JSC Commodity Exchange ``Caspian`

Transcription

JSC
Commodity Exchange ‘‘Caspian’’
Emissions Trading at JSC Commodity
Exchange “Caspian”
JSC Commodity Exchange “Caspian”
About JSC “TBC”
JSC Commodity Exchange “Caspian” (further JSC “TBC”) is registered as the legal entity on November 18, 2011
On December 30, 2011 JSC “TBC” obtained the state license No. 1000349 for the implementation of commodity exchange
The first biddings on an exchange platform took place on December 30, 2011 at once after receipt of the license on agricultural
products section.
In January 2012, we launched an online electronic trading system and began regular trading on the section of industrial and
consumer goods, agricultural products, oil and petroleum products, metals and metal products.
Presently the organized commodity market becomes more and more demanded attribute in system of the market relations of
domestic enterprises.
Main objective of the exchange is forming of the organized commodity market providing concentration in one place of the
demand and supply, and also establishment of the clear and transparent mechanism of forming of fair prices for basic commodities.
The correctly organized commodity exchange building a system of guarantees of execution of transactions and helps to improve the
liquidity of the commodity market, and hence the popularity of organized trade through the exchange infrastructure.
From the moment of the basis of JSC “TBC” cooperates with commodity exchanges of CIS countries and foreign countries, the
Kazakhstan and foreign banks, the Ministry of economic development and trade of the Republic of Kazakhstan, and also is official
member of the Interexchange electronic union of the countries of EurAsEC.
Our brokerage companies have the certified accreditation, and the personnel of the Exchange was trained concerning the
organization of commodity exchange trading on leading exchange platforms of the world
Today JSC “TBC” conducts the biddings on the principles of publicity and equality. The agreements signed at the exchange are
not subject to notarial certification, and are obligatory for accomplishment by their parties in case of internal and external economic
relations. Clients of the Exchange use various services of JSC “TBC”: informational, advisory and etc.
JSC “TBC” takes active part in reforming of national economy, development of international economic relations, and also
formation of the market relations.
Computer support of the bidding process, skilled specialists, standardization of conditions and exact accomplishment of rules
erects to a minimum of loss of time for the conclusion of agreements.
The system of trading and clearing
Client
Exchange
Client
Head of exchange
Clearing
Member of
Clearing
House
Clearing
The clearing
exchange center
Member of
Clearing
House
Structure of elements and control
Public law
Council of
the exchange
• represents
members of trade
The Commission on
sanctions
Exchange
management
• The current work at the
exchange
Market
research
Reporting
•Permanent control
The exchange
Arbitration
Private law
Supervisory
council
• Shareholders
Management
Current work
State control and cooperation.
Committee of trade of Department of
Economic Affairs and budgetary planning
of the Republic of Kazakhstan
www.comtorg.kz
JSC “Zhasyl Damu”
www.zhasyldamu.kz
Council of the exchange
www.tbc.kz
The International Arbitration Court "IUS"
www.iusea.com
The Law of the Republic of Kazakhstan "On Commodity Exchanges" from
03.07.2013
Resolution of the Government of the Republic of Kazakhstan on
December 28, 2012 № 1707
December 20, 2012 № 1644
December 21, 2012 № 1653
December 6, 2012 № 1552
The ecological code of Republic of Kazakhstan (Head – 9-1); The Order of
the Government Republic of Kazakhstan of December 13, 2012 No. 1588
"About approval of the National plan of distribution of quotas of emissions
of greenhouse gases for 2013"; The Order of the Minister of May 11, 2012
No. 151-p "Rules of trade in quotas of emissions of greenhouse gases and
carbon units";
Exchange trading rules from 10.08.2012, the
Terms of trade quotas on greenhouse gas emissions and carbon
credits from 01.08.2013.
Law of Republic of Kazakhstan of 28.12.2004 N 22-3 "On arbitration
courts"
Rules of the International Arbitration Court «IUS»
The contractual framework of control
Exchange
•
•
•
•
•
The clearing exchange center
Exchange trading rules
Terms of trading
Code of Conduct
conditions of a contract
tariffs
Agreement on
the exchange
•
trade agreement
Terms of nonclearing
members
of nonclearing
participant
=
trader
Clearing agreement
Transport System
Operator
Registration
clearing conditions
Terms of clearing
members
Clearing
member
Terms and Conditions
Activization of all groups of participants

Hedged bidders

Hedging with futures(for example, with respect to volatile spot prices of quota)

Hedging with provision of possibility of participation in favorable development of the prices
on condition of an award.

