Financier №2 (42) 2026

Olivier, tell us how you got involved in exchanges?

I studied law, but then I started working in the stock market in Paris. To date, I’ve been in this field for 37 years. Over the years, I’ve managed to launch several trading venues from scratch. Projects I’ve been involved in include the derivatives market in Sydney, the Boston Options Exchange, Turquoise in London, and AIX in Astana. After launch, I managed their operational activities.

You’ve worked in financial markets across various countries, from France to Qatar. How has the culture of investing changed globally over the past 30 years?

It has changed both geographically and in terms of the diversity of assets available to investors. Today, you can trade ETFs on virtually all asset classes, gain instant access to international stocks, and trade around the clock. This level of choice for retail investors was unimaginable three decades ago.

What prompted you to work in Kazakhstan?

After seven years in Qatar, I wanted a new challenge that would take me out of my comfort zone. I’ve always been attracted to Central Asia, and I was convinced that this region was the next frontier for capital markets development and economic growth. Moving to Kazakhstan was probably the best decision of my career.

If we compare investors from the 1990s with today’s investors, what’s the main difference in their mindset and risk appetite?

Today, retail investors have instant access to a wealth of reliable information sources, which makes decision‑making easier. Information that was available only to professionals 20 years ago is now open to everyone: analytics, historical data, real‑time market quotes, and news. Financial institutions are now required to disclose all product risks. Anyone can now set up their own trading station at home or trade via a smartphone. Online banking allows transferring funds to a brokerage account on the same day, making investments faster and more convenient.

How do the millennial generation and the following Gen Z differ from their predecessors in their approach to investment activities?

Millennials and Gen Z trade a broader range of assets, including those that simply didn’t exist 10 years ago: cryptocurrencies, digital assets, and CFDs. They’re also more focused on ESG investments, especially in environmental projects and renewable energy. I believe tokenised instruments will become increasingly popular, as younger investors find it easier to embrace digital securities.

How is the role of stock exchanges changing in the new investment landscape? Are markets becoming more accessible to retail investors?

In emerging markets like Kazakhstan, retail investors drive the majority of trading activity. Therefore, exchanges must provide a high level of service and simplify market access, including participation in IPOs. More than 20% of Kazakhstan’s working population have an account with the AIX CSD. At the same time, financial intermediaries — primarily brokers — still play a key role in connecting investors with the market.

What advice would you give to a young, novice investor?

Don’t try to make a quick buck. Conduct your own research and invest for the long term, preferably in regulated markets and primarily in equities, including Kazakhstani stocks, as well as instruments like ETFs.

Don’t put all your eggs in one basket. History shows that long‑term equity investments deliver results despite short‑term volatility; and steer clear of high‑risk assets and unregulated brokers — otherwise you’ll get burned. Invest wisely — then you’ll enjoy the process.