Tashkent, Uzbekistan (UzDaily.com) -- As part of the development and strengthening of international cooperation, the Director General of the Uzbek Republican Currency Exchange (UzRCE) Rashid Usmanov held a meeting with a joint Korean delegation, which included representatives of the Central Bank of Korea and Dongguk University.

The Central Bank of Korea is the regulator of the banking system, the capital market and the supervisory authority of the securities settlement system.

On the agenda - informing about the activities of the central counterparty, the system of settlements with government securities (GS) and other instruments of the UzRCE exchange markets.

During the meeting, the UZRCE management informed the Korean side about the dynamic activities of the exchange, the processes of reforming the exchange infrastructure based on modern IT and WEB technologies, and the prospects for further development of the exchange ecosystem (including the creation of the National Clearing Center). Also, a new settlement system was presented based on the results of concluded inter-dealer REPO transactions (“one click” project) on the UzRCE trading platform, within which the DVP1 calculation model is used with automatic withdrawal of funds from correspondent accounts of commercial banks.

The parties expressed interest in the exchange of experience and best practices of the two countries.

Particular attention was paid to the prospects for the development of the financial market infrastructure and the risk management system for clearing, settlement and accounting of exchange transactions in the government securities market.

The representative of the Central Bank of Korea highly appreciated the level of progress achieved in the process of introducing a multifunctional trading platform of its own design (in-house), which allows trading in all exchange markets of UZRCE.

The Korean side presented an overview of the settlement system for securities traded on the capital market of the Republic of Korea and shared its experience in supervising this process. The Uzbek side showed a keen interest in studying the advanced approaches and practices used in Korea with a view to adapting and implementing them in the process of further reforming the national settlement system.

Following the meeting, the parties expressed their intention to continue cooperation and exchange of experience in order to build a favorable financial environment for investors and participants in the securities market in both countries.