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BICEX and CIB enter into contract

25 June 2014 10:55 (UTC +04:00)

Baku. Parviz Nuriyev - APA-Economics. Baku Interbank Currency Exchange (BICEX) and Compulsory Insurance Bureau have signed a contract on participation of Legal Entities Union in the Money-Market of Baku Electronic Currency Exchange System (BEST).

Baku Stock Exchange told APA that the contract was signed by the head of the BICEX Farhad Amirbayov and CIB Executive Director Elkhan Guliyev.

According to contract, the CIB will have a right to access to the wholesale money market of the banks. In turn, the BICEX will give to the new participant a right to enter BEST and provide accounting and information services.

The operations and accountings in the money market segment are carried out in accordance with the “Rules on temporarily carrying out of the operations on attraction and placement of cash on the BEST”, “Regulation on organization of auctions and carrying out of the accountings on the BEST”, “Rules on temporarily carrying out of the accountings on loan deposit deals closed in the credit sector of organized money market within the BICEX trade session”, as well as “Specification of Money-Market financial instruments”.