Securities market in Uzbekistan

Today, the stock market is an integral part of the financial industry, where assets are traded for trillions of dollars. Today, the capitalization of all the stock markets in the world is comparable to the world GDP and even surpasses it. Millions of people work in this industry.

First of all, we must say that the stock market and the stock market are not exactly the same. Under the classical securities market understanding of any relationship between the different participants in the market regarding the circulation, issuance of various securities, as well as their withdrawal from circulation. Thus, the securities market covers all types of transactions in the exchange and OTC sectors. In turn, the stock market is the part where the national market of these securities operates in the form of stock exchangesi, both structural and organized.

Strictly speaking, the stock market is an organized securities market, all its participants work in the established order. Stock market scheme:

There are 5 types of participants in the Exchange market:

Market participants who issue securities. They are also called issuers. These are, for example, enterprises that issue shares and bonds, as well as state and federal organizations that issue bonds.

Market participants who make up the circulation of securities. It is such an exchange that both private and institutional investors and traders, as well as securities that are bought and sold through exchanges, and clearing companies, are responsible for controlling the accounts and taking into account the transactions they have traded.

The next group includes participants who organize the use of the financial assets of the exchange for a wide range of exchange traders and investors. This is such intermediaries, management companies and dealers. These companies have the right to conduct transactions on the exchange both on their own and on behalf of their customers, and in this way everyone will have access to the exchange market.

Perhaps the most important group in which the entire infrastructure is created is private and institutional investors and traders. Those who bought securities for possession and resale.

A separate group deserves the main regulator, who establishes rules for all participants, constantly monitors the activities of participants and severely punishes those who violate the rules.

Thus, the basis of the stock exchange is exactly the same, transactions on which are carried out only with registered (traded) stock assets and related instruments. Currently, the scope of such financial values is significantly overshadowed. These include not only the securities themselves, but also various hybrid instruments created on the basis of currencies and precious metals, contracts, credit agreements, as well as other securities, currencies and contracts (for example, futures and options).

In modern Russia, the first Moscow brand birzhasi was founded in May 1990 year. In 1991 year in Russia there were more than a hundred exchanges, which at that time were equal to half of the existing exchanges in the world. In 1992, the main stock exchangesi platform MICEX was created, and in July 1995 the modern RTS market appeared. In 2010 year, these exchanges announced their accession, and in December 2011 year they created the largest unified structure in Russia, known as Moscow exchangesi.

Today, exchanges and other institutional participants in the organized securities market in Russia form a very high level of regulation, a transparent and simplified system of transactions. This is primarily aimed at protecting the interests of investors.

Exchange is an organization that provides a platform and infrastructure for organized trading with securities and other financial assets. In the 21st century, exchange is primarily a high-tech company, the foundation of which is servers, high-speed running and secure equipment and the latest software. Because the main task of the exchange is to connect hundreds of thousands and millions of financial values buyers and sellers through the Internet and give them the opportunity to make mutual transactions. The strategic purpose of the exchange is to ensure market liquidity. A liquid market means a high frequency of transactions, a significant volume of trades, which leads to a smooth movement of prices and a low spread (the difference between the prices of buying and selling simultaneously). The low liquidity of the market, on the contrary, leads to tension between the participants of the exchange, the fact that there is no one who sells the asset, and the emergence of negative expectations and panic feelings among the participants of the exchange trade.

Therefore, the activities of exchange are strictly regulated. In addition, exchange owners do not have the right to receive and receive income from the sale of financial assets on the exchange. This ensures the objectivity of the exchange in relation to the prices of the assets. At the same time, exchange receives income from the commission, and if there is high liquidity on the exchange and there are many trading participants, exchange becomes a much more profitable organization (for example, The New York Stock Exchange exchange, Moscow exchange, etc.).

Only special, accredited participants - brokers, dealers, management companies with the appropriate license can trade on the stock exchange. Private and institutional investors and traders wishing to trade on the exchange, in turn, participate in indirect indirect exchange trading through these accredited intermediary organizations. To do this, it is sufficient to open an account in this organization.

The main difficulty depoziterative activity is the registration and registration of the transfer of the rights of the owners of securities to another person, as well as the storage of records of information about the owners of securities. Depozits confirms and protects the rights of owners of commercial securities. Depozits work under a license, and their activities are also controlled by the Central Bank of the Russian Federation. Depozitarians will help in the implementation of the rights of holders of securities, for example, obtaining dividends, by participating in the general meeting of shareholders, in the implementation of the rights to manage the company. For this purpose, the bank can offer relevant services: conducting cash accounting of customers, expressing the interests of the shareholder at the General Annual Meeting, monitoring the activities of the issuer, analyzing the market, advising on taxes and investments, etc.

The Exchange market is one of the most attractive objects for Investing free money. Despite the financial risks, this market gives the investor or trader the opportunity to make a high profit and get a relatively guaranteed liquidity of their investment. The stock market is very young and not very appreciated. Therefore, it is very dynamic and will interest not only local but also foreign investors. In order to understand how to make your first steps in investing in the securities market, we invite you to our free workshops, where you will be told how to minimize risks, find safe investment assets and at the same time achieve a stable and decent return.

Sources used:

• 1.    http://el.tfi.uz/images/Moliya_bozori_va_qimmatli_qogozlar_Shohazamiy_ Sh_ce678.pdf

• 2.    Жемчугов А.М., Жемчугов М.К. Современный менеджмент. Четыре уровня цели и стратегии, единство и противоположность составляющих // Проблемы экономики и менеджмента. Ижевск, 2013. № 12 (28). С. 13-22.

"Экономика и социум" №12(67) 2019