Uzbek Commodity Exchange was established as an open joint stock company and was registered by Ministry of Justice of the Republic of Uzbekistan in 1994. The Exchange is known as the Uzbek Commodity Exchange, and is abbreviated as UzEx. Nowadays the UzEx is the biggest trading platform in Central Asia and dynamically developing commodity exchange among CIS countries.
• Supreme body – general meeting of UzEx stockholders.
• Management body - Supervisory board of UzEx
• Executive body – Directorate of UzEx
Exchange trades on the UzEx are based on the principles of transparency, publicity and provision for customers the equal competitive conditions to participate at the trades.
According to the exchange trade rules all participants of the trades have equal rights and duties regardless of their status whether they are residents or nonresidents of the republic.
The UzEx plays a significant role in providing equitable access of national and foreign companies to highly liquid commodity assets produced in the country, so for example, ferrous and nonferrous metals, petroleum products, cotton fiber and cotton processing products, fertilizers, sugar, wheat flour, corn and much more.
The UzEx is located in the capital of Uzbekistan in Tashkent. It has an extensive trade infrastructure. It has 13 branches in all regional centers of the country. At present time more than 100 trading platforms and 700 brokerages provide stock services to clients.
Four trading platforms are functioning in the Exchange.
• Electronic exchange trading system (automated electronic trading system for collecting and satisfaction the requests for conclusion of transactions with trading tools).
• Electronic trading system of exhibition and fair trades
Operates on the basis of EETS - electronic exchange trading system.
For trades systematically exhibited products with similar standard properties interchangeable with the same goods of another manufacturer or another batch.
Among major privileges of exchange trades on UzEx are:
• Opportunity of using the services of high qualified sales personnel
• Choice of intermediaries – brokers;
• Increase of the trade volume without growth of own expenses for these aims;
• Obtaining guarantees for execution of transactions;
• Opportunity to pay for trading services of brokerage office with definite percentage of the volume.
• Quickness of trading operations’ implementation
• Equality of all trading participants regardless of the size of enterprises and their branch and departmental affiliation, geographic location;
• High level of liquidity in the market;
• Low operating expenses on commitment of transactions;
• High level of competition in trades which allows to form the optimal market prices by participation there a large number of potential buyers / sellers.
The right to participate in exchange trades is granted to members of the Exchange – persons who have received broker place under established procedure.
Only exchange goods are exhibited on exchange platform. The term “exchange good” shall mean the commodity which with its qualities and structure has similar standard properties interchangeable with the same goods of another manufacturer or another batch and must systematically be exhibited on trades.
Exchange trades on UzEx take place daily from 9:30 to 17:00 Tashkent time, except Saturdays and Sundays.
In order to create favorable conditions for domestic and foreign participants of foreign economic activity, from 4 march 2005 on UzEx has been functioning the trading platform in foreign currency.
Exhibition and fair trades
Goods of “exhibition and fair trades” are all goods which were admitted to civil circulation regardless of their qualitative and quantitative parameters, including goods which have purely individual properties and are not systematically or rarely exhibited on trades.
All trades are realized via Internet in real-time mode and calculations are also made in on-line mode.
The system’s privileges
• Time-saving – a simple registration procedure in the trading system;
• Day-and-night access to trades
• Savings – no need for additional funds to advertisement.
• Minimal amount of intermediaries