Kyrgyz Stock Exchange founded in 1994 in the form of non-state, non-profit organization with the main goal to provide an effective condition for the securities market functioning.

The Kyrgyz Stock Exchange created by joint efforts of the founders representing the private sector of national economy (broker companies, commercial banks and the joint-stock companies). Huge assistance in creation of the Exchange rendered from the State Supervision Agency behind operations with securities under the Government of the Kyrgyz Republic, the Price Waterhouse company (USAID). In a basis of definitions of the main functional activities of the Kyrgyz Stock Exchange, use of world experience of the organization and functioning of stock exchanges laid down.


The first stock auction and an official opening took place in May 1995 when in the republic actively had a privatization process. Since July 1995 at the Kyrgyz Stock Exchange pays the off KSE Index characterizing the current situation on securities market. It is the most important indicator of business activity. The method of calculation of the KSE Index conforms to the international standards and is analog of S&P. The basic value accepted for calculation of an indicator – is 100. The index paid off based on market prices of actions of the listing companies.


In September, 1995 there began work Training Center of the Kyrgyz Stock Exchange. This Center carries out different types of training courses on training of specialists for the financial market. In addition, the Center organize meetings and seminars for investors, professional participants and issuers on the various questions concerning questions of stock market development.


On April 22, 1996, KSE began the auction according to the Privatizations of the State Enterprises program through the Kyrgyz Stock Exchange. This program had developed for more effective continuation of the privatization process and further development of securities market in the Kyrgyz Republic. The initiator of creation of the program was the working group consisting of the State property fund’s employees of the Kyrgyz Republic, the Kyrgyz Stock Exchange, broker companies and the "Price Waterhouse" consultants.


On June 14, 1996, KSE opened representation in Osh city. The first regional office worked as the center where inhabitants of the region, heads of the companies, potential investors and all interested persons, could receive fresh information on a stock market situation in the Kyrgyz Republic, about KSE work, and participate in auctions of the enterprises, which have passed the procedure of listing.


In April 1997 at the KSE implemented the program "180 days", the aim of which was to attract the greatest number of companies on the Stock exchange. The number of the listing companies for the end of 1997 reached to 37. In the same year, had opened the web page of the Kyrgyz Stock Exchange on the Internet as


In March 1998, the KSE has received the status of the self-regulatory organization, the emergence and development of which was due to the need to improve the system of securities regulation and control over the activities of the market’s professional participants. Terms of SROs must contain the requirements for its members, as a strict adherence to the law, the proper conduct of business and accounting, compliance with the ethical rules of the securities market’s professional participants, capital adequacy and solvency, competence management specialists.


In 1998, the number of companies whose securities listed on the Stock exchange were increased. At the end of 1998, bringing the Total: to 60. The greatest number of listed companies represent industry and construction - 58%, followed by financial institutions and service companies - 16%, trade - 4%, other - 6%. Regionally, the largest number of listed companies accounted for 58% of Bishkek, Chui region 26%, 10% in Osh region and Jalal-Abad 6%.


In 1999, the President issued a decree "On measures for further development of the organized securities market", which became its significance is not only a "historic document" for the stock market, but also to let go of all the professional participant of the securities market from a "black market". As a result, the volume of securities transactions on the KSE dropped since the beginning of 1999 to the lowest level of 23,612 soms in a month, but then increased to 5.6 million soms, ie more than 237 times! This trend maintained during the 1999.


In May 2000, the KSE converted from a membership organization in the Closed Joint Stock Company "Kyrgyz Stock Exchange". The companies, which were members of the Exchange at that time, received an equal share in the capital and membership rights to bid on the KSE. To join the membership of the new companies was designed Regulations, which establishes requirements for the candidates.


In 2000, amended the Regulations on the listing on the KSE, under which the listing on the Kyrgyz Stock Exchange admitted not only stocks, but also all types of securities issued pursuant to the applicable legislation of the Kyrgyz Republic and approved by the State Commission on the market securities to free circulation on the secondary market of the country. Based on the criteria of timeliness, the availability of demand for shares, profitability, investment attractiveness, size, capital and other introduced a new differentiation quotation list of KSE listed companies. Quotation list of the Exchanges in 2000 had divided into 3 categories (A, B and C) for the shares and Category 2 (1 and 2) for the bonds. December 15, 2000 for the first time in the history of the domestic securities market was listed foreign issuer - JSC "Almaty Merchant Bank", whose bonds were included in category 1 KSE quoted list.


