/REPEAT/ From December 28 KASE will change procedure of calculating main money market indicator TONIA
/KASE, December 28, 2020, December 20, 2020 news repeat/ – By a decision of
the Management Board of Kazakhstan Stock Exchange (KASE, or the Exchange) dated
December 11, 2020, the revised internal document of KASE "Methodology for
calculating the money market indicators" (the Methodology) was approved, which
is effective from December 28, 2020.
The revised methodology specifies that for the calculation of the TONIA
indicator, one-day repo transactions with the GS Basket are used. The
calculation will be done as the volume-weighted average of the central 90% of
the indicated deals. In this case, deals will be cut off according to the value
of their yield – 5 % of deals with the lowest and highest yield, concluded on
the day of the indicator calculation, are cut off.
If the total volume of deals after the cut-off is less than KZT100 bn, then the
TONIA is determined as the sum of the values of the base rate of the National
Bank of the Republic of Kazakhstan and the average spread of the TONIA
indicator to the specified rate, formed over the previous five days.
In addition, the new edition of the Methodology defines the procedure for
calculating a new money market indicator – the TRION, which is the up-to-date
(current intraday) value of the weighted average overnight repo rate only on the
GS Basket, carried out using services of KASE as the central counterparty.
The TONIA indicator will be published on KASE website as the main indicator of
the money market. The TRION and TWINA indicators will be published as
indicators of the current intraday change in repo rates for 1 day and 7 days.
From December 28, 2020, the Methodology in the current version will be
The new edition of the Methodology will be published on KASE's website in the