement of the European depositories. Particular attention was paid to the standards and EU legislation on clearing and settlement, regulatory transactions in with securities and funds in the EU.

Participants held several meetings with representatives of the central depository, stock exchange, as well as other professional securities market participants in Greece.

TAIEX program actively supports NDC projects to develop the infrastructure of securities market.

The NDC was established in Sept.18, 1997. Its founder and owner is the State Property Committee. After the establishment of the State Securities Committee, the NDC's shares were transferred to its property. In this regard, the NDC was reestablished by the SSC on Sept. 8, 1999 and registered by the state on Sept. 17, 1999.

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