ASTANA (TCA) — The Stock Exchange of the Astana International Financial Center (AIFC) is ready to start trading from January 1, 2018, AIFC Governor Kairat Kelimbetov said at the meeting of Kazakhstan’s Government on December 4, the official website of the Prime Minister of Kazakhstan reported.
As the first participant of AIFC, the Stock Exchange was registered on the site of the center in November.
AIFC is a financial hub for Central Asia, the Caucasus, EEU, the Middle East, West China, Mongolia and Europe. The Center is situated at the site of EXPO-2017 in Astana, and supported by modern infrastructure & the latest technology.
Applicable law of the AIFC is guided by principles, norms and precedents of England and Wales’s law and standards of the leading international financial centers. The AIFC’s Courts are independent in their activity and separable from the judicial system of the Republic of Kazakhstan.
At the Government meeting on December 4, Kazakh Minister of Finance Bakhyt Sultanov said that in order to promote the development of the Kazakhstan stock market, it is planned to issue and place government securities on the AIFC Stock 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 direct investment in Kazakhstan,” the Minister of Finance said.