At the general meeting the following new members of the IAE CIS Council were chosen: Farkhat Amirbeckov (Executive Manager, Baku Interbank Currency Exchange), Oleg Andronov (Chairman of the Board of Directors, Ukrainian Interbank Currency Exchange), Azamat Djoldasbeckov (President, Kazakhstan Stock Exchange), Alexander Potemkin (Chief Executive Officer, Moscow Interbank Currency Exchange), Pavel Tsekhanovich (Chief Executive Officer, Belarus Currency and Stock Exchange).
At the general meeting of the IAE CIS the executives of the CIS Exchanges and depositories discussed the formation process of the stock exchange infrastructure within the framework of the CIS. Delivering a speech at the meeting, Alexander Potemkin, CEO of MICEX, noted that “it is well understood in all CIS countries that there is a necessity for the creation of an efficient financial market infrastructure, although its formation is uneven and can be characterized by certain retardation. In this regard it is of current interest for IAE CIS to assist the development of stock institutions based on international standards of trading, clearing and depository services for professional members of the stock market. At the current stage the major course for cooperation is exchange of information about financial markets and experience in organization of trading, gained by the member exchanges of IAE CIS. One of the most important objectives is also assistance in establishment of centralized depository services, which has already been implemented in a number of CIS member-states”.
As a result of the discussion it was decided to stimulate the exchange of information and experience between member exchanges of IAE CIS. In particular, it is planned to launch data collection regarding trading, as well as publication of “Stock Exchange Statistics Bulletin of CIS Countries”.
At the meeting the Uzbek Republican Commodity Exchange and National Depository of the Stock Market (Kazakhstan) were admitted to IAE CIS.
IAE CIS: International Association of Exchanges of CIS Countries was founded in Moscow in 2000 to coordinate efforts aimed at development of organized financial markets in accordance to international standards. IAE CIS includes 19 leading bourses and depositories of 9 CIS countries that play the key role in serving mutual financial turnover, transactions with currency, state securities and corporate shares/.
