The Baku Stock Exchange (BES) is the sole exchange operator acting in the Republic of Azerbaijan. The State Committee for Securities of the Republic of Azerbaijan (SCS) granted the exchange a license in 2000. The first financial instruments traded on the BSE were government bonds, which occurred September 1, 2000. Corporate bonds and equities followed with the first trades occurring in 2004.
Currently, securities traded include common and preferred shares of open joint stock companies, corporate bonds, government bonds, notes, currency and commodity derivatives. Stocks are traded only with manats while trading of corporate bonds are held in dollars, manats or euroes depending upon the currency of issuance.