The National Depository Center (NDC) plans to establish a network of branches in Nakhchivan, Ganja and Lenkoran in 2006-2007 with support from the Islamic Bank for Development. First of all the center of the network will be established in Nakhcivan this year, Trend reports quoting Bakhtiyar Azizov, the present of the NDC. The regulation of the new establishment is under development.
A structural unit of a founder of the NDC the State Committee on Securities has been established in NAR. At present work over the establishment its activities as a regulator of the securities market in NAR is underway. The plans of the Depository Center also include the opening of a correspondence account at the Russian Rozbank and the relevant talks are currently being held.
The management of the NDC also noted the positive dynamic observed in the work of the center in 2005. In this period 7,259 deals on purchase of shares have been registered on 28,414, 603 shares with the total amount of 49.8m AZN. Last year the number of deals grew 1.05 times and the number of shares 1.04 times.
The number of privatization options used in 2005 constituted 50 and now 17.5 million shares are in circulation.
Last year the NDC registered 64 contracts on confirmation of securities, 34 of them were removed from the register in connection with the implementation of the liabilities. According to Azizov, the number of shares used as securities for security liabilities, has attained 14 million.
With respect to ensure information security new standards on the application of register of owners of securities and arrangement of the depository activities were designed last year. Later software will be deigned on the base of standards.