Akhmetkali
T.A.
the teacher of chair of finance and banking
of Kostanay state university to them A.
Baytursynov
PROBLEMS AND
PROSPECTS OF DEVELOPMENT
SECURITIES MARKET IN KAZAKHSTAN
With the transition of the Republic of
Kazakhstan to the market relations and foreign economic openness has received
its development and the market of financial instruments, including securities
market. Currently the financial market of Kazakhstan is: dynamically growing
financial sector; large institutional investors; active bond market; emerging
OTC market of foreign exchange derivatives. Lack of financial instruments; weak
activity and the lack of market participants indicate its underdevelopment [1].
Until recently, one of the main problems,
hindering the development of the securities market in Kazakhstan, was an
underdeveloped legislative base. In particular, the legislation does not fully
disclose such issues of functioning of the securities market, as the protection
of the rights and interests of investors, the establishment and activities of
managing investment funds, emission and circulation of derivatives and other
concepts. The main reason that negatively influenced the development of
Kazakhstan securities market, has been the global financial crisis in emerging
markets, in which foreign investors
began an accelerated withdrawal from Kazakhstan of their capital. The value of
the securities market is such that it is incorrect operation creates flaws in
the economic process. Therefore, all participants of the market have a direct
interest in the market is visited by the liberator is well organized. At the
moment Kazakhstan has the most developed stock market in Central Asia, but due
to the existence of competitors of Russian Federation and people's Republic
of China further strengthening and expansion of the Kazakh platform is somewhat
difficult.
At the moment in Kazakhstan formed quite an
effective system of state regulation of the stock market, allowing to provide
effective protection of rights and legitimate interests of investors in
General, when run on the planned activities in Kazakhstan will be able to
create all necessary conditions for development of securities market as the
regulator of all market relations in mechanism mobilization of available
financial resources [2].
Historically, Kazakhstan has developed banking
model of the financial market, stock market allotted a secondary role. As a
result, the banking sector received a dominant influence to ensure the needs of
the real sector of financial resources. Real sector financing through the stock
market was not able to receive adequate development. To understand the reason
of low efficiency of the stock market in providing the corporate sector
financial resources, it is necessary to consider the key factors determining
the supply and demand for securities. These factors are interconnected in many
ways.
The offer on the securities market is formed
by the issuers. Key factors for issuers in the issue of the securities issue
are as follows:
a) the need for tools (profitability of
projects);
b) the cost of borrowing. It so happened that
for a large business in Kazakhstan the most preferred is Bank lending, while
medium and small businesses are not considering the stock market because of the
high cost of borrowing fear transparency and other factors. The lack of a broad
spectrum of attractive from the investment point of securities provides a low
demand for the securities.
As is known, the demand for securities forms
investors. Key factors in the investment decisions of investors is an
investment return and risk. Low liquidity of corporate securities and the lack
of them is the key problem impeding the development of the investor base in
Kazakhstan. In addition, the development of demand impeded by the low financial
literacy, legal restrictions [3].
Today the key issues of the Kazakhstani
securities market are the following
1. The main problem arising from patterns of
transactions at the Kazakhstan stock exchange, is the deficit of financial
instruments, including financial instruments to institutional investors, i.e.
with certain reliability, because, for example, there is a prohibition of the
authorized body on investment funds of banks and pension assets in securities
listed and Unlisted securities.
2. Another problem of the stock market
development, which is directly connected with the activities of issuers, is the
introduction of corporate management in companies and the adoption of
international financial reporting standards.
3.
Constraining factors in the development of the securities market in the
Republic of Kazakhstan is the lack of an effective system of mechanism of
protection of rights and interests of investors. Economic and lack accessible to the entire population
of information about issuers [4].
As is known, the regulatory component of the
stock market presents the regulatory framework and market regulations.
Kazakhstan today created the necessary legal framework for the functioning of
the securities market and defined its main institutions in the person of the
stock exchange, the Central Depository and other professional participants.
Continuing the improvement of legislation in the field of development and improvement
of financial instruments of prudential standards and investment rules for
institutional investors, corporate governance and protection of minority
investors, the development of forms of collective investment and engagement on
the securities market as of investors-physical persons [5].
At the same time, in the Republic there is a
big work on development and improvement of the Kazakhstan securities market.
Main tasks are: strengthening of the national stock market; creation and
functioning of effective system of investment funds; the development of the
insurance sector of the market and the mortgage, widening the range of
financial instruments; active integration into the world economic system. To
fill the market of Kazakhstan liquid securities introduced a simplified
procedure of registration of prospectuses of securities of companies with high
international rating. An important step in the development of the securities
market has been the introduction of the Institute of investment banking, which allows
to carry out certain types of banking operations provided for their
implementation through activities on the securities market. All permitted
conditions of transactions on the securities market in Kazakhstan allows the
serious financial crisis, with negative effects on the real sector of the
economy to maintain certain levels of capital, which is very important for the
survival of the securities market in crisis conditions [2]. Feature of the
domestic securities market is the imbalance in the level of development of its
constituent elements. At considerable growth of volumes of crediting of the
real sector of the economy at the expense of funds of the banking sector, in
contrast to the low use of economic entities mechanisms of the domestic
securities market and, thus, the mobilization of institutional investors in the
face of accumulative pension funds, insurance companies and mutual investment
funds. A significant share of the domestic savings in the form of pension
assets and insurance organizations are used for financing of the banking
sector, and, therefore, indirectly the real economy. The equity securities
market is not involved in the financing of investment projects and does not
reflect the market value of the Kazakhstan companies.
According to experts, development of
securities market of Kazakhstan should start with the Foundation, that is to
determine the position of the National Bank of Kazakhstan regarding the
Kazakhstani market of government bonds. Having analyzed the state of the securities
market in Kazakhstan, the experts came to the conclusion that for the last five
years with no evidence of any development of the securities market. The main
problem is the high cost of government borrowing. The second, much more
disturbing: the capital market in our country is not plays its most important
role is to send a signal about the state of health of the economy to the
outside world. Fluctuations in the Dow Jones index or NASDAQ almost always
reflect what's happening in the economic life of the country changes. But these
indicators are quite unstable, «as an enormous influence on them are
speculators, as well as the psychology of the market, which can be compared in
many respects with the psychology of the crowd - exposure irrational fears, the
rapid spread of panic. The lack of a broad spectrum of attractive from the
investment point of securities provides a low demand for the securities. As is
known, the demand for securities form the investors. Key factors in the
investment decisions of investors is an investment return and risk. Low
liquidity of the corporate securities (and hence high risk) and the lack of
them is the key problem impeding the development of the investor base in
Kazakhstan. In addition, the development of demand impeded by the low financial
literacy, legal restrictions.
Literature:
1. Калимуллина Р.И. //
Проблемы развития рынка ценных бумаг в Республике Казахстан в процессе
функционирования финансового рынка, АльПари №1, 2010 г.
2. Мусин Т. // Проблемы
и перспективы развития рынка ценных бумаг // Рынок ценных бумаг №8, 2012 г.
3. Сейсенбаев Д. //
Почему в Казахстане нет развитого рынка ценных бумаг // Рынок ценных бумаг №3,
2012 г.
4. Садыкова М.Ж. //
проблемы и перспективы развития рынка ценных бумаг в Республике Казахстан //
Қаржы-қаражат №6, 2007 г.
5.
Искаков У.М. // Современные тенденции развития рынка ценных бумаг Казахстана //
Финансовый менеджмент №1, 2008 г.