OREANDA-NEWS. Starting from December 6, 2010, Kazakhstan Stock Exchange (KASE) opens trading in cash-settled futures on KZT/USD exchange rate and KASE Index value, reported the press-centre of KASE.

Trading in the mentioned contracts will be held on KASE on business days from 10:00 to 15:30, Almaty time, clearing session on the trading - from 15:30 to 16:00, Almaty time.

KASE futures market's set-up is the one which is to keep up with the international standards and will comprise the following units:

1. A risk management system through open positions limitation and price change limitation, collection of marginal and guarantee fees, setting up a reserve fund, based on KASE's own financial means;

2. Arranging a clearing session after a trading day's end;

3. A system for settlement of instances involving non-performance by participants of their liabilities.

With regard to all deals concluded on the exchange futures market, the KASE will act as a Central Counteragent, whose liability is limited to the reserve fund's size. According to the Board of Directors' decision, at initial stage KASE reserve fund will make up KZT170 m.

It is to be reminded, that in order to get admittance to the Exchange's futures market trading, Exchange members must do the following:

1. Apply for Exchange futures market membership;

2. Apply for admittance to Exchange trading in futures contracts;

3. In order to be able to trade in USD/KZT exchange rate futures, they need to:

 - Have authorized capital not less than 5,308,000 MCI (circa USD50.8 m);

 - Contribute a guarantee fee of KZT2.0 m;
                                                                               
4. In order to be able to trade in KASE Index futures, they need  to contribute a guarantee fee of KZT1.0 m.:

With queries regarding futures contracts trading, contact the Business Development Department on tel. (727) 237 53 40 or write to e-mail: project@kase.kz.

Application form for Exchange futures market membership is available on KASE website, at http://www.kase.kz/files/mix/application_1.doc

Application form for admittance to Exchange trading in futures contracts is available on KASE website, at http://www.kase.kz/files/mix/application_2.doc

KASE regulatory base with regard to futures contracts trading includes the following documents:

- Rules on Rules of Futures Contracts Exchange Trading -   http://www.kase.kz/files/normative_base/trading_rules.pdf

- Rules on Clearing Activities on Futures Market -   http://www.kase.kz/files/normative_base/clearing_rules.pdf

- Regulations on Futures Market Reserve and Guarantee Funds -   http://www.kase.kz/files/normative_base/funds.pdf

- USD/KZT exchange rate futures specification -   http://www.kase.kz/files/normative_base/specification_currency.pdf

- KASE Index futures specification -   http://www.kase.kz/files/normative_base/specification_index.pdf