What makes a great stock exchange? A commitment to helping SMEs raise capital, the embrace of new technology and instruments, and maybe a demonstrated commitment to ESG? The Kazakhstan Stock Exchange (KASE) does all of this and more. Formed in 1993, KASE is now the second largest exchange in the CIS region and fifth largest among members of the Federation of Euro-Asian Stock Exchanges. Trading volume grew 43 percent in 2021 and it now has a market capitalisation of $66.6bn. KASE has 15 different financial instruments across its derivatives, forex, money market, and securities exchanges. The money market dominates in terms of trading volume with a total value of $358bn. In addition to corporate and government bonds, it has 23 bond issues from 15 microfinance organisations. It also has two funding project schemes for SMEs and has established minimum listing fees for SMEs. In November, it launched KASE global which allows participants to trade in selected shares from the NASDQ and NYSE. KASE is to be particularly commended on its progress in ESG financing. It joined the UN Sustainable Exchange Initiative in 2015, upgraded its ESG methodology with the IFC in 2018, issued green ADB bonds in 2020, developed an ESG Information disclosure methodology in 2021, and has introduced social bonds. The CFI.co judging panel is pleased to award the Kazakhstan Stock Exchange with the 2022 award for Best Stock Exchange (Central Asia).