FEAS Yearbook FEAS Yearbook 2008 | Page 60

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 PAGE 60