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The stock exchange of the Astana International Financial Center is ready for trading from January 1, 2018

by December 4, 2017 Legal

The development of the Astana International Financial Center was considered during the Government meeting chaired by Prime Minister Bakytzhan Sagintayev.

The AIFC Manager Kairat Kelimbetov said that due to extensive preparatory work, the AIFC infrastructure is fully ready for operation starting next year.

The Exchange of the International Financial Center was registered as the first participant in November. The Exchange is ready for trading from January 1, 2018. Amendments were made to the Constitution of the Republic of Kazakhstan regarding the definition of requirements for judges in accordance with the Constitutional Law. The appointment of judges of the AIFC Court and the subsequent oath-taking are in the panning stage. The AIFC Financial Service Regulation Committee has been established.

According to Minister of Finance Bakhyt Sultanov, in order to promote the development of the Kazakhstan stock market, it is planned to issue and place government securities on the Exchange in the first quarter of 2018.

Also, the Ministry of Finance is considering the possibility of issuing state Islamic securities – sukuk. The sukuk is planned to be issued on the Exchange in the first half of 2018.

“The introduction of Euroclear services will provide direct access of non-residents to the securities market of Kazakhstan, which in turn will increase the liquidity of the securities market, reduce volatility of pricing, and stimulate portfolio and direct investment in Kazakhstan, � the Minister of Finance said.

Following the consideration of the issue, Bakytzhan Sagintayev instructed the Ministry of Finance, together with concerned agencies, to address the voiced issues.

Source: Government of the Republic of Kazakhstan