Astana International Exchange

What Astana International Exchange does

Astana International Exchange (AIX) is a privately held stock exchange operator established in 2018 within the Astana International Financial Centre (AIFC) in Astana, Kazakhstan, serving as the principal regulated capital markets venue for Central Asia. The platform delivers an integrated stack of exchange services spanning listing, trading, clearing and settlement (via wholly owned subsidiary AIX CSD), and registrar functions (AIX Registrar), supported by sub-products including the AIX Qazaq Index, Tabadul Exchange Hub for Islamic finance, Book Building for IPOs and capital raises, OTC Trade Reporting, Negotiated Deal Reporting, Market Making Services, and TradingView-based market data visualization. AIX generates revenue through listing fees (one-time), trading and transaction fees (volume-linked), registrar service fees, and recurring CSD participant membership and settlement fees, targeting enterprise issuers (including sovereigns), authorized trading members, institutional and retail investors, and depository participants.

AIX's go-to-market is sales-led and bilateral, combining direct engagement with prospective issuers through an Online Listing Platform with ecosystem development via international forums (AIFC Connect) and strategic alliances. Marquee counterparties include the Kazakhstan Ministry of Finance, which conducted the debut Panda Bond on AIX and is planning a $1–1.5 billion five-year eurobond program routed across multiple exchanges. Cross-border cooperation is anchored by long-standing shareholder Shanghai Stock Exchange (since 2018) and a 2025 MoU with Hong Kong Exchanges and Clearing (HKEX), supplemented by a 2025 partnership with the Kazakhstan Association of Islamic Finance and Business and a December 2025 AIFC Connect forum in Abu Dhabi to deepen UAE capital ties. Headcount is reported at 51–100 employees, and AIX is governed by a Board of Directors with the AIFC as founding authority, though detailed shareholder composition is not publicly disclosed.

Name

Astana International Exchange

Legal name

Astana International Exchange

Website

https://aix.kz

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Product category

Securities Exchange

NAICS

Securities and Commodity Exchanges (5232), Securities and Commodity Exchanges (52321), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Agency & Supranational Bond Trading Platforms (FSAFACAD)

akta.pro secondary industries

International CSDs (ICSDs) (FSAFAGAB), Clearing Broker / Carrying Broker (FCM & Clearing) (FSAEACAF)

Keywords

• Securities exchange services
• Capital markets infrastructure
• Clearing and settlement
• Share registrar services
• Market data services

Headquarters

HQ city

Akmola

HQ country

Kazakhstan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Listing Fees: Revenue generated from companies listing securities on the exchange, including initial public offerings and additional listings.
2. Trading and Transaction Fees: Fees collected on securities transactions executed through the exchange platform, based on trading volume and turnover.
3. Registrar Services: Fees for registrar services including ISIN assignment, investor management, and share registry maintenance.
4. CSD Participant Fees: Fees for participation in the Central Securities Depository, including membership and transaction settlement fees.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Astana International Exchange (AIX) is a stock exchange operator providing integrated securities market infrastructure including listing, trading, clearing, settlement, and registrar services for equities and bonds. Operating within the Astana International Financial Centre (AIFC), it connects issuers, trading members, investors, and depository participants through a digital exchange platform supported by its wholly-owned Central Securities Depository (AIX CSD) and Registrar.

Product overview

AIX operates as a unified multi-module exchange platform for Central Asian capital markets. The core AIX Trading Platform provides securities listing and trading services, supported by the AIX CSD (Central Securities Depository) for clearing and settlement, the AIX Registrar for share registration and ISIN assignment, and specialized reporting modules including OTC Trade Reporting and Negotiated Deal Reporting. Additional services include the Tabadul Exchange Hub for cross-border trading, Book Building for IPO facilitation, Market Making Services for liquidity provision, the AIX Qazaq Index for market benchmarking, and TradingView Platform integration for market data visualization.

