FEDERATION OF EURO-ASIAN STOCK EXCHANGES
SEMI ANNUAL REPORT OCTOBER 2008
“TOSHKENT” REPUBLICAN STOCK EXCHANGE
Ratification of the executive law for floating
a great part of public institutions to the
private sector is among the most significant
developments in the Iranian capital market.
Bakhtiyor Khudoyarov
Chairman
As a result of all of the hard work of the staff of
the “Toshkent” Republican Stock Exchange
(TRSE) in 2005, the TRSE has achieved certain
positive results. In year 2005, 5814
transactions with the shares of 643 joint-stock
companies and 9 transactions with corporate
bonds have been carried out on the trading
platforms of the TRSE.
• Trade with corporate bonds accounted for
1%;
• Shares of the privatized state enterprises
accounted for 30.5%;
• Shares of the privatized state enterprises
obtained by foreign investors for the hard
currency accounted for 1.2%;
• IPOs and other additional issued shares of
the joint-stock companies for national currency
as well as for the hard currency accounted for
4.1%;
• Shares in the secondary market accounted
for 38.7%; and
• Shares in the secondary market obtained by
foreign investors for hard currency accounted
for 24.5% of the total volume.
FUTURE OUTLOOK
The priority directions of the development of the
TRSE in 2006 will become the opening of an
additional trade sections on transactions for
shares of unlisted companies.
Although in comparison with the
corresponding period of 2004, the trading
volume of shares has increased slightly, the
trading volume of shares for hard currency has
increased 7.4%. Our efforts about the increase
of the secondary market have been proving
themselves. In the year 2005 trade volume with
shares in the secondary market increased
15%.
We expect that the further development of the
secondary market will keep this pace.
Currently, there are securities of 700
companies in circulation in the secondary
market, which should considerably increase
the share of securities in the secondary
market.
In 2006 the TRSE plans to increase the volume
of trade with securities. Most importantly, we
will carry out technical modernization of the
system of electronic exchange trades:
1. Perfection of the technology of exchange
trades:
First, the TRSE will create of a platform for the
secondary circulation of shares in the
secondary market, working on technology
based on simple auction. Second, the TRSE
will create a special platform on fulfillment of
transactions.
2. Modernization by updating the equipment.
The TRSE will complete modernization of
equipment in all branches and in the exchange
itself.
3. Modernization of trading system of the
TRSE.
The TRSE will translate into a new
technological platform the whole trading
system of the Stock Exchange and create a
uniform database. Further the TRSE will
endeavor to open facilities for regional broker
offices to access the trading system from
distance and implement maintenance of a
closed network of data transmission for all
regional branches.
• development of the module on conclusion of
turnip-deals, based on technology of continual
double auction;
• modernization of software system, based on
technologies of the simple auction; and
• full modernization of software system of the
TRSE, with transition on new technical platform.
Additionally, the TRSE is planning to change
the software system and bring it to standards in
accordance with Rules of the Stock Exchange,
as well as prepare new, more complex
software, in particular:
CONTACT INFORMATION
Contact Name Mr. Gairat Mamadazizov
E-mail [email protected]
Website www.uzse.com
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