Courses for insurance companies - participants of electronic trading system

Azerbaijani insurers are increasingly involved in the functioning of the money market MONEY-MARKET Bourse E-System of Trades (BEST).

According to the manager of the Baku Interbank Currency Exchange (BBVB) Farhad Amirbekov, this solution facilitates understanding of its organization with two local insurance companies - Ateshgah Sigorta and Buta Sigorta. Exchange plans to start practical training for traders, which will include not only the authorized personnel of these, but all expressed a desire to insurance companies.

In addition, insurance companies will have to install the software trading system in their information networks, to open special accounts. Companies must be prepared for the need to establish trading limits for banks with which they plan to work because Exchange does not make allowances for insurance companies - participants of the money market - said Amirbekov.

According to him, the commission of their operations in the market will be a hundredth part of the interest income on the transaction.

"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 available cash to place, while having a whole range of offers from all Azerbaijani banks," said Amirbekov. - 17D -