KAZAKHSTAN: Kazakhstan Stock Exchange Amends Regulations on Trades and Confirmation System Operation

Article 4

Time of Trading

In case an extension of the trading day on particular financial instruments for purposes of closing by a trade participant of positions opened earlier and/or execution of liabilities on deals in those financial instruments concluded earlier is supposed to be made before 18:00 o’clock (Almaty time), then the application from that participant for extension of the operating day indicated in sub-item 4) of item 3 of this article is not required.

Article 4-1

Operating Day of the Exchange

1. An operating day of the Exchange begins at 09:00 o’clock (Almaty time) for all groups of financial instruments, taking into account particulars, specified in item 3 and sub-item 1) of item 4 of this article.

2. An operating day of the Exchange ends at 19:00 o’clock (Almaty time), taking into account particulars, specified in item 3 and sub-item 2) of item 4 of this article.

3. The time of the end of the operating day can be changed (the operating day of the Exchange can be extended) by the Chairman of the Exchange’s Management Board or Deputy Chairman of the Exchange’s Management Board supervising the trade operation in the following cases:

• malfunction of software and hardware of the Exchange used for clearing and settlements on financial instruments, or occurrence of other unforeseen circumstances impeding clearing and settlements on financial instruments by the Exchange in the usual mode;
• extension of the trade day in accordance with item 3 of article 4 of these Regulations;
• submission by the trade participant of written application in free form to the Exchange for extension of the operating day with indication of reasons and time of such extension;
• receipt by the Exchange of a message from the Central Depository by e-mail or via other possible communication types regarding the extension of its operating day;
• extension of the operating day for purposes of completing clearing in case of default.

4. The procedure of opening and closing of the Exchange’s operating day for the stock market:

• the Exchange’s operating day is considered opened provided the following actions were performed: before 9:15 o’clock (Almaty time) the Exchange sends to the Central Depository a query about the amounts of money and securities in the trading participants’ trade accounts, in reply to which the Central Depository sends the requested data to the Exchange;
• the Exchange’s operating day is considered closed provided the following actions were performed: at 19:00 o’clock (Almaty time) the Exchange sends to the Central Depository a request to close the operating day, in reply to which the Central Depository sends a message with a reply regarding the possibility of closing the operating day, taking into account the particular specified in item 3 of this article.

Article 12

Particular Russian ruble Trading Parameters

• The Russian ruble is traded and settled in the tenge with execution terms T+0 and T+1 (hereinafter respectively referred to as “RUBKZT_TOD” and “RUBKZT_TOM”).
• RUBKZT_TOD and RUBKZT_TOM are traded during the day trading session (taking into account the particulars specified in item 3 of this article).
• RUBKZT_TOD is not traded, if for any reasons banks – RUR-correspondents of the Exchange do not carry out settlements in the Russian ruble on the trading day (due to holidays, force majeure of for any other possible reasons).
• RUBKZT_TOM is not traded if for some reasons banks – RUR-correspondents of the Exchange do not carry out settlements in the Russian ruble on the day after the trading day (due to holidays, force majeure of for any other possible reasons).
• The size of a lot at trading the Russian ruble is RUR100,000.
• At trading the Russian ruble is priced in the Kazakhstan tenge per one ruble within the fourth decimal.

Article 32

Trading Day on Repo Transactions

• The trading day on both nego and auto repo transactions begins at 11:30 o’clock (Almaty time) and ends at 17:00 o’clock (Almaty time).

The message on readiness to execute a closing repo deal must be sent to the trading system by the trading participant or the Confirmation System user not later than 16:45 o’clock of the closing date.

• The trading day on repo transactions with netting begins at 11:30 (Almaty time) and ends at 17:15 (Almaty time).

Article 34

Particular Parameters of Auto Repo Trading at Execution of Auto Repo Transactions and Repo Transactions with Netting

1. The size of a lot for auto repo transactions is KZT 1,000,0004, except for repo transactions with netting the size of a lot for which is not specified.

2. At execution of trading on the market of auto repo and repo with netting, the price of an auto repo transaction (which is the repo transaction’s yield) is measured within the fourth decimal.

3. The following is used as the opening price of the trading session:

• on auto repo transactions with certain term, if Kazakhstan’s government securities are used as underlying assets in repo transactions (except for municipal securities) – the average yield of all repo transactions with that term based on opening deals concluded during the most recent successful trading session;
• on auto repo transactions with certain term, if securities other than those indicated in sub-item 1) of this item are used as underlying assets in those repo transactions – the yield of all repo transactions with that term based on the first opening deal concluded during that trading session;
• on repo transactions with netting – the yield of the repo transaction with netting, based on the first opening deal concluded during that trading session.

4. The limit of the price deviation for auto repo transactions and for repo transactions with netting is not specified.

5. No additional trading methods for auto repo transactions and repo transactions with netting are not specified.

The reserve trading method for auto repo transactions and repo transactions with netting is the fixing method.

Click on the above link for further information.