US stock exchanges NASDAQ and the NYSE expressed their willingness to take an active part in the transformation of the stock market of Uzbekistan.
During the visit of the delegation of Uzbekistan in New York, NASDAQ, one of the world’s largest stock exchanges, held talks with Vice Chairman of the Exchange Meyer Frucher and Vice President of the site Joel Kazys.
At the meeting, representatives of the US Stock Exchange gave a high assessment to the reforms in Uzbekistan in the field of supporting the development of the capital market. They noted that the American stock market structures are closely watching changes in the country, measures taken by the government to support stock markets and the banking financial sector, and an increase in the share of private banks in the country are receiving positive feedback in New York.
“Your big achievement is to ensure the“ integrity of the capital market ”- this is a serious signal for international traders,” said M. Frucher.
The main factors that should ensure the development of the capital market in Uzbekistan, according to the vice chairman of NASDAQ, are the diversification of stock trading instruments and the security of the stock market infrastructure. These two factors are primarily taken into account by investors when entering foreign markets.
Representatives of the US Stock Exchange expressed their willingness to promote the introduction of smart technologies to monitor and study the state of stock markets, modernize the technological potential of Uzbekistan’s stock exchanges, and provide advice on how Uzbek companies enter international securities markets.
Following the talks, a Memorandum of Understanding was signed between RSE “Toshkent” and NASDAQ.
On the main and oldest stock exchange of the United States – the New York Stock Exchange (NYSE), the delegation of Uzbekistan took part in the official opening ceremony of exchange trading, witnessing the bell ringing the start of the exchange. A meeting was also held with the Vice Chairman and Chief Trade Representative of the New York Stock Exchange, John Tuttle.
The main subject of the talks was cooperation on the development of Uzbekistan’s capital market and a discussion of the prospects for the state companies and privatized enterprises from the most profitable and large corporations to be brought to the US stock market.
Speaking about the prospects for the institutional development of the capital market in Uzbekistan, J.Tuttle noted the importance of creating a self-regulatory body that ensures the transparency of trading in securities, similar to the private American corporation FINRA – the Financial Services Regulatory Service. Such a structure, ensuring control over compliance with the rules of trade, in his opinion, will serve as a guarantor for foreign investors in ensuring the protection of their investments.
Representatives of the NYSE expressed their willingness to take an active part in the transformation of the Uzbek stock market by attracting resources, technology and management of the New York Stock Exchange, as well as to facilitate the entry of shares of Uzbek companies to American stock markets.