BBVB MARKS THE FIFTH ANNIVERSARY OF BEST TRADING SYSTEM

The Baku Interbank Currency exchange (BBVB) marks the fifth anniversary from the beginning of functioning of Bourse E-system of Trades (BEST). On July, 9, 2002 in currency section of BBVB for the first time have taken place the electronic trades in a mode “online”. BEST became an integral part of the money market the country and the first exchange electronic system  in the Transcaucasian region. For five years of functioning the system has been registered more than six thousand transactions, which volume has in aggregate exceeded 4.5 billion in a dollar equivalent.

The system, constructed on the basis of a principle of universality in rendering of exchange services, and today represents a modern platform for complex management of currency risks and short-term liquidity of banks. BEST allows banks not only to carry out operations with foreign currencies (USD, EUR and RUR) with dates of settlement “+0, “+1 and “+2, but also to conduct active loans and accommodations in the organized interbank credit market.

Due to introduction of technology of the electronic trades, BBVB five years ago has entered practice of definition of trading limits on the basis of the balances, submitted by banks – members of the BEST. Practice of the announcement of trading limits has allowed participants of the electronic trades to conclude currency transactions for few seconds without preliminary transfer of money resources on accounts BBVB. With the beginning of work of electronic system of the trades registered as a trade mark «Bourse E-system of Trades», BBVB on 47 % has lowered commission gathering in currency section – from 0,075 % to 0,04 %. The volume of commission gathering from banks – buyers of a foreign currency is limited to the sum in the size by equivalent $500.