Today at Baku Stock Exchange (BSE) there was a presentation of the institution of market maker whose legal and technical basis will increase the liquidity of the securities market (CB) and the formation of supply and demand on the exchange platform.
BSE Chairman of Board Emil Aliyev said that the emergence of new players on the exchange will develop government securities and the stock market. Because the market is still in its infancy, the Exchange has established preferential treatment activities of market makers as compared to other participants of the exchange. He expressed the hope that the emergence of market makers in the market will lead the market out of the chaotic state of the managed mode.
Deputy Chairman of the BSE Vugar Namazov described in detail the market maker's function and a corridor of its activities. According to him, the services of market maker, which comes to the exchange at its own expense, may be offered by financial institutions (commercial banks, insurance companies) and brokerage companies. They put on the stock exchange daily quotations on securities at a fixed price for purchase and sale. Announcement of purchase of securities is required to provide liquidity to the market. In this case, on the first group of securities (government debt securities) the announced daily limit can not be lower than 1.5 million manat, and on the second group of securities (corporate bonds and shares) it cannot be lower than 200 thsd manats. The spread (the difference between the purchase and sale prices) for these groups can be respectively 3% and 5%. In world markets the spread is about 0.1%.
The Exchange offers market makers discounts on exchange fees. On the first group of the Central Bank it will be 20%, and on the second - 40%.
Willingness to come to the exchange as a market maker has been expressed by Chelsea Capital and Pasha Capital. - 08C-
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