Kyrgyz Brokers Dream of a Trading Frenzy the Former Soviet Country Sets Up a Stock Exchange

By Marshall Ingwerson, writer of The Christian Science Monitor | The Christian Science Monitor, September 20, 1995 | Go to article overview

Kyrgyz Brokers Dream of a Trading Frenzy the Former Soviet Country Sets Up a Stock Exchange


Marshall Ingwerson, writer of The Christian Science Monitor, The Christian Science Monitor


THEY have seen the news clips of smoothly analytical brokers and the frenzy of traders on the New York Stock Exchange floor.

They believe that the American stockbroker is "a well-trained professional who thinks only about the stock exchange and has no time for anything else."

"It is our dream to work like that," says Zhamal Dootayulu, one of eight young Kyrgyz brokers lounging at their desks around the otherwise empty floor of the Kyrgyz Stock Exchange.

This is probably the world's newest stock exchange, a key building block in transforming this new country's formerly Soviet economy into a functioning free market. It opened in May. Four companies are listed. There is even a kind of simplified mutual fund.

It isn't the Big Board in Manhattan, but when the average Bishkek resident wants to buy or sell shares of one of these companies, he or she can walk right onto the battered wooden trading floor of the stock exchange and execute a deal, no matter how humble. As many as 200 to 300 people at a time have crowded into the former conference hall.

Volumes are not large. The biggest trading day in recent months was 47,000 Kyrgyz soms in total volume - about $4,500. A slow recent day traded 700 soms - $67.

But the action is getting bigger. Within a year, says Paul Jones, a Price Waterhouse adviser to the exchange, the exchange will have a senior board with about 30 companies listed and a junior board with 30 to 50 companies. At that point, a substantial portion of this new nation's economy in effect will be trading in the open market. That market will have helped in raising needed capital for those companies.

Kyrgyzstan became an independent country in 1991, after the breakup of the Soviet Union. The government owned everything. Last year, the government privatized about 600 formerly state-owned companies. It gave coupons to Kyrgyzstan citizens - the number adjusted for age and years of work - that could be redeemed for???"=???/change. And they were just paper, for people who lacked a way to eventually convert them to cash, he says.

The stock exchange was initially formed a year ago as a place to trade coupons in an efficient, civilized way. Coupon-trading is still the major business here.

Coupons brought private ownership to people, usually the employees of former collectives. Some pay dividends. But they bring no new cash to the enterprises. The next step was the stock market, created by 11 initial investors who each bought a seat for $5,000 apiece. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Kyrgyz Brokers Dream of a Trading Frenzy the Former Soviet Country Sets Up a Stock Exchange
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.