Monday 16 / September / 2024
Astana: Muscat Clearing and Depository Company (MCDC) and the Central Securities Depository of the Astana International Stock Exchange (AIS) signed a memorandum of cooperation marking the commencement of a partnership aimed at exploring mutually beneficial opportunities.
This collaboration is set to enhance market liquidity and streamline trading mechanisms by facilitating cross-trading of Muscat Stock Exchange (MSX) and AIS -listed securities.
The memorandum was signed on behalf of MCDC by Mohammed bin Saeed Al Abri, CEO of the company, and on behalf of the Kazakh side by Ainur Aitkazina, CEO of the Central Securities Depository of the Astana International Stock Exchange, on the sidelines of the Astana Financial Conference 2024, which is being held in the Kazakh capital, Astana.
The memorandum aims to exchange scientific and practical knowledge and expertise in all areas of activities and tasks of central depository, clearing and settlement, in order to keep pace with the best internationally recognised methods and standards.
It will also enhance aspects of cooperation, conduct commercial transactions, and exchange information, studies and data within legal frameworks, in addition to improving the systems of central depository and registration of securities.
The CEO of MCDC said that this memorandum will enable the improvement of the infrastructure of the stock exchange for both parties, in addition to enhancing settlement and deposit services, and exchanging visits, information and related studies.
In a statement to the Oman News Agency he said that expanding and developing the capital market’s operations is one of the goals of MCDC, which pays great attention to everything that would promote and develop the Omani capital market and use the best technical and technological practices to ensure facilitating investment in the capital sector.
Inor Itkazina said that the MoU represents a step towards smooth cooperation in settlement and depository services, which includes setting new standards for market efficiency and liquidity and working to enhance a regional market to become more interconnected and dynamic, expressing her hope that this cooperation will allow for increased investment flows and enhanced market integration in the region.
It is noteworthy that the issued capital of MCDC is OMR5 million and the Muscat Stock Exchange owns about 79.88 percent of the company’s capital, while banks, brokerage and investment companies own 20.12 percent of its capital.
