Today, an international round table was held on the topic “The Law on the Capital Market: A New Step Towards Accelerating the Development of the Capital Market of the Republic of Uzbekistan.”
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 round table brought together representatives of government bodies, international financial institutions, the expert community, and capital market infrastructure. Participants discussed the key areas of market development under the new law.
The discussions focused on:
- the introduction of new financial instruments, including sukuk, derivatives, securitized bonds, and covered bonds;
- strengthening mechanisms for protecting investors’ rights;
- developing the central counterparty institution, custody services, and other modern market institutions;
- expanding opportunities for domestic issuers to access international capital markets;
- integrating Uzbekistan’s capital market into the international financial infrastructure.
During a dedicated session, Fayzulla Tashov, Acting Chairman of the Management Board of the Republican Stock Exchange “Toshkent,” delivered a presentation outlining approaches to integrating the capital market into the international financial system and developing new instruments on the Exchange.
In particular, dual listing is being considered as one of the mechanisms for expanding cross-border access to capital between domestic and international markets. It can help issuers broaden their investor base and attract additional sources of capital, while giving investors greater access to foreign financial instruments.
The Exchange’s presentation also placed particular emphasis on derivative financial instruments, including futures and options, their trading and clearing mechanisms, as well as the model for the issuance and circulation of sukuk.
The adoption of the new law is expected to expand the legal framework for introducing modern financial instruments and institutions and contribute to greater investment opportunities, higher liquidity, and deeper international integration of Uzbekistan’s capital market.