UZEX participants soon can conclude electronic agreements

Aziz Abduganiev noted that now the market participants exchange paper agreements with seals. He said soon UZEX is planning to introduce electronic document turnover, which will speed up process of signing agreements and decrease expenses for paper.

He underlined the exchange introduced several interactive services – One-stop-shop, Personal cabinet of broker and Personal cabinet of client.

The clients can receive information on status of accounts and conducted exchange deals in real time with the service Personal cabinet of client.

Personal cabinet of broker allows broker offices get information on tariffs on exchange services, follow prices, view account at account-clearing chamber and accounts of their clients, etc.

Interactive service One-stop-shop will allow potential participants of the trades, agents and clients of the exchange to undergo registration process to receive accreditation at UZEX via website www.uzex.uz.

Earlier, the potential participants should submit several documents to receive accreditation to each platform. New service allows potential participants to submit one package of documents to receive accreditation to each platform.

UZEX is largest commodity exchange of Uzbekistan and Central Asia. The volume of the exchange deals rose by 15 times in 2004-2013 – from 450 billion soums to 7.1 trillion soums. In the first quarter of 2014, the volume of deals of the UZEX hit 2 trillion soums, which rose by 27.8% year-on-year.

About 80% of all deals fell to share of the exchange trade platform. In 2013, its volume exceeded 5.9 trillion soums and export deals – about US$124 million. The exchange deals helped producers to receive 2.2 trillion soums in 2013 against 15 billion soums in 2004.

In the reporting period, total trade turnover of the UZEX with participation of small businesses rose 11 times to 3.6 trillion soums.

Small businesses also actively participate in exchange-fair deals. In 2004-2013, the volume of the exchange deals at this platform grew six times to 693.9 billion soums.

In last two years, the volume of public procurement via electronic trades rose over 2.5 times and reached 417 billion soums. The budget organizations saved 83 billion soums. Share of small businesses in total number of suppliers made up over 83%.

The volume of corporate procurement, which was introduced from September 2013, made up 61.8 billion soums in 2013. The companies saved 10.6 billion soums in the result. Currently, there are 6,000 suppliers, of which 94% are small businesses.