The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Building diversified financial markets

Azamat Joldasbekov, president and chief executive officer of the Kazakhstan Stock Exchange, spoke to Euromoney's Nick Kochan about the market's limitations and changes being made to extend the scope of its operations

How is the Kazakhstan Stock Exchange structured and what is the scope of its operations?

The Kazakhstan market is heavily skewed towards bonds but it has nevertheless been very successful. Kazakhstan now has the most developed corporate bond market in the Commonwealth of Independent States, perhaps even in the whole of eastern Europe. It compares with Hungry, Poland, the Baltic states and Russia.

The stock exchange has a turnover of some $33.8 billion. Although the exchange trades stocks, currency, bonds, treasury bills, money and derivatives, the greatest part is in money, currency and bonds. Repos account for 60% of the turnover. The market will start placing treasury bills in 2005 and this will help to increase turnover. The total turnover of the exchange is 113% of GDP but this is expected to grow in 2004 to between 120% and 130%.

Why are so few stocks listed?

This is a legacy of a privatization which was designed rather badly. Large stakes in government companies were sold to strategic investors rather than being placed on the equity market.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree