Activities of stock exchanges

(Fond birjalarining faoliyati)

Plans:

• 1.Functions and organizational structure of the stock exchange.
• 2.Infrastructure of the stock exchange and participants of exchange trading.
• 3.Mechanism of stock exchange trading. Types of exchange auctions.

1. Fond birjasi funksiyalari va tashkiliy tuzilmasi.

• 2. Fond birjasi infratuzilmasi va birja savdolari qatnashchilari.
• 3. Fond birja savdolari mexanizmi. Birja auksioni turlari.

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• Stock exchanges — are a part of the financial market where the buying and selling of securities (stocks, bonds, investment funds, derivatives, and others) are carried out.�A stock exchange — is a centralized place organized for selling and buying securities. In this place, investors, companies, and the government circulate their financial assets.�For example, a company can list its shares on the exchange to attract capital (money) from investors.
• Fond birjalari — bu qimmatli qog‘ozlar (aksiyalar, obligatsiyalar, investitsion fondlar, derivativlar va boshqalar) oldi-sotdisi amalga oshiriladigan moliyaviy bozorning bir qismi hisoblanadi.
• Fond birjasi — bu qimmatli qog‘ozlarni sotish va sotib olish uchun tashkil etilgan markazlashtirilgan joy. U yerda investorlar, kompaniyalar va davlat o‘z moliyaviy aktivlarini muomalaga kiritadi.�Masalan, kompaniya o‘z aksiyalarini birjada sotuvga qo‘yib, investorlardan kapital (pul) jalb qiladi.

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Exchanges carry out their activities in the form of commodity, stock, and currency exchanges.�An exchange must have its own charter documents, which consist of the following:�(Birjalar oʻz faoliyatini tovar-xomashyo, fond va valyuta birjasi turida amalga oshiradi. Birja oʻz ustav hujjatlariga ega boʻlishi kerak va bu hujjatlar quyidagilardan iborat:)

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• the full and abbreviated name of the exchange, its location, and email address;
• birjaning toʻliq va qisqartirilgan firma nomi, joylashgan yeri, elektron pochta manzili;

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• the amount of the exchange’s charter capital;

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• birja ustav fondining miqdori;

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• The number, nominal value and types of shares issued by the exchange
• birja tomonidan chiqariladigan aksiyalarning soni, nominal qiymati, turlari;

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• the structure of the exchange’s management, the number of members of the exchange’s supervisory board, audit commission, and executive body, the procedure for forming these bodies, and their powers.
• birja boshqaruvining tuzilmasi, birja kuzatuv kengashining, taftish komissiyasining va ijroiya organining aʼzolari soni, ushbu organlarni shakllantirish tartibi, ularning vakolatlari.

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In carrying out its activities, the stock exchange has a number of rights:

(Fond birjasi oʻz faoliyatini amalga oshirishda bir qator huquqlarga ega)

• Quotation; arbitration; listing; establishment of supervisory and other exchange commissions; suspension of exchange trading if the prices of exchange goods change beyond the limits set by the exchange; organization and conduct of tenders, auctions, exhibitions, fairs, public procurement, and corporate purchases in accordance with the law; publication of exchange bulletins, reference books, and other informational and advertising materials; organization of exchange trading; and quotation of exchange goods based on the ratio of demand and supply.

• Kotirovkalash; arbitraj; listing; nazorat va boshqa birja komissiyalarini tashkil etish; birja tovarlari narxlari birja tomonidan belgilangan chegaraviy miqdordan oʻzgarib ketsa, birja savdolarini toʻxtatish; qonun hujjatlariga muvofiq tanlov, kimoshdi, koʻrgazmayarmarka savdolarini, davlat xaridlari va korporativ xaridlarni tashkil 200 etish hamda oʻtkazish; birja axborotnomalari, maʼlumotnomalari hamda boshqa axborot va reklama materiallarini chiqarish; birja savdolarini tashkil etish; birja tovarlariga boʻlgan talab va taklifning nisbati asosida ularni kotirovkalash.

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The stock exchange also has its own obligations. They are as follows:

(Fond birjaning oʻz majburiyatlari ham mavjud. Ular quyidagilar:)

• Timely informing exchange members about the place and time of exchange trading on trading floors and in sections; creating conditions to ensure the fulfillment of transactions concluded on the exchange; establishing, clarifying, and accounting for the mutual obligations of exchange members and their clients, as well as carrying out mutual settlements between them through special bank accounts; maintaining separate accounting of funds belonging to the exchange, its members, and their clients; regularly publishing quotations of exchange goods on its official website, and informing exchange members about the results of each exchange trading session.

