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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 KAZAKHSTAN STOCK EXCHANGE Kadyrzhan Damitov President 2010 was a positive year for Kazakhstan – it brought noticeable improvements in economic situation in the country and positive dynamics in the domestic capital market. 2010 was a positive year for Kazakhstan – it brought noticeable improvements in economic situation in the country and positive dynamics in the domestic capital market. Combined trade volume on KASE increased by 33.9% over the course of the last year and reached USD 206.5 bn. Funds raised through KASE corporate bonds primary market equaled USD438.8 m and became the record large in KASE history. We see it mainly as a result of coordinated actions of government and professional financial market participants. Hopefully this positive process will strengthen and continue producing positive results. KASE has also accomplished a lot last year. The Exchange’s Development Strategy for 2007-2010 was completed and the time has come to set up new goals that would allow KASE, as major infrastructure institution of Kazakhstani financial market, to continue its development in a post-crisis period. For the upcoming three years KASE has already defined top priorities including introduction of international standards in trading and settlement operations, as well as improving liquidity and attractiveness of Kazakhstani stock market. Some of the major results of our efforts include, but not limited to: strengthening international cooperation and adoption of best international standards and practices of the exchange operation. We appreciate that our colleagues, including FEAS members have highly evaluated our efforts. One of the most valuable achievements for KASE is a membership at FEAS Executive Committee. KASE highly appreciates the status of the first exchange from Central Asia in FEAS Executive Committee and the honor of becoming a host of the 17th FEAS General Assembly that will take place in Almaty – Kazakhstan’s financial Center in fall 2011. HISTORY AND DEVELOPMENT Founded on November 17, 1993 Kazakhstan Stock Exchange (KASE) is the only Stock Exchange in Kazakhstan. It represents a universal financial market with the following major sectors: foreign currency, government securities, corporate securities, repo and derivatives. KASE is a member of the International Association of Exchanges of the Commonwealth of Independent States, the Federation of Euro-Asian Stock Exchanges, and in 2008 obtained an affiliate status at the World Federation of Exchanges. It continues working actively on establishment of bilateral and multilateral relations with the foreign companies, exchanges and international financial institutions. With 2008 global financial turmoil, KASE revised some of its previous plans and postponed the demutualization of its shares. The stock exchange focused on other issues described in the company’s Development Strategy. It completely revised the structure of its web-site making it more convenient for the users; introduced changes into the trading system; revised the listing rules and categories to reflect changes evolved from the merger of the Main Trading Floor with the RFCA Special Trading Floor. KASE introduced new financial instruments and seriously considers further diversification of the existing range of the financial instruments and services offered by the exchange to its clients. The stock market in 2009 also reflected global trends. While the first half of the year was rich with events resulting from the global financial crisis – depreciation of local currency, increasing number of corporate defaults on the corporate debt market; relative stabilization of the economy in general and the financial market in particular showed the first positive signs of recovery in the second half of 2009. To respond to increased uncertainly of the market environment, KASE introduced a number of regulatory changes to improve market stability and increase transparency. In 2010, KASE has launched Capacity Building Project aimed at the improvement of market liquidity and quality of services provided by KASE to its issuers and investors. This project was funded by the European Bank for Reconstruction and Development (EBRD) and implemented in partnership with Wiener Boerse AG and its counterparty consulting company CAPMEX (The Capital Market Experts). KASE is about to adopt a new development strategy for the next three years, which would reflect recommendations made by the consultants within the framework of this project. Also, in fall 2010 KASE launched derivatives market, introducing currency and Index futures. As announced by the President of the Republic of Kazakhstan KASE is expecting a number of new IPO events of Kazakhstani “blue chip” companies in 2011 and 2012. The government decided to partially privatize several companies currently owned by the Sovereign Wealth Fund “Samruk-Kazyna”. This would create a great opportunity for Kazakh citizens to invest into national “blue chips”. FUTURE OUTLOOK 2010 marked the year of productive cooperation of Kazakhstan stock exchange (KASE) with colleagues from Wiener Boerse AG and its consulting partner – CAPMEX (The Capital Market Experts) that allowed KASE to gain a new perspective on its development path and a new vision for the future years to come. Entering 2011 KASE is determined to pursue a goal of becoming an attractive stock exchange for domestic and international investors and issuers, professional market participants, by continuously expanding the range and quality of available services and ensuring compliance with international standards. We are aimed at improving market liquidity by upgrading our trading system and simultaneously enhancing the level of services. KASE is aimed at merging its extensive expertise with the world's best practices to increase its productivity benchmarks, upgrade its settlement system to T+n (n>0) and introduce a central counterparty (CCP) function (with liabilities limited to the reserve fund). Moreover, KASE is determined to further develop its derivatives market with currency and index futures launched in early December 2010 by organizing marketing campaigns, education programs aimed at attracting a larger number of participants. Upon entering the new decade of the 21st century KASE is facing a highly competitive world where high-frequency traders and alternative trading platforms change the landscape of the financial system. KASE is valuing the change as a call for a proactive decision making with prompt actions and strong expertise. We are therefore will continue to work with regulators, market participants and international organizations to establish a transparent, secure and reliable market. PAGE 78
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 KAZAKHSTAN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul-10 76.14 3.63 102.40 4.88 Aug-10 35.06 1.67 32.66 1.56 Sep-10 68.14 3.10 1,973.81 89.72 Oct-10 1,384.48 65.93 983.05 46.81 Nov-10 77.31 3.68 39.51 1.88 Dec-10 38.60 1.84 656.03 31.24 TOTAL 1,679.73 13.31 3,787.45 29.35 Bonds Jul-10 705.27 33.58 12,884.13 613.53 Aug-10 990.38 47.16 10,881.99 518.19 Sep-10 1,594.71 72.49 9,637.74 438.08 Oct-10 1,086.78 51.75 12,123.00 577.29 Nov-10 623.91 29.71 30,552.93 1,454.90 Dec-10 796.30 37.92 27,041.35 1,287.68 TOTAL 5,797.34 45.44 103,121.16 814.95 Other Jul-10 17,784.34 846.87 0.00 0.00 Aug-10 18,892.63 899.65 0.00 0.00 Sep-10 17,029.27 774.06 0.00 0.00 Oct-10 17,720.95 843.85 0.00 0.00 Nov-10 24,908.92 1,186.14 0.00 0.00 Dec-10 18,227.08 867.96 0.00 0.00 TOTAL 114,563.19 5,418.53 0.00 0.00 Market Capitalization (US$ millions) Index MONTHLY STOCK VOLUME VS INDEX (US$ millions) Stocks Index MONTHLY MARKET CAPITALIZATION (US$ millions) Jul-10 52,246.23 1,467.84 Aug-10 49,758.39 1,408.43 Sep-10 54,280.27 1,525.29 Oct-10 53,015.85 1,521.60 Nov-10 55,081.13 1,600.50 Dec-10 60,742.01 1,718.09 CONTACT INFORMATION 1,400 1,200 1,000 800 600 400 200 0 1,800 70,000 1,600 60,000 1,400 1,200 50,000 1,000 40,000 800 30,000 600 400 20,000 200 10,000 0 0 Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Mr. Bolat Babenov E-mail bolat@kase.kz Website www.kase.kz PAGE 79
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