Fundamental changes expected at Azerbaijani securities market
Azerbaijan, Baku, Nov 22 /Trend A.Akhundov/
The State Securities Committee (SSC) of Azerbaijan expects fundamental changes after the new law on the capital markets, chairman of SSC Rufat Aslanli told reporters on Thursday.
"Implementation of the state program on development of securities is being carried out. Primary activity in the legislative sphere was to prepare a draft law on the capital markets. Discussions of the draft in the government are nearing completion and it will be submitted to the Parliament in the next few days," Aslanli said.
He noted that the work on the development of regulations is being carried out at the same time.
"As for the architecture of the market, trade systems simplifying, the design and reducing of the transaction documents, the establishment of electronic links between Baku Stock Exchange (BSE) and the clearing settlement systems can significantly reduce the time for transactions of purchase and sale of securities and to carry out then online. Innovations in the field of investor protection have already provided increase in the dynamics of demand excess over the growth rate of new tools. It is reflected in the number of transactions in the market. The number and volume of transactions rose by about 35 percent on the BSE within 10 months, compared to the same period last year. This trend is observed both in the stock market and the debt market," Aslanli said.