FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2013
KAZAKHSTAN STOCK EXCHANGE
In addition, KASE will continue upgrading
existing trading and post-trading systems
aimed at creation of technical framework for
introduction of new instruments and ensuring
easy and efficient access to the market. KASE
will implement projects on improvement
of Trading System’s user certification,
risk minimization, improvement of market
surveillance system. Next year KASE plans to
introduce new trading platform - NEXT.
Trading in two new instruments - currency pair
CNY/KZT and “long” currency swaps - will be
launched by the end of 2014. Other plans also
include establishment of KASE call center to
address issues of its clients in a timely manner.
CAPITAL MARKET DEVELOPMENT
AND ECONOMIC OUTLOOK
Development of the Kazakhstan’s securities
market is one of the major objectives of the
government of the Republic of Kazakhstan,
which recognizes the importance of
developed capital market and its impact on
overall economic growth of the country and
on ensuring financial stability, improving
financial sector sustainability and encouraging
investment inflows. Compared to its CIS
counterparts, Kazakhstan’s securities market
ranks second after Russia by trade turnover.
However, due to certain weaknesses it is still at
the development stage and has a potential for
growth.
In January 2013 the Integrated Securities
Registrar was created. The Integrated Securities
Registrar is mainly aimed to minimize risks
of the issuers and securities holders. The
Integrated Securities Registrar allows the
regulator to maintain the control function more
effectively.
With the introduction of the amendments to
the Pension System Law in June 2013, the
state-owned Unified Accumulative Pension
Fund started accumulating required pension
contributions, voluntary pension contributions
and making retirement savings’ payout.
Previously, these functions were carried out
by private pension funds, major institutional
investors on KASE bonds market.
In September 2013 Kazakhstan Government
has established the National Chamber of
Entrepreneurs of Kazakhstan with the aim to
protect entrepreneurs’ rights and interests,
support local production enterprises, and attract
investments.
The oil extraction on Kashagan field has started
in September 2013. The estimated reserves of
the field are 35 billion barrels of oil and it is one
of the largest oil fields in North Caspian Sea.
Economic Performance
2013 was a quite positive year for Kazakhstan
in terms of economic performance. The GDP
growth was 6.0 % in 2013, which is higher than
the forecasted growth of 5.5 % by International
Monetary Fund. The unemployment rate has
decreased to 5.2 % in December 2013 from 5.4
% in January 2013. Net international reserves
amounted to USD 24.0 bn. The inflation rate
was 4.8 %, the historic minimum in the last
15 years. Current account balance (% GDP)
amounted to 4.0 %.
Kazakhstan is number one in terms of foreign
currency rating among CIS countries. In
November, 2013 Fitch increased the ratings
of the Republic of Kazakhstan: the long-term
ratings of obligations in foreign currency from
“BBB” to “BBB+” with “stable” outlook, those
in the national currency - from “BBB+” to “A-”.
S&P rating on Kazakhstan remained same at
“BBB+/A-2”’; outlook stable.
Key Information Contacts
Ministry of Finance of the Republic of Kazakhstan www.minfin.kz
National Bank of Kazakhstan www.nationalbank.kz
Committees of the National Bank of the Republic of Kazakhstan for Financial Market and Financial Organizations Regulation and Supervision www.afn.kz
Financial Institutions’ Association of Kazakhstan www.afk.kz/eng/
Central Securities Depository www.csd.kz
CONTACT INFORMATION
Contact Name Ms. Amina Turgulova
PAGE 60
E-mail [email protected]
Website www.kase.kz