The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has detailed proposals in the draft 2026-2030 Capital Market Development Program to increase over-the-counter trade transparency and introduce a uniform, verifiable best execution standard for client orders. Developed with the National Bank, market participants and experts, the measures advance the broader effort to modernize Kazakhstan’s capital market framework. Core price, volume, execution time and venue data for OTC transactions would be disclosed through a centralized reporting system and combined with exchange data in a single collection, processing and publication system. Publication timing would depend on instrument liquidity and transaction size, with data on liquid instruments released shortly after execution and deferred reporting available for large and block trades to limit risks to participants holding substantial positions. Professional participants would be required to seek the most favorable overall result for clients, considering price, costs, available volume, speed and likelihood of execution, and settlement reliability across exchange and OTC venues. They would publish and periodically review best execution policies, document decisions and provide evidence of compliance when requested by clients or the agency. Oversight would be divided among professional participants, trading organizers and the agency, with a transition period for adapting internal processes and information systems.

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