Baku, Azerbaijan, Sept. 17
By Fikret Dolukhanov – Trend:
Uzbekistan's Tashkent Republican Stock Exchange (Toshkent RSE) and the Kazakhstan Stock Exchange (KASE) signed a memorandum of understanding, the Toshkent RSE’s press service announced on Sep. 17.
The memorandum will be aimed at laying the foundation for cooperation between the two exchanges.
The purpose of the memorandum is to create a mechanism for long-term and comprehensive cooperation between the parties in order to improve efficiency of the exchanges.
Within the framework of the document, the parties intend to establish long-term relations and exchange experience and information on issues of the activity of markets and transactions of securities.
The agreement shows expansion of financial cooperation between Kazakhstan and Uzbekistan.
The exchanges also plan to organize a single platform for conducting exchange trades to create investment channels between countries.
The Tashkent Republican Stock Exchange was established on April 8, 1994 in accordance with the decree of the president of the Republic of Uzbekistan "On measures for further deepening economic reforms, ensuring protection of private property and development of entrepreneurship".
Activity of the exchange is closely connected with the reforms carried out in the country and the policy of creating open joint-stock companies on the basis of privatized state enterprises.
The Kazakhstan Stock Exchange was founded on Nov. 17, 1993. Since its creation, KASE is the only trading platform in Kazakhstan serving the stock, currency and money markets, and is also the leading stock exchange in the Central Asian region.
KASE is a member of the World Federation of Exchanges (WFE), the Federation of Euro-Asian Stock Exchanges (FEAS) and other international and regional professional associations. KASE is the second among CIS stock exchanges in terms of securities trading volume, as well as the sixth in FEAS by the market capitalization level.
The Uzbek Republican Stock Exchange 'Toshkent' and the Kazakhstan Stock Exchange, both being members of the FEAS, carry out cooperation aimed at studying and implementing best practices for increasing liquidity and investment attractiveness of stock markets.
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