Strategic partnership framework agreement between Borsa İstanbul and Kazakhstan Stock Exchange points to cooperation in all areas including but not limited to markets, listing, products, technology and exchange of know-how.
Borsa İstanbul and Kazakhstan Stock Exchange (KASE) announce a strategic partnership framework agreement that will significantly expand and deepen the collaboration between the two Exchanges.
The agreement covers setting up the underlying framework for long-term strategic partnership including through mutual share acquisition.
The parties will develop projects to improve capital markets in both countries, to enhance channels of communication and to share experiences and best practices.
The strategic partnership framework agreement points to cooperation in all areas including but not limited to markets, listing, products, technology and exchange of know-how.
kazakistan-1"We are proud to announce our strategic partnership with KASE, the largest and most prominent stock exchange in Central Asia. We have always had very close relations with KASE as stock exchanges of brother countries; this agreement however marks a critical milestone since we are now taking the next step and becoming business partners. I strongly believe that with this partnership, İstanbul and Almaty get much closer to transforming into financial centers" said İbrahim M. Turhan, Chairman and Chief Executive Officer of Borsa İstanbul.
Mr. Maxat Kabashev, CEO of Kazakhstan Stock Exchange commented: "There are many synergies between our markets' development goals. Given that both Turkey and Kazakhstan are geared towards growth and development of their respective financial centers, I believe that this partnership will help us exchange ideas and experiences, reveal our challenges, elaborate ways to address them and establish grounds for further mutually beneficial cooperation."
About Borsa İstanbul
Borsa İstanbul, through its subsidiaries (Takasbank - İstanbul Settlement and Custody Bank Inc. and MKK - the Central Securities Depository Agency), is the sole provider of trading, clearing, settlement, custody and registry services in Turkey for a wide range of products such as equities, debt securities, repo, sukuks, warrants, options, futures, certificates and ETFs.
Through a major reform program involving complete overhaul of Capital Markets Law in December 2012, Borsa İstanbul successfully completed its de-mutualization, horizontal integration (merger with derivatives and precious metals exchanges), and vertical integration (majority shareholder status at Takasbank and MKK). The reform program has also been complemented with significant improvements in the technological infrastructure, diversification of financial products, addition of new markets, and intensified international outreach.
For further information, please visit Borsa İstanbul at www.borsaistanbul.com, and follow us on Facebook (www.facebook.com/borsaistanbul) , and Twitter (www.twitter.com/borsaistanbul).
KASE is the only stock exchange in Kazakhstan, servicing the financial market. It represents a universal trading floor for repo market instruments, foreign currencies, government and corporate securities of Kazakhstani and foreign issuers, bonds of internal financial organizations, as well as derivatives. KASE is a member of the World Federation of Exchanges (WFE), Federation of Euro-Asian Stock Exchanges (FEAS) and other international and domestic professional associations.
Kazakhstan as a leading financial market in the Central Asian region and is working on establishing a regional financial center with the emphasis on development of the Islamic Finance. Kazakhstan is thriving for a developed and vibrant domestic capital market that will in turn attract other market participants and potential issuers from the Central Asian region.
As of September 1, 2014 the total volume of trades on KASE reached the equivalent of 149.2 billion US dollars, including the shares market - 175.9 million US dollars. KASE shares market capitalization has been estimated at 29.7 billion US dollars and corporate bonds market - 34.2 billion US dollars. More information about KASE can be found in Russian, Kazakh and English at www.kase.kz.
History of Cooperation
Borsa İstanbul and KASE have a long history of cooperation both on bilateral basis within the framework of the MOU signed in 2011 between the exchanges and since 1997 under the umbrella of the Federation of the Euro-asian Stock Exchanges (FEAS) that unites more than 30 exchanges from Eastern Europe, Central Asia, North Africa and the Middle East. For more than 15 years of cooperation between Kazakh and Turkish exchanges many joint projects devoted to exchange of knowledge and experience took place. In June 2014 KASE and Borsa İstanbul held a joint seminar on current trend and prospective of cooperation between the stock markets of Turkey and Kazakhstan.