The Roundtable on the Development of Capital Market Infrastructure

On May 26 of this year, the Ministry of Finance held a regular round table on the development of capital market infrastructure.

At this meeting, organized in the form of an exchange of views, presentations were made by consultants of the US Treasury – Emmitt Summers and Thomas Lanier, consultant of the European Bank for Reconstruction and Development Paul Lee, heads of the National Association of Investment Institutions, the Republican Stock Exchange “Tashkent”, JSC “Republican Currency Exchange of Uzbekistan”, the Central Securities Depository, investment consultant “AbrauCapital” and the management of the company “Avesta Investment Group”.

The participants of the event exchanged views on the problems that have accumulated over the past years in the capital market infrastructure, and ways to solve them. In particular, the lack of backup servers and the data processing center of the State Unitary Enterprise of the information and resource center of the stock market, non-compliance with the requirements of existing servers and software, the lack of open accounts of the Central Securities Depository in the Central Bank, the lack of integration of trading platforms of the stock and currency exchanges, and 98% of all trades do not pass through the stock exchange.

In this regard, it was noted that the Ministry of Finance, together with the participants of the capital market, is carrying out a number of works to positively solve the above problems.

Also, the Ministry of Finance, together with international experts, is studying international experience and analyzing the available opportunities for upgrading the center's servers and software, as well as implementing mutual integration of trading platforms of stock and currency exchanges.
In accordance with the Decree of the President of the Republic of Uzbekistan dated April 13, 2021 No. UP-6207, until November 1 of this year, the transfer of accounts of the Central Securities Depository to the Central Bank is provided. The Ministry of Finance is conducting appropriate work with the Central Bank and organizations on this issue.

During the round table, which was held in the form of an open dialogue, participants and representatives of commercial banks received comprehensive answers to their questions.

At the end of the event, it was once again emphasized that the Ministry of Finance will continue to actively cooperate with international financial organizations, foreign investors, brokers, experts and other specialists in order to develop the capital market infrastructure and attract more foreign and local investments to the capital market.

Also, taking into account the relevance and importance of the issue of capital market infrastructure development, the participants of the event agreed that the June round table will be devoted to this topic.

Information Service

Ministry of Finance