Entity

The Astana International Exchange, universally abbreviated as AIX, is Kazakhstan's international capital markets exchange and the first exchange of its kind in Central Asia to operate under an internationally recognised English common law jurisdiction. It was established in 2017 as a foundational pillar of the broader Astana International Financial Centre (AIFC) — a special economic and financial zone created by presidential decree to transform Astana into a regional financial hub — and admitted its first equity security to trading in November 2018 with the IPO of NAC Kazatomprom JSC, the world's largest uranium producer.

AIX is legally and operationally distinct from Kazakhstan's older domestic exchange, the Kazakhstan Stock Exchange (KASE), which is based in Almaty and serves primarily the local KZT-denominated market. AIX is designed for international issuers and cross-border investors, with instruments denominated primarily in USD.

Ownership Structure

AIX is a multi-institutional joint venture owned by a consortium of globally recognised financial and capital market institutions:

• Astana International Financial Centre (AIFC) — founding state entity and host jurisdiction

• NASDAQ Inc. — strategic technology and exchange partner; provides the core trading platform

• Shanghai Stock Exchange (SSE) — strategic partner under China's Belt and Road Initiative (BRI) framework

• Silk Road Fund — Chinese state investment vehicle supporting BRI capital flows

• Goldman Sachs — international financial institutional investor

This ownership structure is deliberately designed to embed AIX within both Western-oriented capital markets (via NASDAQ and Goldman Sachs) and the growing Eurasian infrastructure finance ecosystem (via SSE and the Silk Road Fund).

Regulatory Framework

AIX operates under the regulatory authority of the Astana Financial Services Authority (AFSA), an independent regulator established under AIFC governance. The AIFC regulatory regime is based on English common law principles, making it the only jurisdiction in Kazakhstan — and one of very few in Central Asia — where securities law, listing rules, and investor protection standards are derived from a familiar English legal framework. This is a deliberate design choice to reduce barriers to entry for international institutional investors.

Key international recognitions include:

• UK HMRC "Recognised Stock Exchange" status (granted January 2019), enabling UK pension funds and other regulated investors to invest via AIX

• FTSE Frontier Index Series approved trading venue

• Full member of the World Federation of Exchanges (WFE) (approved 2021)

• Member of the Federation of European and Asian Stock Exchanges (FEAS)

• AIX CSD (Central Securities Depository) is a member of the European Central Securities Depositories Association (ECSDA)

Technology and Market Infrastructure

The exchange's trading platform is powered by Nasdaq's matching engine technology, the same infrastructure used by numerous major global exchanges. Settlement operates on a T+2 cycle, with post-trade infrastructure connecting to both local Kazakhstani custodians and international custody chains. The AIX CSD provides registrar, settlement, and custody services, with over 60,000 investor accounts opened at the CSD since launch.

The broker network comprises more than 60 local and international trading members, including brokers from Kazakhstan, China, Russia, and Europe. AIX also participates in the Tabadul Hub — an Abu Dhabi Securities Exchange (ADX)-led connectivity platform — following a June 2023 agreement that extended AIX's reach into Gulf capital markets.

Listed Instruments and Market Segments

AIX provides access to the full spectrum of capital market instruments:

• Equities and GDRs — as of early 2025, approximately 26 equity securities or GDRs listed

• Sovereign and corporate bonds, including Eurobonds of the Republic of Kazakhstan Ministry of Finance

• Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs)

• Islamic finance instruments (Sukuk)

• RMB-denominated bonds under the BRI framework

Strategic market segments include a junior mining companies segment, a Belt and Road market, a green finance segment, and infrastructure project financing. A total of approximately 80 products are listed on the exchange across all instrument types.

Strategic Role and Notable Listings

AIX's primary strategic mandate, as set by Samruk-Kazyna and the government of Kazakhstan, is to serve as the preferred listing venue for IPOs and secondary offerings by state-owned enterprises (SOEs) within the Kazakhstani privatisation programme. Notable listings include:

• Kazatomprom JSC (November 2018) — dual listing on AIX and London Stock Exchange; landmark uranium sector IPO

• KazMunayGas JSC — the national oil company, listed on AIX (relevant to POCR's parent ownership chain)

• Air Astana JSC — listed in 2024 following conditional and unconditional trading phases

• Polymetal International PLC — first foreign company listed, April 2019

• Kazakhstan Temir Zholy JSC (national railway) — corporate bonds placed on AIX