"Ateshgah" - First Insurer in E-trading System

Baku Interbank Currency Exchange (BBVB) and the insurance company Ateshgah Sigorta in Baku on Thursday signed the agreement for the insurance company in the money market "MONEY-MARKET" Bourse E-System of Trades (BEST). The contract was signed by head BBVB Farhad Amirbekov and CEO Ateshgah Sigorta Talat Safarov.

According to the contract, the insurance company Ateshgah Sigorta is able to exit the wholesale money market bank as an equal participant with the banks. BBVB give new members 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 made on the basis of the "Provisional Rules of operations to attract and placement of funds in the system BEST", "Rules of the bidding and settlement system BEST", "Interim rules for settlement on credit and deposit transactions entered the trading session in the credit section of BBVB organized money market "and" Specifications instruments MONEY-MARKET ".

At the signing ceremony, the BBVB Manager Farhad Amirbekov said Ateshgah Sigorta became the first insurance company, which signed a similar agreement. Thus, the Azerbaijani financial market is experiencing a new phase of development, when the wholesale money market, there is a new economy.

"Insurance companies are important providers of liquidity for Azerbaijani banks and, no doubt, will strengthen the deposit base., In turn the insurance companies are able to quickly and at the best bet on available cash flow, while having a whole range of proposals from all Azerbaijani banks," said Amirbekov.

According to the head BBVB, currency exchange specialists on possible participation in BEST consulted with all major insurance companies. All insurance companies of Azerbaijan will be invited to become a member of the money market BEST. "In May of this year, insurance companies will be able to enter the country through money market BEST," said Amirbekov.

According to the chairman of Ateshgah Sigorta Talat Safarov, the insurance company is get money, then they should be placed. "Placement of funds is one of the major activities of the insurance company. But the local market still has limited tools work in this field, and the appearance of one additional investment instrument is a significant opportunity to diversify its sources of funds placement," Safarov said.

Working in BEST, according to him, of course, is very interesting for companies to manage their liquidity, income, and other opportunities for expansion.

Baku Interbank Currency Exchange, established June 21, 1993 as a closed joint stock company (JSC). Its shares were distributed equally among the five shareholders - the Central Bank of Azerbaijan (CBA), the International Bank of Azerbaijan (IBA), Industrial Investment Bank, Agricultural Bank, Savings Bank.

After the unification of the last three in the number of shareholders today includes CBA, IBA and Kapital Bank, as well as non-bank credit organization "Agrarkredit."

Electronic trading system (Bourse E-system of Trades) was built on the principle of universality of exchange services, as a modern platform for the integrated management of foreign exchange risk and short-term liquidity. BEST allows Azerbaijani banks not only to conduct transactions in foreign currencies, but also to the active drawing and placement on the interbank credit market.

Insurance company "Ateshgah Sigorta" was established in late 1996.

The insurance group "Ateshgah" consists of the Insurance Company "Ateshgah" and OJSC IC "Ateshgah Hayat".

At the end of 2012 premiums SG "Ateshgah" amounted to 53.5 million manat and the payments were 13.2 million manat. SG "Ateshgah" provides clients with insurance services on more than 20 types of insurance. - 17D-