Microsoft Word econ 2004 16. doc

 
 
Figure 3. RSET index “Tasix” 
Source: Stock Exchange “Tashkent” 
There are currently 794 former state-owned enterprises whose shares are traded on 
the C-list of the RSET, the list designated for privatised enterprises that meet 
certain requirements
2
, although all former state-owned enterprises are eligible for 
trading on the exchange and over-the-counter (OTC) market (Asian Development 
Bank, 2003). 
Based on high listing standards
3
, only six companies, four of which are banks, are 
listed on the A-list of the RSET. Although B-list requirements are lower, no 

---

33
companies have qualified for it (Asian Development Bank, 2003). Less than 1% of 
secondary trading in listed shares takes place on a formal OTC market “Elsis 
Savdo”, which is controlled by the National Bank of Uzbekistan. Most secondary 
trading of listed shares (about 81%) takes place on an unregulated informal 
secondary OTC “curb market”
4
. Transaction costs on the RSET are high (3.7%-
5.7%) but have come down due to competition from the curb market. Significant 
decisions taken by RSET are subject to Centre for Coordination of Functioning of 
Securities Market oversight. Most securities participants are affiliated with the 
banking sector. 
Depositary - basic element of securities market infrastructure – was been 
established in 1994. It is currently the only registration and depositary system 
available in Uzbekistan. Its main functions are to provide share registration, the 
dematerialised deposit of shares and transfer of ownership (settlement of 
securities) for transactions concluded through the Tashkent Stock Exchange. 
Around 30 information analytical, consulting, rating, evaluating, and auditing 
organisations, more than 650 investment funds, management and investment 
companies, brokerage and dealer’s firms currently comprise other elements of the 
market infrastructure in Uzbekistan. 

---

34