Kazakhstan, Moscow's Exchange Stocks sign cooperation agreement

10 October, 2018, 15:09 516
Kazakhstan, Moscow's Exchange Stocks sign cooperation agreement

The agreeemnt will enable to make a considerable step towards the creation of a unified financial market of the member states of the Eurasian Economic Union.

 

Almaty held the solemn ceremony in which agreements of strategic cooperation between the Kazakhstan Stock Exchange (KASE) and the Moscow Exchange (MOEX) were signed, BNews.kz correspondent reports. 

According to the parties, the agreement will allow making a considerable step in the creation of a unified financial market of the member states of the Eurasian Economic Union, as well as it will lay the actual foundation to establish mutual access of Russia and Kazakhstan's professional participants, investors and issuers of securities to each other's markets.  

Kazakhstan's National Bank's Chairman Daniyar Akishev talked about the idea of strategic cooperation being implemented as part of the processes within the Eurasian Economic Union.

"We try our best to reach a free movement of financial services and capital between our states. And today's occasion is important in the implementation of these plans. We are sure that the Moscow Exchange is a reliable partner," said Daniyar Akishev. 

The Moscow Exchange is among successful Russia's examples when the financial regulator and the market's participants in a short time could turn the stock market into an efficient means of financing the economy's real sector.  

"The Moscow Exchange has also found a reliable partner as the Kazakhstan Exchange Stock. This will make possible to expand capabilities of all participants of the market, and to create a base for the expansion and to have necessary backup capabilities," said the Chairman of the National Bank of Kazakhstan. 

The discussion on the project took the last two years. Following which the parties aim at mutually beneficial cooperation that will give an important impetus to strengthen Kazakhstan's stock market.    

"Most of the Moscow Exchange's know-how will be implemented in Kazakhstan. We applied Russia's experience while preparing models of the Institute's models of the central counterparty. This year the law to make amendments to the legislative acts on insurance of the market of securities has been adopted. It took less than one year from the idea to its signing in our country, meantime in Russia the regulator together with the market's participants spent way longer towards the model," said Akishev. 

Representatives of the Moscow Exchange expressed readiness to share the knowledge and experience with Kazakhstan's partners, as well as to create the opportunity to reduce risks aiming more convenient financing to develop businesses and companies. 

"This experience was not easy, but it was very successful. For instance, an average annual increase from 15 to 18 has occurred over the last six years on our Exchange, as well as the share of foreign participants increases. Domestic demand resumes, and the movement of individuals has doubled. We have many in common, including the common economic history," said Alexander Afanasyev. 

We note as of October 1 the total number of shareholders has made up 53. Kazakhstan's National Bank holds 50.1% of the shares. Following the nine months, the volume of trending has reached 96.3 trillion tenges, of which 10.8% currency spot, 85.6% currency market, 3.6% securities market.