Uzbekistan, US-based Nasdaq review stock exchange upgrade plans

Photo: Republican Stock Exchange Tashkent

BAKU, Azerbaijan, October 20. Uzbekistan’s National Agency for Perspective Projects (NAPP) and the Tashkent Republican Stock Exchange discussed modernizing the country’s stock market infrastructure with Nasdaq during a meeting in Samarkand on October 19.

This was reflected in the statement by the Republican Stock Exchange Tashkent, following a meeting on the sidelines of the U.S.-Uzbekistan Business and Investment Council sessions held within the C5+1 framework, which brings together the United States and five Central Asian countries.

The discussions focused on plans to upgrade the Tashkent Stock Exchange’s trading, clearing, brokerage and market surveillance systems. The parties reviewed progress on the exchange’s request-for-proposals (RFP) process and explored available technological solutions.

Nasdaq proposed arranging an on-site visit to study the operations of the Stockholm Stock Exchange, including its trading, clearing, brokerage, depository and market surveillance systems, as well as the technologies used to integrate these functions.

The proposed visit would allow Uzbek representatives to examine the practical application of modern stock market infrastructure and assess potential solutions for the exchange’s modernization project.

The meeting is expected to inform the ongoing selection of technology providers under the RFP process.

Nasdaq is a U.S.-based financial technology company that operates stock exchanges and provides trading technology, market surveillance, clearing-related solutions and other services to financial market operators worldwide. Its technology is used by exchanges and financial institutions in multiple countries.