KASE from July 1 stops composing activity rankings for KASE members operating in currencies market and abandons annual awarding of members most active there
/KASE, June 30, 11/ - As was informed earlier, following a decision of 
Kazakhstan Stock Exchange (KASE) Management Board dated June 27, 2011 the 
revised edition of KASE internal document "Rules of Annual Rewarding the Most 
Distinguished Members of Kazakhstan Stock Exchange" (Rules) has been approved, 
with the effective date set at July 1, 2011.

The Rules' new edition removes the nomination "Exchange Currency Market Leader". 
Further, KASE Management Board on June 27 this year decided to stop composing 
activity rankings for KASE members operating in the currencies market (except 
for ranking on currency swap transactions).

In KASE specialists' justified opinion, over the past several years traders of
several banks have been taking various actions in the exchange currencies market 
for the purpose of increasing their ranking. Such actions include, for example, 
automatic splitting (through using of special software) of large orders into 
orders of the smallest scale possible in an attempt to increase the number of
deals concluded, carrying out counter-directed contractual transactions with
partners in order to increase the gross turnover in case of zero net turnover. 
In spite of the fact that such actions do not affect the fixing of the exchange 
rate for any currency to tenge, their mere presence speaks about unfair 
competition used by some banks.

The Exchange has many a time changed the methodology of calculating indicators 
of its members' activity in the foreign currencies market attempting to minimize 
the impact of said actions on the bank's position in the ranking. However, every 
such attempt brought about a response from unfair traders, eventually leading to 
KASE refusing to compose and publish such rankings.

[2011-06-30]