RIYADH: Kuwait’s Capital Markets Authority has implemented a new automated system for reports of electronic trading accounts through its electronic portal to improve supervisory work and facilitate daily reports.
Over the next four years, the authority plans to build the capital market system to qualify as a developed emerging market on the Financial Times Stock Exchange Russell index, Ahmed Al-Mulhim, chief commissioner of Kuwait CMA, said during a press conference.
The new system also aims to gather data from electronic trading service providers and report it to the authority through electronic trading accounts and daily income recording reports.
The authority also launched a strategic plan for 2023/2024 and 2026/2027 in response to the requirements of the next phase of development, keeping pace with local and international changes. This was in accordance with the state’s directives of Kuwait Vision 2035.
In December last year, the stock exchanges in both Kuwait and Saudi Arabia signed a deal that will see both entities extending their cooperation in areas of mutual interest in a move to bolster the growth of capital markets.
The deal between Boursa Kuwait and Tadawul Group, the owner of the Kingdom’s main stock, was for developing financial technology and products as well as environmental, social, and governance reporting and implementation.
