GMEX Group has entered into a strategic partnership agreement with the Central Asian Stock Exchange (CASE) via its GMEX Technologies subsidiary, according to a GMEX statement.
CASE is based in the Republic of Tajikistan, with the country embarking on a number of sweeping initiatives and projects presently being propped up and supported by the European Bank for Reconstruction & Development (EBRD), Worldbank and Asian Development Bank (ADB) – one of the country’s paramount priorities is a revamped and transparent banking sector to entice new investors.
CASE is a new entity, having just received approval in 2015 by regulators in Tajikistan. Its subsequent partnership with GMEX Technologies will help facilitate the establishment of the first fully integrated Exchange, CCP and CSD in Tajikistan, which will see exchange trading, market surveillance, clearing and settlement technology platforms, operations and global business expertise ecosystem, all of which will be provided by GMEX Technologies.
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CASE is slated to launch during Q4 of this year, initially with only securities trading capabilities, however, the exchange is eyeing a derivatives market by 2016. Moreover, CASE shareholders will also be founding a new company, acting as a central securities depository (CSD) for the new exchange and eventually a clearing house to service the derivatives market pending its formation.
According to Hirander Misra, Chief Executive Officer and Co-Founder of GMEX Group, in a recent statement on the partnership, “This agreement with CASE highlights our focus on emerging markets development to aid economic growth through a unique sustainable partnership driven model. Our relationship will provide Tajikistan with a world class primary exchange, clearing house and CSD enabled by our technology, operations and business expertise.”
“We are delighted to have GMEX Group as a partner and to have started the first phase of our implementation of the exchange technology suite provided by GMEX Technologies.” He added, “We are well on the way towards our goal of launching a fully integrated securities and derivatives exchange with a clearing solution for the Central Asian region,” added Alisher Shernazarov, Chief Executive Officer of CASE, in an accompanying statement.