Azerbaijan, Baku, July 29 /Trend/
Baku Interbank Currency Exchange plans to launch a new version of the stock exchange electronic trading system supplemented with innovations for the development of money market, the official website of the stock exchange reported.
The "New version of money market will be launched for the 20th anniversary of Baku Interbank Currency Exchange and it will consist of four segments," the report said.
The first segment is where monetary indicators BakiBID, BakiBOR have been formed. The second segment is the segment of deposit auction, where commercial banks and insurance companies can participate. The third segment is the segment of the limited money market on placement and attraction of money. The fourth segment is the segment of insured money market.
The work on attraction of new participants - Azerbaijan's insurance companies - to the money market has been launched since April 2013. To date, agreements were reached with the insurance companies such as Atəşgah Sığorta, Buta Sığorta and Ata Sığorta, as well as, with the only reinsurance company in the country - AzRe.
The insurance companies are potential suppliers of money.
Currently, negotiations with non-bank credit organizations are conducted in order to attract them as the participants of the market too.
"This again proves that the BBVB electronic trading system has a sufficient potential for further improvement in terms of attracting of new participants, increasing the number of trading instruments, as well as the volume of conducted operations," the stock exchange reported.
Around 20 years of successful work in Azerbaijan's finance market has created a strong basis for further development of Baku Interbank Currency Exchange as the center of regional development.
Over 6,900 trade sessions have been conducted at the exchange, since its establishment. The total trade turnover of BBVB for July 1, 2013 amounted to nearly 15 billion dollar equivalent.
The creation of currency exchange in Azerbaijan was initiated by the country's National Bank and state credit agencies - International, Savings, Industrial-investment and Agro-industrial banks. Being a crucial part of the finance system, from the very beginning of its activity, BBVB was aimed at creating an organized currency market.
The expansion of the financial service spectrum further predetermined the principle of universality in formation of exchange platform. Among the implemented projects for the first time in the country in the stock exchange by BBVB and its shareholders, we can note the "Regulations on the procedure for maintenance and turnover of the emissions of Finance Ministry's short-term bonds (T-bills)", the regulations on completion regime of operations in BBVB stock department's share market sector, the approval of accounting standards for operations with securities, the establishment of a special commission on listing, first inter-bank credit auctions in money market, the launch of the universal trade- settlement exchange complex in currency market. The latter became the prototype of the stock exchange electronic trading system, launched by the exchange in 2002 for the first time in the Caucasus.