Tashkent, Uzbekistan (UzDaily.com) -- The Uzbek Republican Currency Exchange (UzRCE), in cooperation with the Central Bank of the Republic of Uzbekistan, organized a webinar for commercial banks.

The agenda of the event included the activities of the central counterparty and the establishment of mutual cooperation with the participants of the trades of UzRCE.

The online event was attended by the General Director and specialists of the UzRCE, senior officials of the Central Bank, as well as representatives of 32 commercial banks.

During the webinar, the General Director of UzRCE Rashid Usmanov and specialists of the Settlement and Clearing Department told the participants of the event about the default management system, the procedure for settlements and clearing in the foreign exchange market, as well as the benefits of the central counterparty, introduced in order to ensure the timely fulfillment of obligations of trading participants.

It is noted that thanks to the launch of the activities of the central counterparty on the UzRCE, the risks that may arise due to default on transactions made by trading participants in the foreign exchange market are reduced, default situations are prevented and an opportunity for risk management is created. This contributes to the acceleration of the processes of settlements between participants in exchange trading, and, in general, to the further development of the foreign exchange market in this direction.

Earlier it was reported that from 3 October 2022, the UzRCE introduced the activity of a liquidity provider.

For this short period of time, specialists of the UzRCE for participants in the exchange currency market - commercial banks conducted training sessions on the activities of provider banks, as well as ratified agreements signed between UzRCE and provider banks.

UzRCE is the largest and multifunctional exchange platform of the republic - the organizer of exchange trading in the foreign exchange, money and derivatives markets, as well as the government bond market, with a unique integrated system that includes trading floors, a settlement and clearing system and a depository.