New model rules for exchange trade came into effect
The changes in the legislation were discussed at the National Chamber
The Secretariat of the trade Committee organized a round table during which experts presented an analysis of recent changes to the stock exchange legislation of the Republic of Kazakhstan, which stipulate strengthening of the requirements for commodity exchanges, the adoption of new Model rules of exchange trade and the regulation of clearing activities.
New model rules of exchange trade are regulated in detail: the work of commodity exchanges and conduction of exchange trade, the mechanism for exchange trades in the dual counter auction was detailed, there has been determined the order of exchange trade for subsoil users and national companies on their procurement through commodity exchanges, there were established cases for exchange security and the procedure for determining its size and liability of participants of exchange trade.
The Chairman of the Board of JSC "Commodity Exchange "ETS" Kurmet Orazayev, talking at the meeting, stressed that the legislation made very significant changes. "To a greater extent they focus on the requirements for exchanges. At the same time, it should be noted that at the first phase of development of exchange trade there has been a big problem due to the absence of brokers. Today there are hundreds of licenses. Whatever infrastructure is introduced in the first place, this is done for market participants. For your clients, all these innovations will affect you. It seems to me that the brokerage pool is not fully engaged in the formation of these regulations. NCE and the regulator actively discuss these amendments, but none of the brokerage companies in Kazakhstan participated in this discussion", - he said.
NCE and the Chairman of the exchange Board of JSC "ETC" Kurmet Orazayev also called on brokers to participate actively in the discussion of a new concept of development of exchange trade in Kazakhstan. "We have passed the period of formation, the infrastructure was established, there were created conditions for accreditation. In particular, it was built on this list. It's far from perfect. You know, that by means of this administrative resource, on the one hand, we have accredited the participants in the administrative method, on the other hand, aroused a strong aversion in the market. Market participants perceive the list of stock trading as an additional tax. Accordingly, we would like to realize the new concept on these principles that would allow to motivate commercially the participants of exchange trade", he concluded.
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