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A Delegation of Uzbekistan Holds Talks with the Heads of the Largest US Stock Exchanges

www.uzdaily.com/en
24 July 2019

On 23 July 2019, a delegation of the Republic of Uzbekistan in New York held talks with the Vice Chairman of one of the world's largest stock exchanges - NASDAQ Meyer Frucher and Vice President of the site Joel Kazys.

In honor of the Uzbek delegation, for the first time in history, an inscription appeared on the main electronic display of the head office of the American stock exchange on the central square of business Manhattan - "NASDAQ welcomes the Agency for the Development of the Capital Market of the Republic of Uzbekistan".

During the meeting, representatives of the US Stock Exchange gave a high assessment to the reforms in Uzbekistan in the field of support for the development of the capital market. It was noted that the American stock exchange structures are closely watching the changes taking place in the republic, the measures taken by the Government to support stock markets and the banking financial sector. It was noted that the increase in the share of private banks in the country receive positive feedback in New York.

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 the Republican Stock Exchange (RSE) "Toshkent" and the NASDAQ.

Meyer Froucher announced his intention to visit Uzbekistan in October of this year to conduct an additional round of talks with the Capital Market Development Agency and the RSE "Toshkent".

On the same day, for the first time, the delegation of Uzbekistan took part in the official opening ceremony of exchange trading on the main and oldest stock exchange of the USA - the New York Stock Exchange (NYSE).

A meeting was held with the Vice Chairman and Principal Sales Representative of the NYSE, 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, John 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 facilitate the release of shares of Uzbek companies in the US stock market.

Earlier, during the visit, the delegation of Uzbekistan in Washington held talks with the leadership of the Financial Services Regulatory Authority (FINRA) and the United States Securities Commission (SEC). Following the meeting in the US Treasury, a Memorandum was signed between the Ministry of Finance of the Republic of Uzbekistan and the US Treasury Department on technical cooperation in the financial sector, including, among other things, the interaction of the parties in the development of the local capital market for corporate and government securities.