London, UK / Dushanbe, Tajikistan. 16th September 2015 GMEX Group today announced that it has entered into a partnership agreement with the Central Asian Stock Exchange (CASE) based in the Republic of Tajikistan through its GMEX Technologies (GMEX Tech) subsidiary.
Tajikistan is currently undergoing a significant period of change with a range of projects being supported by the European Bank for Reconstruction & Development (EBRD), The World Bank and the Asian Development Bank (ADB). Key priorities include the delivery of an improved banking sector to attract new investment. The introduction of a fully transparent and advanced technological exchange and clearing solution will support this process.
The CASE exchange application was granted in 2015 by the securities regulator in Tajikistan. The partnership with GMEX Tech will facilitate the establishment of the first fully integrated Exchange, CCP and CSD in Tajikistan leveraging the end to end exchange trading, market surveillance, clearing and settlement technology platforms, operations and global business expertise ecosystem, which GMEX Tech will provide.
CASE will launch during Q4 2015 initially with securities, followed a derivatives market during 2016. The shareholders of CASE are also in the process of establishing a new company, which will act as the central securities depository (CSD) for the new exchange upon launch and expand to be a clearing house to service the derivatives market.
GMEX Group is also in advanced stage discussions to acquire a strategic equity stake in both CASE and the central securities depository company
“This agreement with CASE highlights our focus on emerging markets development to aid economic growth through a unique sustainable partnership driven model,” commented Hirander Misra, Chief Executive Officer and Co-Founder of GMEX Group. He added, “our relationship will provide Tajikistan with a world class primary exchange, clearing house and CSD enabled by our technology, operations and business expertise.”
Alisher Shernazarov, Chief Executive Officer of CASE said, “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.”
