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54-506: The Kazakhstan Stock Exchange ( KASE ; Kazakh : Қазақстан қор биржасы , romanized :  Qazaqstan qor bırjasy ) is a stock exchange located in Almaty , Kazakhstan . The exchange was founded in 1993. On November 15, 1993, Kazakhstan introduced its own currency, the tenge . The next day, November 17, 1993, the National Bank of Kazakhstan and 23 local leading commercial banks took

108-539: A " golden share ", which is held by the National Bank of the Republic of Kazakhstan. It carries the right to vote decisions made by KASE bodies on issues of currency regulation and regulation of Kazakhstan government bonds market. KASE has three categories of membership. Depending on the type of financial instruments an organization is interested to trade in, it can become a member of KASE's currency, stock or derivatives. It

162-514: A Cyrillic script in the 1940s. Today, Kazakhs use the Cyrillic and Latin scripts to write their language, although a presidential decree from 2017 ordered the transition from Cyrillic to Latin by 2031. Kazakh exhibits tongue-root vowel harmony , with some words of recent foreign origin (usually of Russian or Arabic origin) as exceptions. There is also a system of rounding harmony which resembles that of Kyrgyz, but which does not apply as strongly and

216-430: A decision to found a currency exchange. The previously existing Center for execution of inter-bank currency transactions (Currency exchange) used to be a structural unit of Kazakhstan's National Bank. The main task assigned to the new exchange was to set up and develop the national currency market following the introduction of the tenge. The exchange was incorporated as a closed joint-stock company on December 30, 1993, under

270-731: A liturgical language in the Western European cultural sphere. The Kazakhs used the Arabic script to write their language until approximately 1929. In the early 1900s, Kazakh activist Akhmet Baitursynuly reformed the Kazakh-Arabic alphabet, but his work was largely overshadowed by the Soviet presence in Central Asia. At that point, the new Soviet regime forced the Kazakhs to use a Latin script, and then

324-468: A modern risk management system which meets international standards. This sector has opened trade in three-month and six-month futures on USD/KZT rate and on the KASE Index. The Exchange acts as the central counteragent for each transaction being concluded and ensures unconditional execution of transactions within amounts of reserve and guarantee funds. Limits were set for both open position and price change for

378-664: A securities trading system based on T+0 (gross) settlements scheme with fully pre-positioned collateral Conducting of 17th General Assembly of Federation of Euro-Asian Stock Exchanges (FEAS) Signing of mutual co-operation memorandums with Korea Exchange , Istanbul Stock Exchange and Tehran Stock Exchange Creation of new multi-functional online trading system "STrade" Setting up of clearing department on KASE KASE obtains status of fully-fledged member in World Federation of Exchanges (WFE) Launch of yield indicators of currency swap transactions SWAP-1D and SWAP-2D Launch of

432-518: A system of 12 phonemic vowels, 3 of which are diphthongs. The rounding contrast and /æ/ generally only occur as phonemes in the first syllable of a word, but do occur later allophonically; see the section on harmony below for more information. Moreover, the /æ/ sound has been included artificially due to the influence of Arabic, Persian and, later, Tatar languages during the Islamic period. It can be found in some native words, however. According to Vajda,

486-692: A vast territory from the Tian Shan to the western shore of the Caspian Sea . Kazakh is the official state language of Kazakhstan, with nearly 10 million speakers (based on information from the CIA World Factbook on population and proportion of Kazakh speakers). In China, nearly two million ethnic Kazakhs and Kazakh speakers reside in the Ili Kazakh Autonomous Prefecture of Xinjiang. The Kipchak branch of Turkic languages, which Kazakh

540-571: Is also possible to enjoy simultaneous membership in two or three of these categories. 53 professional market participants held the KASE member status as of October 1, 2018. KASE is: KASE operates the following markets: The currency market is one of the first markets organized on KASE and it has been operating since the latter's inception. The first foreign currency trading in US dollars took place in 1993. Today, transactions on this market account for about half of

594-639: Is borne out of, was mainly solidified during the reign of the Golden Horde . The modern Kazakh language is said to have originated in approximately 1465 AD during the formation of the Kazakh Khanate . Modern Kazakh is likely a descendant of both Chagatay Turkic as spoken by the Timurids and Kipchak Turkic as spoken in the Golden Horde. Kazakh uses a high volume of loanwords from Persian and Arabic due to

