At KASE the first U.S. dollar market-maker began to work - OJSC "Bank TuranAlem"

/IRBIS, Jan.10, 00/ - At Kazakhstan stock exchange from January 10 the first US dollar market-maker began to work - OJSC "Bank TuranAlem" (Almaty). The market-maker status was given to the bank by the Board of KASE based on submitted application. Activities of the U.S. dollar market-maker at KASE are regulated by a new normative document of the Exchange - "Specifications of U.S. dollar market-maker's status", which is an amendment 3 to "Rules of market- makers' activities" and was enacted from the beginning of this year. US dollar market-maker has following responsibilities: - maintaining at least one firm quotation for buy and one firm quotation for sale not less than $300 thousand in the Trade system of KASE during additional session (11:30AM - 3:00PM Almaty time, TOD terms); - resumption of mandatory quotation in case of its removal or satisfaction within 45 seconds; - supporting the spread between the best mandatory quotations not more than 0.05 tenge for net-positions of up to USD1 mln and 0.10 tenge for net-positions of up to USD2 mln. Net-position means the difference between purchase and sale volumes of US dollars by the market-makers on current day session, in absolute values. US dollar market-maker has following rights: - not to fulfill his/her obligations from 1:00PM to 2:00PM Almaty time; - change the prices of mandatory quotations previously set provided the requirements for the spreads are met; - neglect the mandatory quotation if the market-maker's net position reached 5 mln US dollars. If an extraordinary situation emerges in the market, US dollar market-maker has the right to take a time-out not exceeding 15 minutes and not to put mandatory quotations during this time. Time-out right is granted only once per trade day. Benefits, granted to US dollar market-maker, concern the commission of the Exchange. Member of KASE, who received a status of US dollar market- maker, is free from paying the commission for trades in US dollars at KASE within any session no matter what kind of payment and delivery is used. He pays a fixed membership fee of $1,500 monthly. Responsibility of US dollar market-maker means the system of fines paid to the Exchange if some or other violations of the terms stipulated in the Specifications of US market-maker status. Today on additional session with TOD terms the market-maker quoted U.S. dollars at 138.91/96 tenge per unit at the beginning of the trades, and the quotations rose to 138.94/99 tenge per dollar in the afternoon. Results of interbank dollar quotations analysis show that these quotations are fully coordinated with that of the interbank.