/KASE, April 22, 2024/ – By a decision of the Management Board of Kazakhstan
Stock Exchange (KASE or the Exchange) dated April 17, 2024, changes and
additions No. 21 (amendments) to KASE's internal document "Rules for market
makers' activities" (the Rules) were approved, with effect from June 1, 2024.
The amendments define the following conditions for market makers in the repo
market, the underlying assets of which are one-day general collateral
certificates (GCC):
- the minimum volume of maintaining for sale or buy quote is 1.0 billion tenge;
- the maximum spread size is 1.0 % of the yield when issuing buy and sell
quotes. At the same time, the market maker will be allowed to announce
and maintain mandatory quotes in one direction. In this case, the spread
should be no more than 1 percentage point of the last value of the TONIA
indicator;
- aggregate daily minimum volume – 5 times the minimum volume of the
mandatory quotation with the option of not maintaining further obligations.
Market makers on repo transactions with one-day GCC will be provided with
preferences on the payment of commission and clearing fees in the amount of 75
%. When the market maker reaches the volume of repo transactions with one-
day GCC in the amount of 300.0 billion tenge, a discount on the payment of
these fees in the amount of 100 % is provided.
At the same time, if a market maker violates his duties during a trading
session, this KASE member loses the right to a preference on paying the
Exchange's commission fees on transactions concluded during this trading
session.
In case of violation of its duties by a market maker, the following sanctions
are applied to this KASE member:
- for the first failure to fulfill obligations within one calendar month, a KASE
member loses the right to a preference in paying commission fees on
transactions concluded during a particular trading session;
- for a subsequent case of failure to fulfill the duties of a market maker
within one calendar month, KASE has the right to deprive a KASE member of the
status of a market maker.
The updated text of the Rules will be published on KASE's Internet resource at
https://kase.kz/ru/kase_rules/ (tab "Trading" – "Market Makers").
[2024-04-22]