Kazakhstan Stock Exchange (KASE) is an organized platform for trading in securities and derivative financial instruments. It is located in the southern capital of the state - the city of Almaty. The Kazakhstan Stock Exchange was opened in 1993 and is still operating today.
Main characteristics
- Type - stock exchange.
- Location - Almaty city in Kazakhstan.
- Start of work - November 17, 1993.
- The number of shareholders is 46.
- Key figures - Eszhan Birtanov (chairman of the board), Idel Sabitov, Andrey Tsalyuk, Natalya Khoroshevskaya, Amina Turgulova.
- Currency is tenge.
- The number of companies that have passed the listing is 130.
- Market capitalization - 42.5 billion US dollars (as of October 2015).
- Indexes - KASE Index and its derivatives.
Formation history
In November 1993, Kazakhstan introduced its own currency - tenge. Two days later, the National and commercial banks decided to open an organized platform for trading in securities and derivative financial instruments. Prior to this, the country had a currency exchange. She was a structural unit of the National Bank of Kazakhstan. The Kazakhstan Stock Exchange was to create and develop a market for a new monetary unit. She was renamed several times. Its original name is “Interbank Currency Exchange”. The sale of securities began on this trading floor in 1995. In this regard, she was once again renamed. Now it has become known as the Kazakhstan Interbank Currency and Stock Exchange. Initially, it was allowed to trade only government securities.
The modern name “Kazakhstan Stock Exchange” was registered only in 1996. Since under the current legislation in Kazakhstan it was impossible to trade securities and financial instruments at the same time, KASE shareholders decided to separate a separate legal entity in its form in the form of a closed joint-stock company. It received the name "Almaty Stock Exchange of Financial Instruments" or abbreviated AFINEX. The reunification of the organizations took place on March 16, 1999 after the introduction of amendments to Kazakhstani legislation.
Modern stage of development
After the reform in 1999, Kazakhstan Stock Exchange held its first trades in bills of exchange, foreign securities, and launched the direct and automatic repo market. In 2007, a trading platform of the city of Almaty was created on its basis, which by that time had already turned into a regional financial center. In the same period, shareholders decide on the commercialization of the exchange. The principles of voting within KASE are changing. If earlier each shareholder had one vote, now the system of shared participation in management is in effect. In 2011, the Kazakhstan Stock Exchange signed cooperation agreements with trading floors of the Republic of Korea, Turkey and Iran. In 2012, she received a license for clearing operations. The Kazakhstan Stock Exchange is currently trading in the Chinese national currency, the renminbi. She is a full member of the WSE. This organization unites the leading organizers of the securities and derivatives trade.
KASE structure
Kazakhstan Stock Exchange is a commercial organization. It operates in the form of a joint stock company. Its supreme body is the general meeting of shareholders. Daily management is carried out by the Board of Directors. The executive body is the Exchange Board.
Shareholders and Exchange Members
KASE has licenses for operations in national and foreign currencies and activities in the securities market. As of October two thousand and fifteen, she had 46 shareholders. Among them are banks, brokerage organizations and even a pension fund. The controlling stake is owned by the National Bank of the Republic of Kazakhstan (50.1% of the total). This gives him the right to veto disadvantageous decisions in the field of currency and stock regulation in the state.
All KASE members can be divided into three groups. It all depends on their sphere of interest: derivatives, currency or stock transactions. Fifty-four financial companies and other professional market participants have the status of KASE member in October 2015.
Collaboration with international organizations
KASE is a member of the following important institutions:
- World Federation of Exchanges. This organization unites 60 trading floors, on which almost the entire stock market turnover of the world is concentrated.
- Federation of Euro-Asian Exchanges. It brings together about fifty professional stock players from developing countries in the region.
- International Association of Exchanges of the CIS countries. This organization has about 20 trading floors from 9 states of the Commonwealth of Independent States.
- International Association of Distributors and Consumers of Financial Information. Among its participants are leading banks and other interested organizations.
- Association of Financiers of Kazakhstan.
Exchange listing
After the application is submitted by the organization that issued them, the procedure and terms for inclusion of securities into the KASE official list are considered in accordance with the internal regulatory legal acts of the trading platform. The listing procedure consists of the following steps:
- Checking the issuer for its compliance with the internal requirements of the exchange.
- Inclusion by the listing commission of the applicant's securities on the official list.
- The passage of trading on them (no later than 6 months after the decision on their approval by the exchange).
