The Federation of Euro-Asian Capital Markets
About Company
Republican Stock Exchange "Toshkent"
Established: 8th April 1994
Address: 100107, Mustaqillik street, Tashkent city, Uzbekistan
Contact person: Rafaella Djafarova
Email: Int.relations@uzse.uz
Website: www.uzse.uz
- Joined FEAS in 1997 -
Fayzulla Tashov
Acting Chairman of the Management Board
Year in review
The year 2025 became a period of consistent and systematic work for the Republican Stock Exchange “Toshkent”, aimed at building a foundation for further development and modernization of exchange infrastructure. Throughout the year, priority was given to establishing sustainable processes, institutional mechanisms, and strategic growth directions. At year-end, the total trading volume amounted to $1.39 billion. The composition of trading activity is especially noteworthy. More than half of the annual turnover ($775.65 million), or 55.48%, accounted for transactions in securities listed in the exchange’s quotation list. The organized over-the-counter market accounted for the remaining portion of turnover and continued to serve as a flexible platform for transactions in non-listed instruments. One of the key focuses of the reporting year was the expansion of international cooperation and the study of international practices in capital market development. In 2025, preparatory work was initiated to introduce new financial instruments and mechanisms aimed at expanding the market’s product range and enhancing its investment attractiveness. Particular attention was paid to analyzing international experience in the circulation of foreign and currency instruments, the development of modern exchange products, and the adaptation of these approaches to national specificities. One of the key focuses of the reporting year was the expansion of international cooperation and the study of international practices in capital market development. In 2025, preparatory work was initiated to introduce new financial instruments and mechanisms aimed at expanding the market’s product range and enhancing its investment attractiveness. Particular attention was paid to analyzing international experience in the circulation of foreign and currency instruments, the development of modern exchange products, and the adaptation of these approaches to national specificities. Special attention should be given to efforts aimed at strengthening the institutional environment and internal capacity. Throughout the year, the Exchange’s team ensured the stability of operational activities while simultaneously participating in the preparation of large-scale transformations