Finacial Markets

Financial Markets of Kazakstan and Azerbaijan

1. All the short history of the securities market in Kazakhstan, beginning in 1991, when it got it independence from USSR, can be divided into several characteristic periods:

-Market Initiative

-”cabinet”

-expectations

-adaptation

The first period(1990-1991) where the country was getting out of USSR was coming together with democratization and the first joint-stock companies came out which produced first Kazakstan stock on the market. In the same year the 2 stock exchanges were created: Almaty and Kazakstan stock exchanges.

The second period(1993-1995) came in society, there is an understanding unpreparedness of both the state and businesses to work with securities. Begins preparing the first "wave" of professionals to play a decisive role in the infrastructure of the securities market in general and the legal framework in particular.

The third period (1996-1997 ) and in the NSC and the government come to the first wave of young professionals. It was at this period is the release of the most complete documents such as laws, government regulations and the NSC, regulations and other documents of the National Bank and other institutions that together form a constructive first "shell" of the legal and regulatory infrastructure of the securities market in Kazakhstan, which allows participants to build RZB is quite civilized relations.

And the last period came in early 1998, it became clear that after several resignations and reshuffles key figures, market participants' expectations were in vain.Costs of inconsistency and indecision of the Government, which in general can be estimated, we note is not quite clear obsolescence of technology trade. Besides cost, there are obvious plus market participants became more experienced and will be even more prepared for changes in the securities market in Kazakhstan.

Creation of the securities market in Azerbaijan dates back to the early 20th century. In the first decades...