KASE to relax the requirements to clearing members that work on futures market of the Exchange

/IRBIS, Feb.14, 00/ - By the decision of the Board of Kazakhstan stock exchange (KASE), dated February 11, 2000, changes were made in normative document of KASE "Requirements to the organizations which are clearing members of the Exchange". Changes apply to the requirements on the shareholders' equity of the Exchange's members of category "C" (with the right to participate in trades in futures contracts), which act as clearing members in trades in futures contracts. Equity requirement was lowered from an equivalent of 20 mln U.S. dollars in Kazakhstani tenges down to 15 mln U.S. dollars. According the document of KASE, mentioned above, an organization which is a clearing member of the Exchange under the category "C", should (apart from the requirements on shareholders' equity): - have a correspondent account in the National Bank of Kazakhstan and be a participant of the system of large payments of Kazakhstani center for interbank clearing under the National Bank of Kazakhstan; - provide the Exchange with its balance sheet and calculations of its shareholders' equity in accordance with the method approved by licensing organization not later than the 15th day of each month. Now, only non-delivery futures contracts for 1,000 U.S. dollars are traded on futures market of KASE. There are 10 contracts at work (amount of opened interest - $10 th.). The exchange is currently considering to launch other instruments of the futures market (settlement and delivery) with other base assets.