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648-572: Is close to the inventory of the Turkish alphabet , though lacking the letters C and Ç and having four additional letters: Ä, Ñ, Q and Ū (though other letters such as Y have different values in the two languages). Over one million Kazakh speakers in Xinjiang still rely on the Perso-Arabic script for writing. It is scheduled to be phased in from 2023 to 2031. Speakers of Kazakh (mainly Kazakhs) are spread over

702-621: Is closely related to Nogai , Kyrgyz and Karakalpak . It is the official language of Kazakhstan , and has official status in the Altai Republic of Russia . It is also a significant minority language in the Ili Kazakh Autonomous Prefecture in Xinjiang , China , and in the Bayan-Ölgii Province of western Mongolia . The language is also spoken by many ethnic Kazakhs throughout the former Soviet Union (some 472,000 in Russia according to

756-695: Is not reflected in the orthography. This system only applies to the open vowels /e/, /ɪ/, /ʏ/ and not /ɑ/ , and happens in the next syllables. Thus, (in Latin script) jūldyz 'star', bügın 'today', and ülken 'big' are actually pronounced as jūldūz , bügün , ülkön . The following chart depicts the consonant inventory of standard Kazakh; many of the sounds, however, are allophones of other sounds or appear only in recent loanwords. The 18 consonant phonemes listed by Vajda are without parentheses—since these are phonemes, their listed place and manner of articulation are very general, and will vary from what

810-481: Is possible to think that different categories of aspect govern the choice of auxiliary, it is not so straightforward in Kazakh. Auxiliaries are internally sensitive to the lexical semantics of predicates, for example, verbs describing motion: Suda water- LOC balyq fish jüzedı swim- PRES - 3 Suda balyq jüzedı Golden share This share gives the government organization, or other shareholder,

864-560: Is shown. ( /t͡s/ rarely appears in normal speech.) Kazakh has 19 native consonant phonemes; these are the stops /p, b, t, d, k, ɡ, q/ , fricatives /s, z, ɕ, ʑ, ʁ/ , nasals /m, n, ŋ/ , liquids /ɾ, l/ , and two glides /w, j/ . The sounds /f, v, χ, h, t͡s, t͡ɕ/ are found only in loanwords. /ʑ/ is heard as an alveolopalatal affricate [d͡ʑ] in the Kazakh dialects of Uzbekistan and Xinjiang, China. The sounds [q] and [ʁ] may be analyzed as allophones of /k/ and /ɡ/ in words with back vowels, but exceptions occur in loanwords. Kazakh has

918-405: Is the repo transactions market, which traditionally accounts for almost half of the total volume of exchange trading. It features two sectors: the "nego" repo market where deals are carried by way of direct (negotiable) transactions and the "auto" repo market. In the latter case, the question is about the anonymous trades using the order-driven market method in which Kazakhstan's tenge is offered, and

972-452: The 2010 Russian census ), Germany , and Turkey . Like other Turkic languages, Kazakh is an agglutinative language and employs vowel harmony . Kazakh builds words by adding suffixes one after another to the word stem, with each suffix expressing only one unique meaning and following a fixed sequence. Ethnologue recognizes three mutually intelligible dialect groups: Northeastern Kazakh—the most widely spoken variety, which also serves as

1026-632: The Central Securities Depository (CSD) in the "transaction after transaction" mode on the day of transaction conclusion (using the T+0 scheme with full advance payment). The DVP principle is applied and prior to making a transaction, the money and securities which are the subject of the transaction should be in the CSD's accounts. In order to increase the effectiveness of the stock market's settlement infrastructure and to attract foreign investors on to KASE,

1080-718: The Chinese government 's stake in ByteDance as a golden share investment. The British government's golden share in BAA , the UK airports authority, was ruled illegal by European courts in 2003, when it was deemed contradictory to the principle of free circulation of capital within the European Union . The European Court of Justice also held that Portugal 's holding of golden shares in Energias de Portugal

1134-558: The People's Republic of China introduced golden shares termed "special management shares". Since then, golden shares have been utilized by Chinese Communist Party (CCP) general secretary Xi Jinping 's administration to expand control over private companies, particularly technology companies. During the 2020-2021 Xi Jinping administration reform spree , the government used strategic share acquisitions to increase its golden share holdings. In 2021, The Economist and Reuters described

