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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008“TOSHKENT” REPUBLICAN STOCK EXCHANGEBakhtiyor KhudoyarovChairmanRatification of the executive law for floatinga great part of public institutions to theprivate sector is among the most significantdevelopments in the Iranian capital market.As a result of all of the hard work of the staff ofthe “Toshkent” Republican Stock Exchange(TRSE) in 2005, the TRSE has achieved certainpositive results. In year 2005, 5814transactions with the shares of 643 joint-stockcompanies and 9 transactions with corporatebonds have been carried out on the tradingplatforms of the TRSE.• Trade with corporate bonds accounted for1%;• Shares of the privatized state enterprisesaccounted for 30.5%;• Shares of the privatized state enterprisesobtained by foreign investors for the hardcurrency accounted for 1.2%;• IPOs and other additional issued shares ofthe joint-stock companies for national currencyas well as for the hard currency accounted for4.1%;• Shares in the secondary market accountedfor 38.7%; and• Shares in the secondary market obtained byforeign investors for hard currency accountedfor 24.5% of the total volume.Although in comparison with thecorresponding period of 2004, the tradingvolume of shares has increased slightly, thetrading volume of shares for hard currency hasincreased 7.4%. Our efforts about the increaseof the secondary market have been provingthemselves. In the year 2005 trade volume withshares in the secondary market increased15%.We expect that the further development of thesecondary market will keep this pace.Currently, there are securities of 700companies in circulation in the secondarymarket, which should considerably increasethe share of securities in the secondarymarket.In 2006 the TRSE plans to increase the volumeof trade with securities. Most importantly, wewill carry out technical modernization of thesystem of electronic exchange trades:1. Perfection of the technology of exchangetrades:First, the TRSE will create of a platform for thesecondary circulation of shares in thesecondary market, working on technologybased on simple auction. Second, the TRSEwill create a special platform on fulfillment oftransactions.2. Modernization by updating the equipment.The TRSE will complete modernization ofequipment in all branches and in the exchangeitself.3. Modernization of trading system of theTRSE.The TRSE will translate into a newtechnological platform the whole tradingsystem of the Stock Exchange and create auniform database. Further the TRSE willendeavor to open facilities for regional brokeroffices to access the trading system fromdistance and implement maintenance of aclosed network of data transmission for allregional branches.FUTURE OUTLOOKThe priority directions of the development of theTRSE in 2006 will become the opening of anadditional trade sections on transactions forshares of unlisted companies.Additionally, the TRSE is planning to changethe software system and bring it to standards inaccordance with Rules of the Stock Exchange,as well as prepare new, more complexsoftware, in particular:• development of the module on conclusion ofturnip-deals, based on technology of continualdouble auction;• modernization of software system, based ontechnologies of the simple auction; and• full modernization of software system of theTRSE, with transition on new technical platform.CONTACT INFORMATIONContact Name Mr. Gairat MamadazizovE-mail gairat@uzse.uzWebsite www.uzse.comPAGE 84
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008“TOSHKENT” REPUBLICAN STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 2.67 0.12 10.26 0.47Feb-08 7.29 0.35 22.34 1.06Mar-08 12.53 0.63 13.11 0.66Apr-08 5.98 0.27 11.75 0.53May-08 10.38 0.49 40.36 1.92Jun-08 12.20 0.58 12.42 0.59TOTAL 51.05 0.02 110.24 0.04BondsJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 890.91 1,492.72 1,646.45 2,633.74 2,751.85 2,915.93Index 45.00 59.70 169.40 90.40 35.00 83.80PRACTICES & PROCEDURESTradingDaysMonday-FridayHours 10:00-12:00, 15:00-16:00Market segmentation First, secondSystemAutomated, depository link, remote reporting facilities,WANMechanismsPrimary market, call auctionMarket-maker/Specialists NoInstrumentsStocksCurrencyLocal and US$Real time information NoneClearing & SettlementCentral Depository YesPeriod T+5RegisteredRegistered, bearerSettlementBook entryClearingTransaction by transactionDVPNo, one day or more difference between paymentand deliveryClearing Institution Yes, partly ownedRisk SharingNoMargin/LendingNoCustodiansIndividuals, institutional investors, brokerage houses,banks, market makersTaxesCash Dividends 15%Interest Income 31%Capital Gains 4%Structure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationSpecial status within the lawNoRegulatory institution(s), theExchange and the marketparticipants jointly develop newrules or projectsShared responsibilityNo, electronicIndependent agentsYesNoYes, restrictedYes, limitedYes, restrictedPAGE 85
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