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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 BAKU INTERBANK CURRENCY EXCHANGE Farkhad Amirbekov General Manager of BBVB One more important mission, which has had a long preparation is the gradual transformation of Baku as the financial center of region. In my opinion, for this purpose there are many preconditions. The BBVB work is directed toward becoming an integrated part of a market economy and in particular the development of the financial market of Azerbaijan. Today, BBVB is focused on the development of international links for the accelerated development of the Azerbaijan financial market. One of the most important directions of this development is through the BEST trading system which allows for electronic trade for the monetary needs of the market. The introduction of “a currency swap” operation has given banks the new tool of management for working with current liquidity. The BBVB aspires to increase, first of all, the number of participants in trading, the quantity of trading financial tools all the while trying to develop technical opportunities in trading and clearing systems. The BBVB gives special importance to realize the complex strategy of corporate management in conditions of the impressive economic growth of Azerbaijan and further the increase in demand for financial services. One more important mission, which has had a long preparation is the gradual transformation of Baku as the financial center of region. In my opinion, for this purpose there are many preconditions. HISTORY AND DEVELOPMENT The 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 marks a 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, the 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, the BBVB by volumes of trades and number of financial tools became the largest exchange institute in the Caucasian region. The purposes of the BBVB are as follows: • to set up regular exchange trading to carry out currency operations; • to determine the market exchange rate of the Azerbaijan currency (manat) to foreign currencies; • to create a mechanism for inter-state settlements; • to maintain management and information services for currency operations; • to settle transactions made at the BBVB both in national and foreign currencies; • to organize and carry out exchange trading and auctions with interbank credits; and • to conduct exchange trading with futures. MAJOR HISTORICAL DATES October 18, 1991 Declaration of Independence of the Azerbaijan Republic August 15, 1992 Putting in circulation national currency–Manat June 21, 1993 Establishment of the BBVB August 26, 1994 Beginning of regular exchange trading in the currency market March 31, 1995 First credit auction of the National Bank at the BBVB September 20, 1996 First T-bill auction January 22, 1997 First exchange trading in the BBVB Stock Department August 30, 1997 Beginning of trading in the Organized Interbank Currency Market (OICM) September 25, 1997 First trading in the OICM by means of universal trading e-network of the BBVB December 17, 1997 Corresponding emerging market membership status in FIBV March 6, 1998 Signing in Baku Protocol on cooperation of BBVB with Istanbul Stock Exchange October 2, 1998 Full member of <strong>FEAS</strong> (Istanbul) February 24, 1999 Membership in the Azerbaijan Commercial Chamber (Baku) December 14, 1999 Membership in the Azerbaijan Commercial Banks Association (Baku) April 20, 2000 Co-founder and membership in the International Association of CIS Exchanges (Moscow) July 3, 2001 Signing in Moscow Arrangement on strategic cooperation of BBVB with MICEX (Moscow Interbank Currency Exchange) March 27, 2002 Start of e-system of trades on Interbank credits-the Organized Interbank Currency Market July 9, 2002 Start of Bourse E-System of Trades (BEST) November 24, 2003 Signing in Almati agreement on mutual cooperation of BBVB with KASE (Kazakhstan Stock Exchange) June 2004 Signing in Baku agreement on mutual cooperation of BBVB with BSE (Bulgarian Stock Exchange) June 16, 2005 Start of the tool-currency swap in BEST FUTURE OUTLOOK In 2006, the BBVB plans the: • modernization and reorganization of the BBVB website; • development of settlement and clearing services, in particular software for management of banks trading limits on credit and the currency markets; • improvement of the risk management system in the realization of clearing operations; • development of internet-technologies and e-commerce; • further increasing of professional skills of Exchange’s personnel; • development of modern corporate governance principles; • introduction of the International system in field of GAAP (General Accepted Accounting Principles); • introduction of a new financial instruments; • implementation of a new trading system; and • expansion of external contacts with international and regional organizations. 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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 BAKU INTERBANK CURRENCY EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jan-06 n/a n/a n/a n/a Feb-06 n/a n/a n/a n/a Mar-06 n/a n/a n/a n/a Apr-06 n/a n/a n/a n/a May-06 n/a n/a n/a n/a Jun-06 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Bonds Jan-06 n/a n/a n/a n/a Feb-06 n/a n/a n/a n/a Mar-06 n/a n/a n/a n/a Apr-06 n/a n/a n/a n/a May-06 n/a n/a n/a n/a Jun-06 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Other Jan-06 73.0 4.3 0.07 0.004 Feb-06 46.3 2.3 0.05 0.002 Mar-06 70.8 3.5 0.07 0.004 Apr-06 91.5 4.6 0.09 0.005 May-06 34.5 1.6 0.03 0.002 Jun-06 136.1 6.8 0.14 0.01 TOTAL 452.2 0.18 0.45 0.0002 Market Capitalization (US$ millions) Index MONTHLY OTHER VOLUME (US$ millions) Stocks 5-YEAR STOCK VOLUME (US$ millions) Jan-06 n/a n/a Feb-06 n/a n/a Mar-06 n/a n/a Apr-06 n/a n/a May-06 n/a n/a Jun-06 n/a n/a 140 120 100 80 60 40 20 0 Jan Feb Mar Apr May Jun 1,200 1,000 800 600 400 200 0 2002 2003 2004 2005 2006 YTD CONTACT INFORMATION Contact Name Ms. Aynur Bayramli E-mail aba@bbvb.org Website www.bbvb.org PAGE 47
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