/IRBIS, Feb 08, 01/ - Today at the meeting of the Exchange Council of
Kazakhstan Stock Exchange (KASE) there was considered and approved a
new internal document of KASE "Rules on promissory notes trades at the
Exchange" (Rules).
Rules determine an order of promissory notes access to trades at KASE,
deals making and settlements on them.
According to Rules, promissory notes, payers on which are included into
payers list, are permitted to trades at the exchange. List of payers (persons,
who must pay on the promissory note) is formed by the Board of the
exchange based on recommendations of Trades organization department of
KASE and applications of trades' participants. An exclusion of payers from
the list is realized based on the decision of the Board of the exchange and
recommendations of Trades organization department and trades activity at
the exchange.
For organization of promissory notes trades new special sector will be
opened in trade system of KASE - "Promissory notes market", trades in
which will be held through the method of direct deals making.
Banks that are members of the exchange on categories "B" (right of
participation in foreign currencies trades) and (or) "K" (right of
participation in government securities trades) and also non-bank organizations
that are members of the exchange on category "R" (right of participation in
non- government securities) will be given an access to promissory notes trades
at KASE. Traders' permission to trades is determined by internal documents of
KASE.
Currently KASE is preparing new module of its trade system, which allow
held trades in promissory notes. It will be informed additionally about date of
trades starting and enacting of Rules. Rules will be published in a sector of
official electron representative of KASE in Internet devoted to normative
base of exchange market, on
http://www.kase.kz/geninfo/normbase/ in
nearest time.
During abovementioned meeting of the Exchange Council a list of the
issuers that promissory notes will be given an access to trades was
considered. Firstly, this list includes issuers that were assigned by the
National Bank a status of first-class: Kazakhtelecom (Astana), NAK
Kazatomprom CJSC (Almaty) and KEGOC OJSC (Astana). Promissory
notes of the first-class issuers will be taken by the National bank for
registration from second tier banks.
Promissory note is not appropriate for the Exchange instrument because it is
a documentary security. "There are a lot of records on it, which have juridical
value, while the Exchange traditionally operates with standard аinstruments.
Nevertheless, we will anyway act in this direction," said in his interview to
PANORAMA on Thursday the President of KASE Damir Karasaev.