OREANDA-NEWS. On April 25, 2008 to improve settlements discipline on the repo transactions, carried out by "nego" method ("nego" repo transactions) the Exchange Council of Kazakhstan Stock Exchange (KASE) at the session decided that in case of default of "nego" close repo deal the affected KASE member may proceed with one the variants as follows, reported the press-centre of KASE:

- repo close deal is not cancelled and the affected KASE member pays a forfeit in the amount of 0.1 % of the deal sum for each day of delay in fulfillment of obligations thereon;

- repo close deal is cancelled and the affected KASE member pays a forfeit in the amount of 30 % of the deal sum; additionally, the affected KASE member receives the right to demand from the guilty KASE member in the order set by the legislation of the Republic of Kazakhstan and internal KASE documents, to recover the damages in full in excess of the forfeit.

The affected KASE member must select the scenario within the working day following the day of "nego" close repo deal execution.

This decision of the KASE Council is effective April 28, 2008.

More detailed information on corresponding changes in the KASE normative base will be released later on.