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Germán Gutiérrez Mejia

Associate Director | Financial Market Infrastructure

Germán Gutiérrez is Thomas Murray’s Associate Director, Financial Market Infrastructure (FMI). He joined the company in 2012 as a research analyst, monitoring market developments in the Americas and Eurasia, on which he is a subject matter expert. Since 2022 he has been a Regional Head, leading the team covering the Americas, Africa and the Middle East. He is responsible for the development of Securities Market Information profiles and conducts risk assessments of FMIs in different continents and jurisdictions.

Thomas Murray, the global post-trade risk and custody specialists, has completed the second CSD risk assessment of Astana International Exchange Central Securities Depository (AIX CSD) and assigned an overall risk assessment of ‘A+’, which denotes a ‘Low Risk’.

The overall assessment of ‘A+’ reflects the weighted average of the eight individual risk components and indicates a low risk exposure profile with ‘Stable’ outlook. This grade places AIX CSD above the average for Eurasian CSDs (BBB) and at the same level of the average for Asia Pacific CSDs (A+) covered by Thomas Murray.

The market was launched in November 2018 within the jurisdiction of Astana International Financial Centre (AIFC) and since then, the AIX CSD and its parent company Astana International Exchange (AIX) have been working on implementing a model that meets the needs of its participants through simple, innovative, and relatively secure and efficient practices. 

At the time of the assessment in March 2022, market activity volume was dominated by on-exchange transactions and settlement was being conducted involving mostly brokers as clearing members. A settlement model involving custodian banks has been introduced, although the volume of transactions settled under this arrangement is still minor.

The settlement model used by AIX CSD affords limited or almost zero asset commitment exposure to its participants during the settlement process. This is supported by settlement fails arrangements to reduce participant exposure to liquidity constraints, deriving from the late delivery or non-availability of assets. The settlement process is still conducted using ‘commercial bank money’ although the possibility of using several settlement banks is now available. Trading and settlement volumes remain highly concentrated in a few participants, something that is expected to change once the market matures.

The AIX CSD operates in a legal environment that has full recognition of the nominee concept and a robust framework for the protection of client assets. The CSD's rules and procedures allow for account segregation at the level of individual clients and provide for the segregation of participant and client assets. The depository has in place processes and controls for elementary corporate actions, albeit the number of events is still quite low.

The assessment of AIX CSD’s financial, operational and governance and transparency risks considered the nature of the CSD and its heavy reliance on AIX. The depository offers basic CSD services, and its operational functions are outsourced to the AIX. The CSD has no outstanding debt and has sufficient liquid net capital in the form of cash, although this capital has been weakening in the last couple of years. Nevertheless, the sources of revenue have been diversified which could help the depository to ensure its financial stability. AIX’s comprehensive insurance policy covers the activities of AIX CSD.

AIX innovative approach of utilising cloud technology for its production and disaster recovery facilities is supported by redundant network arrangements. AIX has certified controls around information and cyber security which conform to international standards. In addition, AIX CSD has shown improvements on its governance arrangements; in particular, the introduction and regular operation of a formal user group/committee is a great step in order to understand the needs of its participants and design the means and mechanisms to fulfil them. However, there are gaps that still need to be closed to reach the level desired of a well-run, mature company, with the participation of independent directors yet to be addressed.

Jim Micklethwaite

Director, Head of Operations for Thomas Murray

Thomas Murray is delighted to announce the upgrade of the overall risk assessment of AIX CSD. The assessment recognises the efforts of AIX CSD to observe the best standards and maintain a secure and efficient post-trade infrastructure in a still nascent market and jurisdiction. We will keep monitoring AIX CSD’s improvements as the market grows and they continue to adopt international best practices.

Ayana Kassymkhan


We are proud of making such progress and achieving notable improvements in managing our market’s overall risks. We have been working continuously to embrace international best practices that would enhance operating efficiency, leverage technology to improve timeliness, reduce cost wherever possible, and safeguard market participants and investors’ interests. The rating forms part of our on-going risk assessment process to ensure that we continue to provide robust and safe depository services for our customers and create new models that will support better outcomes and satisfy regulatory demands.

The CSD risk assessment reviews and assesses the risk exposures for investors associated with the processes the CSD has in place to facilitate the safekeeping and the clearing and settlement of securities, where applicable. It assesses eight key risks (assessment components). The methodology considers the capabilities of the depository and the quality and effectiveness of its operational infrastructure. It also assesses the depository’s willingness and ability to protect its participants or clients from losses. As part of the assessment, the scope and quality of the depository’s services are reviewed. The assessments are on a consistent global scale, using the familiar AAA to C grading scale. Once the grading is assigned, there is an ongoing surveillance process to monitor the depository.

Thomas Murray maintains proprietary assessments of over 140 CSDs globally as part of the Thomas Murray Depository Risk Assessment services.

The full Thomas Murray report is available to interested parties upon request.

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Reference information:

AIX was formed in 2017 within the Astana International Financial Centre development framework. AIX shareholders are AIFC, Goldman Sachs, the Shanghai stock exchange, the Silk Road Fund, and NASDAQ, which also provides the AIX trading platform. The exchange operates within a regulatory environment based on the principles of English Law, thus providing a reliable investment environment. The mission of AIX is to develop an active capital market in Kazakhstan and the region by providing clear and favourable conditions for attracting financing to private and public businesses. AIX develops special segments for mining companies as well as infrastructure projects under the Belt and Road initiative. More details:

Thomas Murray is a specialist custody risk assessment, risk management and research firm specialising in the global securities services industry. Thomas Murray was established in 1994. The company monitors and analyses over 320 custodians globally and evaluates the risk of over 140 CSDs, 30 CCPs and over 90 capital market infrastructures. The company has a strong position as a provider of public and private risk assessments on global custodians, domestic custodian banks and capital market infrastructures. 

AIX CSD. Astana International Exchange Central Securities Depository Limited (AIX CSD) is a private company incorporated under the Acting law of the AIFC responsible for daily cash and securities settlement and depositary activities. AIX CSD holds a commercial licence from the Registrar of Companies of the Astana Financial Services Authority (AFSA). AFSA, where AIX CSD is incorporated, also acts as the AIX CSD’s Regulator. AIX CSD is solely owned by AIX.