Primary dealers in Government securities of the Ministry of Finance of Kazakhstan
The primary dealer institution is a system of interaction between the Ministry of Finance of the Republic of Kazakhstan and leading participants of the government securities market, where the selected banks assume expanded obligations to participate in primary auctions and maintain quotations in the secondary market.
Primary dealers act as key market-makers in the government securities market: they ensure stable demand at the Ministry of Finance's auctions and continuously post two-way quotations for a specified list of securities.
The primary dealer institution was launched in May 2026.
Primary dealers
Bank CenterCredit
Contact detailsAdlet Ussenov
Adlet.Ussenov@bcc.kz+7 708 852 43 31
Eurasian Bank
Contact detailsMaksat Utemisov
Maksat.utemisov@eubank.kz+7 701 411 14 14
Shynggys Malimbay
Shyngys.malimbay@eubank.kz+7 701 777 4079
Kaspi Bank
Contact detailsDair Dostanov
Treasury@kaspi.kz+7 702 227 26 47
Orken Moldaliyev
Treasury@kaspi.kz+7 701 719 29 15
ForteBank
Contact detailsFerzane Kydyrbek
Treasury@fortebank.com+7 701 737 35 55
Ayan Shaimukhambetov
Treasury@fortebank.com+7 717 258 75 75 (ext. 11481)
Halyk Bank
Contact detailsYakub Beisembetov
Yakubbe@halykbank.kz+7 777 261 61 27
Gauhar Sabitova
Gauhars2@halykbank.kz+7 702 596 10 10
The main objectives of the primary dealer system
Increasing the attractiveness of the government securities market of the Republic of Kazakhstan for domestic and foreign investors
Improving the effectiveness of government securities placement
Development of a liquid secondary market for government securities
Improving the quality of market pricing
Expanding the circle of investors
Obligations of primary dealers
In the primary market
Participate at least in 75% of auctions for placement of government securities of the Ministry of Finance of the Republic of Kazakhstan
Acquire at least 60% of the announced placement volume during each two-month reporting period
In the secondary market
Maintain two-way quotations for government securities included in the mandatory quotation list
Post quotations on the KASE and Bloomberg E-Bond trading platforms
Ensure availability of quotations for at least five hours during each trading day
Maintain a minimum quotations volume of 500 mln tenge for purchase and sale
Comply with requirements for minimum trading activity in the secondary market