Korea Stock Exchange to supply information system for Azerbaijani capital market
Baku, Azerbaijan, Jan.16
By Huseyn veliyev - Trend:
Korea Stock Exchange will install information system on the Baku Stock Exchange (BSE) consisting of subsystems for control of the market, trade and post trade subsystems for capital markets, said a message posted on the website of the State Procurement Agency of Azerbaijan.
It is reported that the contract is worth $5,546 million.
The introduction of direct trade and post trade processing principles on the capital market of Azerbaijan is envisaged in the state program of development of the securities market for 2011-2020.
The chairman of BSE board Fariz Azizov told Trend earlier on Jan.14 that it is planned to complete the process of introduction of an integrated electronic platform for the participants of the securities market of Azerbaijan until late 2015 - early 2016.
Financing of the works is carried out within the framework of the agreement of the government of Azerbaijan and the World Bank (WB) for the modernization of the capital market in the country.
WB Board of Directors in March 2011 approved a loan of $12 million. The project is funded by the International Bank for Reconstruction and Development (IBRD, part of the WB), granted for 15 years with a grace period of 3 years (with fixed spread).
Korean Stock Exchange is the largest stock exchange in the world by volume of transactions with derivatives, and one of the twenty largest stock exchanges in terms of market capitalization.
BSE was established February 15, 2000. To date, the stock exchange has 20 shareholders and 13 members.
Follow the author on Twitter: @h_veliyev