Tashkent, Uzbekistan (UzDaily.uz) — Phillip Nova, a member of the PhillipCapital Group, has launched UZEX Global, a joint venture established with the Uzbek Republican Commodity Exchange (UZEX) to provide clients with access to international futures markets.
According to Phillip Nova, the launch of UZEX Global marks a new chapter in the development of economic and business relations between Uzbekistan and Singapore and will contribute to the further development of a more open and internationally integrated Uzbek economy.
UZEX Global combines UZEX’s strong domestic market position and knowledge of Uzbekistan’s commodity markets with PhillipCapital’s international financial market expertise.
The joint venture is intended to serve as a link between Uzbek businesses and international financial and commodity markets, giving market participants broader access to global opportunities and risk management tools related to changes in international markets.
Through UZEX Global, corporate clients in Uzbekistan will be able to access commodity futures linked to international markets. At the initial stage, the platform will provide access to markets operated by CME Group, Intercontinental Exchange (ICE) and the London Metal Exchange (LME), among others.
These venues offer a broad range of futures contracts for commodities traded on global markets. This will help meet companies’ trading and risk management needs as Uzbekistan’s economy becomes further integrated into the global economy.
UZEX Global will also use Phillip Nova’s technological solutions, including the NOVA trading platform, risk management system and back-office system. These systems will provide integrated infrastructure for trading, risk management and post-trade processes.
The establishment of UZEX Global also reflects the PhillipCapital Group’s long-term interest in Uzbekistan and the country’s growing role in international trade and investment.
Benjamin Yeo, chief executive officer of UZEX Global, said the establishment of the joint venture was an important step toward providing Uzbek businesses with access to international financial and commodity markets.
“By combining UZEX’s local market knowledge with PhillipCapital’s international expertise, we can provide market participants with broader access to global futures markets and the opportunities they offer,” he said.
Tehyu Chee Chern, chief executive officer of Phillip Nova and director of Phillip Trading, said the partnership was intended to have a long-term focus.
“We view this as a long-term partnership and look forward to turning UZEX Global into a reliable institution that will support the development of Uzbek businesses and the country’s growing participation in international markets,” he said.
The partnership reflects a shared vision between UZEX and PhillipCapital to strengthen Uzbekistan’s international market integration and develop its financial and commodity market ecosystem.
As Uzbekistan’s economy continues to develop, UZEX Global intends to expand its operations alongside the country.
