Kazakhstan © Wikipedia

Kazakhstan © Wikipedia

Astana International Financial Centre (AIFC) has chosen Nasdaq to power Kazakhstan’s nascent stock exchange, the AIFC Exchange.

The exchange is targeted to launch in late-2017 and will initially trade equities and fixed income with other asset classes for future phases. Within the framework of the agreement, the Nasdaq Matching Engine will be implemented and go through several testing and acceptance stages before official deployment. Once the exchange goes live, Nasdaq will provide continual maintenance and technical support.

Kairat Kelimbetov, governor of Astana International Financial Centre, says: “Nasdaq’s matching engine is considered the best trading platform globally, and is differentiated by the breadth and depth of its offering, security and functionality.”

Nasdaq’s exchange technology, including trading, clearing, central securities depository (CSD) and market surveillance systems, is in operation in more than 90 marketplaces across the Americas, Europe, Asia, Australia, Africa, the Middle East and the Caribbean.

AIFC was established in December 2015 and is scheduled to come into full operation in January 2018. It aims to bring investment into Kazakhstan’s economy by developing local capital markets, ensuring their integration with the international capital market; and to develop markets for insurance, banking services and Islamic financing.