CMA and the National Bank of the Kyrgyz Republic Launch Next Phase of Automated Trading System Transformation
February 23, 2026
Stockholm, Sweden / Bishkek, Kyrgyz Republic — CMA Small Systems AB announces the launch of the next phase of transformation of the Automated Trading System (ATS) at the National Bank of the Kyrgyz Republic.
Originally delivered by CMA more than a decade ago, the ATS platform was and remains a unique national financial market infrastructure project. It was designed as a fully integrated solution combining trading, depository, foreign exchange, and monetary policy instruments within a single centralized system. Comparable unified architectures operating under one institutional framework are rare internationally. For over ten years, the platform has served as the backbone of Kyrgyzstan’s securities market, foreign exchange operations, and monetary market instruments, supporting the country’s evolving financial ecosystem with stability and operational continuity.
Strategic Evolution of a Proven National Platform
The new phase represents a strategic evolution rather than a system replacement. Building on a proven foundation, the transformation expands the functional scope of the ATS, modernizes its architecture, and prepares the platform for the next decade of market development. Key elements of the transformation include:
Modernized High-Performance Core
The enhanced architecture will support expanded unified trading and depository operations across government securities, NBKR notes, secondary market instruments, and newly enabled Islamic finance instruments within a single integrated environment.
Interoperability and Global Standards Alignment
The upgraded platform incorporates an API-first architecture designed to support interoperability and integration with external depositories and financial infrastructures. Alignment with international messaging standards, including ISO 20022 readiness, ensures the system remains compatible with global market practices and cross-border connectivity requirements.
Expanded Instrument Coverage
The system’s scope is extended to support precious metals trading and derivative instruments, alongside enhanced foreign exchange functionality including auctions, swaps, and advanced bilateral trading models.
Cognitive Infrastructure and Process Optimization
The transformation enables the introduction of advanced analytical and automation capabilities. API-driven architecture and machine learning components may be applied to optimize liquidity, collateral, and settlement processes, supporting monetary instruments such as intraday and overnight credits, repos, term facilities, credit auctions, and Shariah-compliant facilities.
Long-Term Partnership and Continuity
Bulat Nizamov, Director of Capital Markets Products at CMA, stated: “This platform was originally designed as an integrated market infrastructure rather than a collection of separate systems. In this new phase, we are enhancing its architecture and expanding its capabilities to support new instruments while preserving the stability of the national core. By incorporating experience from our latest global deployments, we are ensuring that the NBKR’s infrastructure is structurally prepared for future growth.”
Maxim Neshcheret, Regional Director at CMA, added: “This project reflects long-term partnership and continuity. Instead of restarting from zero, we are building on a strong and proven foundation. Together with the National Bank, we are ensuring that Kyrgyzstan’s financial market infrastructure remains resilient, adaptable, and aligned with international standards.”
Strengthening National Financial Infrastructure
The Automated Trading System of the National Bank of the Kyrgyz Republic remains a centralized financial platform specifically designed for the Kyrgyz financial ecosystem and continuously evolving together with it. The launch of this next phase reinforces the commitment of both institutions to strengthening and modernizing national financial market infrastructure in line with global best practices.
