JUNE 2013 - FEAS

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013
“TOSHKENT” REPUBLICAN STOCK EXCHANGE
Shahruh Hakimov
Chairman of the Executive Board
In 2013, it is estimated to conclude several
MOU with foreign stock exchanges, in
order to develop new financial instruments,
like swaps, warrants, options and futures.
“…only then can we say that privatization
process is gaining the real features, when
securities’ secondary market will start working,
when share quotation will be published in
a regular basis, when population will start
having taste and desire to become holders of
these shares and the shares themselves are
not simply featureless papers, but will indeed
become valuable and will be valued by their
holders as the one of their most important
sources of income”.
Introduction (outlook)
Securities market is one of the most important
elements of market economy, and the essential
institution of a market economy is a stock
exchange.
Republican Stock Exchange “Toshkent”- is a
organized and regularly functioning securities
market, where, together with other organizations
in securities market infrastructure (Central
depository, Settlement and Clearing House,
Secondary level depositary, brokerage offices),
all necessary conditions are established for free
access of all subjects of the stock market to
invest resources through activation of securities
transactions.
Today the stock exchange is an active
participant in the formation of national securities
market, the dynamic development of which is a
prerequisite for sustainable economic growth.
Through exchange trades various sectors of the
economy in the form of joint stock companies
created on the basis of privatized enterprises,
acquire real property owners and, thereafter,
significant funds for major restructuring and
modernization, and the newly established joint
stock companies - additional financial resources
for performing of their investment projects.
Joint stock companies of Uzbekistan by means
of realization of their own securities through
trading platforms of the Republican Stock
Exchange “Toshkent” has the opportunities
to attract practically unlimited investment
resources for their development of both internal
and external capital market.
Thereby, assessing the role of the Republican
Stock Exchange “Toshkent” in the formation of
the national securities market, we can surely
state that its creation has allowed for conducting
trades with exchange tools as accessible and
open to all potential investors as possible.
Future outlook
In the process of a gradual transition to a
market economy, as one of the most powerful
instruments of economic development, the
government pays special attention to the
modernization of the stock market of Uzbekistan
by the introduction of modern technologies,
methods, organization of exchange trading and
access of investors to the stock market.
Nowadays, the Republican Stock Exchange
is the main segment and a key element in the
stock market.
For further development of the stock market
of the country and of the Stock Exchange, the
Resolution of the President of the Republic
of Uzbekistan No:1727 from 19.03.2012
“On measures for further development of
the stock market”, according to which the
shareholders of the exchange included the
Korean Stock Exchange (KRX) and the four
largest commercial banks in the Republic
of Uzbekistan. Work has begun on the
implementation of the One software-hardware
complex, which supports operations on
the stock market by the most advanced
technologies in the “on-line”.
However, the Presidential Decree of 13.11.2012
No: UP-4483, provided for the development of
the stock market, especially in the secondary
securities market, stimulating the growth of
capitalization and profitability of corporations,
their active participation in exchange
transactions.
It should be noted that the introduction of a
single software and hardware complex, the
stock market will ensure the provision of a
range of services for listed companies, namely,
disclosure of information, monitoring of the
financial condition of the listed companies, IPO,
and circulation in the secondary market in order
to create the quoted cost, as well as attracting
investors placed (IPO) securities.
In 2013, it is estimated to conclude several
MOU with foreign stock exchanges, in order to
develop new financial instruments, like swaps,
warrants, options and futures
History
In accordance with the Decree of the President
of the Republic of Uzbekistan “On measures
to further deepen economic reform, protection
of private property and entrepreneurship» PD
No: -745 from January 21, 1994 initiated the
formation of the “Tashkent” Republican Stock
Exchange. The Republican Stock Exchange
“Tashkent” was established as an open joint
stock company. The activities of the Republican
Stock Exchange “Tashkent” regulated by law of
the Republic of Uzbekistan “On exchanges and
exchange activity”, “On the Securities Market”,
“On joint-stock companies and protection
of shareholders’ rights,” as well as relevant
regulations and legislation in the area of market
development securities.
Authorized fund of the “Tashkent” Republican
Stock Exchange is 45 bln. Sums or 17578125
ordinary registered shares with a nominal value
of 2,560 sums.
“Tashkent” RSE operates on the basis of
licenses for exchange activity No:RR 38-01 of
03/28/2003, the
Controls:
The General Meeting of Shareholders;
Supervisory Board;
Executive body (Management Board).
The highest governing body is the general
meeting of shareholders which decides on
the activities of the society, is the exclusive
competence of the general meeting.
During the meetings, interests of shareholders
are presented by the Supervisory Board.
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