Al-Jarida newspaper cited sources that the Kuwait Stock Exchange Company obtained the approval of the Capital Markets Authority to launch the second batch of the third phase of the market development plan, which is represented in the projects presented by the exchange. in on the central counterparty, called “ccp” for liquidity and index funds and quotations of bonds and commercial instruments.
Sources indicated that the team of the market system is stepping up its current efforts to complete the Preparation of the infrastructure of systems and programs related to the launch of the second batch Starting from the third phase, in the second half of next March, the test for index funds and the central counterparty of the money market, bonds and commercial instruments, according to the calendar approved by the Capital Markets Authority.
Sources predicted that the second batch of the third phase would be started by the end of quest’year, after the creation of infrastructural entities and the enhancement of the efficiency of the current structures, in order to update the technical systems and prepare the human cadres, emphasizing that the concerted efforts and greater attention to the market development plan and its completion as soon as possible is the greatest challenge for all members of the market system in order to achieve the desired goal of joining the Kuwait Stock Exchange in Developed Emerging Markets.
And he indicated that the Kuwait Clearing Company has indeed begun to realize what is required of it in about making changes to the technical systems of the Kuwait Clearing Company in order to complete the process of linking with the Central Bank of Kuwait, as it has made changes to the payment system, which require modification of some of the systems in in force at the Kuwait Clearing Company. He pointed out that the work plan envisages the continuation of the implementation of the requirements of the Capital Markets Authority in about the central counterparty work system, and developing all the services of the Kuwait Clearing Company that the company offers to investors and automating them, according to the best systems applied globally, and in in order to serve the market and all investors and meet their needs. .
And he indicated that the next stage of market development is related to the arrangements via the Central Bank and the commercial banks, noting that the transition to implementation is related to the preparations of the clearing and other relevant parts of the brokerage firms and commercial banks. , to match their systems with the CCP’s work system, noting that the completion of the Procedures relating to the unbundling of services provided by the Kuwait Clearing Company to 3 companies, one custodian, another settlement and clearing company, and a third for the central depository, and it is expected that these companies will carry on their activities during the second half of quest’year.
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