/KASE, June 11, 2020/ – Kazakhstan Stock Exchange (KASE or the Exchange) announces that the second release of the trading and clearing system ASTS+ (hereinafter, ASTS+) of stock market will be put into operation on July 20, 2020 by the decision of KASE Board of Directors.
From that date, all financial instruments of the stock market will be traded in ASTS+. In the trading system, which currently operates on the stock market (the ACT), trading of financial instruments of the stock market will be closed, except for the possibility to settle closing repo transactions that were opened in the ACT before the launch date of the second release of ASTS+.
We remind that the transfer of trading in financial instruments of KASE stock market from the current trading system to ASTS+ will be done in stages. Starting December 3, 2019 (first stage) in ASTS+, trading in the following securities are held: shares, securities of investment funds, ETFs – settled in tenge; Eurobonds, depositary receipts – settled in U.S. dollars. Eurobonds settled in tenge and other financial instruments of the stock market, including repo market instruments, are traded in the ACT until July 20.
From July 20, the Exchange will act as a central counterparty on the stock market for all transactions with all securities, except for repo transactions with a number of financial instruments to be settled on a gross basis – for each individual transaction.
All transactions with the central counterparty will be cleared on a net basis by determining net positions of clearing members for their execution during settlement clearing sessions. The Exchange as a central counterparty for such transactions will guarantee their execution.
Settlements in money on the transactions with KASE as a central counterparty will be carried out independently using a correspondent account in the Central Securities Depository.
The Central Securities Depository remains the settlement organization for securities on all transactions concluded on KASE, which will be conducted without participation of a central counterparty, in money and in securities.
Relevant amendments to internal documents of KASE have been made and new internal documents have been developed, which will be put into effect as of July 20, 2020 due to the launch of the second release of ASTS+.
These documents are available on the KASE website in section “The Rules for ASTS+” at http://kase.kz/en/kase_rules_asts/
In the same section, there are answers to frequently asked questions about working with the trading and clearing system ASTS+ – http://kase.kz/files/mix/faq_asts.pdf