A trading platform for shares of global companies based on SPB Exchange technologies will be launched in Astana

The ITS trading platform for the shares of global companies will be launched on the basis of the Astana International Financial Center. The platform is being launched by SPB Exchange, Freedom Finance and the Kazakh non-profit organization Foundation for the Support and Development of International Financial Center.

Chairman of the Board of ITS Chingiz Kanapyanov told the Kazakh Forbesthat the site will specialize in trading shares of foreign companies. For example, Apple, Xiaomi, Tesla, Netflix and others. Investors from the CIS countries, Central Asia and Turkey will gain access to trade. Sources RBC reported that Russian investors will also be allowed to trade, provided that they are not on the sanctions lists.

As Mr. Kanapyanov explained, this is not about the stock exchange in the classical sense. The founders define their project as a “multilateral marketplace”. It will not be possible to conduct an initial public offering (IPO). ITS will trade US, European and Asian stocks listed on the NYSE and NASDAQ stock exchanges, as well as Chinese stocks listed on the Hong Kong Stock Exchange. At the start, about 2 thousand items will be available.

SPB Exchange owns 10% minus one share of the platform, said Mr. Kanapyanov. Roman Goryunov, CEO of SPB Exchange, told RBC that the Russian company would provide the site with its technology and business model. According to him, “ITS is an independent project that will develop as an international liquidity hub for investors and financial intermediaries from Asia and the CIS.” Another 10% of the site belongs to Freedom Kazakhstan Ltd (which controls the Freedom Finance broker and the bank of the same name). 80% owned by the Foundation for the Support and Development of International Financial Center.

For Russian investors, trading in foreign shares is now difficult due to sanctions. At the end of May 2022, some foreign securities owned by Russians were blocked due to restrictions on the National Settlement Depository. The Central Bank at the end of November estimated the amount of blocked assets at 5.7 trillion rubles. Some foreign brokers, through which you can also buy securities of global companies, have also introduced a number of restrictions on trading.

Leonid Uvarchev