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1188-615: The Clearing department according to the DVP (Delivery Versus Payment) principle. Most currency market members work on KASE in the mode of immediate delivery of tenge and foreign currency. New currency market members and (or) particular banks prone to risks are required to pre-deliver the currency being sold. The banks acting as correspondents of KASE are: KASE's currency market plays an important role in Kazakhstan's economy. In recent years, its share in

1242-526: The Exchange are mainly regulated by the following normative legal acts: As of December 1, 2019, the total number of announced common shares of Kazakhstan Stock Exchange Inc. makes up 5,000,000 units, 974,373 shares are placed, the number of shares repurchased by the Exchange is 13,329. 49.1% of the total number of outstanding shares is held by the National Bank of the Republic of Kazakhstan in accordance with resolution No. KASE's Articles of Incorporation stipulate

1296-407: The Exchange is working along several lines. They include the introduction to the securities market of the multilateral net clearing and settlements using the Т+n (0<n<4) settlement scheme with partial securing of transactions and a modern system of risk management. This system is based on the use of margining and special clearing (guarantee and reserve) funds. One of the largest segments of KASE

1350-445: The Latin script by 2025. Cyrillic script was created to better merge the Kazakh language with other languages of the USSR , hence it has some controversial letter readings. The letter У after a consonant represents a combination of sounds і /ɘ/ , ү /ʉ/ , ы /ə/ , ұ /ʊ/ with glide /w/ , e.g. кіру [kɪ̞ˈrɪ̞w] , су [so̙w] , көру [kɵˈrʏ̞w] , атысу [ɑ̝təˈsəw] . Ю undergoes

1404-509: The Ministry of Finance are offered in KASE trading system. The National Bank offers its notes independently. In recent years, there have been at least 200 government securities worth a total of about US$ 1.7 billion in constant circulation on KASE. Today, this sector trades financial instruments of over 80 issuers, mainly stocks of local and foreign companies. The total shares market capitalization makes up more than US$ 42.5 billion. The main bulk of

1458-649: The UK's main air navigation service provider, is an example of a company with a golden share. The term arose in the 1980s when the British government retained golden shares in companies it privatised, an approach later taken in many other European countries, as well as the former Soviet Union. It was introduced in Russia by a Decree of the President of the Russian Federation ( Boris Yeltsin ) on November 16, 1992. In 2013,

1512-428: The action is carried out and also interact with the lexical semantics of the root verb: telic and non-telic actions, semelfactives, durative and non-durative, punctual, etc. There are selectional restrictions on auxiliaries: motion verbs, such as бару ' go ' and келу ' come ' may not combine with otyr . Any verb, however, can combine with jat ' lie ' to get a progressive tense meaning. While it

1566-464: The ban prohibiting the exchange to operate trading in foreign currencies and financial instruments other than securities, was lifted, which made it possible to affiliate the AFINEX to the exchange. The relevant decision was taken at a general meeting of shareholders on January 6, 1999, and on March 16, 1999, an appropriate state re-registration of the reunited exchange was effected. On December 15, 2006, KASE

1620-487: The basis for the official language—Southern Kazakh, and Western Kazakh. The language shares a degree of mutual intelligibility with closely related Karakalpak while its Western dialects maintain limited mutual intelligibility with Altai languages . In October 2017, Kazakh president Nursultan Nazarbayev decreed that the writing system would change from using Cyrillic to Latin script by 2025. The proposed Latin alphabet has been revised several times and as of January 2021

1674-409: The company as a whole. In the context of government-owned golden shares, this share is often retained only for some defined period of time to allow a newly privatised company to become accustomed to operating in a public environment, unless ownership of the organisation concerned is deemed to be of ongoing importance to national interests, for example for reasons of national security. NATS Holdings ,

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1728-544: The exchange market indicator of short money MM index KEGOC JSK IPO s part of the "People`s IPO" program The Exchange is a commercial organization operating as a joint-stock company. Bodies of the Exchange are as follows: KASE holds the following licenses issued by the Committee for Control and Supervision of the Financial Market and Financial Organizations of the National Bank of the Republic of Kazakhstan: Activities of

1782-582: The exchange obtained an unlimited license to operate securities trading from the National Commission of the Republic of Kazakhstan on Securities. Since the new Act of the Republic of Kazakhstan "On Securities" dated March 5, 1997 restricted the stock exchange's operation to securities only, the general meeting of shareholders in April 1997 decided to reorganize it by making it separate closed joint-stock company Almaty Financial Instruments Exchange (AFINEX), which

