The Republican Stock Exchange 'Toshkent' was established on April 8, 1994. Its establishment marked an important step in the development of an organized securities market and capital market infrastructure in Uzbekistan.

During its early years, brokerage institutions and regional infrastructure were developed, and the Exchange opened its first branches in Samarkand, Andijan, and Bukhara.

In the second half of the 1990s, the Unified Electronic Trading System was introduced, connecting the country’s regions through a single trading platform and enabling real-time trading.

During the same period, listing mechanisms and modern exchange standards began to be introduced. The Exchange’s admission to the Federation of Euro-Asian Stock Exchanges in 1995 marked the beginning of its cooperation with the international exchange community.

In the early 2000s, technological development and the expansion of the range of market instruments became key priorities for the Exchange.

Stock market indices reflecting market dynamics were introduced, while electronic trading mechanisms enabling continuous trading in shares through a two-sided auction system were further developed.

The Exchange launched its official website, providing broader access to market information and trading results.

The establishment of a dedicated trading platform for corporate bonds expanded the range of financial instruments available on the Exchange and created a new exchange-based mechanism for raising debt capital.

This period was characterized by the modernization of the Exchange’s infrastructure and the expansion of international cooperation.

Cooperation with the Korea Exchange (KRX) was established, laying the foundation for the exchange of expertise in information technology, modernization of exchange infrastructure, and professional development.

Expanding ties with international exchanges and professional organizations contributed to bringing the infrastructure of Uzbekistan’s national stock market closer to advanced international practices.

In 2016, the Unified Software and Technical Complex was launched, bringing stock market participants together within a single technological environment. The new infrastructure enhanced the automation of processes between the Exchange, the Central Securities Depository, investment intermediaries, and investors, while also expanding opportunities for remote trading.

In 2018, the Republican Stock Exchange 'Toshkent' hosted Uzbekistan’s first-ever initial public offering (IPO) — the public offering of shares in JSC Quartz. This event marked an important milestone in developing the practice of attracting a broad range of investors to participate in corporate equity through the stock market.

Between 2021 and 2025, the Republican Stock Exchange 'Toshkent' continued its efforts to broaden the range of financial instruments, expand opportunities for issuers to raise financing through the capital market, and encourage wider participation by retail and institutional investors in the stock market.

In particular, during 2023–2024, public offerings of shares in JSC UzAuto Motors, JSC Uzbekinvest, JSC Uzbektelecom, and JSC Uzbek Republican Commodity Exchange (O‘zRTXB), among other issuers, were conducted through the Exchange.

These developments expanded issuers’ opportunities to use stock market instruments, supported broader participation by retail and institutional investors in the capital market, and contributed to the further development of Uzbekistan’s public securities market.

Beginning in 2026, the Exchange entered a new stage focused on broadening the range of financial instruments available for trading and expanding market opportunities. The introduction of mortgage bonds to exchange trading contributed to the further development of the debt securities segment and created new investment opportunities.

In accordance with Resolution of the President of the Republic of Uzbekistan No. RP-303 of the President of the Republic of Uzbekistan dated August 27, 2024, “On the Establishment of the National Investment Fund of the Republic of Uzbekistan,” a target was set to list the Fund’s shares on the Toshkent and international stock exchanges, including the London Stock Exchange, by the end of 2026.

• May 18, 2026 — the initial public offering (IPO) of shares in the National Investment Fund of the Republic of Uzbekistan (UzNIF) was carried out.
• The offering of UzNIF securities on the Republican Stock Exchange 'Toshkent' and the London Stock Exchange represented a practical example of interaction between Uzbekistan’s domestic capital market and international capital markets.

These developments played an important role in broadening the range of financial instruments available on the Exchange and advancing the practice of offering securities in both domestic and international capital markets.