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Baku Stock Exchange working to create dual-listing opportunities with LSEG - Chairman

Chairman of the Management Board of the Baku Stock Exchange Ruslan Khalilov

25 September 2026 15:36 (UTC +04:00)

The Baku Stock Exchange (BSE) is holding discussions with the London Stock Exchange Group (LSEG) on technology and expertise exchange, linking depository systems, as well as creating opportunities for dual listings in the future, Chairman of the Management Board of the Baku Stock Exchange Ruslan Khalilov said during a panel discussion held as part of the Azerbaijan International Investment Forum (AIIF 2026) in Baku, APA-Economics reports.

Ruslan Khalilov noted that a second round of discussions with LSEG is already underway. The talks cover the transfer of technology and expertise, linking depositories, as well as harmonizing regulatory and legislative frameworks for potential cross-listings and dual listings.

According to Ruslan Khalilov, banks hold a dominant position in the financial sectors of countries in the region, including Azerbaijan. Meanwhile, the state pension system plays the main role in managing the population’s savings. The existing pension system is based on defined benefits rather than a defined-contribution system. Therefore, there are areas that need to be developed on both the demand and supply sides of the capital market.

Ruslan Khalilov said that government bonds currently account for the largest share of Azerbaijan’s capital market. At the same time, Central Bank notes and repo transactions, as well as a certain degree of participation by the real sector in the bond market, are present.

Ruslan Khalilov emphasized that two IPOs have been held in Azerbaijan over the past two years, marking an important milestone for the local equity market. However, there is still a need to continue developing the equity market.

The Baku Stock Exchange’s main priorities include developing technology and infrastructure that provide access to the market, building a transparent and reliable market, attracting investors, as well as increasing financial literacy and awareness of the capital market.

Ruslan Khalilov noted that the BSE is also expanding its international ties and, within this framework, cooperates with the Abu Dhabi Securities Exchange.

Ruslan Khalilov considers it important to bring the United Kingdom’s investment banking expertise to Azerbaijan. According to him, Azerbaijan’s large companies can currently approach UK investment banks directly for financing or Eurobond placements, in which case the local capital market may remain outside the process.

Ruslan Khalilov believes that the transfer of the UK’s investment banking expertise, exchange technologies, and knowledge of multilateral trading systems to Azerbaijan could create opportunities to expand financing through the local capital market and dual-listing opportunities.

Ruslan Khalilov said that a number of Azerbaijan’s leading companies could be attractive to investors in international capital markets, including London, and that Azerbaijan is also moving forward in the area of dual listings.