/REPEAT/ From October 1, 2019 amendments to Provisions on membership fees, exchange and clearing dues to be put into effect

01.10.19, 09:32
/KASE, October 1, 2019, September 25, 2019 news repeat/ – Following a decision of the Board of Directors of Kazakhstan Stock Exchange (KASE) of September 24, 2019, changes and additions No. 4 (amendments) to KASE internal document "Provisions on membership fees, exchange and clearing dues" (Provisions) were approved. Said amendments are effective as of October 1, 2019, except for norms related to changing technical dues, and will be put into effect from March 1, 2020. Said amendments provide for the following: - change of the term "technical due" following the abandonment of the term "service of common use"; - bringing the term "clearing due" in line with the definition of the similar term in the internal document "Rules of execution of exchange activities"; - removal of the due for extending a clearing session due to the change in the schedule of clearing activities as part of implementation of the central counteragent on the stock market; - applying a single approach to charging commission fees and clearing dues on repo transactions. Due to implementation of the central counteragent on the stock market and transition to the new trading and clearing system it is planned to charge clearing due only on the repo transaction opening deal, similar to the current procedure of charging commission dues on repo transactions; - setting the rate of commission due on swap transactions concluded in settlement modes on the stock market, due to the need for settlement of unmet obligations in various currencies (national – tenge and foreign – US dollar); - implementation of differentiated membership fees for members of the Exchange of the "currency" category due to the making of amendments to KASE internal document "Regulations on Membership", which stipulate provision to members of the Exchange of the right to participate in trading in all foreign currencies (first tier access) or in all foreign currencies except for the US dollar (second tier access). Low membership fees are set for members of the Exchange with restricted access: – entrance membership fee – 1,500-fold MCI; – monthly membership fee – from 150- to 250-fold MCI depending upon the chosen scheme of payment of monthly membership fees and clearing dues; - change in technical dues to due implementation of ASTS+ trading and clearing system. The updated Provisions are available on KASE website – http://kase.kz/en/kase_rules_asts/ [2019-10-01]