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.
