KUWAIT CITY, Aug 25: The qualified broker project is entering a critical phase as brokerage companies undergo a decisive test for their qualification within the central counterparty (CCP) system.

This test, starting today, is crucial for all involved parties including the clearing house, brokerage sector, banks, investment companies, the central bank, and the stock market. The brokerage companies must pass this test with a 100 percent success rate to be qualified under the central counterparty system. The companies that pass will be registered as qualified brokers, enabling them to manage clients’ funds.

Those that fail will only be registered on the Boursa Kuwait. The test has faced delays due to failures and adjustments by brokerage firms and according to reliable sources, approximately four brokerage companies are expected to qualify, and at least three banks, including one Islamic bank, will be selected to operate within the system.