The Tashkent Republican Stock Exchange is technically ready to conduct an IPO for the domestic market, but the platform’s systems require modernization. This was reported by Acting Chairman of the Stock Exchange’s Management Board, Fayzulla Toshov, at the “Uzbekistan and International Equity Capital Markets 2025” conference held in Tashkent on November 12–13.
During the panel discussion, the moderator, Secretary General of EUROUZ Oybek Shaykhov, inquired about the readiness to list shares of the National Investment Fund (UzNIF) by the end of 2026. According to Toshov, the current stock exchange system is ready to conduct an IPO for the domestic market.
However, Toshov acknowledged that the platform needs upgrades, as significant changes have occurred in the market, and the infrastructure must meet the demands of international investors. “The stock exchange has approved a ‘roadmap’ for technical modernization.
The system provided by the Korea Exchange is still operational, but major changes have taken place in the capital market, and new technical solutions are required. We understand the modernization approach with 99.9% clarity,” Toshov noted.
The components of the financial market include the central depository, brokerage platforms, clearing, and monitoring systems. According to Toshov, while all these systems are functional, they need to be updated.
“We are ready for this both morally and financially,” he added. The stock exchange is also focusing on reducing investor risks and improving the transparency of corporate governance.
Toshov emphasized that a list of the main risks in the operations of the depository and the stock exchange has been compiled, and active work to address them is ongoing. “Next year will be a turning point not only for the stock exchange but for the entire infrastructure of the capital market – including depository and clearing systems.
We have set a short timeline with the regulator to complete all major upgrades by the end of next year,” Toshov concluded.
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