Following its September review, FTSE Russell upgraded Kazakhstan across four market quality criteria, with no indicators downgraded.
Two criteria — an efficient trading mechanism and custodian account structure — shifted from Not Met to Pass. Both meet the standards for the higher Advanced Emerging Market and Developed classification tiers. Scores for short selling and off-exchange transactions also improved.
The number of criteria rated Not Met was cut in half, dropping from 8 to 4. Kazakhstan fully meets all 9 quality criteria for the Secondary Emerging Market tier and satisfies most requirements for the Advanced Emerging Market level. The upgrades followed joint efforts by the NBRK, AFSA, KASE, AIX, and the Central Depository with FTSE Russell to update data on the regulation and infrastructure of Kazakhstan’s market.