A B S T R A C T

The purpose of the research is to analyze the formation stages and current development level of the securities market in Azerbaijan, to identify key limitations and challenges, and to explore the opportunities for market deepening through the application of new instruments and institutional reforms.

The methodology of the research – the research employs comparative, economic-statistical, factor-based, and systemic analysis methods. Azerbaijan’s securities market is compared with international indicators, and objective conclusions are drawn on the basis of official statistical data.

The practical importance of the research – the results contribute to the formation of theoretical foundations for the development of the securities market and serve practical purposes such as improving state policy, enhancing issuer transparency, diversifying investor strategies, and strengthening supervisory mechanisms.

The results of the research – the securities market in Azerbaijan is still at a developing stage and is mainly concentrated on government bonds; however, the introduction of new instruments – such as green bonds and digital assets – offers important prospects for future development.

The originality and scientific novelty of the research – lies in the comprehensive analysis of the securities market development not only from macroeconomic aspects but also in social and institutional contexts. The scientific novelty is reflected in the first analytical evaluation of the role of alternative financing instruments in the integration of the market and their potential use in financing strategic goals such as the reconstruction of the Karabakh region.

Keywords: securities market, capital market, corporate governance, green bonds, digital transformation, international integration.

http://doi.org/10.59610/bbu1.2026.1.6.