SAPF HAS APPLIED TO KASE FOR A RECEPTION OF АVМЕКАМ MARKET MAKER STATUS

/IRBIS, Nov.02, 99/ - Today State Accumulating Pension Fund (SAPF) has applied to KASE for a reception of АVМЕКАМ market maker status on the trade floor of the stock exchange from November 1, 1999 till January 1, 2000. SAPF accepts all obligations of a market maker approved by internal normative documents of KASE, is said in the application. Special state treasury bills АVМЕКАМ, (KZ55L0804A42, circulation 5 years, coupon rate 6.14% APR, denominated in US dollars) were issued on April 12, 1999 with the purpose of protection against devaluation of assets of Pension Funds (PF) depositors. АVМЕКАМ were introduced into practice by the exchange of non-indexed State Securities from PF portfolios. Main volume of these obligations has appeared in portfolio of SAPF. Because of small yields these securities did not interest investors much and almost were not traded on the stock market. From the very beginning of the trades total АVМЕКАМ turnover did not exceed 4.6 billion tenge when discounted with the issue volume of 21.6 billion tenge in nominal terms at the exchange rate on date of placement. The introduction the АVМЕКАМ market maker status on KASE is to intended to essentially increase volumes of trades of this financial instrument. The market makers activities at KASE are regulated by a new internal normative document "Rules of market makers activities", which is authorized by a resolution #462, dated October 26, 1999, of regulatory structures of KASE and the Directorate of the National Securities Commission of Kazakhstan.