An exchange does not buy or sell on its own behalf. Its role is to match buy and sell orders, ensure transactions are executed according to established rules, and disclose trading results. The exchange's primary product is the market price, formed publicly and equally accessible to all participants.
Only professional participants have direct access to trading, so retail investors submit orders through a broker. The exchange is responsible for listing instruments for trading, monitoring rule compliance, and publishing quotes, while clearing organizations and depositories handle settlements and record-keeping of rights.
In Uzbekistan, trading in stocks and corporate bonds is concentrated on the Republican Stock Exchange "Tashkent," while currency trading and government securities placement occur on the Uzbek Republican Currency Exchange. Liquidity in the stock market is unevenly distributed: some securities trade daily, others only once every few weeks, and this should be verified before purchasing.