How do you differentiate your
positioning in the market?
TIMUR TURLOV We are trying
to build the best infrastructure
for investors. We have a modern
internet trading system
from Russia, which we have
implemented so that all of our
investors have direct access
to the stock exchange. We are
trying to build one of the most
efficient back office solutions
and spent a lot of money, time,
and effort training our staff and
our employees to sell specific
products. We provide analytics
and research for our clients. We
are working to maintain a perfect
reputation because trust
is crucially important and we
invest a lot of time and money
into building this reputation.
We have one of the best local
and international stock-trading
expertise. It can be competitive
here in Kazakhstan, but there
are a lot of big Russian investment
banks who can maybe do
it better in Russia. We are not
leaders in the Russian exchange
market, but we are members of
the Moscow exchange and we
can trade everything we want
there, including stocks and
bonds. Most of our business,
however, is on the New York
and Kazakhstan stock exchanges.
We do not have a lot of institutional
relationships currently.
We want to become the biggest
investment company in Kazakhstan,
and we are well on the way
to making this happen.
How do you assess the current
state of the market for brokerage
services?
TT Our industry is weak right
now, and a lot of companies
have gone out of business. We
are the only net investor in this
market. We invested more than
$8 million in the past six months
in our Kazakhstan subsidiary.
We are the only company that
did this with its own money,
which we earned in the US market
and invested in assets in
Kazakhstan. This is the primary
reason for our growth here, as
all of our competitors have an
expectation of continued weakness
in the tenge and are trying
to invest outside of Kazakhstan.
We made the decision to invest
in Kazakhstan instead, as
although this may be not the
best time to spend money, it is
the right time to take on market
share. We have been successful
in doing this, as we have absolutely
no competition right
now. A lot of companies want
to increase their market share,
as many successful businesses
have too much credit burden
and want to reduce their outstanding
debt. They are ready to
pay more to their shareholders
to be sure that they will not lose,
as the banks can make a decision
not to extend financing.
In an environment of formidable
macroeconomic uncertainty, demand is on
the rise for world-class wealth management
services in Kazakhstan.
https://www.thebusinessyear.com/Content/Publication/5f1277d2-a32f-45b2-9c6e-1d7382d54203.pdf
page 49
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