JUNE 2013 - FEAS
JUNE 2013 - FEAS
JUNE 2013 - FEAS
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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT <strong>JUNE</strong> <strong>2013</strong><br />
BAKU INTERBANK CURRENCY EXCHANGE<br />
Farkhad Amirbekov<br />
General Manager<br />
I am sure that dynamic growth of the<br />
Azerbaijan economy and development of<br />
an exchange infrastructure will promote<br />
the further growth of appeal of the<br />
financial market of the country.<br />
The dynamic growth of the Azerbaijan<br />
economy increases in the credit ratings and<br />
the subsequent arrival of large investors<br />
promote the further development of the<br />
financial infrastructure of the country. Today the<br />
BBVB takes a central role in the infrastructure<br />
of the Azerbaijan capital market, integrating<br />
on a uniform technological platform trading<br />
and settlement systems. I am sure that the<br />
dynamic growth of the Azerbaijan economy and<br />
development of the exchange infrastructure will<br />
promote further growth and the appeal of the<br />
financial market of the country.<br />
In the near future BBVB plans to introduce new<br />
technological ideas, new financial tools and<br />
services for clients. We will continue to work<br />
on perfection of a technological infrastructure<br />
for the exchange and a control system of risks.<br />
The main objective of exchange innovations is<br />
not only the service of currency transactions<br />
of banks but for us it is very important, that<br />
the exchange market began to play more<br />
significant role in the banking system. Therefore<br />
I especially would like to allocate such projects,<br />
as the start of the market for currency swaps.<br />
The main objective of development of the<br />
exchange currency market consists in the<br />
increase of its appeal in the expansion of<br />
a number of the interconnected tools. We<br />
make plans, proceeding from necessity to<br />
correspond to the world standards both on<br />
technologies and on a spectrum of offered<br />
tools and services. For this purpose all of our<br />
perspective projects are subjected to these<br />
same standards.<br />
It is obvious that creation of a uniform exchange<br />
centre in the region will provide not only close<br />
integration of Azerbaijan into the world market,<br />
but also will give the stability to the country’s<br />
financial system. And here the importance<br />
of the exchange market as infrastructural<br />
element of a financial system consists in<br />
performance of a variety of unique functions,<br />
of which realization by other institutes either is<br />
impossible, or is inconvenient.<br />
I sincerely hope that realization of these plans<br />
will allow us to strengthen our positions,<br />
rendering best practices level service to our<br />
trade participants. This will lead the BBVB to<br />
become a basis for the creation of a world<br />
class regional financial centre.<br />
HISTORY AND DEVELOPMENT<br />
Central Bank of Azerbaijan and the four biggest<br />
state banks of Azerbaijan Republic founded<br />
the Baku Interbank Currency Exchange (Baki<br />
Banklarasi Valyuta Birjasi- BBVB) on 26 July<br />
1993 and this year it marks decade from the<br />
moment of the beginning of activity in the<br />
financial market. Becoming from the beginning<br />
of the activity one of the central financial<br />
institutions of the country, BBVB is today for the<br />
business public of Azerbaijan an original symbol<br />
of economic reforms. Using the advanced<br />
information technologies and being based on<br />
successful experience in the creation of the<br />
universal trading platforms, BBVB by volumes<br />
of trades and number of financial tools became<br />
the largest exchange institute in the Caucasian<br />
region.<br />
Main historical dates<br />
18 October 1991<br />
Declaration of Independence of the Azerbaijan<br />
Republic<br />
15 August 1992<br />
Putting in circulation national currency - Manat<br />
21 June 1993<br />
Establishment of the BBVB<br />
26 August 1994<br />
Beginning of regular exchange trading in the<br />
currency market<br />
31 March 1995<br />
First credit auction of the National Bank at the<br />
BBVB<br />
20 September 1996<br />
First T-bill auction<br />
22 January 1997<br />
First exchange trading in the BBVB Stock<br />
Department<br />
5 May 1997<br />
The beginning of preparation of the first rating<br />
estimations of banks<br />
1 July 1997<br />
Creation of the first exchange site<br />
30 August 1997<br />
Beginning of trading in the Organized Interbank<br />
Currency Market (OICM)<br />
25 September 1997<br />
First trading in the OICM by means of universal<br />
trading e-network of the BBVB<br />
17 December 1997<br />
Corresponding emerging market membership<br />
status in WFE<br />
6 March 1998<br />
Signing in Baku Protocol on cooperation of<br />
BBVB with Istanbul Stock Exchange<br />
2 October 1998<br />
Full member of <strong>FEAS</strong> (Istanbul)<br />
24 February 1999<br />
Membership in the Azerbaijan Commercial<br />
Chamber (Baku)<br />
14 December 1999<br />
Membership in the Azerbaijan Commercial<br />
Banks Association (Baku)<br />
20 April 2000<br />
Co-founder and membership in the International<br />
Association of CIS Exchanges (Moscow)<br />
3 July 2001<br />
Signing in Moscow Arrangement on strategic<br />
cooperation of BBVB with MICEX (Moscow<br />
Interbank Currency Exchange)<br />
27 March 2002<br />
Start of e-system of trades on Interbank credits -<br />
the Organized Interbank Credit Market<br />
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