Post-trade-institute to be established in Azerbaijan
The functions of the state securities depositary were transferred to the National Depository Center (NDC) of Azerbaijan, the State Committee for Securities (SCS) reported.
The calculating and clearing functions on operations with securities, which were previously included into the responsibility of Baku Stock Exchange (BSE), were also transferred to the NDC.
The measures are taken within the framework of creation of a single post-trade-institute, which is envisaged for the purposes of institutional development of securities market.
"On Aug. 22, 2013 the NDC was granted a special license for the clearing activities for a period of five years. Besides the legal, technical and organizational measures for transfer of BSE's functions to the NDC on clearing and calculation on securities, as well as keeping the government securities market was completed," the report said.
These measures have been taken within the framework of the World Bank project on modernization of capital markets, as well as an action plan aimed at creating a single depository system of corporate securities and optimization of clearing processes under the State program for development of the securities market in Azerbaijan in 2011-2020.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!