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03-04-23
Kuwait Capital Markets Authority Introduces Automated System to Improve Supervisory Work
(MENAFN) Kuwait's Capital Markets Authority has launched a new automated system for electronic trading account reports through its electronic portal. The system aims to enhance supervisory work and facilitate daily reports. In addition, the authority has a four-year plan to develop the capital market system to qualify as a developed emerging market on the Financial Times Stock Exchange Russell index. Ahmed Al-Mulhim, the chief commissioner of Kuwait CMA, made the announcement during a press conference.
The new system aims to gather data from electronic trading service providers and report it to the authority through electronic trading accounts and daily income recording reports. Moreover, the authority launched a strategic plan for 2023/2024 and 2026/2027. The plan aims to respond to the requirements of the next phase of development, keeping pace with local and international changes. This is in accordance with the state's directives of Kuwait Vision 2035.
In December of last year, Boursa Kuwait and Tadawul Group, the owner of Saudi Arabia's main stock, signed a deal to extend cooperation in areas of mutual interest. The deal aims to bolster the growth of capital markets by developing financial technology and products, as well as environmental, social, and governance reporting and implementation. These initiatives and partnerships reflect Kuwait's commitment to the development of its capital markets and the implementation of Vision 2035.
MENAFN03042023000045014228ID1105932290
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