Central Asian Stock Exchange

What Central Asian Stock Exchange does

Central Asian Stock Exchange (CASE), legally Open Joint Stock Company Central-Asian Stock Exchange (CASE) (Открытое Акционерное Общество Центрально-Азиатская Фондовая Биржа), is an organized securities exchange headquartered in Dushanbe, Tajikistan. It operates an electronic auction-based trading platform that supports equities, corporate and sovereign bonds, and recurring State Securities Auctions conducted on behalf of the Ministry of Finance of Tajikistan. Its service offering spans the Stock Market, Bond Market, listing services, Professional Participants Services, Market Analytics, and educational courses aimed at developing local market expertise.

The company's technology stack centers on an electronic auction system that enables guaranteed trade execution within its trading hall, paired with depository integration through its partnership with the Central Depository. This infrastructure supports both primary-market activity (issuance of government securities, corporate bonds including State Green Bonds, and equity listings) and secondary-market trading, while Market Analytics and educational courses extend the platform's reach into information distribution and professional development for brokers, issuers, and investors.

CASE generates revenue through a fee-based exchange model: listing fees charged to issuers, trading commissions on matched orders, and service fees from State Securities Auctions and related professional services. Customers span sovereign issuers led by the Ministry of Finance of Tajikistan, corporate issuers such as Bank Eskhata, broker-dealer professional participants including Prime Invest, and the broader pool of Tajik retail and institutional investors transacting on the exchange.

Name

Central Asian Stock Exchange

Legal name

ОАО Центрально-Азиатская Фондовая Биржа (CASE)

Website

https://case.com.tj

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Central Asian Stock Exchange (CASE) is an organized securities exchange in Dushanbe, Tajikistan, operating an electronic auction platform for equities, corporate and government bonds, and recurring State Securities Auctions on behalf of the Ministry of Finance, serving sovereign and corporate issuers, brokers, and domestic investors.

Ownership category

akta.pro rank

Product category

Securities Exchange

NAICS

Securities and Commodity Exchanges (52321)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Primary Listing Stock Exchanges (FSAFAAAA)

Keywords

• Securities exchange
• Stock trading
• Bond trading
• Government securities auctions
• Capital markets infrastructure

Headquarters

HQ city

Dushanbe

HQ country

Tajikistan

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

Revenue model

1. Securities listing fees: Fees charged to companies for listing their securities on the exchange, enabling public trading of shares and bonds
2. Trading commissions: Transaction fees from securities trading conducted in the exchange hall, including stocks and bonds markets
3. Government bond auction services: Regular auctions for government securities including State Green Bonds, with guaranteed execution and transparency

Distribution channels3 records

Marketing channels3 records

Core offering

Central Asian Stock Exchange (CASE) operates a regulated securities exchange platform in Tajikistan providing organized trading in stocks and bonds, including regular auctions for government securities (ГЦБ). The exchange enables capital raising for issuers through listing services and provides transparent, guaranteed-execution trading infrastructure for local and foreign investors, professional brokers, and government entities.

Product overview

The Central Asian Stock Exchange (CASE) operates as a unified securities exchange platform offering multiple interconnected market segments. The core offering consists of stock trading (Рынок Акций), bond trading (Рынок Облигаций), and regular auctions for state securities (ГЦБ). Supporting services include securities listing for issuers, market analytics, professional participant infrastructure, and investor education programs conducted jointly with Prime Invest and the Central Depository. The exchange's trading platform enables transparent, guaranteed securities trading and serves as the primary organized market for corporate bonds, government securities, and equity listings in Tajikistan.

