June 29, 2017

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KBZ finalises arrangement with Yangon Stock Exchange

U Yin Zaw Myo (L) of the YSX Joint-Venture Co Ltd, and U Than Cho (R), senior managing director of KBZ Bank Ltd exchange notes. Photo: MNA
U Yin Zaw Myo (L) of the YSX Joint-Venture Co Ltd, and U Than Cho (R), senior managing director of KBZ Bank Ltd exchange notes. Photo: MNA

KBZ Bank, which was chosen as the only fund settlement bank by the Yangon Stock Exchange (YSX), signed a contract with the YSX yesterday to officially enact the arrangement.
KBZ was selected from among the country’s top six banks by the Securities and Exchange Commission of Myanmar, said Daw Tin May Oo, a member of SECM, in her opening remarks at the signing ceremony.
The bank beat out the competition to serve as the fund settlement bank of the Yangon Stock Exchange because of its strong willingness to fulfil the country’s needs, said U Nyo Myint, senior managing director of KBZ Bank Ltd.
The signing was held at the bank’s new branch in Strand Square, near the stock exchange building.
The contract jointly drawn up by the two institutions was signed by U Yin Zaw Myo, managing director of the Yangon Stock Exchange Joint-Venture Co Ltd, and U Than Cho, senior managing director of KBZ Bank Ltd.
Under the contract, all trading participants (securities companies) are required to deposit funds into the collateral account of the YSX. Securities companies are required to ensure the sufficiency of funds in the accounts of each individual investor they work with.
“Currently, the system of the Yangon Stock Exchange is operating on a trial basis,” said U Yin Zaw Myo. The bank has the widest network among private banks and has the digital integration necessary for a settlement bank, he said.
“We will serve buyers and sellers as soon as possible on the stock exchange,” he said yesterday.
The Yangon Stock Exchange is slated to launch in March. It will be the country’s first modern securities market.

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