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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 BAKU INTERBANK CURRENCY EXCHANGE Farhad Amirbayov General Manager During the past year Baku Interbank Currency Exchange (BBVB) stopped using ”on floor” auctions because of changed conditions in the market. Further, after the installation of new software allowing BBVB to offer an electronic system for trading to all banks, we were then able to not only give the results of bargains, but also to support a screen interface of BEST (BBVB Electronic Trading System) in our native language. When speaking in reference to the development of the currency market in HISTORY AND DEVELOPMENT The Central Bank of Azerbaijan and the four largest state banks of the Azerbaijan Republic founded the Baku Interbank Currency Exchange (Baki Banklarasi Valyuta Birjasi - BBVB) on 26 July 1993. This year marks a decade since the beginning of activity in the financial market. Ever since the onset of the activities of this central financial institution, the BBVB has become an innovative symbol of economic reforms for the business public of Azerbaijan. Using advanced information technology and experiencing success in the creation of universal trading platforms, the BBVB, by volume of trade and number of financial tools, has become the biggest exchange in the Caucasian region. The purposes of the BBVB are to: • set up regular exchange trading to carry out currency operations; • determine the market exchange rate of the Azerbaijan currency (manat) to foreign currencies; • create a mechanism for inter-state settlements; • maintain management and information services for currency operations; • settle transactions made at the BBVB both in national and foreign currencies; • organize and carry out exchange trading and auctions with interbank credits; and • conduct exchange trading with futures. 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 PAGE 48 We are planning to offer the market this year a spectrum of tools, created on the basis of currency SWAP, which will help banks to operate in short-term liquidity in various currencies and currency positions. Azerbaijan, it is necessary to take into account the steady turnover growth of the interbank market and exchange segment. Growth of the currency market is not an event in and of its own; it is directly connected with the development of foreign trade. The major factors which influence such increases are the reduction of commissions, development of information technologies, introduction of new tools and reliability of calculation systems. BEST has sufficient technological potential for further development so as to attract participants, • 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 • 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 enetwork of the BBVB • 17 December 1997: Corresponding emerging market membership status in FIBV • 6 March 1998: Signing in Baku Protocol on cooperation of BBVB with Istanbul Stock Exchange • 2 October 1998: Full member of <strong>FEAS</strong> (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 Currency Market • 9 July 2002: Start of Bourse E-System of Trades (BEST) • 24 November 2003: Signing in Almaty 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). including non-residents in addition to increasing the number of tools to be used in conjunction with BEST and also to increase overall volume. We are planning to offer the market this year a spectrum of tools, created on the basis of currency SWAP, which will help banks to operate in short-term liquidity in various currencies and currency positions. FUTURE OUTLOOK In 2005 BBVB plans to: • modernize and reorganize BBVB Website; • develop settlement and clearing services, in particular software for management of bank trading limits on credit and the currency markets; • improve risk management system in realization of clearing operations; • introduce the tool that will enable currency swap in Bourse E-system of trade (BEST); • develop Internet-technologies and e-commerce; • increase professional skills of Exchange’s personnel; • develop modern corporate governance principles; and • introduce the International system of accounting in the field of GAAP (General Accepted Accounting Principles).
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 BAKU INTERBANK CURRENCY EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ Millions # Shares Millions Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume Stocks Jan-05 n/a n/a n/a n/a Feb-05 n/a n/a n/a n/a Mar-05 n/a n/a n/a n/a Apr-05 n/a n/a n/a n/a May-05 n/a n/a n/a n/a Jun-05 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Bonds Jan-05 n/a n/a n/a n/a Feb-05 n/a n/a n/a n/a Mar-05 n/a n/a n/a n/a Apr-05 n/a n/a n/a n/a May-05 n/a n/a n/a n/a Jun-05 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Other Jan-05 80.3 4.2 0.08 0.004 Feb-05 84.3 4.2 0.08 0.004 Mar-05 108.6 5.2 0.11 0.005 Apr-05 50.8 2.4 0.05 0.002 May-05 29.5 1.4 0.03 0.001 Jun-05 66.2 3.2 0.07 0.003 TOTAL 419.7 0.16 0.42 0.0002 Market Capitalization US$ Millions Index Jan-05 n/a n/a Feb-05 n/a n/a Mar-05 n/a n/a Apr-05 n/a n/a May-05 n/a n/a Jun-05 n/a n/a CONTACT INFORMATION MONTHLY OTHER VOLUME (US$ Millions) 120 100 80 60 40 20 0 Jan Feb Mar Apr May Jun Contact Name Ms. Aynur Bayramli E-mail info@bbvb.org Website www.bbvb.org 5-YEAR OTHER VOLUME (US$ Millions) 1,200 1,000 800 600 400 200 0 2001 2002 2003 2004 2005 1st half PAGE 49
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