ASTANA — Almaty hosts the 26th Annual General Meeting of the Asia-Pacific Association of Central Depositories (ACG) on Sept. 9-12, organized by the Central Securities Depository of Kazakhstan (KCSD). The meeting will address opportunities for cooperation between the financial markets of Asia-Pacific countries and Central Asia.
Almaty hosts the 26th Annual General Meeting of the Asia-Pacific Association of Central Depositories (ACG) on Sept. 9-12. Photo credit: Central Securities Depository of the Republic of Kazakhstan (KCSD).
The panel discussions on Sept. 10 were held with the participation of foreign speakers, heads of Kazakhstan’s National Bank, the Kazakh Agency for Regulation and Development of the Financial Market, KASE, and stock market experts. The forum attendees discussed activities of the Kazakh and international securities markets, digitalization, the use of AI, improving the quality of services, and the risk management of central depositories, reported by the KCSD’s press service.
According to National Bank Chair Timur Suleimenov, the Asia-Pacific region is a dynamic market with a high investment potential due to sustainable economic development, significant infrastructure investments, technological advances and a growing interest in cross–border investment. He said that building a strong institutional partnership between Central Asia and the Asia-Pacific region will open up unprecedented economic potential for both sides.
National Bank Chair Timur Suleimenov. Photo credit: Central Securities Depository of the Republic of Kazakhstan (KCSD).
Kazakhstan has attracted more than $450 billion of foreign direct investment (FDI) over the last three decades. According to Suleimenov, this is the largest indicator among the Commonwealth of Independent States (CIS) countries per capita.
Deputy Managing Director of the International Monetary Fund (IMF) Bo Li said that the economies of the Caucasus and Central Asia show resilience despite various economic shocks. Bo Li noted that stable growth is expected among oil importers amid domestic demand and further expansion of the carbon industry and oil exports. At the same time, well-designed reforms, according to him, could lead to 5-7% growth in countries over the next 4-6 years. He noted that new technologies, including digital, also have a major impact on many sectors – from manufacturing to healthcare and financial services.
“The IMF is committed to help countries in implementing successful product policies and promote global cooperation, including strengthening the integration of financial infrastructure between Asia-Pacific and Central Asian countries,” Bo Li said.
Madina Abylkassymova, chairwoman of the Kazakh Agency for Regulation and Development of the Financial Market, emphasized that building mutually beneficial relations between the Asia-Pacific region and Central Asia is of strategic importance in the current conditions of global financial system development.
According to her, Kazakhstan ensures the integration of the Kazakh stock market’s infrastructure into the global capital market ecosystem. Work is currently underway to enable international accounting authorities such as Euroclear and Clearstream to open direct accounts with the Central Depository and banks to provide account operator services.
Mark Gem, chairman of Clearstream’s Risk Committee, noted that the current task is to unite the financial market infrastructure between the Asia-Pacific region and Central Asia on a global scale. According to him, the KCSD fully fulfills its mission and supports the bridge between the West and the East, providing many opportunities.
“Now is a time of great challenges, there are difficulties and risks in our work. Geopolitical reality can change the decades of established practice, and now we will have to change our priorities. Vulnerabilities are growing, climate change is also on the agenda. We see the development of digital tools, including AI, that might be against us. The regulator is becoming more specific and demanding. Central depositories are expected to be more efficient, faster, more transparent with lower costs and risks,” he said.
ACG is an Association of Central Securities Depositories of the Asia-Pacific region, established in 1997. Its main goal is to strengthen cooperation in various sectors to improve the efficiency of clearing and settlements. KCSD has been a member of the ACG for 17 years (since 2007).
The Central Securities Depository (KCSD) is a key infrastructure organization in Kazakhstan’s post-trading services financial market. It has been providing services for more than 25 years. As of Jan. 1, the total volume of financial instruments in nominal holding of KCSD reached 126.61 trillion tenge (US$264. 7 billion), an increase of 13.9% compared with the previous year. To date, over 3 million brokerage accounts have been registered with KCSD.
