BSE Lost Two Licenses

The State Committee for Securities (SCS) annulled on January 15 the license of Baku Stock Exchange (BSE) for depository and clearing activities on its own application.

According to the report from the PR Section of SCS, since September 2013 the storage functions of government securities, as well as the provision of services for clearing and settlement of transactions concluded on the stock exchange moved from BSE to the JSC National Depository Center (NDC).

This work is carried out under the State program "Development of the securities market in 2011-2020," according to which on the basis of NDC the central depository system for government and corporate securities has been formed. As a result, creation of  a centralized clearing system and its integration to the electronic payment system has been provided.

Currently operating in Azerbaijan are professional participants of the securities market, which provide brokerage (14), dealer (14), custody (2), and clearing (1) services. There are also two companies to register owners of securities and a stock exchange. Asset management licenses belong to three companies. This year, the broker and dealer licenses of ADB Broker LLC are to be renewed. ----08D

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