AMB OJSC (Kazakhstan) rejected market-maker status of KazTransOil CJSC euronotes at KASE

/KASE, Nov 12, 01/ - By the decision of the Board of Kazakhstan Stock Exchange (KASE), from November 23, 2001 Almaty Merchant Bank OJSC (AMB OJSC, Almaty) will be deprived of the market-maker status of KazTransOil CJSC (Astana) euronotes (). The decision was made based on the application of AMB OJSC to reject the market-maker status voluntarily. Based on the Listing regulations of the KASE securities, each securities admitted to the official list of the Exchange under category "A" should have a market-maker which puts out regular bid and ask quotations of the instrument at KASE. But KazTransOil CJSC will not lose its market-maker, since from November 6, 2001 the market-maker status of its securities at KASE was given to Kazkommerts Securities OJSC (Almaty) based on its application. Based on internal documents of KASE "Specifications of the market-maker for the members of the Exchange holding "P" and "H" categories" (Specifications), as soon as the specialist of the certain securities status is activated the market-maker of that securities automatically loses its favors on commissions set by the clause 19 of the article 7 of the Specifications (market-makers pay a low commission to the Exchange at 50% of the amount specified for this type of the securities). The favors are automatically restored for the shares or bonds after the last specialist of that securities loses its status.