Kalistani Major History

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Kalsie Reopens as Presidential Campaign swings into gearMinister Stuart:  "We want the world to know that we conduct business above board."
Kaliburg, Ananto
March 17, 4697


The Kalistani Stock Exchange (KSE), or "Kalsie" reopens and immediately has black letter day

The Minister of Finance, Nedra Stuart, rang the bell that signaled the first trading day on the Kalsie in over 100 years.  Founded in 4443, the index followed Kalistani stocks until it was abandoned in 4570 in favor of more "liberal" oriented stock exchanges overseas.  But in the last couple years, following the re-establishment of the National Bank, the Ministry of Finance has been quietly dusting off the National exchange, which provided investors opportunities to invest in Kalistani stocks, as well as speculating in overseas commodities.

"We see having our own stock exchange as a way to provide our own investors an opportunity to trade in commodities and securities that are denominated in the Kalistani Ruble," said Minister Stuart.  "It is not only a matter of national pride and a way to remind the world that Kalistani industry is open for business, but it also allows a very simple trade, without additional currency losses to converters.  The lack of a transaction fee which used to apply to every single transaction in the overseas exchanges will save Kalistani investors something on the order of 3 billion KRB a year.  All of that money is money which can be invested locally for the benefit of the Republic."

The Minister, in her opening speech, offered the opportunity for all publicly traded Kalistani companies to be listed in the Exchange following a simple application process, which demonstrates compliance with labor laws and basic transparency in corporate recording.  It is expected that most private sector companies will list in the Kalsie by the end of the year, though a handful of large corporations, mostly in the import/export business will balk at the transparency requirements.  "We want the world to know that we conduct business above board," said Minister Stuart.  "There are a number of actors who had, under liberal government, skirted even our own national laws while their friends in government would look the other way.  But we will know who they are by their willingness or unwillingness to make their corporate records and governance available for public scrutiny, and we will then be better able to crack down on those who feel that their corporate governance is proprietary information, and who use this as an excuse to practice things which run afoul of our national laws."  She aluded to the fact that smuggling of foreign goods through Kalistani ports had been an issue which was still practiced from a time when the Government of Kalistan was in the thrall of private capital.

The Finance Minister also offered foreign companies to list blocks of stock in the Kalsie.  "As we see it, this will help both foreign companies and Kalistani investors.  By putting blocks of stock up for trade, foreign companies can determine interest in those companies among our investors.  And our investors can invest in those stocks without the expensive cambio fees."  Minister Stuart noted that trading in foreign exchanges would not be curtailed.  "It may be possible that we develop a program where those exchange fees can be remitted by Kalsie, but at the moment, the board of directors has decided to continue to study that possibility rather than implement it."

The Kalsie opens as the 4697 Presidential election enters its final stretch.  Few investors see the two events as having anything to do with one another, but the co-variation is difficult to ignore. The re-opening of the Kalsie is an important promise that the SP has made for several years, and the relaunch fulfills that promise.  The Finance Ministry instead downplayed this coincidence as finally getting the Republican Bank rechartered, which was responsible for providing underwriting for capitalization of the exchange.  "This is the normal evolution of our economic development, as we get these institutions back online.  There is a progression, and this is just the next step," said Stuart.