The Kazakh trading platform ITS has created conditions for the continuation of full work without the participation of the sanctioned St. Petersburg Stock Exchange. ITS launched its own exchange, depository and clearing infrastructure based at the Astana International Financial Center (AIFC).
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Previously, ITS used the infrastructure of the St. Petersburg Stock Exchange. Thus, SPB Bank and SPB Clearing acted as the clearing depositary and central counterparty of ITS.
However, in the fall of 2023, the St. Petersburg Stock Exchange came under US sanctions, which led to its isolation from the dollar system, a ban on cooperation with American companies and other restrictions. As a result, ITS had to suspend trading.
During this time, the site has created its own infrastructure. Over the next two months, the site can open access to trading for clients. The test trading format is currently in effect. It allows “financial intermediaries, in a functioning foreign exchange market, to establish accounting systems.”
As noted on the ITS website, its own infrastructure will provide a full cycle of post-trade services and investor access to global liquidity of international instruments.
ITS’s efforts to build its own infrastructure were reported in June last year.
Author:
Natalia Gormaleva
Source: RB
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