LLC “INTERBANK TRADING SYSTEM”
In order to further reform and liberalization of the banking system and ensure its sustainable development, improve the efficiency of commercial banks, increase of the level of their capitalization, wide participation in investment processes and structural transformations of economy Resolution of the President of the Republic of Uzbekistan from April 15, 2005, №PD-56, in accordance with which defined the priority directions of further deepening of reforms and liberalization of the banking system, which includes the development of alternative trading platforms and systems of electronic trade market securities, created with the participation of commercial banks.
In pursuance of the activities of the Program of reforming and development of the banking sector for the period 2005-2007, approved by the Decree of the President of the Republic of Uzbekistan from April 15, 2005 №PD-56 and government decisions, Uzbekistan Banking Association, together with a group of commercial banks in 2005, the project on creation of a specialized trading platform on the basis of which was created LLC “Interbank trading system” as an alternative trading system with electronic trading on the OTC securities market.
LLC “Interbank trading system” carries out professional activities in the securities market as the organizer of OTC securities trading and clearing house on the basis of licenses issued by authorized state body on regulation of securities market.
The main objectives of the LLC “Interbank trading system” in the pursuance of professional activities on the stock market include:
- activation and maintenance of liquidity of the secondary securities market, expansion of the professional activity by means of organization of trades in all types of securities;
- assistance to commercial banks in the expansion of activities in the securities market in the diversification of the investment portfolio;
- improvement of information disclosure on securities; raising awareness regarding the securities market;
- Submission of proposals and recommendations on improving the legal framework regulating the operations of the securities market.
As the main distinguishing priority characteristics of the professional activity of LLC “Interbank trading system” in the stock market are:
- organization of securities trading with remote workplace; participation in trades in securities of interested physical and legal persons;
- ensuring access to trading securities interested parties without the license of the investment intermediary for the purchase and sale of securities for the formation of its own investment portfolio;
- lightweight requirements on preliminary depositing of cash for making transactions with securities;
- providing opportunities to participate in securities trades through points of reception of applications;
- participation in trades in securities on the basis of electronic document management, meeting the requirements of legislation;
- provision of opportunities for settlements on deals with securities on the trading day;
- simplified mechanism of realization of deals with securities due to combination of professional activity of the organizer of OTC trades and clearing house; for listing securities and periodic analysis of the activities of securities issuers;
- the maximum disclosure of information on listed securities;
- ensuring the transparency of the transactions with securities;
- The minimized tariffs and for the organization of trading and clearing service.
In their professional activity on the securities market LLC “Interbank trading system” seeks to promote the development of the securities market of the Republic, through the wide involvement of commercial banks in investment processes and structural changes in the economy and organizes trading securities with a working space for participants registered (issuers, commercial banks, insurance companies), through the e-trading system without the license of the investment intermediary.
Through the services LLC "interbank trading system" is given the opportunity to participate in the securities market and maximize their funds to all interested persons, regardless of their form of ownership, as well as individuals, who have the necessary minimum amount.
With 2010 introduced the procedure, according to which by LLC “Interbank trading system” has the ability to execute transactions with securities included in the official listing of a stock exchange.
Software that uses the LLC “Interbank trading system” in professional activities, is the patented electronic system of trades organization, allowing to carry out trades in real time, reflecting the interface for detailed information about the state of the market at the moment and providing the opportunity for participants to apply for purchase and/or sale of stocks with a workplace.
Since 2008 LLC “Interbank trading system” trades a new software package “ITS-Trading”, patented by the State patent office of the Republic of Uzbekistan (now Agency on intellectual property of the Republic of Uzbekistan). The program complex consists of several software applications for the administration of tenders (“ITS-server”, “ITS-admin”), customer service (part of points of reception of applications for the “ITS-client”) for the implementation of the settlement-clearing activity “ITS-clearing”.
One of the advantages of trading on the securities market is the fact that LLC “Interbank trading system” provides a possibility, regardless of the location of the buyer and seller of securities by a global network of Internet participate with remote workplace in the securities trades that are in circulation on the securities market of Uzbekistan.
LLC “Interbank trading system” in cooperation with the state unitary enterprise “Center of scientific-engineering and marketing researches UNICON.UZ” is implemented national CSP on the application of electronic digital signature, using domestic algorithm of forming and verifying the digital signature O'ZDST 1092:2005 in the trading system.
In order to minimize the level of risk of the investor in the choice of object of investment, securities pass the admission procedure, which includes examination of the financial condition of the Issuer, the inclusion in the listing, a publication in mass media of the main financial indicators of the Issuer.
The beginning of their professional activity on the securities market as the organizer of OTC trades and clearing services include the second half of 2005, in which the LLC “Interbank trading system” conducted the first trades in corporate bonds, as a result of which were made profitable for commercial banks transactions.
Over the years, the LLC “Interbank trading system” developed normative-methodological documents, technical basis for the organization of trading and successfully implemented a project on trade in corporate bonds issuers of various branches of economy of Uzbekistan.
The main participants of the securities trades are commercial banks, industrial and insurance companies, and other organizations and citizens.