Azerbaijan's stock market will be reformed

Today, about 99 percent of securities issued in the country are in uncertificated form, that creates opportunities for an active trade on organized markets, Chie of the Azerbaijan State Securities Committee Rufat Aslanli, said in an interview with the state media.

"It should be noted that the process of uncertification of securities is very time-consuming even on the markets with a long history of development, which does not positively impact the development of these markets," Aslanli said.

He said Azerbaijan plans to conduct a series of reforms to ensure the effectiveness and safety of activities by improving the role and position of the existing market institutions.

It is also planned to implement measures to create investment companies with professional personnel potential, effective operational management systems, adequate financial resources, and offering integrated financial services to investors and issuers.

The total turnover of the Baku Stock Exchange (BSE) rose from 4.1 percent of GDP to 9.6 percent of GDP in 2005-2009, Aslanli said.

During this period, turnover of BSE has increased 6.4 times, including trading volume in government bonds - by 9.7 times  and the volume of transactions in corporate bonds - by 23.3 times.


/Trend/