Arbitrage trading participants

Strategy of trade in case of which in proportion incorrectly estimated tools for receipt of
risk-free profitability are used.

Time arbitrage: In case of time arbitrage the line item which is liquidated again by means
of simultaneous transactions with derivative financial instruments, opens in certain time.

Third bidder

The contract is bought / sold in anticipation of changes in market prices in order to elimina
te later with the benefit of the final position. Third bidders take a risk and provide liquidity
support to other bidders with different views on the market..
Offers urgent and trade spot
Market structure
Spot market
Today:
Biddings
Derivatives market
=< 2 days
> 2 days
delivery
payment
Biddings
delivery
payment
The market of deliveries
according to transactions for
term
Annual market of
deliveries
Standardization of all processes
•
•
•
•
•
•
•
Standardized terms of the Contract:
The set quantity and quality,
Place of delivery period / delivery date,
If necessary, the type of product,
Terms of payment
Speed of / size and scope of the contract,
The asking price, the type of the option and the exercise price
•
Standardized bidding procedures
• Trading hours
• Pricing
• Reconciliation
•
A standardized clearing and settlement:
Providing liabilities, daily calculations, final settlements, consecutive arrangement of co
ntracts (if necessary), delivery, payment of option premiums, option implementation, concessi
on, mutual settlement of requirements and contract obligations
Participants shall agree only about the price and number of contracts
•

:
Portfolio of products for the bidder
Primary implementation
Secondary implementation
Derivatives market
Derivatives market
Rights to CO2 emission
Auctions KZQ
Auctions of derivatives KZQ
Auctions KZQ
Auctions of derivatives KZQ
Futures KZQ
Spot market
The contract on a basis
national plan.
Spot auction based on
KZQ
Completely integrated clearing and cross-margining through commodity exchange
“Caspian”
Cooperation with departments on registration
Clearing
member
2
Order
JSC Commodity Exchange
“Caspian”
Order
EEX
Trade
participant
buyer
3
3
Money
4
CO2
certificate
Money
Clearing centre of Exchange
Internal
report
Buyer
Buyer report
2
3
CO2
certificates
Clearing
member
Trade
participant
seller
Clearing
member
Internal
report
Seller
Report of JSC “Zhasyl Damu”
list of quotas
1
CO2
certificate
Seller report
Effective risk management system
KCB
Clearing center
of exchange
Clearing fund
Clearing
member
Member of a
clearing margin
Trade
participant
Participant of margin trading
•
The Clearing House (KCB) assumes counter-party risk according to all transactions.
•
For the purpose of ensuring accomplishment of all transactions in case of insolvency of KCB requires pro
viding liabilities, a so-called margin.
•
Calculations are conducted on the basis of world-wide acknowledged methods.
•
KCB accepts securities or cash in quality providing liabilities.
•
Providing liabilities of KCB is encumbered with pledge with parties of the member of clearing.
•
Providing liabilities of the member of clearing are encumbered with pledge at least the same size from ou
tside member of the transaction. Members of the biddings can make recalculation
Effective trading and back office systems
System of
spot trading
Reports / Interfaces
SpothandelsSpothandelssysteme
Trader
systeme
Real delivery
System
settlement
System of
Derivative trading
SpothandelsSpothandelsClearing
systeme
systeme
member
Clearing system
Reports / Interfaces
Exchange
Internal back office / Cost accounting / Risk management system
Internal system of conducting financial accounting
Flexible technical connections
Web Access
Internet Access
Internet connection
Joint access
Premium Access
Connection through the allocated
line and Internet
Connection through
2 allocated lines
*MISS
/
LAN
terminal
Terminals with
connection the
Internet and a
token
Reserve *MISS
*MISS-group
*MISS /
LAN
terminal
Reserve *MISS
*MISS-group
Internet
Internet
Internet
Router
Router
Access point
Access point
Exchange database
•MISS = System server of members of integration
*MISS-group
Router
Router
The 2nd connection
with other provider
(in case of
opportunity)
Reserve *MISS
Access point
010000, Аstana, Kazakhstan, Business Centre “Caspian”
Taha Hussein street, 9
www.tbc.kz
fax : +7 7172 570 080
tel.: +7 7172 571 002
E-mail: [email protected]

JSC Commodity Exchange ``Caspian`

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