BSE launches its own platform for trading FOREX
Azerbaijan, Baku, Oct. 7 /Trend, A. Akhundov /
Invest-AZ Ltd. has become the first provider of liquidity in trading FOREX and Contract for difference (CFD) via the Baku Stock Exchange (BSE).
A corresponding agreement was signed on Monday by the company's head Elshan Guliyev and Chairman of the BSE Board Emin Muradov.
Previously, the BSE acquired the right to use the MetaTrader 4 platform and grant such rights to third parties. The trading platform, provided by BSE, sets new standards of FOREX trading in Azerbaijan. This innovation was met with interest on the international financial markets.
"Previously, any structure, intending to provide FOREX services, had to sign a contract with a partner abroad and work with it under the White Label Scheme. Azerbaijani banks were to provide customers with another company's platform under their own brand. Now, BSE will also be able to provide such services. Each bank will be able to use the BSE platform under its own brand. Our company will act as a liquidity provider. We have been working in this field for over 10 years and we have the necessary technologies," Guliyev told Trend.
According to him, cooperation with BSE will be profitable for the banks.
"This will be profitable for local banks and will ultimately affect the conditions for retail customers. Those conditions that will be offered by banks, is their own business. Our goal is to create single quotations, and technologies have already been created for this. We have already begun discussions with professional market participants, and received positive reviews. All negotiations with banks will be completed in the coming month," Guliyev said.
At the first stage, Invest-AZ will provide buying and selling quotations on 48 currency pairs and three CFDs. Calculations on the transactions will be carried out in the country. All quotations will be provided 24 hours a day, five days a week.
Invest-AZ became a member of the BSE on September 23, and a shareholder of the exchange on September 17.
Invest-AZ was created on January 11, 2006 and has licenses for dealer and brokerage activities. The company is also a shareholder of the Istanbul Stock Exchange.