The main event of 2000 for the KSE was the corporatization of the Exchange and join the Istanbul Stock Exchange (ISE) in the number of its shareholders. . In the spring of 2000 search of the strategic investor crowned the success, the developing relations between the Republic of Turkey and Kyrgyzstan induced the Istanbul Stock Exchange (ISE) to become the shareholder of KSE. Entry of ISE into structure of shareholders was marked one more remarkable date - KSE entered the Eurasian federation of stock exchanges (FEAS) – the organization uniting more than 25 stock exchanges of countries of Eastern Europe, the Middle East, Central and South East Asia. In March 2000, at the third Conference of the developing capital markets in Istanbul for the first time announced that the Istanbul Stock Exchange will become a shareholder of the Kyrgyz Stock Exchange, and the FEAS was decided to hold the FEAS General Assembly in the Kyrgyz Republic in September 2000.

It the same year, CJSC “Kyrgyz Stock Exchange” became a member of the International Association of Exchanges of the Commonwealth of Independent States.


The following 2001 for the Kyrgyz Stock Exchange was marked by new integration process: the decision to join the shareholders the KSE was made by Kazakhstan Stock Exchange (KASE). By this time, the software used by KSE required urgent modernization, for the processes happening in the market, required to bring the rules and procedures of the KSE, close to the international best practice. KASE had significant developments in the area, and in the course of negotiations, it was agreed that the KSE would be provided its software. Entry of KASE into number of KSE shareholders and obtaining the new software significantly strengthened the capacity of the Exchange, allowing looking with optimism to the future.


In the same 2001, issue of insufficient number of financial instruments for Kyrgyzstan is was becoming more notable, and the main task of the KSE was the development of domestic bond market. The first tool of corporate fixed income bonds were of Merchant Bank. In 2001, the market appeared bonds of domestic issuers. These were bonds of «Renton Group», and «Bishkeksut" companies. The amount of transactions in corporate bonds of domestic and foreign issuers accounted for 54 million soms, or 5.98% of Total: transactions. It is noteworthy that due to the bonds of JSC "Almaty Merchant Bank" our Central Depository and Central Depository of the Republic of Kazakhstan had worked out joint activities and accounting procedures, the rights to the securities of non-residents of Kyrgyzstan, as well as clearing. With the help of experts of Kazakhstan and the Kyrgyz Stock Exchange specialists was established mechanisms to market pricing of debt securities.


Since May 1, 2003 at the Kyrgyz Stock Exchange, the new trade system developed by experts of KASE was put into operation.

Main characteristics of a system:

  • Ideology of the system - the "client-server";
  • Server part is written in C + +, runs on RedHat Linux. 
  • The client part - the workplace of the bidder runs on Win32, written in C + + Builder;
  • Messaging protocol - TCP / IP;
  • The system is protected from temporary disruptions in energy supply two uninterruptible power supplies, each rated at 20 kW;
  • Data storage and management requires using of SQL Server - relational databases like Informix, Oracle.
  • The system is flexible and customizable module for the use of various financial instruments, including corporate, government and municipal securities, futures and options.

The trading system enables traders to trade in the following ways:

  • By the method of open trade (the main method of trading);
  • Method of direct deals;
  • By special trades;
  • Method of Frankfurt trades;
  • Method of fixing


Year 2007 is indicative year year for all history of KSE. This year, at the Kyrgyz Stock Exchange trading floor has increased significantly the trading indicators due to the revitalization of portfolio investors. The trading volume in 2007 amounted to 5.19 billion soms, which is the maximum amount in the history of the KSE. Another significant event in 2007 is the implementation of a pilot project at the KSE on the organization of distribution and circulation of government treasury bills (STB) maturity of 9 months. The project was signed on 4 sides of the General Agreement on the organization of distribution and circulation on the exchange of STB - 9 between the Ministry of Finance of the Kyrgyz Republic, the National Bank of the Kyrgyz Republic, CJSC "Kyrgyz Stock Exchange" and CJSC "Central Depository". On November 16 2007 on the trading KSE floor held its first auction of STB-9, to which a commercial bank, broker / dealer companies, insurance companies and investment funds were as a bidders. Weekly (on Fridays), from November 2007, on the KSE trading floor there were 26 transactions of STB. Volume amounted to 114.6 million soms proposals with the volume of demand in 103, 1 million soms. Placement volume was 44.5 million soms. In the secondary market was held 38 deals amounted to 61.9 million soms, 18 of them to resell - deals amounted to 39.5 million soms.


