Three companies express interest in providing market maker services on BSE
Azerbaijan, Baku, Nov 16 /Trend J.Nasibova/
Three companies have expressed interest in providing market maker services on BSE, Baku Stock Exchange deputy chairman of board Vugar Namazov said. The first official market maker on the exchange is expected to appear before the end of the year.
The company is currently considering a draft agreement, studying all the positive and negative aspects, and the decision to be recognized as the official market maker will be made by the end this year, the representative of PASHA Capital said on Friday. The contract will specify which types of securities transactions will be carried out.
Market-based instruments are divided into two groups: the first group includes government bonds, short-term notes and bonds of the Central Bank of Azerbaijan Mortgage Fund, and the second group consists of the remaining securities.
There are two informal on BSE today: the Central Bank of Azerbaijan on short-term notes and bonds of the Azerbaijan Mortgage Fund and PASHA Bank (PASHA Capital) on corporate bonds Bakcell, UniBank and mortgage bonds.
The minimum size of the application for market makers per day is set at 1.5 million manat for the first group, 0.2 million manat - the second group.
Spread over the first group is set at three percent, the second - five percent. Discount to the last trading price of the instrument (security) is set at 20 percent for the first group and 40 percent - for the second.
Official exchange rate on November 16 is 0.7848 AZN/USD