FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2013
BAKU INTERBANK CURRENCY EXCHANGE
Farkhad Amirbekov
General Manager of BBVB
The dynamic growth of the Azerbaijan
economy increases in the credit ratings and
the subsequent arrival of large investors
promote the further development of the
financial infrastructure of the country. Today the
BBVB takes a central role in the infrastructure
of the Azerbaijan capital market, integrating
on a uniform technological platform trading
and settlement systems. I am sure that the
dynamic growth of the Azerbaijan economy and
development of the exchange infrastructure will
promote further growth and the appeal of the
financial market of the country.
I am sure that dynamic growth of the
Azerbaijan economy and development of
an exchange infrastructure will promote
the further growth of appeal of the
financial market of the country.
for the exchange and a control system of risks.
The main objective of exchange innovations is
not only the service of currency transactions
of banks but for us it is very important, that
the exchange market began to play more
significant role in the banking system. Therefore
I especially would like to allocate such projects,
as the start of the market for currency swaps.
The main objective of development of the
exchange currency market consists in the
increase of its appeal in the expansion of
a number of the interconnected tools. We
make plans, proceeding from necessity to
correspond to the world standards both on
technologies and on a spectrum of offered
tools and services. For this purpose all of our
perspective projects are subjected to these
same standards. It is obvious that creation of a uniform exchange
centre in the region will provide not only close
integration of Azerbaijan into the world market,
but also will give the stability to the country’s
financial system. And here the importance
of the exchange market as infrastructural
element of a financial system consists in
performance of a variety of unique functions,
of which realization by other institutes either is
impossible, or is inconvenient.
HISTORY AND DEVELOPMENT Main historical dates 25 September 1997
Central Bank of Azerbaijan and the four biggest
state banks of Azerbaijan Republic founded
the Baku Interbank Currency Exchange (Baki
Banklarasi Valyuta Birjasi- BBVB) on 26 July
1993 and this year it marks decade from the
moment of the beginning of activity in the
financial market. Becoming from the beginning
of the activity one of the central financial
institutions of the country, BBVB is today for the
business public of Azerbaijan an original symbol
of economic reforms. Using the advanced
information technologies and being based on
successful experience in the creation of the
universal trading platforms, BBVB by volumes
of trades and number of financial tools became
the largest exchange institute in the Caucasian
region.
18 October 1991 First trading in the OICM by means of universal
trading e-network of the BBVB
Declaration of Independence of the Azerbaijan
Republic 17 December 1997
In the near future BBVB plans to introduce new
technological ideas, new financial tools and
services for clients. We will continue to work
on perfection of a technological infrastructure
15 August 1992 Corresponding emerging market membership
status in WFE
Putting in circulation national currency - Manat 6 March 1998
21 June 1993 Establishment of the BBVB Signing in Baku Protocol on cooperation of
BBVB with Istanbul Stock Exchange
26 August 1994 2 October 1998
Beginning of regular exchange trading in the
currency market Full member of FEAS (Istanbul)
31 March 1995 Membership in the Azerbaijan Commercial
Chamber (Baku)
First credit auction of the National Bank at the
BBVB
20 September 1996
24 February 1999
14 December 1999
First T-bill auction Membership in the Azerbaijan Commercial
Banks Association (Baku)
22 January 1997 20 April 2000
First exchange trading in the BBVB Stock
Department Co-founder and membership in the International
Association of CIS Exchanges (Moscow)
5 May 1997 3 July 2001
The beginning of preparation of the first rating
estimations of banks 1 July 1997 Signing in Moscow Arrangement on strategic
cooperation of BBVB with MICEX (Moscow
Interbank Currency Exchange)
Creation of the first exchange site 27 March 2002
30 August 1997 Start of e-system of trades on Interbank credits -
the Organized Interbank Credit Market
Beginning of trading in the Organized Interbank
Currency Market (OICM)
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I sincerely hope that realization of these plans
will allow us to strengthen our positions,
rendering best practices level service to our
trade participants. This will lead the BBVB to
become a basis for the creation of a world
class regional financial centre.