• KSHY
  • NRYN
  • ORGT
  • KADM
  • KNTK
  • ARPA
  • BSUT4
  • BAKA
  • KKRB
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  • KKRB6
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  • MAIR
  • UCHK
  • KTEL2
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  • FCCU7
  • SALFp
  • SHOP
  • ELST
  • FCCU9
  • ELETb
  • PMTBb6
  • BMZD
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  • ELST2
  • OKSUb
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  • STSHb
  • KKRB9
  • SALFp2

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 www.kse.kg.


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.