Olimjon Alimov
Researcher, Department of Corporate Finance and Securities,
Tashkent Financial Institute, Tashkent, Uzbekistan. E-mail: alim.d.alimov@gmail.com
https://orcid.org/: 0000-0001-6133-2349
Abstract. The article presents the main directions of Uzbekistan securities market’s transformation at a new stage of economic reforms in 2015-2021. Local securities market infrastructure remains obsolete, financial instruments are limited, there are no effective mechanisms to stimulate market institutions, as well as passive integration of the local market into foreign capital markets, low efficiency of government regulation and investor protection remains uncertain. The key achievements in the development of securities market, which served to increase the capitalization of listed companies, and the turnover of corporate securities, are highlighted. The impact of the securities market on economic growth was assessed, which indicates that in the early stages of development, the securities market has an “explosive” effect, increasing the country’s macroeconomic competitiveness for more effective integration into foreign capital markets. Measures are presented to create conditions for further integration of the local securities market into foreign capital markets. Active steps are being taken to introduce modern methods and technologies into stock exchange activities, initiatives have been launched to update legislation framework regulating activities in the capital market, and extensive programs are being conducted on the way of privatization of state assets. Market institutions work on the perfection of securities trading rules, introducing new mechanisms and technologies such as the calculation of quotation (pricing) of securities or determining the price of shares at the first stage of the REPO transaction in the trading system. In conclusion, there are given the measures and recommendations necessary for the accelerated development of the market, creation of favorable conditions for investors, infrastructural transformations, withdrawal of national companies to international capital markets are given.
Key words. capital market, corporate securities, economic growth, international financial system, stock exchange, securities trading