New settlement agents to be established in Azerbaijan

Baku. 18 April.REPORT.AZ/ After establishment of Financial Markets Control Chamber in Azerbaijan, some innovations have been applied related to the National Depository Center (NDC).

Report was told by Jeyhun Ibrahimov, Chairman of Managerial Board of Association of Azerbaijani Stock Market Participants (AASMP).

'After changes to the NDC trading system to reduce physical circulation of documents in the securities market, there will no need to physically present documents to the NDC to open an account. Thus, all the processes related to opening personal accounts for investors will be implemented through investment companies, which play a role of financial intermediary', J.Ibrahimov said.

He said that according to the new legislation, investment securities are available only in named, book-entry form.

According to the AASMP official, transfer of funds for purchase and sale of securities will be carried out through the accounts opened in the special-purpose commercial banks (in settlement agents) in Azerbaijan soon.