On October 19, representatives of the National Agency for Advanced Projects and the Republican Stock Exchange "Tashkent" held a meeting with Nasdaq. The modernization of local market infrastructure was discussed.

What was considered

  • trading systems;
  • clearing mechanisms;
  • brokerage systems;
  • market surveillance tools.

Nasdaq proposed organizing a familiarization visit to the Stockholm Stock Exchange, which is part of its group.

Important disclaimer on status

This concerns studying solutions and the technology selection process, not a concluded contract. At this stage, parties exchange information with no specific commitments.

The difference is significant: years pass from learning about technology to implementing it, and choosing a supplier in such a market typically involves a competitive procedure.

Why exchange technologies are a separate business

Nasdaq is known primarily as a trading platform, but a substantial part of its revenue comes from selling technology to other exchanges.

Its solutions are used by dozens of platforms worldwide — from major markets to developing ones. The company supplies not only trading engines but also clearing systems, manipulation surveillance, and risk management systems.

The Stockholm Exchange is proposed as a familiarization venue not by chance: it belongs to the group and operates on its technology, essentially serving as a solutions showcase.

What this would provide the local market

Trading speed and reliability. Modern systems process operations in fractions of a second and handle peak loads.

Manipulation surveillance. Automatic monitoring detects suspicious schemes — coordinated transactions, artificial price movements. On a market with limited liquidity, this is especially relevant: a single transaction can shift quotes.

Clearing for new instruments. The new capital market law introduces derivatives — futures, options, swaps. They require central counterparty infrastructure, which currently doesn't exist.

How this relates to other initiatives

The meeting fits into a broader trend:

  • the capital market bill introduces custodian and central counterparty institutions;
  • the Central Depository increased capital by 20 billion soums, possibly related to preparing for new functions;
  • dual listing is being discussed to expand cross-border access;
  • the Tashkent International Financial Center is preparing for launch in 2027.

The common theme is clear: institutional investors don't come to platforms whose infrastructure doesn't meet their internal requirements.

What investors should consider

Technological modernization is a long-term process and doesn't affect current trading.

The practical effect, if the project succeeds, will manifest in several ways: fewer technical failures, more transparent pricing, ability to trade new instruments.

For now, infrastructure limitations remain one of the reasons for the discount at which local stocks are valued — experts cite a figure of 15−25%.

This material is informational and not an investment recommendation.