INTRODUCING KAZAKHSTAN STOCK EXCHANGE INC. (KASE) Hong Kong 2006, December COEVAL OF TENGE … KASE was established at November 17, 1993 under the name of Kazakh Interbank Currency Exchange, two days after the launching of tenge – new legal tender of Kazakhstan.
Hong Kong2006, December
KASE was established at November 17, 1993 under the name of Kazakh Interbank Currency Exchange, two days after the launching of tenge –new legal tender of Kazakhstan.
Now, that day (November 15)is celebrated as the official annual holiday "The Day of Financiers".
"Old" tenge (1993–2006)
"New" tenge (since 2006)
KASE– non-commercial joint-stock company with the 59 shareholders –National Bank of Kazakhstan (the largest shareholder), banks, brokerage firms, asset management companies, pension funds and other professional financial institutions. All of them have only one vote each*.
* Today, there are plans to commercialize ("de-mutualize") KASE and to capitalize it with the funds of the existing shareholders and the Government in order to administrate the Special trading site of the Almaty Regional Financial Center.
Today KASE is the single universal financial exchange in Kazakhstan with the brief but bright history:
1993– first trades with the foreign currency (US dollars)
1995– first trades with the T-bills
1996– first trades with the derivatives (KZT/USD exchange rate futures)
1997– first trades with the listed equities
1997– first trades with the government stacks of shares
1997– first trades with the non-listed corporate securities
1998– launching of the OTC securities market within KASE
1998– first trades with the eurobonds of Kazakhstan
1999– first trades with the listed corporate bonds
1999– first trades with the municipal bonds (since 2005 the issuance of these bonds is prohibited)
1999– launching of the direct repo market
2001– first trades with the supranational (IFO) bonds
2001– launching of the automatic repo market (the most massive and active sector of the KASE market)
2002– first trades with the promissory notes
2003– first trades with foreign T-bills (Russia 2028 & Russia 2030 )
2006– first trades with foreign corporate bonds (JP Morgan and Merrill Lynch)
2006– IPO of KazMunayGas Exploration–Production shares with the use of KASE settlement system
2006– secondary distribution of KAZAKHMYS PLC (UK) shares with the use of KASE settlement system
In total, repo (money) market takes 69.6% of general KASE turnover
KASE serves the markets of:
KASE repo market is specially designed for domestic purposes – to satisfy the needs of local pension funds and banks in short-term money borrowings and lendings.
KASE foreign currencies market – the basic trading site for the NationalBank of Kazakhstan to regulate the exchange rate of tenge.
KZT/USD: the KASE exchange rate today = official exchange rate tomorrow.
Total KASE turnover for the 11 months of 2006 with the equities –1 775.9USD mil,with the corporate bonds – 2 773.2USD mil
In Jan.–Nov., 2006 году average daily KASE turnover with the equities – 6,8USD mil,with the corporate bonds – 11,6 млн USD.
Index KASE_Shares demonstrated the rapid growth:11.1 times (for the period Jan.05, 2005 – Apr.19, 2006) and 4.1 times (for the period Nov.30, 2005 – Nov.30, 2006), due to the appearance of new investors’ class – mutual funds and individual persons.
KASE uses it’s own trading platform:
Central Depository is the KASE subsidiary:
phone: (+7 327) 272 98 98, 272 06 00
fax: (+7 327) 272 09 25
address: 67, Aiteke bi street, Almaty, 050000, Kazakhstan