In 2008, negative influence of world financial crisis first affected on decreasing in investment activity and sharp recession of transactions in stock market of the Republic. Trading volumes following the results of a year amounted to 4,1 billion soms, or decreased in comparison with 2007 more than by 20%.


The following 2009, despite the sharp decline in investor activity, KSE was able to optimize its operations and through the transparent operation to minimize the decline in trading volume to 2.9 billion soms or 27.9%. The decrease around the stock market, comprising three Stock exchanges amounted to more than 42%. The main role was played by limiting the activity of the bidders KSE.

In addition, the 2009 for the Kyrgyz Stock Exchange will become history, as year of effective international cooperation. So, in September of the same year of KSE was signed the Agreement between KSE and the Structured Solution AG company (Germany) about KSE index advance in the world financial markets. The Structured Solution AG Company (Germany) is the company in the sphere of advance of information products from young and emerging markets. This Agreement became the first step directed on advance of information products from Kyrgyzstan among the western investors, and we in turn expect that it have to effect on strengthening of inflow of investments into our republic.


In 2010 in connection with adoption of the new Law "About Securities Market", KSE obtained licenses on depository and clearing activity. Data acquisition of licenses significantly expands a field of activity of the Kyrgyz Stock Exchange that demanded creation at the Exchange of new division - “Depository and clearing operations” department.

In the same year, in the practice of corporate governance introduced annual development and adoption of the Strategy of development of the Stock exchange. The first Strategy of development for 2010-2012 Board of Directors adopted and approved on the General meeting of shareholders in 2009. Using of strategic planning will unite both participants and staff of the Exchanges around the priority goals-round development of the stock market in the country and improving the quality of services provided by the exchange.


In 2011, one of the most important events in the financial sector of the country was the signing in March of the Agreement on the consolidation of Stock exchanges in the face of CJSC "Kyrgyz Stock Exchange" and CJSC "Kyrgyz Stock Exchange - BTF" into a single stock exchange, in the face of CJSC "Kyrgyz Stock Exchange ".

Agreement to merge was a new stage in the development of the stock market in Kyrgyzstan, has received considerable potential for the development of trading all types of securities, as well as, potentially, the production of financial instruments and currencies. Obtained on the basis of the two exchanges of experience will help to introduce quality to meet modern standards of trading, risk management, clearing and settlement, providing a reliable service and a full range of services for trading in financial instruments, both for domestic and foreign investors.

In the same year on the trading floor of CJSC "KSE" were first placed municipal securities (bonds of Bishkek Mayor's Office) for a Total: amount of 150 million soms, which demonstrates the interest of local governments by the tools of the stock market to attract investment in the development of the city and its infrastructure.As a result, trading volume amounted to 1.551 billion soms.


In 2012 on securities market, had released a new financial instrument – the housing certificates the first auction on which took place on CJSC “KSE”.

In December was signed the Memorandum of understanding and cooperation between CJSC “Kyrgyz Stock Exchange” and Investment bank "by AL-HIDAYA (LABUAN) of LTD. (Malaysia) concerning release in the circulation of Islamic securities (sukuk) in the Kyrgyz Republic.

The purpose of the Memorandum is coordination and the organization of joint activity of the Parties on release circulation at the Exchange of Islamic securities.Besides, the project of Strategy of development of CJSC “Kyrgyz Stock Exchange” for 2013 - 2015 was developed by the end of the year.

Following the results of a year, the trading volume with securities amounted to 1,169 billion som.


In November 2015, a jubilee event was held in the State Residence №1 "Ala-Archa" dedicated to the 20th anniversary of the CJSC "Kyrgyz Stock Exchange", which was attended by representatives of the Presidential Office of the Kyrgyz Republic, Chairman of the Financial Market Regulation and Supervision Service, representatives of government agencies, heads of financial and credit institutions and the Association of Banks of the Kyrgyz Republic, representatives of foreign stock exchanges, members of the Board of Directors and shareholders of the CJSC "Kyrgyz Stock Exchange", trading participants, representatives of securities issuers.
After the ceremonial part, a meeting was held to discuss topical issues of the Kyrgyz stock market development, as well as the general trend in the world stock markets.


