OREANDA-NEWS. May 19, 2008. Within the frameworks of the Memorandum of Understanding between Kazakhstan Stock Exchange (KASE) and representatives of Vienna Stock Exchange signed in Almaty, September 24, 2007 a number of meeting were held, reported the press-centre of KASE:

Vienna Stock Exchange was represented by Chief Executive Officer Michael Buhl, Head of International Business Development Hannes Schonegger and Regional Manager of International Business Development Gerhard Schwediauer.

During the two visits to Almaty the representatives of Vienna Stock Exchange and KASE management discussed the areas of cooperation between the exchanges. Vienna Stock Exchange and KASE defined exchange indices cooperation; rendering consulting services; stock market  development and exchange technologies experience communication as the main cooperation areas.

As long as Vienna Stock Exchange is an active indices provider for the Western Europe financial markets, the possibility of cooperation in promotion of KASE index as an informational and instrument underlying product on the Western Europe financial market, and creation of the index, which would be calculated  by Vienna Stock Exchange on the basis of prices of KASE shares were considered at the meeting with KASE management.

Most actual Kazakhstan stock market challenges have been discussed at one of the meetings. Mister Buhl shared his experience in solving similar problems in Austria, having informed on the operational at his exchange technology of attraction of new listing companies, and Austrian programs for population investment literacy improvement. It is noteworthy, that Austrian stockbrokers' initiatives on stock market development were supported by government circles, and consolidation of the exchange efforts and officials strains resulted in a well- defined success for development and prosperity of the stock market.

Having familiarized themselves with the KASE development strategy, the Austrian partners approved endeavors of the Kazakhstan Exchange in the area of marketing activation and expressed readiness to provide consulting support  to KASE in achieving of the tasks specified by the strategy.

During the visit of the Vienna Stock Exchange representatives to Almaty, KASE assisted arranging several meetings with the state regulators of the financial market (the National Bank of the Republic of Kazakhstan, the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations) and representatives of professional securities market participants. In the course of the meetings the parties agreed to support the initiatives of Vienna Stock Exchange in Kazakhstan.