Transparency of the selection
All potential buyers take part under a single set of rules: the price rises publicly and the outcome is recorded in an automatically generated protocol — leaving no room for opaque arrangements.
The Special Application Acceptance Platform (SAAP) of the Republican Stock Exchange "Toshkent" — designed to identify a potential buyer of share blocks and to conclude transactions in the Nego Board negotiated auction section.
Nego SAAP formalises the competitive selection of a buyer for large share blocks: the seller sees every counter-offer and chooses the best one — on equal and open terms.
All potential buyers take part under a single set of rules: the price rises publicly and the outcome is recorded in an automatically generated protocol — leaving no room for opaque arrangements.
Competition between counter-applications allows the seller of securities to accept the most favourable offer — the participant bidding the highest price wins.
Six consecutive stages — from the seller's broker placing an offer to signing the Agreement and executing the transaction.
The seller's broker places an offer to sell the share block on Nego SAAP — after depositing 6% of the starting value.
6% depositAn announcement of the terms of the forthcoming transaction (the offer) is published — the starting price, block size and participation procedure become available to the market.
Brokers of potential buyers submit counter-applications (acceptances) to the offer — each new application raises the price by the selection step.
Step ≥ 0.1%The platform identifies the best response to the offer — the last accepted application carrying the highest price.
The protocol on the results of the potential buyer selection is generated automatically, ruling out any manual interference with the outcome.
AutomaticAn Agreement is concluded with the winner, after which the transaction is executed in the Nego Board negotiated auction section.
Up to 10 business daysThe pricing and timing rules are designed so that every participant has an equal opportunity to improve their offer — right up to the final determination of the winner.
The period an application remains on Nego SAAP is set by the seller of the securities but may not be less than 3 business days.
The first application may be accepted at the starting price, while each subsequent one must exceed the previous by at least the selection step — 0.1% of the security's starting price.
The closing time of the potential buyer selection is set within the 9:00 to 18:00 window.
If a price-improving offer is submitted less than 10 minutes before the selection closes, acceptance is extended by 10 minutes from the moment of the last application — and so on until the winner is finally determined.
The winner is the participant whose application was accepted last and carries the highest offered price.
Until the selection period ends, Nego SAAP displays only the price per unit and the total value of the securities block in the buyer's application — no other parameters, including the broker's name, are disclosed. This protects participants from pressure and price collusion.
Only the price per unit and the value of the entire block are visible. The broker's name and all other application parameters remain hidden.
The name of the buyer's broker is disclosed and this information becomes available to everyone.
The Agreement may provide for the block to be sold in several lots according to a trading schedule — with safeguards for the seller at every step.
The block may be sold in parts (lots), with each transaction executed according to the trading schedule in the order set out in the Agreement. The announcement of the sale, together with the draft Agreement, is published by the seller or a person authorised by the seller.
Where the purchase is made in parts, the acquired securities are blocked by the buyer's broker on the buyer's depo account until the entire block has been sold. Transferring the securities to other owners before the block is lifted is not permitted.
A block purchased in parts is released on the instruction (order) of the seller. The procedure and terms for returning the securities should the buyer withdraw from the remaining transactions are set out in the Agreement.
If the terms of the Agreement and the transaction schedule are breached, the blocked securities are transferred to the seller's depo account and the funds paid for the earlier parts are not returned to the buyer.
The potential buyer is the person on whose behalf the last application was accepted. The Agreement must specify the deadline for executing the transaction. Corporate action rules are set out separately: voting rights and dividend rights are exercised only in respect of settled transactions.
Not a single counter-application to acquire the securities was submitted within the set period.
The persons named in the selection protocol refused to conclude the Agreement or to execute the transactions.
If the winner of the selection refuses to conclude the Agreement or to execute the transactions, the Exchange withholds a penalty from the pre-deposited funds by direct debit — 6% of the starting value of the entire block. The withheld amount is distributed between the parties as follows: