In 2003 Kazakhstan stock exchange intends to entirely actualize the normative base

/Kazakhstan today, January 30, 03/ - In 2003 Kazakhstan stock exchange (KASE) to entirely actualize the normative base, which was created in 1996-1997. About it the stock exchange's President Azamat Joldasbekov informed today, January 30 at the press-conference in Almaty. According to his words, about 100 normative documents should be renewed in this year. The most significant corrections, informed A. Joldasbekov, will concern the listing rules. The first correction concerns the listing requirements for foreign securities issuers. "Kazakhstan financial market becomes attractive for foreign states' issuers. It is possible in Kazakhstan to borrow much money and it's cheaper than in foreign issuer's country", - stated the head of KASE. He also informed that the stock exchange would register necessary requirements in the first quarter of this year, and foreign issuer's rating would be major reference point. In particular, it's planned to divide issuers into "А" and "В" categories, at that, requirements for the former one would be higher, noted Joldasbekov. The stock exchange's president marked that "already in this year one can expect" appearance of foreign securities at trade floors. Besides, according to the stock exchange's president's information, "very great remaking of the listing rules" of the stock exchange will concern remaking of the part of present listing requirements. According to conducted analysis of issuers, who are now in the list of listing companies of "А" category, it comprises, besides such giants as Kazmunaigas and Kazakhstan temir zholy, though transparent but small companies, noted Joldasbekov. IN accordance with it he informed that there would be included sub-categories of main "А" and "В" categories in order to divide small, medium, large, financial and non-financial companies. As Joldasbekov informed, the stock exchange also plans to set working instruments, which's basis assets are commodity assets or securities for commodity assets. "We can't set working commodity futures directly because of legislative prohibition because the stock exchange has no right to fulfill commodity exchange's functions", - he said. "Now we are looking for legal ways to pass around this prohibition, i.e., we offer to set working futures or options for derivative securities, which's securing is commodity assets", - summarized Joldasbekov. "We assume these new instruments will have success", - said the head of KASE. [2003-01-30]