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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BAKU INTERBANK CURRENCY EXCHANGEFarkhad AmirbekovGeneral ManagerOne more important mission is demandinglong preparation, which is a gradualtransformation of Baku into the financialcenter of region.The work of the BBVB was made purposefuldue to the fact that it was directed towardsdeveloping the market economy and inparticular, focused on the development of thefinancial market of Azerbaijan. Today, theBBVB focused on the development of allinternational links aiming at the acceleration ofthe development of the Azerbaijani financialmarket.One of the perspective directions of thedevelopment is the organization of electronictrade for the money market needs. The BBVBaspires to increase the number of companiesparticipating in trading and number of tradefinance instruments, while trying to develop thetechnical opportunities in trading and clearingsystems.It is especially important to realize the complexstrategy of corporate management under thecondition of impressive economic growth ofAzerbaijan and to further increase the demandfor financial services.One more important mission, which has had along preparation period, is the gradualtransformation of Baku into the financial centerof the region. Creation of a uniform CaucasianUniversal Exchange will enable the banks inGeorgia and Azerbaijan to have greateraccess to international capital markets and todevelop risk management processes. In myopinion, we have set up all the requiredpreconditions and we are ready to accomplishthis goal.FUTURE OUTLOOK• Modernization and reorganization of theBBVB web-site;• Development of settlement and clearingservices, in particular software for managementof banks’ trading limits on credit and currencymarkets;• Improvement of the risk management systemin realization of clearing operations;• Further increasing professional skills of theExchange’s personnel;• Development of modern corporategovernance principles;• Introduction of the international system in thefield of GAAP (General Accepted AccountingPrinciples);• Implementation of a new trading system;• Development of Internet technologies and e-commerce;• Intensification of activity in the organizedinterbank money market;• Expansion of external contacts withinternational and regional organizations.CONTACT INFORMATIONContact Name Ms. Aynur BayramliE-mail aba@bbvb.orgWebsite www.bbvb.orgPAGE 34
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BAKU INTERBANK CURRENCY EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00BondsJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00OtherJan-08 164.23 8.64 0.16 0.01Feb-08 221.81 10.56 0.22 0.01Mar-08 314.23 20.95 0.31 0.02Apr-08 211.13 9.60 0.21 0.01May-08 210.42 10.52 0.21 0.01Jun-08 491.69 25.88 0.49 0.03TOTAL 1613.50 14.36 1.61 0.01Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) n/a n/a n/a n/a n/a n/aIndex n/a n/a n/a n/a n/a n/aPRACTICES & PROCEDURESTradingDaysMonday-FridayHours Morning session 10:00-12:00Day time session 14:15-17:00Market segmentation N/ASystemAutomated, Bourse E-System of Trades (BEST)MechanismsCall auctionMarket-maker/Specialists YesInstrumentsCurrency, interbank credit. currency swapCurrencyLocalReal time information System under developmentClearing & SettlementCentral Depository YesPeriod T+0RegisteredYesSettlementBook entryClearingNettingDVPYes, full DVPClearing Institution YesRisk SharingYesMargin/LendingNoCustodiansExchange membersStructure & RegulationsLegalN/ARegulationSelfSecurities market Regulator and exchange w/regulationsregulator approvalTrading rulesGovernment institutionSurveillanceYes, electronicCorporate actions CentralizedTrading halts regulations N/AInvestor protection YesForeign ParticipationForeign investors Allowed, No restrictionsInvestment limitations No limitationsRepatriationNo restrictionsTaxesCash Dividends 15%Interest IncomeN/ACapital GainsN/APAGE 35
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