KASE has changed the Rules of Execution of Payment according to Currency Trading Results

/IRBIS, Sep.03, 99/ - Kazakhstan Stock Exchange (KASE) informs that the Currency Committee of Exchange Council at August 24 established the next documents: "Rules of making payments according to currency trading results" and a new edition of "Regulation of responsibility for infringement of terms of execution of payment according to currency trading results". These documents have come into force since September 01, 1999. Accordingly, since September 01, 1999 the next documents have lost its force: "General conditions of payments for financial tools using on the Exchange", "Order of payment for foreign currency exchanges" and "Regulation of responsibility for infringement of terms of execution of payments". The new documents ratification is connected with planned transition to the system "deliveries against payment" of regulation of payments according to US dollar trading results. After this system introduction, the Exchange will to trace in a real time the arrival of sold US dollars and to execute net - request of trade participants only in case of execution by them of the net - obligation. In the new documents the responsibility of the trade participants for infringement of time of payment within an account day is established. The procedure of compulsory liquidation of positions of the trade participants, which have not executed the obligations, is also enacted. Up to this innovation the KASE's Clearing House transferred tenge to the foreign currency sellers without seeing amount of currency received from them. The Committee also established the schedule of putting into operation of the real-time monitoring system for control of execution of payments. It is remarkable, that since October 01, 1999 KASE will reduce the sale limits for the banks, which can not make the real-time payments for US dollars. Since November 01, 1999 the execution of payments in tenge for such banks will be carried out only in case of presence of sold by them foreign currency on a corresponding account. Before now there was a limit for the banks - members of KASE: the volume of sale of foreign currency could not exceed 30% from the bank's ownership capital. Some privileges are also provided in the documents. The trade members of KASE, carrying out the real-time payments in US dollars, will be released from the limit of currency sale. KASE has informed today, that the Almaty Trade-Financial Bank has become the first bank accepted the new method of payment.