KAZAKHSTAN STOCK EXCHANGE
CLEARING & SETTLEMENT
TRADING
Days
Hours: Stocks and bonds
Foreign exchange
Derivatives
State securities
Market segmentation
System
Mechanisms
Market makers/specialists
Instruments
Currency
Real time information
Monday-Friday
11:30-17:00
10:15-11:00, 11:30-15:30 and 14:00-18:00
10:30-17:00
11:30-18:00
First, second, third markets, bonds, off-floor
transactions, foreign securities allowed
Automated, remote access, depository link,
data dissemination, reporting facilities, WAN
Call auction, continuous auction, primary
market, price fixing
Yes
Stocks, government bonds, repo, foreign
exchange, derivatives
Local
Trading information, best bid/ask, last price,
total volume, high/low, average
STRUCTURE & REGULATIONS
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Yes
T+0
Yes
Book entry
Transaction by transaction
Yes full DVP
No
No
No
Individuals, institutional
investors, brokerage
houses, banks exchange
members, market makers
FOREIGN PARTICIPATION
Non-profit company
Self
Exchange regulatory institutions and
market participants jointly
Stocks - regulatory responsibility
Yes, electronic
Independent agents
Yes
No
Foreign investors
n/a
Investment limitations No limitations
Repatriation
Yes, restricted
2003-TURNOVER STRUCTURE
TAXES
Cash dividends
Interest income
Capital gains
Central depository
Period
Registered
Settlement
Clearing
DVP
Clearing institution
Risk sharing
Margin/lending
Custodians
15%
15%
0%
19% Foreign exchange
7% Futures
7% Government
securities
2004 HOLIDAY CALENDAR
3% Corporate
securities
64% Repo
(CS and GS)
Jan. 1, 2; Mar. 8, 22; May 1, 9; Aug. 30; Oct. 25; Dec. 16, 17
MINIMUM LISTING REQUIREMENTS
Requirements
Minimum paid-in capital
Years of business activity
Capitalization of issue
Free float
Free float ratio
Minimum # of shareholders
Minimum years of positive financial results
# prior years audited financial accounts
# times dividends distributed in last 3 years
Whole class of securities to be issued
Listing agreement with Central Depository
Prospectus
Special requirements
Additional special requirements
Listing A
n/a
3
n/a
n/a
n/a
n/a
Last fiscal year or any 2 of
last 3 fiscal years
At least 2 years
n/a
n/a
n/a
Yes
Yes
n/a
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
PAGE 56
Listing B
n/a
1
n/a
n/a
n/a
n/a
n/a Unlisted
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Yes
Yes
n/a n/a
n/a
n/a
n/a
n/a
n/a
n/a