1836-561: The form of agglutinative suffixes. Kazakh is a nominative-accusative, head-final, left-branching, dependent-marking language. Kazakh has no noun class or gender system. Nouns are declined for number (singular or plural) and one of seven cases: The suffix for case is placed after the suffix for number. Forms ' child ' ' hedgehog ' ' Kazakh ' ' school ' ' person ' ' flower ' ' word ' There are eight personal pronouns in Kazakh: The declension of

1890-412: The frequent historical interactions between Kazakhs and Iranian ethnic groups to the south. Additionally, Persian was a lingua franca in the Kazakh Khanate , which allowed Kazakhs to mix Persian words into their own spoken and written vernacular. Meanwhile, Arabic was used by Kazakhs in mosques and mausoleums , serving as a language exclusively for religious contexts, similar to how Latin served as

1944-424: The front/back quality of vowels is actually one of neutral versus retracted tongue root . Phonetic values are paired with the corresponding character in Kazakh's Cyrillic and current Latin alphabets. Kazakh exhibits tongue-root vowel harmony (also called soft-hard harmony), and arguably weakened rounding harmony which is implied in the first syllable of the word. All vowels after the first rounded syllable are

1998-457: The letters В, Ё, Ф, Х, Һ, Ц, Ч, Ъ, Ь, Э are only used in loanwords—mostly those of Russian origin, but sometimes of Persian and Arabic origin. They are often substituted in spoken Kazakh. Kazakh is generally verb-final, though various permutations on SOV (subject–object–verb) word order can be used, for example, due to topicalization . Inflectional and derivational morphology , both verbal and nominal, in Kazakh, exists almost exclusively in

2052-519: The market is occupied by companies from mining, energy and financial sectors. There are around 288 corporate bonds listing on KASE issued by more than 75 domestic and foreign companies in accordance with Kazakh and foreign legislations. The total amount of debt available for trade on KASE is valued at approximately US$ 300 million. The official list is dominated by bonds issued by banks. Companies from other sectors form an insignificant share. All settlements on securities transactions on KASE are executed by

2106-419: The name Kazakhstan Inter-Bank Currency Exchange. On March 3, 1994, the exchange was re-registered under the name Kazakhstan Interbank Currency Exchange due to the need to match the exchange's name to the current legislation. On July 12, 1995, the exchange was re-registered under the name Kazakhstan Inter-Bank Currency and Stock Exchange following the shareholders' decision to let the exchange begin operating on

2160-437: The noun that they modify. Kazakh has two varieties of adjectives: The comparative form can be created by appending the suffix -(y)raq/-(ı)rek or -tau/-teu/-dau/-dau to an adjective. The superlative form can be created by placing the morpheme eñ before the adjective. The superlative form can also be expressed by reduplication. Kazakh may express different combinations of tense , aspect and mood through

2214-409: The party to the transaction who gave money. In the "nego" repo market, where the term is limited to 90 days, the system of regular market revaluation of obligations and compensations ("mark-to-market") has been in place since 2010. All settlements are made through the CSD using the same scheme as the one used to settle securities trades. In 2010, KASE instituted a reset of the derivatives market using

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2268-418: The pronouns is outlined in the following chart. Singular pronouns exhibit irregularities, while plural pronouns do not. Irregular forms are highlighted in bold. In addition to the pronouns, there are several more sets of morphemes dealing with person. Adjectives in Kazakh are not declined for any grammatical category of the modified noun. Being a head-final language, adjectives are always placed before

2322-562: The purpose of minimizing settlement risks. Since February 1, 2012 a new unit, the Clearing department, has been operating on the Exchange. Based on results of a trading day the Clearing department executes clearing using multi-party netting and generates a report on net liabilities/net claims of clearing participants. Kazakh language China Kazakh is a Turkic language of the Kipchak branch spoken in Central Asia by Kazakhs . It

2376-416: The repo interest rate means the price. The terms of the repo transactions are standard. Government and corporate securities may be the subject of repo transactions on KASE. The risk management system in the automatic repo market is based on limiting the term of the repo transactions to thirty days and binding the repo item to the market price. Should the closing transaction fail, the repo item will stay with

