During a briefing on April 12, 2024, Timur Suleimenov, the Chairman of the National Bank of Kazakhstan, discussed the merger of two stock exchanges - the Kazakhstan Stock Exchange (KASE) and the Astana International Exchange (AIX). Suleimenov emphasized the importance of clarifying the terminology surrounding this issue, pointing out that merging exchanges and combining their potential are distinct matters. He highlighted that a solution has been developed by the National Bank, the Agency for Regulation and Development of the Financial Market, and the Financial Market Committee, currently pending approval from the President's Administration.
Suleimenov mentioned that despite initial challenges where each party sought more attention and resources for their respective exchanges, all involved parties worked constructively to reach a common solution. He expressed optimism about the unified approach and the readiness to announce and implement the decision once approved by the President's Administration. The complexity of the process was acknowledged, with various aspects such as legal, financial, and technological considerations requiring adjustments. Suleimenov outlined the goal of finalizing the roadmap within the year and ensuring its implementation by the following year, emphasizing the importance of stock markets in funding the economy and the current reliance on banks for funding in Kazakhstan.
The initiative to merge the two stock exchanges was initially raised by President Kassym-Jomart Tokayev in his address to the people of Kazakhstan on September 1, 2023. On the same day, the Financial Market Committee also shared their perspective on the proposal. KASE expressed its commitment to working towards the goal set by the President, indicating a collaborative effort among stakeholders to advance the merger process.
