FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 23
BAKU INTERBANK CURRENCY EXCHANGE
Trading
Clearing & Settlement
Days
Hours: Forex
Non-Forex
Market segmentation
System
Mechanisms
Market-maker/specialists
Instruments
Currency
Real time information
Monday-Friday
10:00-11:00
10:00-16:00
n/a
Automated, bourse e-system of trades (BEST)
Call auctions and electronic trades
Yes
Currency, interbank credit
Local
System under development
Structure & Regulations
Central depository
Period
Registered
Settlement
Clearing
DVP
Clearing institution
Risk sharing
Margin/lending
Custodians
Yes
T+0
Yes
Book entry
Netting
Yes, full DVP
Yes
Yes
No
Exchange members
Foreign Participation
Legal
Regulation
Securities market regulations
n/a
Self
Regulator and exchange w/
regulator approval
Government institution
Yes, electronic
Centralized
n/a
Yes
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Foreign investors
Investment limitations
Repatriation
Allowed, no restrictions
No limitations
No restrictions
Taxes
Cash dividends
Interest income
Capital gains
15%
n/a
n/a
2002 Average Exchange Rate
Volume - BEST System
Average Exchange Rate in BEST
(US$ millions)
4,905
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0
Average exchange rate
(July-December 2002)
Average exchange rate
4,880
D
O N
A S
4,885
J
4,890
F M A M J
4,895
J
4,900
4,920
4,900
4,880
4,860
4,840
4,820
4,800
4,780
4,760
4,740
4,720