NDC modernizing work

The National Depository Center has signed two contracts with a new company from Hong Kong, Mitchell Contracts Limited for about $ 100,000 (81,000 manat).

The company, established in December of last year will be specialized in IT support to NDC to improve its discounts, as well as create a system of conducting an official register of all types of collateral securities. Pledge of securities in Azerbaijan is not popular in Azerbaijan: five months of this year recorded only 5 mortgage securities transactions.

In addition, since the beginning of the year the NDC signed several contracts with Air Gold Company Inc and White Road Networks Ltd for the purchase of consulting services to mobilize expertise and technical support in excess of 100,000 manat. Similar purchases were made in previous years.

Audit of the financial activities of the central depository of Azerbaijan in 2011-2013 carried out independent auditor Namik Abbasli. In the period 2011-2012 these services cost about 14 thousand manats. This year the NDC increased fee auditor during the 2013-2014 year to 17,000 manat.

Financial and technical support to improve the depositary and automation of trade and settlement operations provided the European Union, and other institutions. Currently under the World Bank the project "Modernization of the capital market" is realized, also providing for improvement of this system. - 08D -