AFSA Launches Consultation on Proposed Designation of Clearing Participation Certificates as Qualified Investment

The Astana Financial Services Authority (AFSA) has opened a consultation on the proposed designation of Clearing Participation Certificates (CPCs) to be issued by International Trading System Limited (ITS) as a Qualified Investment under the AIFC Multilateral and Organised Trading Facilities Rules (MOTF). 

The proposed designation would enable CPCs to be admitted for trading on ITS’s Multilateral Trading Facility (MTF) and support the development of a more efficient liquidity management framework within the Astana International Financial Centre (AIFC). CPCs are intended to serve as standardised collateral instruments for repo transactions, allowing market participants to optimise the use of eligible assets and enhance liquidity within the clearing ecosystem. 

CPCs represent participation in a segregated collateral pool maintained by ITS’s Central Counterparty (CCP), consisting of eligible assets contributed by clearing members. The instrument is designed to facilitate secured funding arrangements through a centralised and regulated infrastructure, while maintaining appropriate safeguards through collateral eligibility requirements, daily valuation, margining arrangements, and risk management controls. 

AFSA’s assessment considers the potential economic benefits of CPCs, including improved collateral mobility, enhanced netting efficiency, and support for the development of the AIFC money market segment. The proposed framework also includes measures to mitigate identified risks, including liquidity, market, credit, operational, and collateral adequacy risks. 

The proposed designation would be subject to specific conditions along with requirements for ITS to maintain appropriate governance, operational arrangements, and enhanced transparency obligations. 

AFSA invites market participants, investors, and other interested stakeholders to review the Consultation Paper and submit their comments by 13 August 2026 by e-mailing to [email protected]. All responses will be carefully considered before AFSA makes a final decision on the proposed designation. 

Reference: 

The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), established in accordance with the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Centre” for the purposes of regulating financial services and related activities in the AIFC. AFSA administers the AIFC Regulations and Rules and is responsible for the authorisation, registration, recognition, and supervision of financial firms and market institutions in the AIFC. afsa.kz 

The Astana International Financial Centre (AIFC) is an independent jurisdiction where investors and businesses meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz 

Public Relations and Communications Division of AFSA, [email protected]