KASE: Current Market Situation

1
KASE Current Market Situation

• Kadyrzhan Damitov
• President
• Kazakhstan Stock Exchange (KASE)
• July 23, 2009 (Almaty, Kazakhstan)

2
KASE Index
2008 ? 2009
2008 100
3
Equities of KASE Index
2008 100
2008 ? 2009
4
Investors leave equity market
Share of the individuals on the equity market,
Share of the non-residents on the equity market,
5
Volume of trades dynamics
USD, m
6
No incentives for listing
New KASE listing companies dynamics

• Main problems
• high funding cost
• investment liquidity shortage
• defaults on corporate bonds market.

7
Risk reduction measures on repo market

• From April 1, 2009
• prohibition to use securities in repo
  transactions, in the following circumstances
• default
• violation of KASE information disclosure
  requirements.

• From January 26, 2009
• prohibition of "automatic repo" transactions
  extension
• limitation of the "nego" repo transactions
  maximum period to 90 days
• prohibition of "nego" repo transactions
  extension, if their period exceeds 90 days.

Implementation of the mark-to-market and margin
call
8
Improvement of settlement system

• "Fully Pre-funded Clearing" settlements

• Establishment of the Guarantee Fund

• "Partially Pre-funded clearing" settlements

• Complete TN settlement scheme

9
Contacts

• Internet www.kase.kz
• E-mail kase_at_kase.kz
• Phone [phone]
• Fax [phone]
• Address 291/3a, Dostyk ave, 050020, Almaty,
  Kazakhstan