KASE worked out and approved Rules on promissory notes trades at the Exchange

08.02.02 00:00
/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 Š°instruments. Nevertheless, we will anyway act in this direction," said in his interview to PANORAMA on Thursday the President of KASE Damir Karasaev.