Differentiator

Problem solved

Functional benefit

Products and services

• Stock Market (Рынок Акций) The equity trading platform enabling buying and selling of shares of listed companies on the Central Asian Stock Exchange. Used by investors and professional market participants to trade equities in Tajikistan.
• Bond Market (Рынок Облигаций) The bond trading platform supporting both government and corporate bonds, including green bonds and auction-based placements. Serves issuers seeking capital and investors seeking fixed-income opportunities.
• State Securities Auctions (Аукцион ГЦБ) Regular auction platform for government securities (ГЦБ), conducting periodic bond auctions on behalf of the Ministry of Finance of Tajikistan and other state entities. Auctions are scheduled monthly.
• Securities Listing Services (Листинг ценных бумаг) Listing service for companies seeking to issue securities on the exchange, including compliance with listing requirements and ongoing reporting obligations. Used by corporate issuers such as Bank Eskhata.
• Professional Participants Services (Профессиональные участники) Services and infrastructure for licensed professional market participants including brokers, dealers, and other authorized entities. Includes reporting procedures and documentation access.
• Market Analytics (Аналитика) Analytical coverage and market intelligence content for investors and market participants using the exchange.

Quantifiable outcome

• Corporate bonds of Bank Eskhata successfully placed with 72% of issuance sold on first placement

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• Prime InvestcoreStrategic or Co-development PartnerMonthly joint training courses conducted on stock market basics, financial analysis, fundamental and technical analysis. The partnership enables the exchange to provide educational programs for market participants and the general public.
• Central Depository of TajikistancoreStrategic or Co-development PartnerJoint provider of educational courses on securities markets, working together with Prime Invest to deliver training programs covering stock market operations and analysis.
• Bank EskhatacoreGTM or Marketing PartnerJoint seminar on 'Bonds as a new investment instrument' conducted on March 17 to educate investors about corporate bond investment opportunities and brokerage account opening.

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Regional players

• Pakistan Stock Exchange (PSX): A large emerging-market exchange in a neighboring region, operating equity listings, corporate bonds, and government securities; comparable in product scope though serving a substantially larger economy.
• Moscow Exchange (MOEX): The dominant exchange across the broader CIS/post-Soviet region with multi-asset equities, bonds, and government securities trading; comparable in product mix though much larger in scale and not directly competing inside Tajikistan.

Direct peers

• Baku Stock Exchange (BFB): Azerbaijan's national exchange operating equity, bond, and government securities trading; structurally similar to CASE as a single-jurisdiction emerging-market exchange with comparable product scope.
• Astana International Exchange (AIX): A newer Central Asian exchange within the Astana International Financial Centre, listing equities and bonds and targeting issuers across the region; comparable as a regional multi-product securities venue competing for the same pool of Central Asian issuers and investors.
• Tashkent Stock Exchange (UZSE): Uzbekistan's national securities exchange operating stock and bond markets with a similar emerging-market structure; directly comparable as a domestic single-jurisdiction exchange in a neighboring Central Asian economy.
• Armenia Securities Exchange (AMX): Armenia's main organized securities exchange with stocks and corporate/government bond listings; comparable as a small emerging-market exchange seeking to grow domestic listings and trading depth.
• Mongolian Stock Exchange (MSE): Mongolia's national securities exchange trading equities and bonds in an emerging frontier market; directly comparable in scale, product mix, and economic-development-driven market depth context.
• Kazakhstan Stock Exchange (KASE): The primary centralized exchange in Central Asia, operating equity, bond, and government securities markets in Kazakhstan—directly comparable to CASE's equity, bond and government auction model in a neighboring market.

Broad incumbents

• Intercontinental Exchange (ICE): Global multi-asset exchange operator running equities, fixed income, and clearing infrastructure worldwide; comparable as an exchange-operating business model though at vastly larger scale and broader geographic scope.
• London Stock Exchange Group (LSEG): A leading global exchange group operating primary and secondary markets for equities, bonds, and ETFs; comparable in core exchange operator role, although it serves deeply international and institutional markets that CASE does not address.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/C.A.StockExchange
• LinkedInlinkedin.com/company/central-asian-stock-exchange-case

Revenue estimate

Valuation estimate

Number of profiles

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 Central Asian Stock Exchange