Who will be able to participate in the IFCA exchanges
The Rules of the Stock Exchange of the International Financial Center Astana were presented at Atameken on 11 of October.
The International Financial Center Astana presented the Rules of the IFCA Exchange. The establishment of the IFCA is an important stage in the structural reforms of the stock market. The event was attended by Deputy Chairman of the Board of NCE RK "Atameken", Yuliya Yakupbaeva, adviser to the chairman of the board of the administration of the IFCA Amina Turgulova, and representatives of financial institutions and stakeholders. IFCA representative David Wright spoke about the structure of the project for potential participants of the securities market.
"No financial market or exchange can work without rules. The implementation of the rules for the licensing of the exchange was worked out by the uniform implementation of the best international practices. The structure consists in the fact that all parties cooperate with each other, there should be a complete picture and interrelation", - David Wright began the presentation.
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He added that the basic rules of the stock exchange include listing rules, securities rules, bidding rules and settlement of defaults. Principles of doing business at Stock Exchange of IFCA - are fair competition, quality assurance, obligations to stakeholders, social and corporate responsibility.
"Good discipline in the market is in everyone's interest, therefore, rules for monitoring and control have been developed. The Exchange will monitor, if it sees any insider trading, it sends information to the Disciplinary Committee of the Stock Exchange of IFCA. The Committee in turn can apply sanctions, suspend membership or expel from membership. If a person considers this unfair, he can file an appeal to the exchange committee, which will listen and make a decision. Further the unfair consideration can be reviewed at the court of the IFCA", - David Wright stressed.
The representative of the IFCA Stuart Willie dwelled on the rules of membership in the IFCA.
"Compliance with the requirements of professional compliance, technical capabilities for connecting to the trading systems of the Exchange of IFCA, audited financial report for the last 2 years and information on working capital, availability of personnel, technical and financial resources, maintenance and storage of data are membership rules", - said Stuart Willie.
Advisor to the chairman of the board of administrative office of the IFCA Amina Turgulova noted that these rules are designed to cover a greater number of entrepreneurs.
"The minimum market capitalization is 1 million USD. Under this category, there are many companies, but there will also be segments for small businesses and start-ups. In the 4th quarter of this year, the first trading on the stock exchange is planned. The main requirements are audited financial statements for the last 3 years, at least 25% of shares in free circulation", - Amina Turgulova explained.
Market capitalization is the value of an object calculated on the basis of the current market (exchange) price. This financial indicator is used to estimate the aggregate value of market instruments, entities and markets. Also, the requirements of the exchange include financial statements prepared in accordance with international standards, foreign accounting regimes, the appropriate level of qualifications for the performance of the company, information on working capital for a period of at least 12 months.
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Representatives of IFCA summarized that the bonds of the Stock Exchange of IFCA will be launched at the end of this year. On 5th of September the Chairman of the Presidium of NCE RK "Atameken" Timur Kulibayev and the Manager of the International Financial Center "Astana" (IFCA) Kairat Kelimbetov signed the Cooperation Agreement between the National Chamber of Entrepreneurs of the Republic of Kazakhstan "Atameken" and the International Financial Center "Astana".
Presentation of the "Rules of the Exchange of IFCA" is attached. Send proposals for the project to the expert of the Department of Economics of NCE RK (Bekzhan Otarbayev, phone 919342, b.otarbaev@atameken.kz)
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