ASTANA INTERNATIONAL EXCHANGE AIX Rules
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1 1 ASTANA INTERNATIONAL EXCHANGE AIX Rules
2 AIFC Bodies 2 AIFC Management Council Governor of AIFC AIFC Authority Astana Financial Services Authority (AFSA) AIFC Courts International Arbitration Centre Other key players in the AIFC ecosystem Astana International Exchange Bureau for Continuing Professional Development FinTech Astana Visa Centre
3 AIX Rulebook 3 General Business Rules Clearing and Settlement Rules Listing Rules Membership Rules Prospectus Rules Trading and Default Rules Market Disclosure Rules Monitoring and Enforcement Rules (including Disciplinary Rules) Admission and Disclosure Standards
4 AIX Code of Conduct and Governance 4 Fair competition Integrity and honesty Transparency and accountability AIX Principles of the code of conduct Quality assurance Social and corporate responsibility Commitment to stakeholders
5 AIX Membership Rules 5 Compliance with fit and proper requirements Approved clearing and settlement arrangements Technical capacity to be connected to AIX trading facilities Last 2 years audited financial reports together with a working capital statement Adequate human, technical and financial resources Maintenance of records
6 AIX Prospectus Rules 6 Exempt Prospectus offers/securities must meet all requirements of AIFC Markets Rules and Prospectus Rules AIX Prospectus Rules Prospectus structure and content Approval of prospectus
7 AIX Listing Requirements A potential issuing company must meet a number of criteria that are set out by the AIX 7 Key requirements: Financial statements prepared in accordance with International Financial Reporting Standards, US Generally Accepted Accounting Principles, Swiss Generally Accepted Accounting Principles and other standards acceptable to AIX Management required to have the appropriate experience and expertise in the business operations of the applicant Minimum public float of at least 25% 3 years of audited financial statements Appropriate minimum market cap Working capital statements covering 12 months AIX Audit Committee requirements: A majority of INEDs At least 1 INED with appropriate financial qualifications Chaired by an INED
8 AIX Admission and Disclosure Standards 8 Minimum number of shareholders Comply with AFSA Regulations, AIFC Laws and AIX s admission and disclosure standards Possess liquidity 1 or more market makers
9 AIX Trading Rules (1) 9 Trading Phases: 09:30 10:00 Pre-open 10:00 Opening Auction (randomized opening) -> Continuous Trading 16:55 Pre-close 17:00 Closing Auction -> Trading-At-Last 17:05 Market Close Order Types: Limit Orders Market Orders (Continuous Trading only) Fill-Or-Kill Iceberg Day/GTC/GTD Market Principles: Central Limit Order Book Price/Time Algorithm
10 AIX Trading Rules (2) 10 Negotiated Trades (OTC): Either as a cross or pre-arranged trade between 2 members Must be done within the bid-ask spread Minimum quantity requirements Reporting of trades Trading Safeguards: Orders Are accepted within +/- 10% of Reference Price Reference Price = previous day closing price Reference Price and Volatility Band can be updated intra-day based on market conditions Short-selling rules AIX Market Operations & Control Hot-line for market participants Communication channel in case of emergency Market monitoring&surveillance Static data maintenance
11 AIX Clearing and Settlement Rules 11 Principles: T+2, DvP Arrangements: Bilateral Settlement Agent through approved agent member of AIX, custodian of traded bonds CSD/CCP in accordance with approved arrangements for clearing and settlement of trades on AIX
12 AIX Monitoring and Enforcement Rules 12 Insider trading Written warning Fine AIX market supervision team monitors suspicious transactions reports to AIX Disciplinary Committee Sanctions: Market manipulation Suspension of membership Termination of membership Appeals Committee
13 13 AIX
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