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NameKazakhstan Stock Exchange (KASE)
CountryKazakhstan
Number of listed companies147
Domestic market capitalization65,697 million US$
SSE Partner ExchangeYes
Has annual sustainability reportNo
ESG reporting required as a listing ruleYes
See Rules for Information Disclosure by Admittance Initiators of securities: Appendix 3 Requirements of the Exchange for the disclosure of information by the issuer in its annual report
Has written guidance on ESG reportingYes

Offers ESG related trainingYes
Over the past years, KASE together with local and international experts have been holding regular events and trainings to explain and promote ESG information disclosure and green finance among issuers and wide range of local companies.

In 2021, KASE provided training on Climate-related Financial Disclosures (TCFD recommendations) in collaboration with the SSE, CDP and IFC. (source)

Market covered by sustainability-related indexNo
Has sustainability bond listing segmentYes
In November 2020 the Asian Development Bank (ADB) issued first green bonds on KASE. To date KASE created infrastructure for the issuance and placement of green, social and other sustainable bonds. In particular, KASE determined the conditions for listing sustainable bonds, established listing fee incentives.

Has SME listing platformYes
The Alternative platform on KASE, in addition to the Main platform, is a separate platform integrated to the systems with a unique structure.  It was based on the international practice of allocating separate platform for securities of small and medium-sized enterprises (SME), as well as establishing requirements for such companies to disclose information only within the limits established by law, more information here.

Women on boards mandatory minimum ruleNo
Additional information
  • Attracting international rating and audit companies that have the right to provide an independent assessment (verification) of green and other ESG bonds for compliance with international standards
  • Since 2018, an annual bell-ringing ceremony has been held in KASE as part of the Ring the Bell for Gender Equality global initiative.
  • In October 2020, KASE approved its own Sustainable Development Policy

Organizational model of stock exchange
  • Private company for profit; demutualized in 1993.

Regulatory bodies
  • Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (webpage)

Regulatory modelLimited Exchange Self-Regulatory Organization Model

  • The National Bank of Kazakhstan is responsible for the regulation of the securities market in Kazakhstan as delegated by the Republic of Kazakhstan National Commission on Securities in 2001. However, by looking at the stock exchange's website it appears that the stock exchange has limited regulatory authority over listing rules and disclosure.

About the stock exchange

Location: Almaty, Kazakhstan

  • KASE was founded on November 17, 1993 under the name Kazakh Interbank Currency Exchange two days after the introduction of the national currency of Kazakhstan tenge
  • KASE is a commercial organization operating in the organizational and legal form of a joint stock company
  • KASE mission: Contribute to the economic growth of Kazakhstan by providing a wide range of tools to attract financing from domestic issuers, providing a platform for redistributing liquidity in the financial system, and providing a transparent investment environment for local and foreign investors
  • Today KASE is the universal financial market with established mechanisms for interaction of all participants. It is a trading platform for corporate and government securities, bonds of international financial institutions, foreign currencies, money market operations repo and swap, as well as derivatives. KASE is a member of the International Federation of Stock Exchanges (WFE), the Federation of Eurasian Stock Exchanges (FEAS) and other international and domestic professional associations, as well as a participant in the UN initiative Stock Exchanges for Sustainable Development.