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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010BAKU INTERBANK CURRENCY EXCHANGEFarkhad AmirbekovGeneral ManagerI assure that dynamical growth of theAzerbaijan economy and development of anexchange infrastructure will promote thefurther growth of appeal of the financialmarket of the country.The dynamic growth of the Azerbaijan economyincreases in the credit ratings and the subsequentarrival of large investors, promoting the furtherdevelopment of the financial infrastructure of thecountry. Today the BBVB takes a central role inthe infrastructure of the Azerbaijan capital market,integrating on a uniform technological platformtrading and settlement systems. I am sure thatthe dynamic growth of the Azerbaijan economyand development of the exchange infrastructurewill promote further growth and the appeal of thefinancial market of the country.In the near future, BBVB plans to introduce newtechnological ideas, new financial tools andservices for clients. We will continue to work onperfection of a technological infrastructure for theexchange and a risk control system. The maingoal for the exchange innovations is not only theservice of currency transactions of banks but alsowhich is very important for us, that the exchangemarket has begun to play more significant role inthe banking system. Therefore I especially wouldlike to allocate such projects, as a start of themarket for currency swaps. The main objective inthe development of the exchange currencymarket, consists in increasing its appeal for theexpansion of a number of the interconnectedtools. We make plans, proceeding from necessityto correspond with the world standards both ontechnologies and on a spectrum of offered toolsand services. For this purpose, all of ourperspective projects are subjected to these samestandards.It is obvious that, creation of a uniform exchangecentre in the region will provide not only closeintegration of Azerbaijan into the world market,but also will give stability to the country’s financialsystem. And here, the importance of theexchange market as the infrastructural element ina financial system, consists in the performance ofa variety of unique functions, realized by otherinstitutes either impossible, or inconvenient. Isincerely hope that realization of these plans willallow us strengthen our positions, rendering bestpractices level service to our trade participants.This will lead the BBVB to be the base player increating a world class regional financial centre.HISTORY AND DEVELOPMENTCentral Bank of Azerbaijan and the four biggeststate banks of Azerbaijan Republic founded theBaku Interbank Currency Exchange (BakiBanklarasi Valyuta Birjasi- BBVB) on 26 July 1993and this year it marks a decade from the momentof starting its activities in the financial market.Becoming one of the central financial institutions ofthe country since the beginning, BBVB is today anoriginal symbol for the economic reforms in publicbusiness of Azerbaijan. Using the advancedinformation technologies, based on successfulexperience in the creation of the universal tradingplatforms, BBVB became the largest exchangeinstitute in the Caucasian region, by volumes oftrades and number of financial tools.The objectives of the BBVB are as follows:• to set up regular exchange trading to carry outcurrency operations;• to determine the market exchange rate of theAzerbaijan currency (manat) to foreign currencies;• to create a mechanism for inter-statesettlements;• to maintain management and informationservices for currency operations;• to settle transactions made at the BBVB both innational and foreign currencies;• to organize and carry out exchange trading andauctions with interbank credits;• to conduct exchange trading with futures.MAJOR HISTORICAL DATES18 October 1991 Declaration of Independence ofthe Azerbaijan Republic15 August 1992 Putting in circulation nationalcurrency–Manat21 June 1993 Establishment of the BBVB26 August 1994 Beginning of regular exchangetrading in the currency market31 March 1995 First credit auction of the NationalBank at the BBVB20 September 1996 First T-bill auction22 January 1997 First exchange trading in theBBVB Stock Department5 May 1997 The beginning of preparation of thefirst rating estimations of banks1 July 1997 Creation of the first exchange site30 August 1997 Beginning of trading in theOrganized Interbank Currency Market (OICM)25 September 1997 First trading in the OICM bymeans of universal trading e-network of the BBVB17 December 1997 Corresponding emergingmarket membership status in WFE6 March 1998 Signing in Baku Protocol oncooperation of BBVB with Istanbul Stock Exchange2 October 1998 Full member of <strong>FEAS</strong> (Istanbul)24 February 1999 Membership in the AzerbaijanCommercial Chamber (Baku)14 December 1999 Membership in the AzerbaijanCommercial Banks Association (Baku)20 April 2000 Co-founder and membership in theInternational Association of CIS Exchanges(Moscow)3 July 2001 Signing in Moscow Arrangement onstrategic cooperation of BBVB with MICEX(Moscow Interbank Currency Exchange)27 March 2002 Start of e-system of trades onInterbank credits–the Organized Interbank CreditMarket8 July 2002 Creation of the commission on tradinglimits9 July 2002 Start of Bourse E-System of Trades(BEST)24 November 2003 Signing in Almaty agreementon mutual cooperation of BBVB with KASE(Kazakhstan Stock Exchange)16 June 2004 Signing in Baku agreement onmutual cooperation of BBVB with BSE (BulgarianStock Exchange)31 August 2004 Registration of index AzeriREIdeveloped by experts BBVB16 June 2005 Start of the tool-currency swap inBourse E-system of trade (BEST)1 January 2006 Technical transition of BESTsystem for using denominated manat14 August 2007 Signing in Baku agreement onmutual cooperation of BBVB with TICEX (TbilisiInterbank Currency Exchange)28 February 2008 Signing in Moldova agreementon mutual cooperation of BBVB with MOLDSE(Moldova Stock Exchange)FUTURE OUTLOOK• Development of settlement and clearingservices, in particularly software for managementof banks trading limits on money and the currencymarkets;• Improvement of the risk management system inrealization of clearing operations;• Further increasing professional skills ofExchange’s personnel;• Development of modern corporate governanceprinciples;• Development of Internet–technologies ande–commerce;• Intensification of activity in organized interbankmoney market.PAGE 54
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010BAKU INTERBANK CURRENCY EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJul-09 0.00 0.00 0.00 0.00Aug-09 0.00 0.00 0.00 0.00Sep-09 0.00 0.00 0.00 0.00Oct-09 0.00 0.00 0.00 0.00Nov-09 0.00 0.00 0.00 0.00Dec-09 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00BondsJul-09 0.00 0.00 0.00 0.00Aug-09 0.00 0.00 0.00 0.00Sep-09 0.00 0.00 0.00 0.00Oct-09 0.00 0.00 0.00 0.00Nov-09 0.00 0.00 0.00 0.00Dec-09 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00OtherJul-09 69.02 3.00 0.07 0.00Aug-09 57.33 2.73 0.06 0.00Sep-09 65.35 3.27 0.07 0.00Oct-09 68.64 3.12 0.07 0.00Nov-09 128.64 6.77 0.13 0.01Dec-09 211.70 10.08 0.21 0.01TOTAL 600.69 4.83 0.60 0.00MarketCapitalization(US$ millions)IndexMONTHLY OTHER VOLUME(US$ millions)5-YEAR OTHER VOLUME(US$ millions)Jul-09 n/a n/aAug-09 n/a n/aSep-09 n/a n/aOct-09 n/a n/aNov-09 n/a n/aDec-09 n/a n/a250200150100503,0002,5002,0001,5001,00050000Jul Aug Sep Oct Nov Dec 05 06 07 0809CONTACT INFORMATIONContact Name Ms. Aynur Bayramli E-mail aba@bbvb.org Website www.bbvb.org* Please refer to page 58 for the Azerbaijan country report.PAGE 55
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