Azerbaijan has completed the creation of a central depository for securities settlement and clearing in order to conform to global standards.
Starting from September 2013, the National Depository Center (NDC) began to settle and clear trades made through the Baku Stock Exchange.
“Thus, NDC centralized the whole range of post-trade services (earlier the center had only centralized depositary and registrar functions) by completing the creation of the Central Depository of securities market conforming to the global standards”, NDC said.
NDC said that the unification of post-trade services would facilitate optimization of business processes for all users of the organized securities market, as well as create an adequate system of transaction security.
“Full-scale transition process took six months”, NDC noted.
Within the framework of this process, on Aug. 5, NDC received its five-year license for carrying out securities settlement-clearing transactions.
Azerbaijan Introduces CSD
Azerbaijan has completed the creation of a central depository for securities settlement and clearing.