MTI: first meeting of the Coordinating Council on Exchange trading

On August 17, First Vice Minister of Trade and Integration of the Republic of Kazakhstan Arman Shakkaliyev held the first meeting of the Coordinating council in the field of exchange activity - the body for regulating the interaction of state structures and participants in exchange trading.

The Coordinating Council was established on June 15, 2023, according to the instruction of the Presidential Administration of the Republic of Kazakhstan on the creation of an advisory body that would strengthen coordination in the performance of tasks in the field of exchange activities. The working body of the Council is the Trade Committee of the Ministry of Trade and Integration of the Republic of Kazakhstan.

The purpose of the event was to determine the priorities and format of the functioning of the Coordinating Council. Representatives of government agencies, commodity exchanges, NCE «Atameken» and traders discussed plans for the implementation and achievement of the tasks.

«The Council should become a center for developing proposals and coordinated actions aimed at improving the efficiency of exchange activities. We have prepared a number of amendments to the legislation of the Republic of Kazakhstan aimed at solving conceptual problems, such as the variety of contributions and deductions on exchanges, the use of the mechanism of exchange trading by individual companies to circumvent legislative procurement processes», - Arman Shakkaliyev addressed the participants of the meeting.

Since exchange trading is an important link in pricing, on which prices in the small wholesale and retail sector largely depend, regional representatives raised the question of the fairness of prices on the exchange itself.

Thus, regional coal operators announced large entrance fees on commodity exchanges charged for accreditation to coal sections and other problems in exchange trading. Deputy Chairman of the Industrial Development Committee of the Ministry of Industry and Infrastructure Development of the Republic of Kazakhstan Turar Zholmagambetov explained that the Agency for Protection and Development of Competition of the Republic of Kazakhstan is involved in the work on regulating the activities of commodity exchanges, which, first of all, reflects the interests of regions that are heavily dependent on coal supplies and prices for them.

Following the results of the Council, an agreement was reached that, taking into account the relative novelty of the exchange direction of trading activities in Kazakhstan, during the next meeting, business games will be held according to commodity exchange scenarios, during which participants will get an idea of the correct schemes of the trading system of exchanges, methods and modes of auctions, and other trading actions.