Cambodia Securities Exchange
Cambodia's national securities exchange and principal organized marketplace for publicly traded securities.
Last updated August 22, 2026
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Overview
The Cambodia Securities Exchange (CSX) is Cambodia's national stock exchange and a central institution in the country's developing capital market. Headquartered in Canadia Tower in Phnom Penh, it provides an organized venue through which companies can raise capital, investors can trade listed securities, and ownership and investment funds can be allocated through market mechanisms. Its activities support the broader policy objective of expanding Cambodia's securities infrastructure and reducing reliance on bank-centered financing. The exchange was created through cooperation between Cambodia's Ministry of Economy and Finance (MEF) and Korea Exchange (KRX). The two institutions began formal discussions in 2006, when they signed a memorandum concerning the development of Cambodia's securities market. Further government-backed conferences and agreements followed as Cambodia worked to establish the legal, technical, and institutional foundations required for an exchange. A joint-venture agreement was signed in March 2009, and the Cambodia Securities Exchange Co., Ltd. was incorporated on 23 February 2010. The ownership structure described in reference material gave the MEF a 55 percent share of registered capital and KRX the remaining 45 percent. CSX received regulatory approval from the Securities and Exchange Commission of Cambodia in February 2011 to operate as a market operator, clearing and settlement facility, and depository operator. It was formally inaugurated in July 2011. Trading began on 18 April 2012, when the Phnom Penh Water Supply Authority became the first company to list domestically. The initial public offering attracted demand exceeding the number of shares available, and the stock rose sharply on its first trading day. This listing marked the operational launch of Cambodia's public-equity market. The exchange subsequently broadened its listed-company base. Grand Twins International, a Taiwanese-owned garment manufacturer operating in Cambodia, began trading in June 2014. By 2019, the listed-equity roster identified in reference material included Phnom Penh Water Supply Authority, Grand Twins International, Phnom Penh Autonomous Port, Phnom Penh Special Economic Zone, and Sihanoukville Autonomous Port. CSX also recorded corporate-bond listings by Hattha Kaksekar Limited in 2018 and LOLC Cambodia in 2019. The exchange has therefore served both equity and debt-market functions, although its listed universe remains comparatively small relative to larger regional exchanges. CSX maintains the CSX Index, whose base value was set at 1,000 points on 18 April 2012. Its operating structure includes administration and finance, information technology, listing and disclosure, market operations, clearing and settlement, and depository functions. Trading is conducted on business days other than public holidays, with scheduled auction and continuous-auction sessions. Settlement between exchange members and CSX is supported by participating banks, while securities traded on the exchange are held through the CSX depository arrangement. The exchange's strategic significance extends beyond the number of listed securities. It provides a regulated platform for public offerings, disclosure, secondary trading, clearing, settlement, and custody, while also helping Cambodian issuers develop governance and reporting practices associated with public-company status. Its establishment reflects a long-term state effort to build domestic capital-market capacity with technical and institutional support from Korea Exchange. The available reference material does not establish a current market-size ranking, current executive roster, or a complete up-to-date list of listed and prospective issuers, so those matters require verification against current CSX and regulatory publications.
History
The institutional history of the Cambodia Securities Exchange began with Cambodia's effort to create a domestic securities market. In November 2006, the Ministry of Economy and Finance and Korea Exchange signed a memorandum aimed at developing the country's securities-market infrastructure. The initiative was followed by an international conference in 2007 that promoted the Cambodia Securities Market project and built public and institutional awareness around the planned exchange. A further memorandum concerning the establishment of a Cambodia Securities Exchange was signed in January 2008. The partnership moved from planning to implementation in March 2009, when the Royal Government of Cambodia, represented by the Ministry of Economy and Finance, and Korea Exchange entered into a joint-venture agreement to establish an exchange. The Cambodia Securities Exchange Co., Ltd. was registered as a public enterprise on 23 February 2010. The ownership arrangement described in the available reference material allocated 55 percent of registered capital to the Ministry of Economy and Finance and 45 percent to Korea Exchange, making the project both a national public-policy initiative and an international technical partnership. Regulatory and operational preparation continued during 2010 and 2011. On 28 February 2011, the Securities and Exchange Commission of Cambodia approved CSX to act as market operator, clearing and settlement facility, and depository operator. The exchange was inaugurated on 11 July 2011 by Deputy Prime Minister and Minister of Economy and Finance Keat Chhon. These approvals and the inauguration established the institutional basis for a fully organized securities market rather than an informal trading venue. CSX commenced securities trading on 18 April 2012. Phnom Penh Water Supply Authority became the first domestically listed company. Its shares gained 48 percent on the first trading day after investors submitted demand reported as more than ten times the number of shares offered. The launch also established the base date and starting level of the CSX Index, which began at 1,000 points. The exchange's second listed equity was Grand Twins International, a Taiwanese garment manufacturer, which started trading on 16 June 2014. The listed-company base later expanded to include Phnom Penh Autonomous Port, Phnom Penh Special Economic Zone, and Sihanoukville Autonomous Port. Reference material identifying the market as of 2019 records five listed stocks in total. CSX also developed a bond segment: Hattha Kaksekar Limited listed a corporate bond in 2018, followed by LOLC Cambodia in 2019. Operationally, CSX combines several functions normally distributed among separate market institutions. Its departments cover administration and finance, information technology, listing and disclosure, market operations, clearing and settlement, and depository activities. Trading is conducted from Monday to Friday except public holidays, with morning sessions incorporating single-price and continuous multiple-price auction mechanisms. Settlement between CSX and its members is carried out through participating banks, identified in the reference material as ACLEDA Bank, Canadia Bank, and BIDC. Securities listed and traded on the exchange are deposited through CSX's depository system. The exchange's development has been gradual, reflecting the early stage of Cambodia's organized capital market. Its historical importance lies not only in the securities it lists but also in the financial infrastructure, disclosure standards, trading procedures, custody arrangements, and public-issuer practices it has helped establish. The available material does not provide a sufficiently current account of CSX's complete issuer roster, present ownership changes, market capitalization, or current management, so those areas should be checked against the exchange's latest official disclosures.
