Baku Inter-bank Currency Exchange (BBVB) and the insurance company AtaSigorta signed an agreement on the participation of insurance companies in the money market on the MONEY-MARKET Bourse E-System of Trades (BEST). The agreement was signed by the head of BBVB Farhad Amirbekov and the Chairman of the Board of this financial structure Museib Aliyev.
According to the contract, the insurance company is able to exit the wholesale money market bank as an equal participant with the banks. BBVB provide new participant access to the trading system BEST, and will also provide settlement and information services.
Transactions and balances in the segment of the money market are carried out on the basis of the "Provisional Regulations of operations to attract and placement of funds in the BEST", "Rules of the organization of trading and settlement in the BEST", "Provisional Regulations of settlement of credit and deposit transactions concluded in the trading session BBVB in the credit section of organized money market "and" Specifications financial instruments MONEY-MARKET ".
As said at the signing ceremony, BBVB Manager Farhad Amirbekov, AtaSigorta is the third insurance company after Ateshgah and Buta Sigorta, which signed a similar contract. Thus, the Azerbaijani financial market is going through a new stage of development, when the wholesale money market is a new sector of the economy.
"Insurance companies are the main suppliers of liquidity for Azerbaijani banks and, no doubt, will strengthen its deposit base. In turn, the insurance companies are able to quickly and at the best rates placed temporarily free funds, while having a whole range of offers from all Azerbaijani banks," said Amirbekov.
The company AtaSigorta, which is one of the founders and member of the Bureau of Compulsory Iinsurance, has been operating in the insurance market since 2004 and operates on 22 types of voluntary and 4 types of compulsory insurance.
Paid-up share capital of the company in February reached 7.6 million manat.
The service network of AtaSigorta consists of four branches and four representative offices. - 17D-
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