Azerbaijan Insurers are almost ready to participate in the money market Bourse E-System of Trades (BEST). This was achieved through targeted training on the basis of Baku Interbank Exchange (BBVB) traders for insurance companies.
Earlier Turan wrote that the agreement signed with the BBVB insurance companies Ateshgah, Buta Sigorta, AtaSigorta and Reinsurance Company AzRe. After passing the certification courses to the process done several similar financial structures. Installation in the field of software and connect to the system of money trading will get a few newcomers on all market opportunities BBVB the end of July - early August. In autumn (late in the year), almost all participants of the insurance market will be able to become full participants MONEY-Market.
According to the agreement between the exchange and the insurers, the latter have the opportunity to enter the wholesale money market bank as an equal participant with the banks. BBVB provides novice access to the trading system, BEST, provides settlement and information services. Operations and calculations 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". In addition, the relevant "Provisional rules of settlement of credit and deposit transactions concluded within the framework of the trading session BBVB in the credit section of the organized money market" and "Specification of financial instruments MONEY-MARKET".
According to the Manager of BBVB Farhad Amirbekov, the local financial market is experiencing a new phase of development because in wholesale trade segment includes the new 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 proposals from all Azerbaijani banks," encouraged one of the leading financiers of the country. - 17D-
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