Securities Markets in Eurasia

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21 Nov 2005
9789264012233 (PDF) ;9789264012226(print)

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Central Asia's securities markets remain small-scale and underdeveloped. Building up well functioning securities markets will be essential to vitalising their economies. This publication contains an overview of securities markets in the region and selected country reports. It provides comprehensive data and analyses of securities markets in the region, updated to April 2005, addressing specifically effective measures to develop securities markets and infrastructure, especially the role of institutional investors and clearing and settlement systems; building investor confidence; and regulation and supervision of securities markets.

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  • Summary of the OECD Conference on Financial Sector Development in the Central Asian Countries
    Since the collapse of the communist regime, the Central Asian countries1, Azerbaijan and Mongolia have been rapidly heading toward a market economy. They have made considerable efforts to establish a well-functioning market infrastructure, accepting the support of International Financial Institutions (IFIs), and have tackled financial sector reforms with trial and error.
  • Potential for Securities Markets in the Central Asian Countries, Azerbaijan and Mongolia
    The Central Asian countries, Azerbaijan and Mongolia have gradually developed their securities markets with their banking sector reforms after the collapse of the communist regime. Although the market infrastructure in the region has been moderately developed with the support of international organisations, however, their securities markets are typically small in scale and still have the weaknesses.
  • Financial Markets and Institutional Investors in Central Asia
    The international financial markets have recently swayed widely due to a variety of unexpected problems such as the September 11, 2001 terrorism, a series of corporate scandals represented by Enron and WorldCom and, most recently, the Argentine collapse. Accordingly, the local bond markets in emerging economies in East Asia, Latin America and Eastern Europe have been exposed to sharply increased emerging market spreads, which amounted to more or less 1000 basis points in late 2001 and in the second half of 2002, now declining to 500 to 600 basis points.
  • Securities Market in the Republic of Azerbaijan
    Azerbaijan, as the other countries in transition, is included in the wide processes of economic development. Azerbaijan, passing through phase of the general economic growth, has entered the second phase of the economic development, where the main direction is the effective financial market formation. This is the basis of the country’s institutional reforms.
  • Supervision of the Securities Market in the Republic of Kazakhstan
    Since year 2001, the new system of state regulation of activities of financial institutions in Kazakhstan has started to develop. This system envisages unification of all supervisory and regulatory bodies in the financial market into one specialized agency.
  • The Further Development and Reliable Operations of the Securities Market in Kyrgyz Republic
    Winning investors’ confidence so that they invest money in securities and keeping and consolidating that confidence are the main tasks of any professional activity on the stock market. We all know that a small failure in the mechanism for attracting investor capital to the stock market can cause major problems and financial loss for all participants in securities trading. Regarding the competent government body, even a tiny negative event affecting investors’ capital takes a heavy toll, sometimes lasting many years, on the reputation and image, not only of the body that regulates the securities market, but also of the government.
  • The Development of Institutional Investors and Pension Funds in Kyrgyzstan
    The attractiveness of Kyrgyzstan for investors has always been considered from the point of view of foreign investment. For more than a decade now, our republic has dreamed of a shower of foreign investment. And for good reasons – only foreign investors have the wherewithal to bring in large volumes of capital, new technology and modern management methods.
  • The Origin and Development of the Securities Market in Mongolia
    The government of Mongolia has taken the measures in sequential order to transfer to the market economy. In this framework, the government of Mongolia has been developing the securities market for the first time in history.
  • Securities Market Development in Mongolia
    On 18th January 1991, the Mongolian Stock Exchange (MSE) was established for the purpose ofprivatization of state-owned enterprises and organizing securities to be traded further.
  • Securities Market in the Republic of Tajikistan
    The Republic of Tajikistan became an independent state in 1991 following the collapse of the Soviet Union. The country subsequently experienced a period of civil war and internal strife. Basic stability was restored only in 1997 after the Agreement on Peaceful Settlement was signed between the government of Tajikistan and the United Tajik Opposition, and a coalition government was formed.
  • Securities Market in Uzbekistan
    Most dynamic developments of securities market started in 1993, when the government launched medium & mass privatization and securtisation of the State Owned Enterprises. Government agencies (Center for Coordination of Securities Market, Ministry of Finance and State Committee of Privatization) are working hard to improve the Uzbekistan’s young equity market.
  • Uzbekistan Corporate Securities Market's Infrastructure
    We have conventional understanding among professionals on the need to eliminate issuance, use, transfer and retention of paper securities without delay. As a result, from the year of 1999 all important institutions made efforts to implement electronic document turnover, and finally from the August 2002 most of documents among stock exchange, clearing house, central depository and custodians have been circulated in electronic form.
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