Assessment of the entry of the Moscow Exchange into the capital of the Kazakhstan Stock Exchange in the context of integration

Abstract

This article an attempt was made to assess the entry of the Moscow Exchange in the capital of the Kazakhstan Stock Exchange as one of the alternative ways to enhance the country rankings of Kazakhstan and entering developing countries. For the study, methods of cognition, economic analysis and comparisons, study of documents, etc. Materials were used. An institutional approach was also applied, and in assessing country risk were used by the methods of widely well-known international rating agencies MSCI and FTSE Group. The scientific and information base was scientific publications of foreign and domestic scientists, as well as regulatory acts of Kazakhstan. Based on monitoring and analyzing existing country risk calculation methodologies, the MSCI indices, according to which the Republic of Kazakhstan in 2017 are chosen as banchmark. Awarded the «Frontier Market» rating. The key goals of cooperation and the entry of the Moscow Exchange in the capital of the Kazakhstan Stock Exchange were revealed. A qualitative and quantitative analysis of the Investor Base of the Moscow Exchange for the attractiveness of assets as a key determinant of its liquidity is carried out. It was concluded that according to the current market position, the influx of even 1% of the average monthly trading volume of retail investors on MOEX (20 billion tenge) on the KASE stock exchange market will lead to an increase in the volume of trading in KASE individuals four times.