KCSD has a new chief executive. Starting September 1, 2026, Ivan Serdyuk has been appointed Chairman of the Management Board of Central Securities Depository JSC (KCSD), bringing 18 years of experience across central banking, foreign exchange markets, government securities and international financial infrastructure, DKNews.kz reports.
In his new role, Serdyuk will focus on developing the Central Securities Depository as a key institution within Kazakhstan’s financial infrastructure, improving services for market participants, implementing international standards and further integrating Kazakhstan’s capital market into the global financial system.
17 years at the National Bank: from economist to deputy director
A major part of Serdyuk’s career was spent at the National Bank of the Republic of Kazakhstan.
From 2007 to 2024, he progressed from economist and dealer to Deputy Director of the Monetary Operations Department. His responsibilities included international reserves management, the development and implementation of monetary policy instruments, bullion and banknote operations and the development of the government securities market.
That background closely matches the role KCSD plays in Kazakhstan’s financial system. The Central Securities Depository sits at the core of the country’s securities infrastructure, supporting the safekeeping, accounting and settlement of financial instruments.
The institution has grown significantly in recent years. According to KCSD’s 2025 results, the nominal value of financial instruments held in its system reached KZT 195.8 trillion, while the number of brokerage accounts increased to 5.06 million.
Clearstream, Euroclear and the J.P. Morgan GBI-EM initiative
One of the most relevant parts of Serdyuk’s background is his involvement in connecting Kazakhstan’s financial market with global infrastructure.
He contributed to the development of a risk-free yield curve, the establishment of a primary dealer system, efforts to increase liquidity in the secondary market for government securities and measures aimed at improving international investors’ access to Kazakhstan.
Serdyuk also participated in integrating the domestic market with Clearstream and Euroclear international securities settlement systems and contributed to the initiative to include Kazakhstan’s government securities in the J.P. Morgan GBI-EM Index.
We previously examined how Kazakhstan’s Central Securities Depository connects the domestic market with Euroclear, Clearstream and other global financial institutions. These links help reduce infrastructure barriers for cross-border transactions and international investors.
For Kazakhstan, the broader goal is clear: make local financial instruments easier to access, settle and understand for global capital.
Serdyuk already knows KCSD from the inside
The new chairman is not coming to the Central Securities Depository as an outsider.
From 2021 to 2024, Serdyuk served on KCSD’s Strategy Committee. In 2025–2026, he worked as Advisor to the Chairman of the Management Board of KCSD.
During that period, he also contributed to the preparation of the Bond Market Guide for Kazakhstan together with the Asian Development Bank and key participants in Kazakhstan’s financial market.
His corporate governance experience also extends to Kazakhstan Stock Exchange.
In 2019–2020, Serdyuk was a member of the Board of Directors and Strategy Committee of Kazakhstan Stock Exchange JSC (KASE). Since February 2024, he has also served on the Board of Directors of KASE Clearing Centre JSC.
From Valor Capital to the top job at KCSD
Immediately before his appointment, Serdyuk was a member of the Board of Directors and Chief Investment Officer of Valor Capital Ltd., an investment company registered with the Astana International Financial Centre.
His professional background therefore combines several sides of the financial market: central banking, foreign exchange and money markets, government debt, stock-market infrastructure and private investment management.
That combination comes at a time when KCSD itself is expanding beyond the traditional role of a securities depository.
The institution has been developing international market access, digital services and infrastructure for new asset classes. KCSD has described this transformation in its own overview of how the role of the Central Securities Depository is changing from securities accounting to digital assets and broader financial infrastructure.
International connectivity is becoming a larger part of KCSD’s role
KCSD has already been expanding its direct links with foreign markets.
In April 2026, the depository opened a custody account with First Abu Dhabi Bank, creating infrastructure access for Kazakh investors to markets including the UAE, Saudi Arabia, Oman, Kuwait, Bahrain and Egypt.
We previously reported on how this mechanism gives Kazakhstan investors more direct access to Middle Eastern markets.
For the new chairman, this means the task goes beyond maintaining the existing settlement and custody system. KCSD is increasingly expected to serve as a bridge between Kazakhstan’s domestic capital market and major international financial centers.
Finance education in Kazakhstan and the United States
Serdyuk graduated from the International Academy of Business with a degree in Finance and Banking.
He also holds an Executive MBA from Nazarbayev University and a Graduate Certificate in Global Management from Duke University’s Fuqua School of Business.
His professional awards include the “Honored Employee of the National Bank of Kazakhstan” badge, as well as the “20 Years of Tenge”, “30 Years of Independence of the Republic of Kazakhstan” and “For Distinguished Labour” medals.
Serdyuk succeeds Edil Medeu
The leadership change at KCSD became public shortly before the appointment.
We previously reported that Edil Medeu would step down from the Central Securities Depository on September 1. At the time, the name of his successor had not yet been announced.
That question has now been resolved.
Serdyuk’s mandate is defined around international standards, stronger market services and deeper integration of Kazakhstan’s capital market with the global financial system.
For KCSD, the next stage will be measured not only by the number of accounts or the value of assets in custody, but also by how easily Kazakhstan-based and international investors can operate through the country’s financial infrastructure.