In 2017, in order to develop and strengthen the institutional infrastructure of the stock market of the Kyrgyz Republic, improve the competitiveness of the national stock market, the state of the Kyrgyz Republic represented by the State Property Management Fund under the Government of the Kyrgyz Republic became a shareholder of the Kyrgyz Stock Exchange CJSC.


In 2018, in order to promote the development of the organised commodity market and improve the efficiency of commodity turnover in the Kyrgyz Republic, the commodity and raw materials section of the Kyrgyz Stock Exchange CJSC started operating.
On 27 December 2018, the first pilot trades in the commodity and raw materials sector of the exchange were held on the trading floor of the CJSC "Kyrgyz Stock Exchange" - a transaction on the purchase/sale of construction material "sary tash" (travertine) was made. 


In 2019, Bishkek hosted a joint conference of the International Association of Exchanges of the CIS countries and the Association of Eurasian Central Securities Depositories on the topic "Integration Processes in Financial Markets: Eurasia and the Global Economy" with the participation of managers and leading experts in the field of exchange and depository activities from the CIS and non-CIS countries.
The conference was attended by heads and representatives of CSDs and exchanges from Armenia, Belarus, Russia, Kazakhstan, Tajikistan, Uzbekistan, Georgia, Iran, South Korea, China, Turkey, representatives of international settlement and clearing organisations, information agencies, regulators and SWIFT. 
The conference addressed issues of financial market integration related to the activities of exchanges, CSDs, regulators, as well as international relations, harmonisation of standards, the latest trends in the post-trade industry, changes in financial markets and the use of new technologies.


In September 2020, the Kyrgyz Stock Exchange held an official ceremony to launch the trading of the public offering (IPO) of preferred shares of JSC Microfinance Company "Salym Finance". During the event, the official launch of electronic trading took place, and participants were able to see the process of selling securities on the Kyrgyz Stock Exchange.


In December 2020, a Cooperation Agreement was signed between the Ministry of Agriculture, Food Industry and Land Reclamation of the Kyrgyz Republic and the CJSC "Kyrgyz Stock Exchange". The agreement provides for the creation of a list of exchange commodities, assistance to domestic producers to enter the commodity markets of the EAEU member states, and identification of promising areas.


In March 2021, the Kyrgyz Stock Exchange together with partners UN Women in Kyrgyzstan, the International Finance Corporation (IFC) within the framework of the United Nations (UN) initiative "Sustainable Stock Exchanges" (UN SSE Initiative) held the opening ceremony of trades dedicated to gender equality on the theme "The role of women in the development of business and economy of Kyrgyzstan"

The purpose of the event was to comprehensively discuss the role of women on boards of directors, business development and the economy of Kyrgyzstan.


In March 2021, the Kyrgyz Stock Exchange joined the UN Sustainable Stock Exchanges (SSE) initiative, which brings together the world's exchanges in an effort to achieve the Sustainable Development Goals. 

SSE's mission is to provide a global platform to explore how exchanges, in collaboration with investors, companies, regulators, policymakers and relevant international organisations, can improve performance on ESG (environmental, social and corporate governance) issues and drive sustainable investment.


In June 2022, the Kyrgyz Stock Exchange, in co-operation with the International Finance Corporation (IFC), held a roundtable on "ESG Reporting as a Tool for Attracting Sustainable Finance". In July 2022, the Exchange organised a dialogue platform on "Sustainable Bonds - a Driver of Kyrgyzstan's Green Economy Development".

The participants of the meeting discussed the prospects for sustainable bonds aimed at promoting the development of a green economy in Kyrgyzstan


In September 2022, the precious metals sector was launched on the Kyrgyz Stock Exchange. The National Bank of the Kyrgyz Republic offered for sale gold bars weighing from 1 to 100 grams on the KSE floor. This event was preceded by the Agreement between the KSE and the National Bank of the Kyrgyz Republic on the organisation of trading in gold bars on the KSE trading floor.


In September 2022, futures transactions on sugar and beet molasses were held in the commodities sector of the Kyrgyz Stock Exchange. Three deals were conducted between domestic companies for a Total: amount of 101.5 million KGS for the purchase and sale of 10.0 thousand tonnes of molasses. Another futures transaction was concluded on the purchase and sale of 10.0 thousand tonnes of sugar for a Total: amount of KGS 650.0 million.


