STAGES AND CHARACTERISTICS OF THE DEVELOPMENT OF THE SECURITIES MARKET IN UZBEKISTAN

This thesis examines the development stages and key features of the securities market in Uzbekistan, tracing its evolution from the early post-independence period to the present. The research analyzes the institutional, legal, and economic factors that have shaped market growth, as well as the challenges hindering its full potential. A comprehensive review of domestic reforms and global capital market trends provides a comparative perspective, highlighting opportunities for policy improvement and innovation. The findings reveal that while significant progress has been made in establishing the foundational infrastructure, the market remains relatively underdeveloped in terms of liquidity, investor diversity, and product range. Addressing these gaps will require strategic reforms, such as enhancing transparency, strengthening regulatory frameworks, expanding financial instruments, and fostering investor education. Ultimately, a competitive and well-regulated securities market is essential for mobilizing investment, supporting sustainable economic growth, and integrating Uzbekistan more effectively into the global financial system.