A ceremony of commissioning a single post-trading system and control of the securities market took place today in the building of the State Committee for Securities of Azerbaijan.
It was attended by the chairman of the Securities and Exchange Commission Rufat Aslanli, the leading expert of the World Bank (WB) for finance and the private sector in the South Caucasus Angela Prigogine, and the representative of the Korean Stock Exchange Yang Sang Kwon.
The system was developed in order to improve the capital markets of Azerbaijan. Experts of the Korean Exchange, the winner of the last tender of the SEC for equipment and installation of information systems, capital markets within the framework of the modernization and automation of the capital market infrastructure, announced as part of a joint project with the World Bank 'Modernization of Capital Markets'.
The Information System has four subsystems – a trading platform (for BSE), a clearing and settlement system, as well as an information system of the Depository (for the National Depository Center) and a supervisory system over the market (for SCS and BSE).
Test works on the implementation of software, as well as training of local experts and participants of the exchange who are to use the system, have been going on for the past few months.
"In a short period of time Azerbaijan has managed to carry out very large reforms for the development of the capital market. A lot of things were done during this time, starting from the preparation of the legal framework up to today's launch of the system, which is to give an impetus to further capital market development in the country, its transparency and openness," Trend reports.
According to the head of the SEC, Bakhtiyar Azizov, the system was developed in the framework of the law "On the Securities Market" and the project "Modernization of the Capital Market" (MCM), which was designed for modernization and promotion of the capital market.
"The new system is based on modern technology. It involves the creation of an interface among market participants, an increase in efficiency, improvement of risk management processes and the improvement of market infrastructure,'' abc.az reports.
The director of PASHA Capital, Jeyhun Hajiyev, said in an interview with Vestnik Kavkaza that the parameters of the new system allow it to be described as one of the leading systems in the world.
"It is used in Europe and America. The system covers all kinds of tools that are used on the Baku Stock Exchange. It provides a strict element of control that allows to monitor operations and to prevent violations of stock exchange regulations and the State Securities Committee. Therefore, we believe that this system is quite strong, and it will help many market participants to enter into a more efficient and faster transaction and receive the necessary information,'' he said.
