At the discretion of the National Agency of Perspective Projects, a meeting was held with representatives of the Central and commercial banks of Uzbekistan to discuss the draft law on the capital market.

This draft law is being developed jointly with international organizations, in particular with the EBRD in relation to derivatives, which play an important role in managing risks and promoting the creation of reliable and liquid capital markets.

At the meeting, proposals were made on the draft law, on types of derivative instruments, issues of integration of new norms and regulation of the industry as a whole. There were also discussed the development of swaps and derivatives, which are derivative securities, and thus provide the opportunity to attract international investors to the financial markets of Uzbekistan.

Participants of the meeting also discussed an international experience in amending legislation to enable the process of liquidation netting on eligible REPO transactions, derivative transactions, and other transactions governed by The ISDA Master Agreement.

Bank representatives also announced the results of a meeting with experts from the International Swaps and Derivatives Association (ISDA), the EBRD and other international financial organizations, held in September this year in London. In particular, they provided relevant experts’ opinions, recommendations and technical assistance to ISDA together with the EBRD in the process of auditing the legislation of Uzbekistan in the field of financial transactions.