The Federation of Euro-Asian Capital Markets
About Company
Established: 2017
Address: 55/19 Mangilik El st., block C 3.4. Astana
Working hours: 09:00 - 18:00
Contact Name: Zharas Mussabekov
Email: z.mussabekov@aix.kz
Website: www.aix.kz
- Joined FEAS in 2018-
Assel Mukazhanova
CEO of AIX
Astana International Exchange
The year 2025 proved to be a pivotal year for Astana International Exchange, representing a clear leap forward from the year 2024. While 2024 laid a solid groundwork through product innovation and market broadening, 2025 capitalized on that base, delivering faster growth, stronger liquidity, and meaningful structural advances across AIX’s market infrastructure.
Performance in 2025 exceeded multiple strategic milestones. Total trading turnover reached US$2.1 billion, up from US$1.3 billion in 2024, and well above the internal target. Listings activity also reached an all-time high, with 215 new securities admitted to listing and trading during the year, compared to 140 in 2024, underscoring sustained and rising issuers’ interest. Total capital raised amounted to US$4.9 billion, more than twice the previous year’s level, largely supported by fixed-income issuances and a broader mix of currencies. The investors community continued to grow, with retail investor accounts up to 2.3 million alongside increased international engagement through the addition of new brokers, custodians, and cross-border market connectivity.
Despite this achievement, 2025 presented its share of challenges. The global operating environment remained demanding, influenced by geopolitical tensions, heightened market volatility, and tighter financial conditions. In this context, operational resilience, effective risk management, and sustained market confidence became even more critical. For AIX, this meant not only maintaining growth momentum but also ensuring that our infrastructure, regulatory framework, and operational processes were sufficiently robust to support the market through periods of uncertainty. Responding to these challenges required continued investment in technology, greater regulatory efficiency, and deeper international cooperation.
Against this backdrop, we are pleased to report that AIX not only achieved but exceeded its 2025 objectives. Beyond strong headline performance, the year delivered substantial progress in product diversification, including the introduction and expansion of ETFs, digital asset-linked instruments, Islamic finance offerings, sustainable finance initiatives, and enhanced post-trade and registry services. In parallel, we placed strong emphasis on streamlining issuance and accelerating time-to-market for issuers.
Taken together, the outcomes of 2025 further strengthened AIX’s position as a resilient, innovative, and internationally integrated market infrastructure, well equipped to support long-term capital formation in Kazakhstan and across the wider region.
Year in review