- 2019
LOLC Cambodia corporate bond listing
[1]LOLC Cambodia listed a corporate bond, adding to CSX's debt-market activity.
- 2018
First referenced corporate-bond listing
[1]Hattha Kaksekar Limited listed a corporate bond on CSX.
- 2014
Grand Twins International begins trading
[1]Grand Twins International became the second listed equity and began trading on 16 June.
- 2012
First equity listing and launch of the CSX Index
[1]Phnom Penh Water Supply Authority became the first domestically listed company on 18 April, the date also used for the CSX Index's 1,000-point base.
- 2011
Regulatory approval and inauguration
[1]CSX received approval to operate as market operator, clearing and settlement facility, and depository operator in February, then was inaugurated in July.
- 2010
CSX incorporated
[1]The Cambodia Securities Exchange was registered as a public enterprise on 23 February.
- 2009
Joint-venture agreement signed
[1]The Royal Government of Cambodia and Korea Exchange signed the agreement that advanced creation of the exchange.
- 2008
Memorandum on establishing the exchange
[1]MEF and KRX signed a memorandum specifically concerning the establishment of a Cambodia Securities Exchange.
- 2007
International conference promotes the Cambodia Securities Market project
[1]An international conference promoted the proposed securities-market project and the future establishment of an exchange.
- 2006
Initial MEF–KRX securities-market memorandum
[1]Cambodia's Ministry of Economy and Finance and Korea Exchange signed a memorandum to cooperate on developing the Cambodian securities market.
Products and positioning
A government-backed national capital-market infrastructure provider designed to expand public financing and organized securities trading in Cambodia, with technical partnership from Korea Exchange.
Listed equity securities · 2012
Equity market
CSX provides listing and secondary-trading infrastructure for companies that offer shares to public investors. The market's early listed issuers included Phnom Penh Water Supply Authority, Grand Twins International, Phnom Penh Autonomous Port, Phnom Penh Special Economic Zone, and Sihanoukville Autonomous Port. Services encompass issuer listing, disclosure, order execution, market operations, clearing, settlement, and custody-related processes.
Debt securities · 2018
Corporate bonds
CSX supports the listing and trading of corporate debt instruments. Reference material records bond listings by Hattha Kaksekar Limited in 2018 and LOLC Cambodia in 2019, demonstrating the exchange's role in extending Cambodia's formal capital market beyond common shares.
Market index · 2012
CSX Index
The CSX Index is the exchange's principal equity-market benchmark. It was established with a base value of 1,000 points on 18 April 2012, the date Cambodia's first domestically listed company began trading.
Post-trade infrastructure · 2011
Clearing, settlement, and depository services
CSX operates or coordinates core post-trade functions for securities listed on the exchange. It was approved to act as a clearing and settlement facility and depository operator, and its procedures use participating banks for settlement while securities are deposited through the CSX system.
Brand decisions
2018
Expansion into corporate-bond listingsProduct launchBackground
CSX's development included an effort to provide Cambodian issuers with debt-market access in addition to equity listings.
Action taken
Hattha Kaksekar Limited listed a corporate bond on the exchange.
Aftermath
The listing was followed by a corporate-bond listing from LOLC Cambodia in 2019.
2012
Launch of organized equity tradingProduct launchBackground
Following its incorporation, regulatory authorization, and formal inauguration, CSX needed a first issuer to begin public-market operations.
Action taken
Phnom Penh Water Supply Authority became the first domestically listed company and began trading on 18 April.
Aftermath
The first-day share price increased 48 percent, while reported investor demand exceeded the available offering by more than ten times.
2009
Creation of a government–KRX joint ventureStrategyBackground
Cambodia sought to establish a domestic securities exchange as part of a broader effort to develop capital-market infrastructure.
Action taken
The Royal Government of Cambodia, through the Ministry of Economy and Finance, entered into a joint-venture agreement with Korea Exchange.
Aftermath
The agreement led to incorporation of CSX in 2010, regulatory approval in 2011, and the start of trading in 2012.
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