Trading on KASE to Be Conducted in Form of Frankfurt Auction
According to the joint statement of the National bank of Kazakhstan and Kazakhstan Stock Exchange, trading on the KASE will be conducted in form of the Frankfurt auction. The decision was made to curb the ‘destabilizing impact of external factors on the local currency and maintain the financial stability.’
The volatility on global financial markets has significantly increased over the past day. The Brent oil price dropped to US$25 per barrel, another 14% plunge. The oil prices fell more than 60% since the beginning of the year.
Trading in the currency pair tenge-dollar on March 19th and 20th will be conducted in the form of the Frankfurt auction. The further information about trading will be provided through public statements of the KASE.
A special mode of Frankfurt trading is opened if the price in the submitted applications at the opening of trading deviates by 1.5% from the closure of previous trading. It lasts for seven minutes at first and then it can be extended. During this period, participants on the exchange website do not see any rates, because the system counts a single rate for all applications.