Landmark International Debt Transactions Cemented AIX’s Position
in Attracting Investments into Kazakhstan.

AIX continued to strengthen Kazakhstan’s capital market during the first half of 2026, delivering significant milestones across debt and equity markets, sustainable finance, market infrastructure and issuer development initiatives.

The first half of 2026 marked another period of strong growth for AIX with trading turnover reaching USD 1.084 bn, representing a two-fold increase compared to the first half of 2025. The results underscore the Exchange’s expanding role in supporting capital raising and investment activity across the region.

This period featured a diverse range of international debt listings, spanning sovereign, quasi-sovereign and corporate Eurobonds, as well as landmark Panda bond issuances. Strategic partnerships remained another focus area for AIX during the first half of 2026. By expanding cooperation with domestic and international institutions, the Exchange continued to promote market connectivity, support the development of Islamic finance, and strengthen Kazakhstan’s integration into global capital markets.

Assel Mukazhanova, AIX CEO, said:

“The first half of 2026 demonstrates the continued evolution of AIX as an international marketplace connecting Kazakhstan with global capital. Landmark transactions, innovative financing solutions and new market development initiatives reflect our commitment to expanding opportunities for issuers and investors alike. Alongside growing market activity, we remain focused on strengthening market infrastructure, promoting best international practices and supporting the long-term development of Kazakhstan’s capital market.”

AIX results as of 30 June 2026:

• Securities listings: 398 securities in AIX Official List by 196 issuers overall. For 1H2026 there were 74 instruments listed by 53 issuers.
• Capital raised: (Debt + Equity): USD15bn since inception; USD3.6 bn in 6 months of 2026.
• Trading turnover: USD1.1bn vs USD0.7 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 2.3mln retail investors’ accounts are held with AIX CSD via AIX member brokers.

New products and services

AIX further expanded its range of capital market solutions with the successful execution of its first direct listing, introducing an additional pathway for companies to access public markets. In April 2026, ordinary and preferred shares of AK Altynalmas JSC were admitted to the Official List and trading on AIX through a direct listing, allowing existing shareholders to trade their shares without the company raising new capital. This milestone broadens the range of listing options available to issuers, offering greater flexibility while enhancing access to Kazakhstan’s capital market.

Digital Transformation Initiatives

During the first half of 2026, AIX completed two important technology initiatives aimed at strengthening its market infrastructure and enhancing client experience. The Exchange successfully migrated to Genium I-NET platform, a new version of its trading system during the first half of 2026, marking an important milestone in the continued development of the Exchange’s market infrastructure. The upgraded platform enhances system capabilities and scalability, providing greater flexibility to support future business growth. It also creates a foundation for the introduction of new products and services, enabling AIX to better meet the evolving needs of issuers, investors, and other market participants. In addition, AIX launched a redesigned corporate website, providing market participants with improved navigation, enhanced accessibility to market information, and a more user-friendly digital experience.

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 the first half of 2026, the total number of ISINs issued reached 103, reflecting growing demand for the service and the continued development of this new business line.

AIXQI Index

As of 30 June 2026, the AIXQI Index stood at 2,232.22, up 12.85% 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 2,483.68 on April 20.

Growing Market Ecosystem

AIX continued to expand its market ecosystem during the first half of 2026 by welcoming four new Trading Members and a new Central Securities Depository participant. BTA Finance Limited, Tien Shan Finservice, Finhub Global Ltd, and Xtellus Europe Ltd joined the Exchange as Trading Members, with Tien Shan Finservice becoming the first Trading Member from the Kyrgyz Republic to access AIX. In addition, ForteBank became a participant of AIX CSD, further strengthening the post-trade infrastructure and broadening access to AIX’s market services.

New Market Resources

AIX continued to support the development of Kazakhstan’s capital market by contributing to two important publications for market participants. During the reporting period, the Exchange released an updated Voluntary Sustainability Reporting Guidance with the support of UNDP and contributed to the Bond Market Guide of the Republic of Kazakhstan, published by the Asian Development Bank. These resources promote greater transparency, improved market practices, and easier access to Kazakhstan’s capital market for issuers and investors.

Rules and Regulations

Enhancements to AIX Regulatory Framework – AIX has introduced a package of amendments to AIX Business rules aimed at strengthening market efficiency, improving alignment with international practice, and enhancing flexibility for issuers and market participants. The changes include a revised liquidity framework based on mandatory market making, expansion of the Direct Listing regime to all equity issuers, streamlined requirements for listed funds, enhanced governance and disclosure obligations, introduction of post-issuance Sharia compliance reporting for Islamic securities, and other technical amendments to align the AIX Business rules with the updated and modified AIFC Market Rules and global best practices.

Enhancements to AIX CSD Business Rules – AIX CSD has updated its Business Rules, introducing enhanced communication of corporate actions, expanded governance and notification requirements for Participants, strengthened KYC documentation standards, revised notification timelines, and other technical changes to align the AIX CSD framework with the updated AIX Business Rules.

Cooperation & Market Connectivity

AIX strengthened its strategic partnerships during the reporting period by expanding cooperation with key domestic and international market participants. Among the highlights is joining the Association of Islamic Finance and Business of Kazakhstan as a partner and signing the Memorandum of Understanding with HKEX aimed at enhancing cross-border market connectivity and knowledge exchange.