System of commission fee at the TRADE in foreign currency is changed

/IRBIS, Jan.26, 00/ - January 25 at the meeting of the Exchange Council Committee devoted to the currency market on the Kazakhstan Stock Exchange (KASE) changes in the KASE's normative document "Technique of definition of the rates and commissions sums" has been considered and authorized. According to the accepted decisions: - Within February, 2000 all category "B" Exchange's members (right to participate in foreign exchange trades), which has paid the monthly membership dues, will be exempt from payment of an exchange's commissions fee at the foreign currency transactions irrespective of transactions volume. At that the membership dues are lowered to the $500 U.S. tenge equivalent. - Since March 01, 2000 a new order of payment at the participation in the foreign exchange transactions is entered. Since 01.03.00 the exchange's members can choose one from two versions of fee payment. The first mode is to pay monthly as the member dues $750 equivalent. The members paid the dues member dues will receive the right to execute transactions in foreign currency to the sum of $1.5 million equivalent (total month open position) without commissions payments. Commission will be charged on the total net-position, which exceed the stated figure according to the earlier authorized technique (below the total month net-position is stated): - at equivalent from $1.5 to $3.0 million inclusive - 0.05% from net-position volume; - at equivalent from $3.0 to $20.0 million the commissions rate is gradually reduced from 0.05 to 0.025% from net-position volume and is calculated under the special formula; - at month the exchange transactions volume equal to $20 million and more the commissions fee does not exceed 0.025% from еру net-position volume. The second mode is to pay monthly as the member dues $1,000 equivalent. The members, which pay such dues, will be exempt from payment of the exchange's commissions fees. The member dues payment implements at the dollar official established by the National Bank of Kazakhstan, which is acting two working day before the membership month beginning. The monthly dues payment should be made before the month beginning. By default, all category "A" exchange's members work under the first mode. The members of the exchanges which have received the US dollar market maker status, are automatically exempt from the commission fees payment and the monthly member dues make $500. For transition to the second mode, the exchange member should five working days before the month beginning submit to KASE the writing application. The return takes place under the similar order. The transition from one system of to another within a month is forbidden.