AIX presents its results for 3Q2026
AIX increased trading turnover by more than 70%
Astana International Exchange (“AIX” or “the Exchange”) further strengthens its position as an international capital markets platform in the third quarter of 2026. The quarter is marked by new debt issuances across four currencies, US Dollars, Kazakhstani Tenge, UAE Dirhams and Chinese Renminbi, alongside the launch of trading in voluntary carbon credits. AIX also deepens its connectivity with international markets advancing partnerships across Central Asia, China and the Gulf countries creating further opportunities for issuers and investors to access the markets through AIX.
3Q2026 saw another period of strong growth for AIX, with trading turnover exceeding US$1.9 bn, representing growth of more than 70% compared with the same period in 2025. In September alone, monthly trading turnover was more than US$560 mln (or KZT250.2 bn), the highest monthly turnover in AIX’s history and US$150 mln above the previous record.
Assel Mukazhanova, AIX CEO, said:
“The third quarter was another strong period of development for AIX. We continued to see demand across our core markets while making further progress in RMB instruments, cross-border activity, and new products such as environmental assets. At the same time, we continued to strengthen our international connectivity through partnerships with leading exchanges and market institutions. Our priority is straight forward – to make AIX more relevant to issuers and investors broadening the product line we offer and strengthening already built market infrastructure to further support our growth”.
AIX results as of 30 September 2026:
• Securities listings: 436 securities in AIX Official List issued by 210 issuers overall. Within nine months of 2026 there were 126 instruments listed by 77 issuers.
• Capital raised: (Debt + Equity): USD17.4bn since inception; USD6 bn in 9 months of 2026.
• Trading turnover: USD1.9bn vs USD1.1 bn for the same period of 2025.
• Market participants: 69 trading members, including brokers from Kazakhstan, China, Europe and Middle East – 4 new brokers were onboarded 2026 YTD. Ten (10) global custodians maintain sub-accounts at the AIX Central Securities Depository (AIX CSD).
• Investor accounts: Over 2.4mln retail investors’ accounts are held with AIX CSD via AIX member brokers.
AIX listings in 3Q2026
The number of instruments listed during the course of nine months of 2026 is 126. Debt instruments continue to fuel the market, with structured products and ETFs contributing to its diversification.
Diverse debt listings
August 6 – Listing of additional notes issued by Development Bank of Kazakhstan (DBK) under its US$5 bn Medium Term Note Programme. The additional issue of US$200 mln was made under the initial US$700 mln tranche and has the same maturity as the original issue, bringing the total size of the tranche to US$900 mln.
August 12 – Listing of the ninth tranche of bonds issued by JPMorgan Chase Bank, N.A. The issue size is KZT 9.51 bn, with a maturity date of 31 July 2029 and a coupon rate of 15% per annum, payable annually.
September 2 – Listing of two tranches of Dim Sum bonds issued by JSC NC KazMunayGas. The five-year tranche has an issue size of CNY 1.5 bn and a coupon rate of 2.3%, while the ten-year tranche has an issue size of CNY 2 bn and a coupon rate of 2.8%. Coupon payments for both tranches are made semi-annually.
September 9 – Listing of two tranches of Dim Sum bonds issued by JSC Development Bank of Kazakhstan (DBK), with maturities of five and ten years. The five-year tranche carries a final coupon rate of 2.25%, while the ten-year tranche carries a coupon rate of 2.75%, with a total issue size of CNY 3.7 bn.
September 10 – Listing of the second Panda Bond issuance of the Ministry of Finance of the Republic of Kazakhstan. The two-tranche issuance, denominated in RMB, was placed in an aggregate amount of RMB 6.6 bn. The first tranche, with a volume of RMB 5 bn, has a tenor of three years and carries a coupon of 1.82% per annum. The second tranche, with a volume of RMB 1.6 bn, has a tenor of five years and carries a coupon of 1.95% per annum.
September 21 – Listing of guaranteed coupon-bearing bonds issued by Freedom Finance SPC Ltd. The USD500 mln tranche was issued under a programme with a total size of USD1 bn, with the programme running until 31 December 2040.
Green Finance
August 3 – Listing and admission to trading of the first tranche of public green bonds issued by Jet Group Ltd. The tranche has an issue size of AED 10 mln and was issued under the company’s AED 50 bnGreen Bond Programme.
Islamic Finance
September 22 – Listing of the third tranche of sukuk issued by Gamma-T SPC Limited, with an issue size of KZT 5 bn, under the company’s KZT 10 bn Sukuk Programme.
Non-listed securities
Over-the-counter (OTC) transactions of non-listed securities were launched in September 2025. The issuance/settlement/safekeeping services for non-listed securities, where AIX Registrar acts as a primary registrar, are available only for professional clients and there is no listing or admission to trading on AIX required. 22 clients registered for the new service between January and September 2026.
New products and services
On 10 September, AIX launched trading in voluntary carbon credits verified under the international Verified Carbon Standard (VCS), becoming the first exchange in Central Asia to provide its own infrastructure for trading voluntary carbon credits.
The first supplier of carbon credits on AIX was London-based trading firm Valor Carbon, while transactions are facilitated by Standard International Market, an AIX broker and Trading Member.
The Verified Carbon Standard is administered by Verra, an international non-profit organisation. Carbon credits admitted to trading on AIX are subject to verification of the associated greenhouse gas emission reductions or removals and registration in the Verra Registry.
Voluntary carbon credits are the second environmental instrument in AIX’s product offering, following I-REC renewable energy certificates, which were previously introduced on the Exchange.
AIX Registrar Expands National Numbering Agency Activities
AIX Registrar continued to perform its role as the National Numbering Agency (NNA) for the AIFC territory, issuing International Securities Identification Numbers (ISINs) to AIFC-registered entities. By the end of Q32026, the total number of ISINs issued reached 137, reflecting growing demand for the service and the continued development of this new business line.
AIXQI Index
As of 30 September 2026, the AIXQI Index stood at 2,347.00, up 14.67% year-to-date, and comprised 15 constituents, representing a broad cross-section of companies operating in Kazakhstan. It reached an all-time high mark at 2,533.55 on August 27.
International Cooperation & Market Connectivity
AIX continued to expand its international market links during the quarter.
BHM Capital Financial Services PSC, a leading UAE financial institution, became the first financial institution in the UAE to connect to AIX as a Market Making Member through Tabadul, marking a further step in the development of cross-border market connectivity between the UAE and Kazakhstan.
AIX and the Kyrgyz Stock Exchange (KSE) signed a Memorandum of Understanding aimed at strengthening cooperation between the two exchanges and developing dialogue between the capital markets of Kazakhstan and Kyrgyzstan. The agreement provides a framework for the exchange of experience and expertise, enhanced information sharing and regular dialogue on matters of mutual interest, as well as the exploration of further areas of cooperation.
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. www.aixkz.com
The Astana International Financial Centre (AIFC) is an independent jurisdiction where investors and business meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz
