State Competition Committee, KRX hold talks in Tashkent

Tashkent, Uzbekistan (UzDaily.com) -- The State Committee of the Republic of Uzbekistan for privatization, demonopolization and development of competition (State Competition Committee) hosted a meeting with the delegation of the Korea Exchange (KRX) led by its chairperson Mr. Kyoungsoo Choi on 25 March 2014.

In line with the resolution of Uzbek President “On measures on further developing stock exchange” from 19 March 2012, the KRX should supply single software-technical complex for Uzbekistan Stock Exchange with the cost at least US$6 million in exchange of the 25% minus 1 stake in Uzbekistan Stock Exchange.

The general agreement on modernization of securities market of Uzbekistan, signed on 23 August 2011 between the KRX and State Competition Committee within the visit of South Korean President to Uzbekistan.

Within the work on modernization of the securities market of Uzbekistan, the charter capital of UZSE was raised from 1 billion to 45 billion soums and distributed among State Competition Committee, National Bank, People’s Bank, Uzpromstroybank and Asaka Bank.

The premises at UZSE building was allocated to create IT Center, which will store server and telecommunication equipment, supplied by the Koreansides.

The works are underway on creation of Fond Bozorining Akhborot-resurs markazi (Information-Resource Center of Securities market) under State Competition Committee.

The amendments to legislation on transfer to electronic trades at the securities exchange market, creation of guarantee fund on execution of liabilities, introduction of new financial tools and other measures were developed and submitted the Cabinet of Ministers.

The amendments were developed at the assistance of the KRX and Ministry of Justice of South Korea.

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