Azerbaijan’s securities market turnover reached AZN 34.9 billion in January-September 2026. Repo accounted for most of it, so total turnover cannot be treated as new investment in businesses.
What the headline total contains
The CBA securities market overview for January-September reports total transactions of AZN 34,904.7 million. Repo and reverse repo contributed AZN 26,187.7 million, approximately 75%, leaving AZN 8,717 million for other transactions.
Repo involves the sale of securities with an agreement for a reverse transaction. It is principally a tool for secured funding and liquidity management. The same security can be used in repeated transactions, raising turnover without a comparable increase in new investment.
Government bonds underpin repo
Repo involving government bonds totaled AZN 23,895.2 million, about 91.2% of the repo market. Corporate securities accounted for AZN 1,007.1 million and CBA notes for AZN 1,285.4 million.
This structure demonstrates the importance of government securities as collateral. It does not disclose counterparties or allow the total to be allocated between banks and investment firms.
| Measure, AZN m | H1 2026 | January-September | Q3* |
|---|---|---|---|
| Total | 25019 | 34904.7 | 9885.7 |
| Repo | 21566 | 26187.7 | 4621.7 |
| Non-repo | 3453 | 8717 | 5264 |
| Repo share | 86.2% | 75.0% | 46.8% |
| *FinFly calculation | Q3 = nine months less first half |
Repo’s share fell in the third quarter
The CBA first-half overview recorded repo of AZN 21,566 million within total turnover of AZN 25,019 million, about 86.2%. Subtracting the first-half figures from the nine-month totals produces third-quarter repo of AZN 4,621.7 million and overall turnover of AZN 9,885.7 million. Repo accounted for approximately 46.8% of that quarterly activity.
More than half of third-quarter turnover therefore came from transactions outside repo. That provides more insight into market development than the headline total alone. But non-repo activity also includes secondary trading and cannot all be equated with funds raised by issuers.
