/KASE, Dec 4, 01/ - On November 30 by the decision of the Board of
Kazakhstan stock exchange (KASE) new internal document of KASE
"Method of money market indicators calculation" (Method) was introduced.
Method determines the order of calculation of indicators, which characterize
situation at money market and serve as an instrument of analysis and
forecasting of money market structure. Only one indicator has been defined
yet by Method - TONIA (Tenge OverNight Index Average).
TONIA indicator is measured in annual percentage returns (basis actual/365)
and is calculated at KASE every day from September 01,2001 as a
weighted average percent rate on deals of repo opening for the period one
working day (repo overnight) made at the exchange in automatic repo
sector. In case of an absence of such deals the indicator for the given day is
not calculated.
KASE every day publishes value of new indicator at the first page of its
electron representation in Internet network (
http://www.kase.kz/) in the
market indicators section (section "Repo sector"). In the same section similar
indicator is published - weighted average repo rate with the term of one day
on attraction in tenge, which is different from TONIA by that it is calculated
by the exchange on all made at KASe repo, including automatic repo sector,
repo sector on GS and repo sector on CS. The main difference of automatic
repo sector from repo floors on GS and CS is that at latter ones deals are
made between participants - buyers and sellers - based on preliminary
agreement. After that agreement corresponding bids are submitted to trade
system of KASE, which cannot be captured by third person. In automatic
repo sector objects are monetary sums, bids for money supply and its
attraction could be satisfied by any participant of trades. In other words,
TONIA is a real market indicator of value of the shortest money in
Kazakhstan.