Development of the Capital Market

Uzbekistan Securities Market: Problems and Challenges


     Relevance of the Issue
     The level of securities market development is determined by several quantitative and qualitative indicators, the main being the capitalization of the stock market, the ratio of debt on securities to GDP, the presence and the level of development of derivative financial instruments market, the number and the reliability of financial institutions, the effectiveness of the securities market regulation system (including the availability of adequate legislation).
     According to the analysis based on official data, as of January 1, 2018, the ratio between financial assets (i.e. the amount of capitalization of the stock market, bonds in circulation and bank loans in the economy) and GDP in Uzbekistan was 36% and turned out to be one of the lowest in the CIS, specifically due to the underdevelopment of securities market, since the capitalization of the market of corporate securities (shares and bonds) in Uzbekistan does not exceed even 4% in relation to GDP.
     In this article we will try to assess the level of development of institutional and legal infrastructure of stock market, shares markets, bonds, derivatives; to develop appropriate recommendations to ensure further development of the financial market of Uzbekistan.
     Institutional and Legal Infrastructure of the Stock Market: The Need for Transformation
     As you know, the Center for Coordination and Development of Securities Market, the State Enterprise “Central Securities Depository” and the Republican Stock Exchange “Tashkent” are under the authority of the State Competition Committee of the Republic of Uzbekistan. The excessive regulation of securities market by the government prevents its development. There is a conflict of interests between the State Competition Committee, whose interests include coordination of management of government’s blocks of shares in joint stock companies, and the Сenter for Coordination and Development of Securities Market, which is under the authority of the State Competition Committee, responsible to ensure the development of securities market.


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