BAKU, Azerbaijan, Feb.3
By Zeyni Jafarov - Trend:
The Central Bank of Azerbaijan is considering the issue of more effective improvement of legislation on the securities market, the Central Bank of Azerbaijan (CBA) told Trend.
According to the CBA, the local capital market requires significant development and at the moment the banking sector can participate in the capital market through the creation of investment companies, but this increases their expenses.
Here, the main goal of the Central Bank is to create conditions for Azerbaijani banks to become players in the capital market without intermediary services, because banks are active participants in the securities market, the CBA said.
“The development of the corporate securities market is of particular priority and serious work is being done in this direction. To achieve this goal, full transparency of investment companies that are listed on the stock exchange is required,” reads the CBA message.
“The capital market development project envisages the achievement of four main strategic goals. First - the creation of an innovative legal framework, and then the formation of a modern market infrastructure, market support and improvement of the regulatory framework. The result of the goals set will be the achieved improvement of the legislation on the securities market, repo and the derivatives market. Further, links with external depositories and an upgraded operating system will be created,” the message said.
Work is already underway in all areas, and in a number of them the expected result has already been achieved, the CBA added.
Earlier, Chairman of the Central Bank of Azerbaijan Elman Rustamov also stated the need to admit local banks to investment markets, bypassing the services of investment companies.
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