This was stated today by Dr. Wenhua Dai, ex-chairman of the Asia-Pacific Association of Central Depositories (ACG).
More than 200 foreign experts participated in the 26th ACG in Almaty from September 9 to 12, 2024.
This year for the first time, Kazakhstan received the right to hold the 26th ACG Annual General Meeting in Almaty. It was attended by the representatives of more than 40 depository, exchange and clearing organizations from around the world. The organizer was the Central Securities Depository (KCSD). ACG participants discussed the topical issues of the modern development of the world’s financial markets, including international cooperation, transition to T+1 regime, digitalization of industry and many others.
Chairman of KCSD Adil Mukhamejanov emphasized it is a great honour to hold such an important event in Kazakhstan. According to his words, the central depositories around the world are undergoing important changes now. Thus, new technologies are being introduced in Kazakhstan, the operational structure of KCSD is being improved, and there is an increase in the quality and expansion of services for customers and stakeholders. However, effective transformations, sustainability and risk reduction require cooperation with foreign colleagues and the exchange of ideas and experience, noted Mr. Mukhamejanov.
On September 11, 2024, at the meeting in Almaty, a ceremony was held to delegate authority to Akber Badiuddin, CEO of the Central Depository Company of Pakistan Limited as the new head of the ACG.
Mohammad Baghestani, CEO of the Central Securities Depository of Iran was also elected as the new Vice-Chairman of the ACG.
Dr. Wenhua Dai thanked all the guests and organizers of the conference for participating in the event and making a great contribution to its work. “While it is golden autumn in Almaty, we successfully completed the 26th Annual ACG Conference, thanks to the warm hospitality of our hosts and the beauty of Kazakhstan,” Dr. Wenhua Dai said at the end of the conference.
“We all have wonderful memories. As we approach the 27th anniversary of the ACG and reflect on the path we have travelled, we see economic wonders in the Asia-Pacific region. This is the development of politics, economics, culture and globalization in Central Asia. The active participation of KCSD in the management of financial infrastructures in the Asia-Pacific region and at the global level shows that Kazakhstan will increasingly attract the attention of the world community in future economic development.”
The honorary guests of the 26th Annual General Meeting ACG in Almaty were the heads of the National Bank of Kazakhstan, ARDFM of the Republic of Kazakhstan, Deputy Managing Director of the International Monetary Fund (IMF), heads of the departments of Clearstream, Euroclear, Depository Trust&Clearing Corporation, China Securities Depository and Clearing Corporation, Taiwan Depository&Clearing Corporation, Hong Kong Exchanges and Clearing Limited, KASE, AIFC, International Securities Services Association, PT. Custodian Sentral Efek Indonesia and many other respected experts.
Sponsors of the event: Visit Almaty, Freedom Broker, Elide Securities, KASE, Tengri Partners, Qanot Invest, Montran, Eurasian Development Bank, Wanli Stone.
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ACG is an association of central depositories of the Asia-Pacific region, established in 1997. Its main goal is to cooperate in various sectors to improve efficiency in clearing and settlements. KCSD has been a member of the Asia-Pacific Association of Central Depositories for 17 years (since 2007). KCSD is a key infrastructure organization of the Kazakh financial market in post-trading services and has been providing services for more than 25 years. It is a single centre for recordkeeping for securities ownership rights, performs calculations for all exchange and over-the-counter transactions, and provides access to international securities systems for local participants.
As of January 1, 2024, the total volume of financial instruments in nominal holding in KCSD amounted to KZT 126.61 trillion, an increase of 13.9% over the year. The number of securities issues on depository services has also increased, amounting to 2,386 issues at the beginning of 2024. As of today, more than 3 million brokerage accounts have been registered with KCSD.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Economy Prime journalist was involved in the writing and production of this article.