01/04/2009
On April 1, 2009 “PASHA Bank” OJSC became a fully legitimate market maker of Exchange Electronic Trading System (Birja Elektron Ticarət Sistemi - BEST) and thus contributed to further development of the currency exchange market in the country The Main duties of a market maker are to provide inquiry on purchase and sale of a currency during a trading session and to assume an obligation to provide liquidity for some facility.
As per agreement with Baku Interbank Currency Exchange, the Bank undertakes to trade with USD/AZN T+0 rate in BEST system only. By exempting the Bank from daily exchange trade commission fees, and in exchange for a monthly commission fee equal to 1000 AZN, BEST system in its turn provides an opportunity for the Bank to carry out long-term currency transactions, to conclude contracts on various exchange rates, to carry out electronic trade in currencies and to reflect the current information in workplaces of dealers.
BEST is a trade mark of Baku Interbank Currency Exchange developed and registered in 2002.