On 15 November 2022, the President of the Kyrgyz Republic Sadyr Zhaparov signed Decree No. 376 "On measures for further development of the stock market and exchange activities". In order to accelerate the development of the stock market of the Kyrgyz Republic and the process of its digitalisation, to increase access to financial instruments for citizens and entrepreneurs, to create a favourable environment for the inflow of investments into the economy.

This Decree of the President of the Kyrgyz Republic establishes that the KSE is a backbone national institution that implements socially important economic projects, including with the participation of the state, to launch the precious metals sector, commodities sector and the government securities sector.


In November 2022, a ceremony was held to launch the trading of the first issue of socially-gendered bonds of CJSC "Bank of Asia". The ceremony was attended by representatives of the Administration of the President of the Kyrgyz Republic, the Institute of Economic Policy Research of the Kyrgyz Republic, UN Women in the Kyrgyz Republic, government agencies and international organisations, securities market participants, investment funds and investors. The funds raised through the placement of gender bonds of CJSC "Bank of Asia" will be used to finance women's entrepreneurship in the Kyrgyz Republic and stimulate the development of responsible investment.


In November 2022, in order to expand accessibility for domestic and foreign investors to the market of publicly placed government securities issued by the Ministry of Finance of the Kyrgyz Republic, the Order of the Cabinet of Ministers of the Kyrgyz Republic No. 609-r dated 4 November 2022 was adopted, which provides for the placement and circulation of ST-Bills with a 12-month circulation term and ST-Bonds with a 2-year circulation term, issued from January 2023, is carried out on the trading floor of the CJSC "Kyrgyz Stock Exchange", and depository accounting is carried out on the trading floor of the CJSC "Kyrgyz Stock Exchange".


In January 2023 the Index of CJSC "Kyrgyz Stock Exchange" (KSE) reached 2,316.6 points, market capitalisation of listed companies amounted to 80.5 billion KGS. It should be noted that for the same period of 2021 the index was 1,482.08 points, and capitalisation was equal to 51.6 billion KGS. Thus, the growth was 58.8%. The growth of such indicators became possible due to the joint measures taken by the state and KSE.


In May 2023, standard gold bars weighing from 12.5 to 13.1 kilograms appeared on the KSE trading floor along with bullion bars of the National Bank of the Kyrgyz Republic from 1 to 100 grams.


On 25 May 2023, within the framework of implementation of the Order of the Cabinet of Ministers of the Kyrgyz Republic dated 4 November 2022, placement and circulation of STB-12 monthly and STB-2 summer maturities began on the trading floor of CJSC "KSE".


In June 2023, an Agreement on the organisation of precious metals trading on the KSE trading floor was signed. As part of the implementation of the Resolution of the Cabinet of Ministers of the Kyrgyz Republic "On Sale of Precious Metals on the KSE Trading Floor", the Kyrgyz Stock Exchange (KSE) and the Department of Precious Metals under the Ministry of Finance of the Kyrgyz Republic signed an Agreement "On Organisation of Precious Metals Trading on the KSE Trading Floor".

The main purpose of signing the Agreement between KSE and the Department of Precious Metals under the Ministry of Finance of the Kyrgyz Republic is to create and develop a national organised market of precious metals of the Kyrgyz Republic by selling precious metals (gold and silver) on the Exchange.


In June 2023 the first green bonds of CJSC "Dos-Kredobank" passed the listing procedure. By the decision of the KSE Listing Committee the green bonds of JSC "Dos-Kredobank" were included in the Official List of the Exchange (listing) under category "B" (next to the highest).


From June to November 2023 the KSE has been actively working to integrate the country's stock market with international capital markets.


So in October 2023 in Abu Dhabi, United Arab Emirates within the framework of the 8th World Investment Forum, a global gathering of stock exchange executives dedicated to sustainable finance - SSE Global Dialogue - was held, which brings together executives of 130 SSE partner exchanges around the world. The event was attended by Medet Nazaraliev, President of the KSE. In his speech to the participants of the plenary session, he noted that at the moment the role of the KSE in the development of sustainable finance, esg-reporting in the financial market of the Kyrgyz Republic is increasing.


On 24 November 2023, in pursuance of the Decree of the President of the Kyrgyz Republic "On measures for further development of the stock market and exchange activities" on 20 15 November 2022, No. 376, as well as for the purpose of consistent implementation of the state policy to enhance the development and strengthening of the securities market, increase confidence in the institutions of the stock market and create an attractive investment environment, the Decree "On acquisition of additionally issued shares of the Kyrgyz Stock Exchange" is issued by the state.