Co­op­er­a­tion with in­ter­na­tional op­er­a­tors key to de­velop Kuwait Bourse: Chair­man

Kuwait Times - - LOCAL - — KUNA

There is a clear out­line for de­vel­op­ing Kuwait Boursa, the na­tional stock ex­change, with the main com­po­nent and key be­ing the bol­ster­ing of co­op­er­a­tion with other in­ter­na­tional op­er­a­tors, a se­nior mar­ket of­fi­cial said yes­ter­day. Chair­man of the Board and Di­rec­tor Gen­eral of Boursa Kuwait Talal Al-Ghanem said that the de­ci­sion to fur­ther trans­form and de­velop the bourse was in the court of the Cap­i­tal Mar­kets Author­ity, re­veal­ing that the stock ex­change was tak­ing the nec­es­sary steps to achieve this goal.

In­ter­na­tional stan­dards

Among the nec­es­sary pro­ce­dures was em­bark­ing on a strat­egy to fi­nal­ize deals af­ter the mar­ket ends its daily op­er­a­tions which is part of Kuwait’s Bourse steps to work within in­ter­na­tional stan­dards, said Ghanem. Bro­ker­age com­pa­nies have a part to play in the grand scheme of things, af­firmed Ghanem who in­di­cated that col­lab­o­ra­tion be­tween the com­pa­nies and Kuwait Bourse would have its re­ward when the trans­for­ma­tion fi­nal­izes. He noted that Kuwait Bourse would in­form th­ese com­pa­nies about any up­com­ing chal­lenges in the fu­ture.

In re­cent times, Kuwait Bourse has held sev­eral work­shops and has set help coun­ters to an­swer in­quires by com­pa­nies in re­gards to fu­ture plans, he in­di­cated. For ex­am­ple, Kuwait Bourse has set a counter to an­swer in­quires about the In­terim Post­Trade Model (IPTM1), said Ghanem, re­veal­ing that this helpdesk be­gan full op­er­a­tion on May 21, 2017.

The next level

On other steps to de­velop the mar­ket per­for­mance, Ghanem said that Kuwait Bourse car­ried out sev­eral mea­sures to take mar­ket op­er­a­tions to the next level, not­ing that th­ese mea­sures fo­cused on im­prov­ing the stock ex­change’s IT and trad­ing sys­tems as well as de­vel­op­ing hu­man re­sources via em­ploy­ing more Kuwaiti tal­ents. He pointed out that listed com­pa­nies now could post their prof­its via the sys­tem launched by Kuwait Bourse on­line, which of­fers such en­ti­ties full trans­parency through up­load­ing nec­es­sary trad­ing data. All th­ese mea­sures are aim­ing to­wards the goal of mak­ing Kuwait Bourse “a force to be reck­oned with,” said Ghanem.

Over-The-Counter

Mean­while, Ghanem touched on ini­ti­at­ing the Over-The-Counter (OTC) ser­vices in Kuwait Bourse, say­ing that the main­frame of such sys­tem should be set in or­der to or­ga­nize trad­ing. He added that an au­to­mated sys­tem also should be set in mo­tion for the OTC to op­er­ate smoothly. The OTC is a stocks sys­tem that al­lows deal­ers to form trad­ing net­works away from the nor­mal mar­ket op­er­a­tions.

Kuwait Stock Ex­change (Boursa Kuwait).

Talal Al-Ghanem

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