Differentiator

Problem solved

Functional benefit

Brands

• AIX Qazaq Index: The official equity index of AIX tracking performance of listed securities on the exchange.
• Tabadul Exchange Hub
• AIX CSD
• AIX Registrar

Products and services

• AIX Trading Platform Primary securities exchange platform providing listing, trading, and market data services for equities, bonds, and other financial instruments, serving issuers, trading members, and investors in Central Asia.
• AIX Official List Official registry of listed securities on the exchange, including equities and bonds available for trading, along with disclosures on delisted and defaulted securities.
• AIX Qazaq Index Stock market index tracking the performance of Kazakhstani equities listed on AIX, with historical data available for market benchmarking and analysis.
• Tabadul Exchange Hub Islamic finance exchange hub facilitating cross-border trading and settlement of Shariah-compliant securities within the AIFC ecosystem.
• AIX CSD (Central Securities Depository) Clearing and settlement infrastructure providing depository services, trade reporting, and participant management for securities transactions on the exchange.
• AIX Registrar Share registration and corporate actions service including issuer management, investor services, and ISIN/CFI/FISN code assignment, also serving as the National Numbering Agency within AIFC.
• OTC Trade Reporting Reporting service for over-the-counter securities transactions, providing transparency and regulatory compliance for trades executed outside the exchange order book.
• Negotiated Deal Reporting Reporting service for bilateral negotiated trades conducted outside the standard order book, ensuring regulatory visibility into non-order-book transactions.
• Book Building IPO and capital-raising service enabling issuers to gauge investor demand and set offering prices for new securities issuances.
• Market Making Services Service enabling qualified participants to provide liquidity and maintain orderly trading in securities listed on AIX.
• TradingView Platform Integration Charting and market data visualization platform providing traders and investors with technical analysis tools for AIX-listed securities.

Quantifiable outcome

• May 2026 trading volume: US$196.6 million (KZT 92.1 billion)
• +1 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered minor and core.

• Abu Dhabi Global Market (UAE)minorStrategic or Co-development Partner · 10 December 2025Collaboration through AIFC Connect: Abu Dhabi 2025 forum to strengthen investment cooperation between Kazakhstan and UAE, highlighting Kazakhstan's high investment inflows from the UAE.
• Hong Kong Exchanges and Clearing (HKEX)coreStrategic or Co-development Partner · 2 June 2025AIX and HKEX signed a Memorandum of Understanding to enhance cross-border capital market cooperation between Kazakhstan and Hong Kong. The partnership aims to strengthen connectivity between the two markets and facilitate international investment flows.
• Kazakhstan Association of Islamic Finance and BusinesscoreStrategic or Co-development Partner · 1 May 2025AIX joined as a partner member, supporting the development of Islamic finance within Kazakhstan's capital markets and expanding services for Shariah-compliant securities.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Regional players

• Moscow Exchange (MOEX): The dominant exchange in the broader CIS/former-Soviet region; comparable as a regional multi-asset venue with equities, bonds, FX, and derivatives, though operating primarily in a different geography.
• Tashkent Stock Exchange (UZSE): Uzbekistan's principal exchange and a natural regional peer in Central Asia; comparable as a smaller, government-linked emerging-market venue competing for the same regional capital flows.
• Abu Dhabi Securities Exchange (ADX): UAE national exchange partnering with AIX through the AIFC Connect forum; comparable as a regional exchange seeking to attract international listings and cross-border flows from Central Asia and Asia.
• Baku Stock Exchange: A regional peer in the Caspian/CIS space offering equity and bond listings; comparable as a smaller emerging-market venue pursuing international partnerships and cross-border listings.

Broad incumbents

• London Stock Exchange Group (LSEG): A global exchange and market infrastructure group with extensive emerging-market issuer relationships; relevant as a benchmark for international listing services and a possible listing alternative for AIX-target issuers.
• SIX Swiss Exchange: European exchange with a strong track record of attracting international and emerging-market listings; relevant as a comparable international venue and potential competitor for cross-border bond listings.
• Hong Kong Exchanges and Clearing (HKEX): A global exchange group that recently signed an MoU with AIX; comparable as a multi-asset exchange with CSD/clearing arms and a key partner for cross-border listings into Asia.
• Shanghai Stock Exchange (SSE): Strategic shareholder in AIX since inception; comparable as a major stock exchange operating clearing and settlement infrastructure and a partner for China-Central Asia capital market connectivity.

Direct peers

• Kazakhstan Stock Exchange (KASE): The legacy domestic exchange in Kazakhstan; competes directly with AIX for local issuer listings and trading volume, and is the most direct comparator given shared jurisdiction and customer base.

Others

• Astana International Financial Centre (AIFC): The regulatory and jurisdictional framework within which AIX operates; while not a direct competitor, AIFC shapes the rules, tax treatment, and competitive positioning of AIX and is essential context for any peer comparison.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/astanaexchange
• Facebookfacebook.com/Astana-International-Exchange-AIX-101314764683586
• LinkedInlinkedin.com/company/astana-international-exchange-aix

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Astana International Exchange