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Central Depository moves to a new payment system
Azerbaijan plans to transition to a new interim payment system for transactions of buying and selling securities. Cash settlements of transactions will be made as the next day of their registration on the Exchange.
Moving to a new clearing system will be implemented in the second half of this year, according to JSC National Depository Center (NDC). Clearing transactions in securities are made by the end of 2013.
The current system allows the client software securities only after making the payment. Whereas future innovation creates a condition of securities market participants to settle the transaction a day later. However, this will be possible to exchange transactions with corporate securities concluded through an IPO and secondary turnover on the exchange. Settlements on operations with government securities will be conducted in real time.
NDC believes that the new system will encourage the deepening of the market.
Within four months of this year were registered 1742 NDC exchange deals totaling 35.2 million manat, 239 OTC (AZN 9.942 million) and 657 deals (2 153.6 million manat) for initial placement of corporate securities. - 08D-
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- Economics
- 10 June 2014 16:27
Economics
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