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• Savdo maydonchalarida va seksiyalarda birja savdolari oʻtkazish joyi hamda vaqti toʻgʻrisida birja aʼzolarini oʻz vaqtida xabardor qilish; birjada tuzilgan bitimlarnining bajarilishini taʼminlash uchun shart sharoitlar yaratish; birja aʼzolarining va ular mijozlarining oʻzaro majburiyatlarini belgilash, aniqlashtirish hamda hisobga olish, shuningdek bankda ochilgan maxsus hisobvaraqlar orqali ular oʻrtasidagi oʻzaro hisob kitoblarni amalga oshirish; birja, birja aʼzolari va ularning mijozlari pul mablagʻlarining alohida-alohida hisobini yuritish; muntazam ravishda oʻz rasmiy veb-saytida birja tovarlarining kotirovkalarini joylashtirish, shuningdek birja aʼzolarini har bir birja savdosining yakunlari toʻgʻrisida xabardor qilib borish.

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• Principles of the stock exchange
• Fond birja tamoyillari

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• Conducting exchange trading in an open and public manner
• Birja savdolarini oshkora va ommaviy tarzda o’tkazish

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• The formation of prices in exchange trading
• Birja savdolarida narxlarning erkin shakllanishi
• Voluntariness in concluding exchange transactions
• Birja bitimlarini tuzishning ixtiyoriyligi
• Equality of conditions for all exchange members to participate in exchange trading
• Birja barcha a’zolarining birja savdolarida ishtirok etishi uchun sharoitlarning tengligi

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In the Republic of Uzbekistan, the stock exchange is the “Tashkent” Republican Stock Exchange, which was established in accordance with the Decree of the President of the Republic of Uzbekistan No. 745 dated April 8, 1994, titled “On further deepening of economic reforms, protection of private property interests, and measures to develop entrepreneurship.”�Its activities are closely connected with the reforms carried out in the republic and the policy of establishing joint-stock companies.�Today, the “Tashkent” Republican Stock Exchange (RSE) is a modern exchange equipped with the latest technologies and includes more than 100 brokerage organizations.

Oʻzbekiston Respublikasidagi fond birja boʻlib, “Toshkent” Respublika fond birjasi hisoblanadi va ushbu birja Oʻzbekiston Respublikasi Prezidentining “Iqtisodiy islohotlarni yanada chuqurlashtiFond birja tamoyillari Birja savdolarini oshkora va ommaviy tarzda oʻtkazish Birja bitimlarini tuzishning ixtiyoriyligi Birja savdolarida narxlarning erkin shakllanishi Birja barcha a’zolarining birja savdolarida ishtirok etishi uchun sharoitlarning tengligi 201 rish, xususiy mulk manfaatlarini himoya qilish va tadbirkorlikni rivojlantirish chora tadbirlari toʻgʻrisida” № 745-sonli farmoniga koʻra 8 aprel 1994 yilda shakllangan. Uning faoliyati respublikada olib borilayotgan islohotlar bilan va aksionerlik jamiyatlar ochish siyosati bilan yaqindan bogʻliq. Bugungi kunda RFB “Toshkent” – bu 100 ortiq brokerlik tashkilotlar va eng yangi uskunalarga ega boʻlgan birjadir.

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Exchange infrastructure. (Birja infratuzilmasi)

Exchange infrastructure refers to the professional participants of exchange trading — organizations that ensure the functioning of the exchange’s activities. These include:

Central depository of securities;

Organization responsible for registering securities;

Clearing (settlement) chambers;

Netting institutions;

Information agencies.

Birja infratuzilmasi – birja savdolarining professional ishtirokchilari boʻlib, birja faoliyatini amalga oshirishini taʼminlovchi tashkilotlardir. Ularga quyidagilarni kiritish lozim: - qimmatli qogʻozlar markaziy depozitariysi; - qimmatli qogʻozlarni roʻyxatga oluvchi tashkilot; - kliring (hisob palatalari); - netting; - axborot agentliklari.

There are participants involved in stock exchange trading. These participants are called professional participants, and they are granted the right to participate in exchange trading according to the rules established by the exchange.

Professional participants of the stock exchange include:

Investment intermediaries,

Investment advisors,

Investment funds,

Trustees of investment assets,

Transfer agents,

Organizers of over-the-counter securities trading,

Dealers,

Market makers, and

Brokers.

Usually, they must have the status of a legal entity.

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Participants of exchange trading.

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Fond birja savdolarida qatnashuvchi ishtirokchilar mavjud. Ushbu ishtirokchilar professional ishtirokchilar deyiladi va fond birja professional ishtirokchilariga birja tomonidan belgilangan tartibda birja savdolarida ishtirok etish huquqi berilgan

investitsiya vositachisi,

investitsiya maslahatchisi,

investitsiya fondi,

investitsiya aktivlarini ishonchli boshqaruvchi,

tranfer-agent,

qimmatli qogʻozlarning birjadan tashqari savdosi tashkilotchisi,

dilerlar,

market-meykerlar va

brokerlar hisoblanadi, odatda ular yuridik shaxs maqomiga ega boʻlishlari darkor.

