ASTANA, October 11. /TASS/. Kazakhstan Stock Exchange (KASE) announced the withdrawal of the Moscow Exchange (MOEX) from its shareholders, as well as the termination of all relations with MOEX.

"Kazakhstan Stock Exchange JSC (hereinafter - KASE, the Exchange) says Moscow Exchange PJSC (hereinafter - MOEX) has disposed its stake in KASE <…> In addition, KASE announces the termination of its relationship with MOEX, which was based on a Strategic Cooperation Agreement signed by the exchanges on October 10, 2018, and related agreements," the press release of KASE says.

It notes that as of October 11, 2024, the main shareholder of KASE is the National Bank of Kazakhstan. The MOEX is no longer listed among KASE shareholders published on its website.

According to the press release, as of September 30, 2024, MOEX representative Vladimir Krekoten left KASE's Board of Directors based on his statement of early termination of powers.

As KASE notes, during the time of partnership, the Exchange implemented strategic projects, including the modernization of trading and clearing systems, the introduction of central counterparty services on all exchange markets, the opening of trading in new financial instruments, in particular, repo with general collateral certificates, and others.

"KASE thanks MOEX for its cooperation aimed at solving KASE's strategic tasks in developing the exchange market, introducing new exchange products, and expanding the investor base of Kazakhstan's exchange market," the press release says.

On June 12, the US Treasury imposed sanctions against the Moscow Exchange and the National Clearing Center, which is part of the Moscow Exchange Group. In this regard, the Moscow Exchange reported that it would suspend trading in dollars and euros from June 13, while the Bank of Russia reported that individuals and companies could continue buying and selling these currencies, and the rate would be determined by the regulator based on bank statements and information from over-the-counter trading.

As of June 1 2024, the Moscow Exchange held 13.1% of the outstanding shares of KASE. In the meantime, US sanctions apply to individuals who own 50% or more of the shares. On October 11, the Chairman of the National Bank of Kazakhstan, Timur Suleimenov, announced that a decision had been made about the withdrawal of MOEX from KASE, calling it correct and professional.