The Uzbek Republican Commodity and Raw Materials Exchange (UzRTSB) and Singapore-based Phillip Capital established a joint venture Uzex Global for derivatives trading. The platform's official launch took place on September 17.

Access for local businesses to global derivatives markets is opening for the first time.

Which exchanges are connected

Through the new platform, companies will be able to enter into futures contracts for copper, wheat, cotton, oil, gold and other commodities.

Available exchanges:

  • CME Group;
  • ICE;
  • London Metal Exchange (LME);
  • Japan Exchange Group (JPX);
  • Singapore Exchange (SGX).

Why businesses need this

The platform's main purpose is to provide enterprises with tools to protect against sharp changes in commodity prices.

Hedging mechanics work as follows: a producer who needs to sell a batch of cotton in six months can lock in the price today through a futures contract. If the market falls by delivery time, losses on the commodity are offset by profits on the contract.

The result is predictable financial performance regardless of market fluctuations. This simplifies long-term planning, investment project implementation, and production expansion.

Why this topic is relevant now

The country's export revenues depend significantly on commodity prices. Gold forms a substantial portion of inflows, and its price has risen from $1,500 to over $4,000 per ounce in recent years—with comparable downside potential.

Rating agencies explicitly pointed to this risk: according to S&P, a $500 per ounce drop in metal prices could reduce budget revenues by nearly $1 billion.

Hedging instruments allow exporters to manage this dependency at the individual company level.

How settlements work

The project is provided for by Cabinet of Ministers decree No. 82 of February 27, 2026 on protection against financial risks during price volatility.

Key conditions for participants:

  • funds for trading participation can be deposited in national currency;
  • Uzex Global converts them and directs them to international platforms;
  • client accounts are maintained separately;
  • free funds and operational income are returned back in sum.

The ability to work in national currency is essential: without it, participation would require independent opening of foreign currency accounts abroad.

Technology infrastructure

The platform is built on integration of the international trading system Phillip Nova with UzRTSB's trading and clearing infrastructure.

A separate direction will be training market participants—developing competencies in futures trading, hedging, clearing, and risk management.

Important warning

Derivatives are dual-purpose instruments. For a producer, they reduce risk; for a speculator, they are a source of increased risk.

Futures contracts are traded with leverage: a small adverse price movement can lead to losses exceeding the deposited amount. This is why organizers emphasize training.

Companies considering entry into these markets should distinguish between two objectives: hedging actual commodity flows and trading for profit. The first reduces uncertainty, the second creates it.

What's next

Derivatives—futures, options, swaps, and forwards—are planned to be enshrined in legislation: relevant provisions were included in the drafted "On Capital Markets" bill, which passed first reading and may be adopted by year-end.

These instruments are not yet available to retail investors, with stocks and bonds of local issuers remaining the basic way for market participation.

This material is for informational purposes only and is not an investment recommendation. Operations with derivative financial instruments carry the risk of losses exceeding initial investments.