Moscow Exchange (MOEX) has recently made headlines as it ceased to be a stakeholder in Kazakhstan’s Stock Exchange (KASE), marking a significant development in the region’s financial landscape. The move was officially announced by KASE, which revealed that the National Bank of the Republic of Kazakhstan now holds the majority stake in the exchange.

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Back in 2018, MOEX and KASE embarked on a collaborative journey by signing a Strategic Partnership Agreement. This partnership led to the implementation of various projects aimed at enhancing Kazakhstan’s exchange market, such as upgrading trading systems, introducing central counterparty services, and launching new financial instruments like repo transactions.

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However, this era of cooperation came to an end as Vladimir Krekoten, the MOEX representative, resigned from KASE’s Board of Directors in September 2024. Despite the conclusion of their collaboration, KASE expressed appreciation for MOEX’s contributions to expanding market opportunities and product offerings.

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KASE stands out as a prominent exchange in Central Asia, offering diverse trading opportunities in corporate and government securities, currency transactions, derivatives, and international bonds. As a member of global exchange associations like the International Federation of Exchanges and the Federation of Euro-Asian Stock Exchanges, KASE actively engages in initiatives like the UN Sustainable Stock Exchanges.

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Notably, the US Department of the Treasury’s Office of Foreign Assets Control imposed sanctions on MOEX and other Russian financial entities earlier this year. Following these sanctions, discussions arose regarding the future of business relations between KASE and MOEX, ultimately leading to the decision for MOEX to divest its stake in the Kazakh exchange.

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Alina Aldambergen, the Chairman of KASE’s Board, addressed the buyout of MOEX’s stake, underscoring the evolving dynamics in the regional financial landscape. This move not only reflects shifting alliances but also highlights the impact of geopolitical factors on financial institutions.

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As the financial market in Central Asia continues to evolve, the withdrawal of MOEX from KASE signifies a new chapter in the exchange’s journey. It also underscores the need for adaptability and resilience in the face of changing regulatory environments and geopolitical tensions that can influence international business relationships.

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