2430-411: The right of decisive vote, thus to vote all other shares, in a shareholder meeting. Usually this will be implemented through clauses in a company's articles of association , and will be designed to prevent stakebuilding above a certain percentage ownership level, or to give a government, or other shareholder, veto powers over any major corporate action, such as the sale of a major asset or subsidiary or of

2484-516: The same process but with /j/ at the beginning. The letter И represents a combination of sounds: i /ɘ/ (in front-vowel contexts) or ы /ə/ (in back vowel contexts) + glide /j/ , e.g. тиіс [tɪ̞ˈjɪ̞s] , оқиды [wo̞qəjˈdə] . In Russian loanwords, it is realized as /ʲi/ (when stressed) or /ʲɪ/ (when unstressed), e.g. изоморфизм [ɪzəmɐrˈfʲizm] . The letter Я represents either /jɑ/ or /jæ/ depending on vowel harmony. The letter Щ represents /ʃː/ , e.g. ащы [ɑ̝ʃ.ˈʃə] . Meanwhile,

2538-433: The securities market. On October 2, 1995, the exchange obtained license No. 1 to carry stock exchange transactions, however this license only covered the right to operate trading in government securities only. On April 12, 1996, the exchange was re-registered under the name Kazakhstan Stock Exchange, since the current legislation banned the stock exchange from carrying out functions of a commodity exchange. On November 13, 1996,

2592-564: The subject to this harmony with the exception of /ɑ/ , and in the following syllables, e.g. өмір [ø̞mʏr] , қосы [qɒso] . Notably, urban Kazakh tends to violate rounding harmony, as well as pronouncing Russian borrowings against the rules. Most words in Kazakh are stressed in the last syllable, except: Nowadays, Kazakh is mostly written in the Cyrillic script, with an Arabic-based alphabet being used by minorities in China. Since 26 October 2017, via Presidential Decree 569, Kazakhstan will adopt

2646-456: The total turnover on Kazakhstan's interbank currency market has been between 50 and 83%. This is where the average-weighted USD/KZT exchange rate is fixed, which is used as the official exchange rate by the National Bank of the Republic of Kazakhstan the next day. This sector features bonds issued by the Ministry of Finance and the National Bank of the Republic of Kazakhstan as well as by local executive authorities. All municipal bonds and bonds of

2700-534: The total volume of trade on KASE. Main participants of KASE currency market are Kazakhstan's second-tier banks and the National Bank of the Republic of Kazakhstan. Currently, trading on KASE is conducted in US dollars, euros, Chinese yuan and the Russian Ruble and the tenge, as is Euro-USD trading. Pairs USD/KZT and EUR/KZT along with regular transactions are traded as currency swaps with terms of one and two days. Traditionally, USD/KZT trades make up more than 95% of

2754-489: The turnover in the foreign currency market. Throughout the day, KASE holds three foreign currency trading sessions: morning, afternoon and evening sessions. The first two are dedicated to trades settled on the day of transaction and in the evening session currency is traded according to the Т+1 and Т+2 settlement schemes. At the end of a trading day, KASE performs net-clearing of each currency instrument. Settlements are made by KASE Settlements department based on data provided by

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2808-406: The use of various verbal morphology or through a system of auxiliary verbs , many of which might better be considered light verbs. The present tense is a prime example of this; progressive tense in Kazakh is formed with one of four possible auxiliaries. These auxiliaries otyr ' sit ' , tūr ' stand ' , jür ' go ' and jat ' lie ' , encode various shades of meaning of how

2862-704: Was authorized as a special trading floor of the regional financial center of Almaty. On August 23, 2007, a general meeting of KASE shareholders took a decision to commercialize KASE. As part of KASE commercialization, the former voting principle "one shareholder – one vote" was scrapped and the traditional principle "one share – one vote at the general meeting" was adopted. Start of trading in Kazakh Eurobonds Launch of nego repo market Launch of auto repo market IPO of KazMunaiGas Exploration Production using KASE settlement system Commercialization of KASE Launch of currency swap transactions market Launch of

2916-525: Was registered on July 30, 1997. As of September 1, 1997 the trading in foreign currencies and futures contracts moved to the AFINEX trading floor. The exchange itself underwent a re-registration in July 1997 retaining its former name. With the Act of the Republic of Kazakhstan "On Making Changes and Additions to Some Legal Acts of the Republic of Kazakhstan Regarding Joint-Stock Companies" of July 10, 1998 coming into effect,

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