Driving International Connectivity and Innovation in Capital Markets
Astana International Exchange (“AIX” or “the Exchange”) is pleased to share its 1H2025 performance highlights, demonstrating strong momentum across listings, trading turnover, product innovation, and international collaboration.
In the first half of 2025, AIX solidified its role as a key platform for capital formation and market connectivity in Kazakhstan and the broader region. Trading turnover reached nearly $730 mln with the number of new listings almost doubled, reflecting sustained confidence from both issuers and investors.
This period featured a diverse range of listings, including sovereign and corporate Eurobonds, the debut of AED-denominated bonds, and continued growth in ETFs and structured products. Strategic partnerships – such as a cross-border infrastructure integration and blockchain initiatives – further reinforced AIX’s positioning as a regional hub for innovation and collaboration.
Assel Mukazhanova, AIX CEO, said:
“The first half of 2025 reflects our ability to deliver on strategic priorities while navigating changing market conditions. From notable Eurobond placements to the launch of ESG-linked instruments, we’ve enhanced market offering and reinforced the foundations for long-term growth. Looking ahead we remain focused on diversifying our product suite and advancing regional and global partnership.”

AIX results as of 30 June 2025:
- Securities listings: 301 securities in AIX Official List by 165 issuers overall. For 1H2025 – 86 listings of 57 issuers.
- Capital raised: (Debt + Equity): US$8.9bn since inception; US$1.9bn in 6 months of 2025.
- Trading turnover: US$729.1mln vs US$707mln in the same period of 2024 (+3.2%).
- Market participants: 56 trading members, including brokers from Kazakhstan, China, Europe and Middle East – 5 new brokers were onboarded since the beginning of 2025. Ten (10) global custodians maintain sub-accounts at the AIX Central Securities Depository (AIX CSD).
- Investor accounts: Over 2.2mln retail investors’ accounts are held with AIX CSD via AIX member brokers.
AIX listings in 1H2025
The number of listings in 1H2025 is 86. Debt instruments continue to fuel the market, with structured products and ETFs contributing to its diversification. Several equity listings are in the pipeline.
- Regional Currency Diversification: The Eurasian Development Bank (EDB) successfully placed its debut AED-denominated bond on AIX — the first such issuance in Kazakhstan. The AED185mln bond matures in 3 year and pays 6.5% coupon rate on annual basis. The transaction marks the EDB’s first tranche under a AED700mln programme. It represents a historic step towards currency diversification for investors in Kazakhstan and beyond and reflects the EDB’s consistent efforts to broaden its financing instruments and sources.
- Eurobond Issuances: US$2.5bn issuance by the Ministry of Finance of Kazakhstan, listed on AIX, KASE and the London Stock Exchange. There are two tranches: a 7-year tranche of US$1.35bn with a coupon rate of 5%; and a 12-year tranche of US$1.15bn with a coupon rate of 5.5%. The volume of orders on AIX for the Eurobonds amounted to US$386mln and as a result of allocation, investors on AIX have received Eurobonds worth of US$376mln.
1H2025 was marked by the return of Kazakh second-tier banks to the international debt market, with ForteBank and Kaspi.kz issuing US$400mln and US$650mln Eurobonds accordingly across international and local platforms. - Funds and Structured Products: ETFs and structured products are strengthening theirpresence on the market, with 3 local ETFs and 8 structured products issued in the past 6 months.
New products and services
In the first half of 2025, AIX expanded its product offering to enhance accessibility and sustainability in investment tools. Notably, the launch of fractional trading of the National Bank’s Gold Coin via Tabys mobile app provided local investors with a convenient and affordable entry into gold-backed assets. The feature, linked to international gold prices and the tenge exchange rate. A Gold Coin trading value as of 30 June, 2025, exceeded KZT8bn.
AIX also became one nine platforms globally to receive accreditation for trading International Renewable Energy Certificates (I-REC), with the first transaction conducted between Samruk-Green Energy and UK-based Valor Carbon. In June 2025, Bank CenterCredit (BCC) became the first bank in Kazakhstan to acquire I-REC Certificates on AIX. This initiative has enabled BCC to increase its share of green energy in its electricity consumption structure to 16% in 2024.
AIXQI Index
The AIXQI index reached an all-time high of 1577.62 on 12 June 2025. As of 30 June, theindex has 13 constituents.
International cooperation
In the first half of 2025, AIX made significant progress in expanding its global network through a series of strategic partnerships designed to enhance cross-border investment flows and infrastructure integration.
In May this year, AIX Central Securities Depository (AIX CSD) opened an account with CSD of Nasdaq Dubai which shall enable seamless post-trade settlement and facilitate potential cross-border listings between Kazakhstan and the UAE. This initiative marks a key milestone in strengthening financial ties between the two markets.
Also in May, AIX signed a landmark Memorandum of Understanding (MoU) with Intebix, the Solana Foundation, and Jupiter to explore the development of a dual listing mechanism. The collaboration aims to combine traditional IPOs with tokenized listings, using blockchain technology to expand market access and unlock new efficiencies in capital formation.
In June, AIX and Shanghai Stock Exchange (“SSE”) signed an MoU aimed at deepening institutional ties and identifying new areas for collaboration. The MoU paves the way for joint efforts in developing capital market offerings, enhancing investor access, and exploring synergies in market visibility and outreach. The signing ceremony was attended by regulators from both jurisdictions, reflecting strong institutional support.
These initiatives reinforce AIX’s strategic focus on innovation, integration, and international collaboration across global capital markets.
Reference:
AIX was formed in 2017 within the Astana International Financial Centre development framework. AIX shareholders are AIFC, the Shanghai stock exchange, the Silk Road Fund, and NASDAQ, which also provides the AIX trading platform. The exchange operates within a regulatory environment based on the principles of English Law, thus providing a reliable investment environment. The mission of AIX is to develop an active capital market in Kazakhstan and the region by providing clear and favorable conditions for attracting financing to private and public businesses. AIX develops special segments for mining companies as well as infrastructure projects under the Belt and Road initiative. www.aix.kz
The Astana International Financial Centre (AIFC) is a leading financial hub in the Eastern Europe and Central Asia region, designed to connect global capital with the vast opportunities of emerging markets. Positioned at the crossroads of Europe and Asia, the AIFC combines international best practices with innovative approaches to create a world-class platform for investment, business, and financial services. Since its establishment in 2018, the AIFC has attracted over USD 15.9 bln in investments into Kazakhstan’s economy. Over 4,000 companies from 80+ countries, including the USA, the UK, China, Turkiye, the Republic of Korea, Singapore, and others, are registered within the AIFC’s jurisdiction.www.aifc.kz