KASE makes changes in rules of the auctions for initial offering of securities

/IRBIS, March 16, 00/ - By the decision of the Exchange council of Kazakhstan stock exchange (KASE) of March 15, 2000, following changes in internal norms of KASE "Rules of the auctions for initial offering of securities" has been approved and submitted to General meeting of the members of the Exchange. According to a new edition, the rules regulate the auction offering procedures of all the securities that circulate at KASE, including state securities issued by the government of Kazakhstan and the National Bank of Kazakhstan. In previous edition this type of securities were absent. A provision has been added to the rules, which states that among all the applications submitted at equal prices those submitted earlier have higher priority. The rules clarify that by the results of an auction only part of the applications submitted by the participants can be satisfied. In addition, editorial amendments have been made into the rules that specify the methods of satisfying the applications in special cases stipulated in notifications on holding an auction.