Schedule of the trades will be changed at KASE on January 14 due to introduction of a new trade module

/IRBIS, Jan.13, 00/ - Kazakhstan stock exchange (KASE) informs on January 14 different schedule will be applied to the trades due to introduction of a new trade module of the electronic trade system: In "Foreign currency" sector: - main session (TOD terms) - from 10:15AM to 11:00AM Almaty time; - additional session (TOD terms) - from 2:00PM to 3:00PM Almaty time; - evening session (U.S. dollar with TOM and SPT terms) - from 2:00PM to 6:00PM Almaty time. In "Futures contracts" sector trades will be held from 10:30AM to 11:30AM Almaty time. In "State securities sector" (including repo) traders can work from 2:00PM to 6:00PM Almaty time. In "Private issue securities" sector trades in all instruments will be held from 2:00PM to 5:00PM Almaty time. New schedule is for January 14 only and due to technical break from 11:30AM to 2:00PM. The Exchange also informs new version of the software for the dealer's work place will be sent to the members of the Exchange, who work at remote sites, by email on January 14, 2000. As it was informed earlier, the new program module will allow to conduct trades in coupon bonds (SS and corporate) by entering "net" prices in applications - prices, that do not include accumulated interest. Such system is used all around the world. So far, participants of KASE trades had to work with so called "dirty" prices on the trade floor. Also, system of discount bond quotation has been changed. When bidding for buying or selling the bonds in the Trade system of KASE from January 15, 2000 par value of the bonds being sold or bought should be indicated in the currency it was issued instead of the number of securities. Trade system will automatically make necessary calculations and send to the Central depository number of bonds in the way they are usually entered in depo accounts. Prices of the bonds should by indicated in percents of the par value with two places after the decimal point. Prices of the bonds, denominated in foreign currency, will be calculated by the Trade system into tenge by following way: - prices of Kazakhstani euronotes, AVMEKAM and domestic bonds of OJSC "Kazkommertsbank" - at weighted average rate of the Currency exchange for that currency towards tenge, which was settled at the morning session of KASE on the day the deal was made; - prices of MEKAVM and the bonds of local executive bodies - at an effective official rate of that particular currency towards tenge on the day the deal was made. Prices of coupon bonds should be indicated without accumulated interest (AccInt). Accumulated interest will be calculated by the Trade system of KASE with four digit precision after the decimal point for each day and kept in the database of the system. Accumulated interest will be calculated by the following formula: Acclnt = C * DCS / E, where: С - coupon rate of the current period, DCS - number of days between the last coupon payment date and the date the trade was conducted, E -number of days in current coupon period. When calculating DCS number of days in a month is set at 30 and in a year has 360 days. More detailed calculation method is given in normative documents of KASE, which are distributed among the members of the Exchange. When making a report on the deal to the Central depository accumulated interest will be added to the net price of the deal, and if the securities are denominated in foreign currency, the price will be recalculated automatically into KZT by established algorithm. New system was examined at joint meeting of the Board and the Committee of KASE board council for currency market on December 19. The system will be put into operation by the decision of the Board of KASE #146/1, dated December 20, 1999.