Tashkent, Uzbekistan (UzDaily.com) -- The “Road Map”, approved by the decree of the President of the Republic of Uzbekistan “On additional measures for the development of the capital market,” envisages expanding the investor base by increasing the opportunities for exchange members to participate in trading.

The document stipulates the approval of a single simplified procedure for admitting members of the Uzbekistan Stock Exchange (UZSE) as members of the Uzbek Republican Currency Exchange (UZREX), bearing in mind the principle of mutual recognition of members of the two exchanges. This was announced by the head of the Department of Legal Support for the Activities of the UZREX, Jamshid Khudoiberdiev.

Admission to membership of the UZSE and UzREX is carried out in accordance with the internal rules of the exchanges.

It should be noted that previously, when admitting members to two exchanges, there was no system of mutual recognition.

Based on the requirements of this resolution, a unified procedure has been developed for the simplified admission of members of the UZSE as members of the UzREX on the principle of mutual recognition of members of the two exchanges.

In accordance with this procedure, when admitting members of the UZSE as members of the UZREX, a unified electronic database will be formed by introducing interdepartmental electronic document flow between the two exchanges.

Admission to membership of the exchange is carried out on the basis of an application by checking the information contained in this information base.

If there are no deficiencies in the documents and information provided during the data verification process, within 3 working days a decision is made by the Executive Body of the UZREX to accept the applicant as a member of the UZREX under category “B”, which gives the right to carry out transactions with government securities and participate in trading.

In connection with the introduction of interdepartmental electronic document flow between the two exchanges, in accordance with the developed procedure, the number of documents required for admission to UZREX membership was reduced by 2 times, and the duration of the admission process was reduced from 1 month to 3 working days.

After a member of the UZSE has fully complied with the requirements of the Procedure, he is registered in the trading system and is assigned an identification code.

As a result of the introduction of the principles of mutual recognition in the process of admission to membership of the two exchanges, members of the UZREX in category “B” will also be mutually recognized as members of the RSE “Tashkent”. They will also be able to participate in exchange trading in the Tashkent Stock Exchange by accrediting their trader and concluding an appropriate agreement.

In connection with the approval of this procedure, the opportunity for members of the two exchanges to participate in exchange trading in government and corporate securities is expanded and conditions are created for attracting foreign investors to the securities market of Uzbekistan.

In connection with the approval of this procedure, the possibility of participation of members of the two exchanges in exchange trading in government and corporate securities is expanded, conditions are created for attracting foreign investors to the securities market.