FEAS Yearbook FEAS Yearbook 2002 | Page 49

FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 47
KAZAKHSTAN STOCK EXCHANGE
Trading
Days
Hours: Stocks and bonds
Foreign exchange (T+0)
Foregin exchange (T+n)
Derivatives
State securities
Market segmentation
System
Mechanisms
Market-maker/specialists
Instruments
Currency
Real time information
Clearing & Settlement
Monday-Friday
11:30-17:00
10:15-11:00 and 11:30-15:30
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
Central depository
Period
Registered
Settlement
Clearing
DVP
Clearing institution
Risk sharing
Margin/lending
Custodians
Structure & Regulations
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Foreign Participation
Non-profit company
Self
Exchange regulatory institutions and
market participants jointly
Stocks - regulatory responsibility
Yes, electronic
Independent agents
Yes
No
Foreign investors
Investment limitations
Repatriation
n/a
No limitations
Middle
Turnover Structure in 2002
Taxes
Cash dividends
Interest income
Capital gains
Yes
T+0
Yes
Book entry
Transaction by transaction
Full DVP
No
No
No
Individuals, institutional
investors, brokerage houses,
banks exchange members,
market makers
15%
15%
0%
2.5%
7.9%
3.4%
12.1%
0.7%
73.4%
Repo with government securities
Foreign exchange
Derivatives
Repo with corporate securities
Government securities
Corporate securities
Minimum Listing Requirements
Requirements
Years of business activity
Capitalization of issue
Free float
Minimum # of shareholders
Minimum years of positive financial results
# times dividends distributed in last 3 years
Listing agreement with central depository
Prospectus required
Special requirements
Listing A
3
n/a
n/a
n/a
1 or sum of 3
n/a
n/a
Yes
Yes
Listing B
1
n/a
n/a
n/a
n/a
n/a
n/a
Yes
Yes
Unlisted
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a