Baku, Azerbaijan, February 11
Trend:
Uzbek citizens may be able to trade on foreign stock markets soon, as Central Depository of Uzbekistan launched talks with EuroClear (Belgium-based financial services company that specializes in the settlement of securities transactions) and ClearStream (post-trade services provider owned by Deutsche Börse AG), Trend reports via Uzbek media outlets.
The positive results of this project will enable foreign investors to enter the local sites and citizens will be able to buy shares of foreign companies on their behalf.
Moreover, this integration will allow the state to directly place government securities in foreign markets which is an additional tool for the country's monetary policy.
The events on the capital market are associated primarily with the Decree of the President of Uzbekistan which provides the creation of three structures independent from each other, based on the abolishing Uzbek State Committee on Competition, in particular: Antimonopoly Committee; The Agency for Management of State Assets (formerly, the Center for Management of State Assets); The Capital Market Development Agency (previously the Securities Market Coordination and Development Center).
The experts state that such reorganization and raising the status of securities regulator will bring key changes aimed at developing the stock market of Uzbekistan and will provide an opportunity to solve a number of problems such as: conflict of interests in government regulation and state activity as the country's largest shareholder; low level of protection of shareholders' rights, including minority ones; interference from other government agencies in attempts to introduce reforms in the development of securities market and many others.