Settlement process - Kazakhstan


Settlement cycles

The standard settlement cycle is T+0 for OTC fixed income. Counterparties can also negotiate up to T+3. 

Settlement flows

Standard securities transfer – Government bonds and short term notes - free of payment

T+0Customer trades with counterparty.
(up to T+3)

Customer sends MT54X to CBL.

CBL routes MT54X to custodian.

CBL’s custodian matches and settles instructions in the respective clearing institution.

T+0 (up to T+3)

CBL’s custodian sends the confirmation back to CBL.

CBL settles the trades.


There is no registration of securities in Kazakhstan as a separate process; an automatic and simultaneous registration process instead applies upon the purchase or sale of securities.

Physical securities

Securities are fully dematerialised.

Stamp duty

No stamp duty applies to the Kazakh market.


No penalties apply to the Kazakh market.


Buy-ins do not apply to the Kazakh market.