Central Bank of Uzbekistan introduces central clearing framework

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan has officially registered a new regulation governing centralized clearing procedures and the operation of a central counterparty, according to the Ministry of Justice. The document aims to further improve the country’s financial market infrastructure.

The regulation establishes rules for the functioning of centralized clearing systems, as well as requirements for risk management and internal control systems within clearing organizations. It also sets out provisions for the formation of reserve and guarantee funds to ensure the fulfilment of financial transactions.

Authorities say the introduction of these mechanisms is aimed at improving settlement efficiency, reducing financial risks, and strengthening the overall stability of the financial system.

The central counterparty framework is expected to reduce settlement and counterparty risks by introducing structured risk management mechanisms based on reserve funds, guarantees, and margin requirements. This is intended to lower the probability of defaults and limit systemic risks in the financial sector.

The new system is aligned with international standards, including the Principles for Financial Market Infrastructures (PFMI), which enhances transparency and increases the attractiveness of Uzbekistan’s financial market for international investors while supporting the development of clearing infrastructure and derivatives markets.

The regulation will enter into force three months after its official publication.