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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 BAKU STOCK EXCHANGE Anar Akhundov President 2004 was marked by several important events in capital market of Azerbaijan such as, in January 2004 the first placement of corporate bonds took place at Baku Stock Exchange (BSE) and was followed by a number of other issues. Amendments made to the Civil Code caused significant growth of IPOs in the stock market as Decree of the National Bank of Azerbaijan for all private banks to increase the authorized capital to a certain limit by the end of 2004 has assisted the BSE to increase the volume of the stock market significantly. As the result total volume of corporate bonds issues made up HISTORY AND DEVELOPMENT The establishment of a stock exchange was a necessary step in the creation of a modern stock market in Azerbaijan. Due to its geopolitical location Azerbaijan is an important regional center of business activity. In this respect the availability of a stable and developed securities market plays a substantial role in the raising of investors' confidence in the economy of Azerbaijan and the region. The shareholders of the BSE are leading Azeri and foreign banks and investment companies. The share of one shareholder in the capital of BSE is equal to US$ 61,250. The supreme decision-making authority of the BSE is the General Shareholders Meeting. The trading floor of the BSE is equipped with 30 computerized trading stations, 18 of which belong to the shareholders of the Exchange. The other 12 are available for new members. Legal bodies (banks, investment funds, broker firms) involved in professional activities in the securities market with special license from the State Committee for Securities under the auspices of the President of the Azerbaijan Republic can become members of the BSE. PAGE 52 In 2004 BSE took first steps to increase public awareness, through the issue of information bulletins on regular basis, these bulletins are disseminated among companies involved in different financial sectors. US$ 14.5 million and IPOs represented US$ 20.6 million. In comparison with 2003 turnover of stock market increased 6.5 times and reached US$ 21.7 million in 2004. Another important event was the launch of the Notes of the National Bank - in September 2004, National Bank of Azerbaijan executed the first placement of Notes and determined the interest rate at the level of 4.6%. FUTURE OUTLOOK In 2005 BSE plans to increase number of securities market participants, by involving more investors and issuers. One of the most important tasks of the BSE is to make the capital market accessible at different levels of investment and to strengthen the role of the BSE as a financial source of the Azerbaijan economy. In 2005 internal regulations will be reviewed and developed and listing requirements will be divided into different levels in order to make them more flexible. In 2004 BSE took first steps to increase public awareness, through the issue of information bulletins on regular basis, these bulletins are disseminated among companies involved in different financial sectors. KEY INITIATIVES FOR 2005 Corporate securities market • Development of multi-stage listing requirements • Improvement of commission fees flexibility • Introduce of new financial instruments Membership • Increase the number of members • Stimulation of market-makers institution Investors • Organization of a conference for international investors • Organization of trainings for local investors Public Relations • Establishment of contacts with new markets • Participation in WFE (World Federation of Exchanges) • Publication of an analytical review of the securities market in Azerbaijan Trading system • Customization of the present trading system • Development of a depositary system
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 BAKU STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ Millions # Shares Millions Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume Stocks Jan-05 1.7 0.21 0.28 0.03 Feb-05 0.82 0.10 0.30 0.04 Mar-05 5.9 0.45 2.0 0.15 Apr-05 4.2 0.30 1.6 0.11 May-05 7.0 0.41 2.1 0.13 Jun-05 2.1 0.12 0.35 0.02 TOTAL 21.7 0.27 6.7 0.08 Bonds Jan-05 6.5 3.3 0.03 0.02 Feb-05 10.0 3.3 0.05 0.02 Mar-05 17.1 3.4 0.08 0.02 Apr-05 10.5 1.2 0.05 0.01 May-05 18.3 2.3 0.08 0.01 Jun-05 14.0 2.0 0.07 0.01 TOTAL 76.4 2.6 0.36 0.01 Other Jan-05 1.3 1.3 0.006 0.006 Feb-05 0.72 0.36 0.004 0.002 Mar-05 6.0 1.2 0.03 0.006 Apr-05 5.5 0.92 0.03 0.004 May-05 0.45 0.45 0.002 0.002 Jun-05 15.5 1.7 0.07 0.008 TOTAL 29.5 5.9 0.14 0.03 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 VOLUME BY TYPE MONTHLY STOCK VOLUME (US$ Millions) Stocks Bonds 76.4% Contact Name Mr. Jamil Azimov E-mail j.azimov@bse.az Website www.bse.az Other 29.5% 21.7% 7 6 5 4 3 2 1 0 Jan Feb Mar Apr May Jun * Please refer to page 50 for the Azerbaijan country report. PAGE 53
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