Following its September review, FTSE Russell upgraded Kazakhstan’s ratings across four market quality criteria, with no downgrades recorded.
Two criteria—an efficient trading mechanism and custodian-level account structure—were upgraded from “Not Met” to “Pass.” These correspond to the requirements for Advanced Emerging Market and Developed status, respectively. Ratings for short selling and off-exchange transactions were also improved. As a result, the number of criteria with “Not Met” status dropped from 8 to 4.
Kazakhstan fully meets all nine qualitative criteria for the Secondary Emerging Market tier and satisfies most requirements for the Advanced Emerging Market tier. The review was conducted jointly by the ARDFM, AFSA, KASE, AIX, and the Central Securities Depository.