/KASE, May 28, 2024/ – By a decision of the Management Board of Kazakhstan
Stock Exchange (KASE, or the Exchange) dated May 27, 2024, changes and
additions No. 22 (amendments) to KASE's internal document "Rules for market
makers' activities" (the Rules) were approved, with effect as of June 1, 2024.
The amendments provide for the availability of Scheme 2 for market makers in
the market for one-day repo transactions, whose underlying assets are general
collateral certificates (GCC), with the following conditions:
- the minimum volume of maintaining a quote for sale or purchase is 1.0
billion tenge;
- the maximum spread size is 1.0 % between the yield values of mandatory
quotes (for bilateral quotes) or 1 percentage point from the last value of the
weighted average yield of the current day on one-day repo transactions with
a GS basket with the CCP, in case of its absence – from the weighted
average yield of the previous day on one-day repo transactions with a GS
basket with the CCP;
- time for announcing and maintaining mandatory quotations – from 11:30 to
15:00 Almaty time;
- the maximum total time-out duration is 30 minutes;
- the aggregate daily minimum volume is the 15-fold mandatory quotation
minimum volume.
Market makers on one-day repo transactions with GCC will be provided with
benefits on the payment of commission and clearing fees in the amount of 75%.
When the market maker reaches the volume of one-day repo transactions with
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, in case of violation of the market maker's duties:
- for the first failure to fulfill obligations within one calendar month, a KASE
member loses the right to a benefit in paying commission fees on
transactions concluded during a given 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 strip 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/en/kase_rules/ (tab "Trading" – "Market Makers").
[2024-05-28]