BAKU INTERBANK CURRENCY EXCHANGE
TRADING
CLEARING & SETTLEMENT
Days
Hours: Forex
Non-Forex
Market segmentation
System
Monday-Friday
10:00-16:00
10:00-17:30
n/a
Automated, Bourse E-System of Trades
(BEST)
Call auctions and electronic trades
Yes
Currency, interbank credit
Local
System under development
Mechanisms
Market makers/specialists
Instruments
Currency
Real time information
STRUCTURE & REGULATIONS
Central depository
Period
Registered
Settlement
Clearing
DVP
Clearing institution
Risk sharing
Margin/lending
Custodians
Yes
T+0
Yes
Book entry
Netting
Yes, full DVP
Yes
Yes
No
Exchange members
FOREIGN PARTICIPATION
Legal
Regulation
Securities market regulations
n/a
Self
Regulator and exchange w/
regulator approval
Government institution
Yes, electronic
Centralized
n/a
Yes
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Foreign investors
Allowed, no restrictions
Investment limitations No limitations
Repatriation
No restrictions
TAXES
Cash dividends
Interest income
Capital gains
15%
n/a
n/a
2004 HOLIDAY CALENDAR
Jan. 1, 20; Feb. 1, 2, 3, 4; Mar. 8, 20, 21; May 9, 28; Jun. 15, 26; Oct. 18; Nov. 12, 14, 15, 16, 17;
Dec. 31
2003-Average Exchange Rate/US$
2003-Trade Results Interbank Credits 2003-Trade Results Currency Market
(US$ millions) (US$ millions)
4.0 160,000
3.5 140,000
3.0 120,000
2.5 100,000
4,900 2.0 80,000
4,895 1.5 60,000
4,890 1.0 40,000
4,885 0.5 20,000
4,880 0
4,925
4,920
4,915
4,910
4,905
J
F
M A
M
J
J
A
S
O N
D
0
J
F
M A
M
J
J
A
S
O N
D
J
F
M A
M
J
J
A
S
O N
D
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
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