Azerbaijan, Baku, Nov 16 /Trend J.Nasibova/
Formation of a market-maker institute will contribute to further development of the securities market in Azerbaijan, BSE Chairman Emin Aliyev told reporters on Friday at a conference on the market-makers institute at BSE.
He said that one main direction of the state program for development of the 2011-2020 securities market was to stimulate supply and demand in the stock market, and that forming of a market-maker institute would be an important step in this direction.
"At the moment, there is already interest in acquiring the official status of market-maker," Aliyev said.
The event was attended by representatives of the Central Bank of Azerbaijan, State Committee for Securities, the Ministry of Finance, the National Depository Center, Pasha Holding and others.
On August 15, 2012, the Supervisory Board of Baku Stock Exchange adopted the exchange's market-making rules. The rules provide for establishment of the market-making institution and its regulation by the BSE.
Under the rules, the market-maker, a legal entity and member of the exchange, conducts the buying and selling of securities, based on signed contracts, through its own funds, setting them within the agreed BSE price band.