Baku Stock Exchange

Baku Stock Exchange
Azerbaijani: Bakı Fond Birjası
TypeStock Exchange
LocationBaku, Azerbaijan
FoundedFebruary 15, 2000
Key peopleRuslan Khalilov
Websitewww.bfb.az

The Baku Stock Exchange (BSE) (Azerbaijani: Bakı Fond Birjası) is the main stock exchange in Azerbaijan. BSE is organized in the form of a closed joint stock company with 19 shareholders.[1]

Activity

The Baku Stock Exchange trades short-term treasury bonds, common stocks (primarily from former state-owned enterprises that have been privatized, including food and beverage, construction, and banking companies), and foreign currency futures.[2]

BSE carries out trading corporate securities. Trading, on primary and secondary markets of government securities (T-bills of the Ministry of Finance of Azerbaijan and banknotes of the Central Bank of Azerbaijan) are carried out solely at BSE. The state regulatory authority for the stock exchange and the Azerbaijani securities market is the Financial Markets Supervisor Authority.

BSE's activity is regulated by the following legislative acts and documents:

  • The Civil Code of Azerbaijan
  • The normative-legal acts of the State Committee for Securities of Azerbaijan
  • The internal rules of BSE

History

An initiative group for the establishment of the Stock Exchange was organized on 25 December 1999.[3] The Baku Stock Exchange began its operations on February 15. The first trading operation at the stock exchange was carried out on September 1, 2000.[4]

Corporate bonds started to be traded on BSE in January 2004. The first equity trade on the Baku Stock Exchange was carried out in April 2004. Central Bank began to trade its Notes on the Baku Stock Exchange on September 14, 2004. Azerbaijan Mortgage Fund started to trade its bonds on BSE in June 2009. Market maker institution of BSE was established in January 2013. Derivative financial instruments started to be traded on BSE in March 2014.[3] Electronic trading system (BETP), which is the core for trading and post-trading processes. This system is characterized by a high degree of integration and was developed by Montran in 2023 as part of the “Capital Market Modernization of the Republic of Azerbaijan” program.[5]

Management

The current head of the board of directors of BSE is Eldar Abdullayev.[6] The supervisory board is headed by Yashar Mammadov.[7]

Organizational structure

Organizational chart of BSE [8]

Bell events

Opening and closing bells on the BSE symbolize the beginning and end of each trading day of securities. As trading transactions are carried out electronically, bell-ringing ceremonies are only used to keep the tradition. These ceremonies are conducted to highlight important events regarding the stock market, as well as to bring attention to social affairs.

Another event was conducted on March 9, 2017, with the attendance of BSE in “Ring the Bell for Gender Equality” initiative to raise the awareness of gender equality organized by UN Women, IFC, Sustainable Stock Exchanges Initiative, Women in ETFs and World Federation of Exchanges.[9][10]

Trading hours

The exchange's normal trading sessions are from 10:00 a.m. until 1:00 p.m. and from 2:00 p.m. until 4:30 p.m. (local time, UTC+4) from Monday until Friday. The exchange is closed for the following days: Saturday, Sunday and official non-working day declared by the Government for public holidays.[11][12]

See also

References

  1. ^ Sovereign-publications.com - Baku Stock Exchange Archived 2006-09-08 at the Wayback Machine
  2. ^ "BSE - Markets and instruments". bfb.az. Archived from the original on 2017-12-01. Retrieved 2018-05-21.
  3. ^ a b "Milestones in BSE's history". Official website of Baku Stock Exchange. Archived from the original on 2016-07-27. Retrieved 2018-05-21.
  4. ^ "STATE COMMITTEE FOR SECURITIES UNDER THE AUSPICES OF AZERBAIJAN REPUBLIC". www.azerbaijan.az. Retrieved 2010-12-15.
  5. ^ "BSE — History". official website of Baku Stock Exchange (in Azerbaijani). Archived from the original on 2017-10-20. Retrieved 2018-05-21.
  6. ^ "BSE — Management Board". bfb.az. Archived from the original on 2018-05-22. Retrieved 2018-05-21.
  7. ^ "BSE — Supervisory Board". bfb.az (in Azerbaijani). Archived from the original on 2018-05-22. Retrieved 2018-05-21.
  8. ^ "BFB — Organizational structure". bfb.az (in Azerbaijani). Archived from the original on 2018-05-21. Retrieved 2018-05-21.
  9. ^ "2017 Ring the Bell for Gender Equality | Sustainable Stock Exchanges". www.sseinitiative.org. Archived from the original on 2018-05-22. Retrieved 2018-05-21.
  10. ^ "BSE — IFC-nin dəstəyi və Bakı Fond Birjası təşkilatçılığı ilə növbəti birja açılış zəngi gender bərabərliyi barədə məlumatlılığın artırılmasına həsr edilmişdir". bfb.az (in Azerbaijani). Archived from the original on 2018-05-22. Retrieved 2018-05-21.
  11. ^ "BSE - FAQ - What are the trading hours on BSE?". bfb.az (in Azerbaijani). Retrieved 2018-05-21.
  12. ^ "Trading hours". Archived from the original on 2019-07-29.
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