For Press

15/10/2016

Astana International Financial Centre and Nasdaq sign MOU

In New York, as part of the visit of the delegation of Astana International Financial Centre (AIFC), the Governor of AIFC, Mr. Kairat Kelimbetov, and the President and Chief Operating Officer of Nasdaq Inc., Ms. Adena Friedman have signed an Memorandum of Understanding (MOU).

The purpose of the MOU is to express the willingness of both parties to work closely together in the development of the AIFC. By signing the agreement, this is the first step for Nasdaq in supporting AIFC in its establishment of the Astana International Exchange (“AIX”). Further, Nasdaq has submitted a Strategic Partnership Proposal to AIFC to jointly design and implement product development, trading, clearing, settlement and regulation, including establishing the relevant business rules for AIX; co-operation in implementing core technology for AIX; setting up operational procedures; carrying out personnel training; as well as investigation into the use of new financial technologies.

Governor Kelimbetov commented: “The new exchange, which will be established in Astana and launch trading in the second half of 2017, will provide trading infrastructure in multiple asset classes, including securities, derivatives and commodities. We plan to have AIX provide the integration of the domestic market with international markets and bring global liquidity providers to Astana.”

Adena Friedman commented: “We welcome AIFC’s plans to establish the new exchange infrastructure that would comply with top international standards. We look forward to establishing a long-term, strategic relationship with AIFC."

The parties both agreed that the signing of this MOU is an important milestone in the development of new exchange infrastructure in Kazakhstan.

Reference

AIFC. In December 2015 President of the Republic of Kazakhstan Nursultan Nazarbayev signed the Constitutional law “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to form a leading international centre of financial services. For the first time in post-Soviet region Common law framework will be introduced in the AIFC. English shall be the official language of the AIFC.

 The objectives of the AIFC are to attract investment into the economy through the establishment of an attractive environment for investment in the financial services, develop local capital markets, ensuring their integration with the international capital markets, and develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.

 

The Nasdaq is the second-largest stock exchange in the US, with half of all public limited companies listed. It is also second-largest stock exchange in the world after the NYSE when it comes to the market capitalisation of its listed companies and it has the highest trading volume of all electronic stock exchanges in the world.

The name is an acronym for the National Association of Securities Dealers Automated Quotations.