The Republican Stock Exchange "Tashkent" is technically ready to conduct an IPO on the domestic market, but its systems require modernization. This was stated by Acting Chairman of the Exchange's Board Fayzulla Tashov at the conference "Uzbekistan and International Markets of Equity Capital 2025", which is taking place in Tashkent on November 12–13. For investors, this is important because the placement of shares of the National Investment Fund (UzNIF) on the exchange is provided for by a presidential decree by the end of 2026.
What the Exchange Head Said
Moderator of the panel discussion, Secretary General of EUROUZ Oybek Shaykhov asked about preparations for the placement of UzNIF shares. Tashov replied that the current exchange system already allows conducting an IPO on the domestic market. However, he acknowledged that the platform needs an upgrade: much has changed on the market, and the infrastructure should meet investor expectations, including international ones.
Modernization of Technical Capacity
According to Tashov, the exchange approved a modernization roadmap. The complex provided by the Korean Stock Exchange continues to operate, however, the capital market has changed significantly and new technical solutions are needed.
"We understand 99.9% what the approach to modernization should be," Tashov noted.
In addition to the exchange itself, the elements of the stock market include a central depository, brokerage platforms, clearing and supervisory systems. According to the exchange head, all of them operate, but need updating, and the exchange is "morally and materially" ready for this.
Risks and Timeline
The exchange pays special attention to investor risks and transparency of corporate governance. Tashov reported that a list of key risks related to depository and exchange activities has been formed, and work on them continues.
Next year, in his assessment, will be a breakthrough year for the exchange and the entire infrastructure of the capital market, including depository and clearing systems. In cooperation with the regulator, a short timeline has been set—by the end of next year—to complete all key updates.
Earlier, negotiations with Nasdaq on modernizing the exchange were reported. Experts believe that the transformation should begin with technological upgrades to trading, clearing and supervisory infrastructure.