JUNE 2013 - FEAS

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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013 BAKU INTERBANK CURRENCY EXCHANGE Farkhad Amirbekov General Manager I am sure that dynamic growth of the Azerbaijan economy and development of an exchange infrastructure will promote the further growth of appeal of the financial market of the country. The dynamic growth of the Azerbaijan economy increases in the credit ratings and the subsequent arrival of large investors promote the further development of the financial infrastructure of the country. Today the BBVB takes a central role in the infrastructure of the Azerbaijan capital market, integrating on a uniform technological platform trading and settlement systems. I am sure that the dynamic growth of the Azerbaijan economy and development of the exchange infrastructure will promote further growth and the appeal of the financial market of the country. In the near future BBVB plans to introduce new technological ideas, new financial tools and services for clients. We will continue to work on perfection of a technological infrastructure for the exchange and a control system of risks. The main objective of exchange innovations is not only the service of currency transactions of banks but for us it is very important, that the exchange market began to play more significant role in the banking system. Therefore I especially would like to allocate such projects, as the start of the market for currency swaps. The main objective of development of the exchange currency market consists in the increase of its appeal in the expansion of a number of the interconnected tools. We make plans, proceeding from necessity to correspond to the world standards both on technologies and on a spectrum of offered tools and services. For this purpose all of our perspective projects are subjected to these same standards. It is obvious that creation of a uniform exchange centre in the region will provide not only close integration of Azerbaijan into the world market, but also will give the stability to the country’s financial system. And here the importance of the exchange market as infrastructural element of a financial system consists in performance of a variety of unique functions, of which realization by other institutes either is impossible, or is inconvenient. I sincerely hope that realization of these plans will allow us to strengthen our positions, rendering best practices level service to our trade participants. This will lead the BBVB to become a basis for the creation of a world class regional financial centre. HISTORY AND DEVELOPMENT Central Bank of Azerbaijan and the four biggest state banks of Azerbaijan Republic founded the Baku Interbank Currency Exchange (Baki Banklarasi Valyuta Birjasi- BBVB) on 26 July 1993 and this year it marks decade from the moment of the beginning of activity in the financial market. Becoming from the beginning of the activity one of the central financial institutions of the country, BBVB is today for the business public of Azerbaijan an original symbol of economic reforms. Using the advanced information technologies and being based on successful experience in the creation of the universal trading platforms, BBVB by volumes of trades and number of financial tools became the largest exchange institute in the Caucasian region. Main historical dates 18 October 1991 Declaration of Independence of the Azerbaijan Republic 15 August 1992 Putting in circulation national currency - Manat 21 June 1993 Establishment of the BBVB 26 August 1994 Beginning of regular exchange trading in the currency market 31 March 1995 First credit auction of the National Bank at the BBVB 20 September 1996 First T-bill auction 22 January 1997 First exchange trading in the BBVB Stock Department 5 May 1997 The beginning of preparation of the first rating estimations of banks 1 July 1997 Creation of the first exchange site 30 August 1997 Beginning of trading in the Organized Interbank Currency Market (OICM) 25 September 1997 First trading in the OICM by means of universal trading e-network of the BBVB 17 December 1997 Corresponding emerging market membership status in WFE 6 March 1998 Signing in Baku Protocol on cooperation of BBVB with Istanbul Stock Exchange 2 October 1998 Full member of FEAS (Istanbul) 24 February 1999 Membership in the Azerbaijan Commercial Chamber (Baku) 14 December 1999 Membership in the Azerbaijan Commercial Banks Association (Baku) 20 April 2000 Co-founder and membership in the International Association of CIS Exchanges (Moscow) 3 July 2001 Signing in Moscow Arrangement on strategic cooperation of BBVB with MICEX (Moscow Interbank Currency Exchange) 27 March 2002 Start of e-system of trades on Interbank credits - the Organized Interbank Credit Market PAGE 24
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013 BAKU INTERBANK CURRENCY EXCHANGE 8 July 2002 Creation of the commission on trading limits 9 July 2002 Start of Bourse E-System of Trades (BEST) 24 November 2003 Signing in Almati agreement on mutual cooperation of BBVB with KASE (Kazakhstan Stock Exchange) 16 June 2004 Signing in Baku agreement on mutual cooperation of BBVB with BSE (Bulgarian Stock Exchange) 31 August 2004 Registration of index AzeriREI developed by experts BBVB 16 June 2005 Start of the tool - currency swap in Bourse E-system of trade (BEST) 1 January 2006 Technical transition of BEST system for using denominated manat 14 August 2007 Signing in Baku agreement on mutual cooperation of BBVB with TICEX (Tbilisi Interbank Currency Exchange) 1 May 2008 Start of the settlement - trading system of BEST 28 February 2008 Signing in Moldova agreement on mutual cooperation of BBVB with MOLDSE (Moldova Stock Exchange) 21 October 2009 Introduction of the new tool in the Organized Interbank Money Market FUTURE OUTLOOK 2012 • Development of settlement and clearing services, in particularly software for management of banks trading limits on money and the currency markets; • Improvement of the risk management system in realization of clearing operations; • Further increasing professional skills of Exchange’s personnel; • Development of modern corporate governance principles; • Development of Internet-technologies and e-commerce; • Intensification of activity in organized interbank money market. CONTACT INFORMATION Contact Name Ms. Gunay Dadashova E-mail dgd@bbvb.org Website www.bbvb.org PAGE 25
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JUNE 2013 - FEAS

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