Kazakhstan’s key market infrastructure is entering a leadership transition.
Yedil Medeu will complete his work at Central Securities Depository JSC (KCSD) on September 1, 2026, after more than five years on the company’s Management Board. He had headed the Central Securities Depository since March 2025, DKNews.kz reports.
His departure comes after a period in which KCSD expanded its international network, increased its client base, automated core recordkeeping and clearing processes, and moved into new areas including custodial and crypto-custodial services.
Assets and brokerage accounts grew during Medeu’s tenure
Yedil Medeu joined KCSD in June 2021 as Deputy Chairman of the Management Board. His responsibilities covered strategy and business development, depository operations, risk management, international cooperation and communications.
By the end of the first half of 2026, compared with the beginning of 2025:
- assets under custody in local instruments, excluding government shareholdings, increased by 45%;
- assets under custody in foreign instruments rose by 16%;
- the number of brokerage accounts in KCSD’s recordkeeping system reached 5.6 million.
The growth in brokerage accounts reflects a broader shift in Kazakhstan’s investment market. At the start of 2026, KCSD recorded 5.06 million brokerage accounts, with omnibus accounts becoming a major channel for retail investor participation.
Financial results strengthened as well. By the end of 2025, KCSD’s net profit exceeded KZT 2 billion for the first time, with a profit margin of approximately 20%.
Foreign securities and international clients expanded sharply
International integration was another major area of development.
Since the beginning of 2022, the number of foreign securities issues under depository services increased by 367%, reaching 1,584.
Over the same period, the number of financial institutions in KCSD’s client base rose by 141% to 128 institutions from 11 countries. Non-residents and Astana International Financial Centre participants accounted for more than 62% of the client base.
KCSD also expanded its direct inter-depository and correspondent relationships with global banks and depositories in:
- the United States;
- Gulf countries;
- Turkey;
- Azerbaijan;
- Armenia;
- Tajikistan.
This network gives KCSD clients broader opportunities to work with both domestic and foreign financial instruments.
One example came in 2026, when Kazakhstan’s investors gained direct infrastructure access to Middle Eastern securities markets through KCSD. The arrangement was designed to reduce the number of intermediaries and broaden the range of investment opportunities.
KCSD moved beyond traditional depository services
The transformation was not limited to geographical expansion.
KCSD continued automating its recordkeeping and clearing infrastructure while developing new business areas, including custodial and crypto-custodial services.
The depository also began developing services related to:
- qualified tax intermediary functions;
- collection of data on digital financial assets;
- maintenance of registers of digital financial asset holders;
- custodial services;
- crypto custody.
These changes are significant because KCSD sits at the core of Kazakhstan’s post-trade infrastructure. Its systems support securities recordkeeping and settlements, meaning technological changes at the depository can affect the broader operation and accessibility of the country’s capital market.
The institution’s transformation into a regional settlement hub has also been supported by regulatory changes aimed at allowing KCSD to work more extensively with AIFC participants and foreign counterparties.
Medeu: Projects expanded Kazakhstan’s capital market
Commenting on his departure, Yedil Medeu described his five years at KCSD as an important stage in his professional career.
«My time at KCSD has been an important professional milestone for me. Over the past five years, together with the team, we have implemented projects that have expanded the capabilities of Kazakhstan’s capital market and strengthened the Central Securities Depository’s international links and regional role. I thank the shareholders, the Board of Directors, my colleagues, and market participants for their trust and collaboration. I am confident that the team will continue to implement the strategy and develop KCSD’s services,» said Yedil Medeu.
KCSD thanked Medeu for his contribution to Kazakhstan’s financial market infrastructure, the depository’s international relations and the digitalization of its services.
The company said it will continue implementing its strategy and ongoing projects.
More than 17 years in Kazakhstan’s financial sector
Medeu has more than 17 years of professional experience in finance.
Before and during his career in the sector, he worked at several key financial regulatory institutions, including the Agency of the Republic of Kazakhstan on Regulation and Supervision of the Financial Market and Financial Institutions, the Committee for Control and Supervision of the Financial Market and Financial Organizations of the National Bank, the National Bank of Kazakhstan and the Agency for Regulation and Development of the Financial Market.
His appointment as Chairman of KCSD followed several years as Deputy Chairman. When the appointment was announced in April 2025, his responsibilities at the depository were described as including business operations, strategic development, risk management and international relations.
Why the leadership change matters
KCSD is a core element of Kazakhstan’s financial infrastructure. It provides centralized securities recordkeeping, settlement of transactions involving financial instruments and maintenance of securities holder registers.
Its role has expanded alongside Kazakhstan’s capital market.
By the end of 2025, domestic assets held in custody exceeded KZT 186.3 trillion, while foreign assets reached $10.7 billion. The depository has also been positioning itself as a potential bridge connecting investors in Central Asia with larger international markets.
The leadership transition therefore comes as KCSD moves from conventional securities infrastructure toward a broader model combining international market access, digital services, custody and emerging digital-asset infrastructure.
We previously reported on Yedil Medeu’s appointment as Chairman of the Central Securities Depository and the priorities set for KCSD under his leadership.
