Azer Turk Bank becomes securities clearing and settlement agent
In order to improve trade calculations at the securities market and bringing them in line with world standards, the Financial Market Supervisory Authority of Azerbaijan started applying a new clearing and settlement model with participation of settlement agents. In this regard, the “Collective agreement on the management of clearing and settlement transactions in securities and derivative financial instruments” was signed.
The purpose of the agreement is fulfillment by settlement agents of investment companies-members of the BSE monetary and other obligations for the settlement of transactions concluded at the Baku Stock Exchange (BSE).
Azer Turk Bank became one of the four financial and credit institutions, members of the new clearing agency, selected from local banks for this purpose by the Financial Market Supervisory Authority.
The Bank noted that the introduction of this new model, contributing to the significant development of the securities market, will also affect the increase in trading volumes by attracting investment companies and their customers to banks, business development and expansion of banking activities.
75 percent of the shares of Azer Turk Bank, operating since 1995, belongs to the Azerbaijani state.