From June KAZKOMMERTSBANK and ALFA-BANK (Kazakhstan) to trade in foreign currencies at KASE with fixed membership fee system

/IRBIS, May 29, 00/ - Two more applications were submitted to Kazakhstan stock exchange (KASE) - by OJSC "KAZKOMMERTSBANK" (Almaty) and by CJSC "Joint stock branch bank "ALFA-BANK" (Almaty) - with the request to switch to fixed membership fee system without paying a commission when working with foreign currencies at KASE. Based on existing norms of the Exchange, beginning from March 1, 2000 members of KASE can choose one of the two ways of paying the Exchange commission on their own when working with foreign currencies. The first way is to pay an equivalent of 750 U.S. dollars monthly membership fee. The members, who pay this membership fee, will receive the right to make deals in foreign currencies to an equivalent of 1.5 million U.S. dollars (total monthly open position), or less without paying commissions. Commission will be charged at floating rate on total monthly net-position of the member that exceeds an equivalent of 1.5 million U.S. dollars. The second way means to pay an equivalent of 1,000 U.S. dollars monthly membership fee. The members, who pay this fee, will get the right to make deals in foreign currencies without paying commissions. In any case, the member that received the U.S. dollar market-maker status, are automatically transferred to a system of Exchange commissions, where commissions are not paid, and monthly membership fee is an equivalent of 500 U.S. dollars. So far, 12 KASE members of category "B" have chosen to work with fixed membership fee: OJSC "Bank "Center-Credit"; OJSC "Caspian" Bank"; OJSC "TEMIRBANK"; CJSC "Eurasian bank"; CJSC "Almaty merchant bank"; OJSC "Demir Kazakhstan Bank"; CJSC "CITIBANK KAZAKHSTAN"; OJSC "Nurbank"; OJSC "Kazprombank"; OJSC "Tsesnabank"; OJSC "Irtyshbusinessbank"; OJSC "Halyk Bank of Kazakhstan". Now two more members joined them, which leaves the hope for the improvement in the organizational structure of foreign currency market of Kazakhstan.