BAKU, Azerbaijan, October 5. Uzbekistan, the
International Finance Corporation (IFC) and the United Nations
Development Programme (UNDP) discussed the country’s new capital
market law and measures to expand financial instruments, strengthen
investor protection, and deepen integration with financial markets
at today's roundtable in Tashkent.
This was reflected in the statement by the Republican Stock
Exchange Tashkent, following an international roundtable titled
“The Law on the Capital Market: A New Step Towards Accelerating the
Development of the Capital Market of the Republic of Uzbekistan”
held in Tashkent on Oct. 5. The event was organized by the National
Agency for Perspective Projects in cooperation with the
International Finance Corporation (IFC) and the United Nations
Development Programme (UNDP).
The event brought together representatives of government
agencies, international financial institutions, experts and capital
market infrastructure organizations to discuss key areas of market
development under the new legislation.
The discussions focused on introducing new financial
instruments, including sukuk, derivatives, securitized bonds and
covered bonds, as well as strengthening mechanisms to protect
investors’ rights.
Participants also examined the development of the central
counterparty institution, custody services and other modern market
infrastructure, along with measures to expand domestic issuers’
access to international capital markets.
During a dedicated session, Fayzulla Tashov, Acting Chairman of
the Management Board of the Republican Stock Exchange Tashkent,
presented approaches to integrating Uzbekistan’s capital market
into the international financial system and expanding the range of
instruments traded on the exchange.
“Dual listing can help issuers broaden their investor base and
attract additional sources of capital, while giving investors
greater access to foreign financial instruments,” Tashov said.
Additionally, the presentation highlighted the potential
development of derivative instruments, including futures and
options, as well as related trading and clearing mechanisms. The
model for issuing and circulating sukuk was also discussed.
The new law is expected to strengthen the legal framework for
introducing modern financial instruments and institutions, creating
opportunities to increase investment, improve market liquidity, and
deepen the international integration of Uzbekistan’s capital
market.
