FEAS Yearbook FEAS Yearbook 2008 | Page 10

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008 BAKU INTERBANK CURRENCY EXCHANGE One more important mission is demanding long preparation, which is a gradual transformation of Baku into the financial center of region. Farkhad Amirbekov General Manager The work of the BBVB was made purposeful due to the fact that it was directed towards developing the market economy and in particular, focused on the development of the financial market of Azerbaijan. Today, the BBVB focused on the development of all international links aiming at the acceleration of the development of the Azerbaijani financial market. One of the perspective directions of the development is the organization of electronic trade for the money market needs. The BBVB FUTURE OUTLOOK • Modernization and reorganization of the BBVB web-site; • Development of settlement and clearing services, in particular software for management of banks’ trading limits on credit and currency markets; • Improvement of the risk management system in realization of clearing operations; • Further increasing professional skills of the Exchange’s personnel; • Development of modern corporate aspires to increase the number of companies participating in trading and number of trade finance instruments, while trying to develop the technical opportunities in trading and clearing systems. It is especially important to realize the complex strategy of corporate management under the condition of impressive economic growth of Azerbaijan and to further increase the demand for financial services. One more important mission, which has had a long preparation period, is the gradual transformation of Baku into the financial center of the region. Creation of a uniform Caucasian Universal Exchange will enable the banks in Georgia and Azerbaijan to have greater access to international capital markets and to develop risk management processes. In my opinion, we have set up all the required preconditions and we are ready to accomplish this goal. governance principles; • Introduction of the international system in the field of GAAP (General Accepted Accounting Principles); • Implementation of a new trading system; • Development of Internet technologies and e- commerce; • Intensification of activity in the organized interbank money market; • Expansion of external contacts with international and regional organizations. CONTACT INFORMATION Contact Name Ms. Aynur Bayramli E-mail [email protected] Website www.bbvb.org PAGE 10