PRESS-RELEASE
18.01.2023

17 January 2023 - The Ministry of Economy and Finance of Uzbekistan, Republican Stock Exchange "Toshkent" and Central Securities Depository met with Clearstream delegation in Tashkent, led by the Head of Global Markets of Clearstream Jan Willems.

Meetings were attended by officials from the Ministry of Economy and Finance (the Regulator of the securities market in Uzbekistan), Republican Stock Exchange "Toshkent", Uzbekistan Central Securities Depository, commercial banks - primary dealers for government securities and stock exchange members (brokerage companies).

The purpose of these meetings was to facilitate access of international portfolio investors to a local securities market in Uzbekistan by creating a custody link with Clearstream. Most foreign investors hold securities in local markets through global custodian banks or international central securities depositories (ICSDs) such as Clearstream. Uzbekistan needs participation of foreign investors to increase liquidity and attractiveness of its capital market, introduce new financial instruments and enable local companies to raise capital through initial public offerings (IPOs) of their shares or bonds on the Republican Stock Exchange "Toshkent" in order to finance their growth and create new jobs. This can be achieved by establishing links with global custodian banks and ICSDs, which requires upgrade of Uzbekistan's capital market infrastructure and specific legislative changes.

During various meetings in Tashkent, practical measures aimed at creating favorable conditions for foreign portfolio investors and their key partner – Clearstream were discussed. Parties agreed to cooperate closely and continue working actively in this direction.