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Birja savdolari qatnashchilari

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�The mechanism of stock exchange tradingFond birja savdolari mexanizmi

(Fond birja savdolari turli shakllarda tashkil etilishi mumkin.)

According to the form of conducting trades:�a) continuous and session-based;�b) contact (traditional) and non-contact (electronic).

Oʻtkazish shakli boʻyicha savdolar:

a) doimiy va sessiya shaklida;

b) kontakt (anʼanaviy) va kontaksiz (elektron).

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According to the form of organization, trade auctions are divided into:�a) simple auctions;�b) complex auctions.

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Tashkil etish shakli boʻyicha savdo auksionlari

a)oddiy va

b)murakkab auksionlarga boʻlinadi.

According to the form of execution:�a) exchange trading based on a power of attorney (brokers);�b) independent exchange trading (dealers).

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Amalga oshish shakli boʻyicha:

1. ishonchnoma asosida birja savdosi (brokerlar);
2. b) mustaqil birja savdolari (dilerlar).

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According to the form of organization, trade auctions are divided into simple and complex auctions.

(Tashkil etish shakli boʻyicha savdo auksionlari oddiy va murakkab auksionlarga boʻlinadi:)

• Simple auction
• Oddiy auksion
• English auction
• Ingliz auksioni
• Dutch auction
• Golland auksioni
• Sealed-bid
• Qorong’u auksion

Complex auction

Murakkab auksion

Call

Chaqiriqli

Continuous

Uzluksiz

Use of the order book

Buyurtmalar kitobidan foydalanish

Crowd

Olomon

Board

Tablo

• A simple auction can be organized either by a seller who accepts applications from buyers (seller’s auction) or by a buyer who seeks advantageous offers from potential sellers (buyer’s auction). There are several types of simple auctions.
• In particular, in an English auction, sellers submit applications to sell financial instruments at an initial price before the start of trading. These offers are agreed upon in the quotation bulletin and distributed to exchange participants. During the auction, if there is competition among buyers, the price of the financial instrument increases, and as a result, the auctioned asset is sold to one buyer at the highest offered price.
• In a Dutch auction, the seller sets a high initial price, and the auctioneer gradually lowers the price until a buyer agrees to purchase. In this case, the securities are bought by the buyer who accepts the current price.
• In a sealed-bid (blind) auction, all buyers simultaneously submit their price offers to purchase securities, and the buyer who offers the highest price obtains the securities.

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• Oddiy auksion - xaridorlardan kelib tushgan arizalarni qabul qilgan sotuvchi tomonidan (sotuvchi auksioni) yoki potensial sotuvchilardan manfaatli takliflar qidirayotgan xaridor tomonidan (xaridor auksioni) tashkil etilishi mumkin. Oddiy auksionning bir necha turlari mavjud.
• Xususan ingliz auksioni – sotuvchilar savdo boshlanishidan oldin fond instrumentlarini boshlangʻich narxda sotish uchun arizalar beradi. Ular kotirovka byulletenida kelishtirilib, birja savdo ishtirokchilariga tarqatiladi. Auksion davomida agar xaridorlar raqobati mavjud boʻlsa, moliyaviy instrument narxi oshib boradi va natijada auksion aktivi taklif etilgan eng yuqori narxda bitta xaridorga sotiladi.
• Golland auksioni –sotuvchining boshlangʻich narxi yuqori va qachonki xaridor narxni maʼqullamagunicha auksionni olib boruvchi mutaxassis narxni pasaytirib boradi. Bunday holatda qimmatli qogʻozlar narxiga rozi boʻlgan xaridor tomonidan sotib olinadi.
• Qorongʻu auksion –barcha xaridorlar bir paytda qimmatli qogʻozlarni sotib olish uchun oʻzlarining narxlarini taklif qilishadi va 215 eng yuqori narx taklif qilgan shaxs qimmatli qogʻozlarni sotib oladi.

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Complex auction (continuous, “call,” or “crowd” auction).�This type of auction requires a high level of competition between sellers and buyers. As a form of organizing exchange trading, complex auctions are distinguished by their greater suitability for the characteristics of the stock market compared to other types of auctions.��Murakkab auksion (uzluksiz, “chaqiriqli” yoki “olomonli”). Auksionning bunday turi sotuvchilar va xaridorlar raqobatining yuqori boʻlishini taqozo etadi. Birja savdosini tashkil etish shakli sifatida murakkab auksionlar fond bozori xususiyatiga boshqa auksionlarga nisabatan mos ravishligi bilan ajralib turadi.

Call market (Chaqiriqli bozor)

• Call market.In the stock market, when transactions are rarely made, a large difference arises between the seller’s and buyer’s prices, which is called the spread in the stock quotation. As a result, price fluctuations in transactions become high and frequent, making the market illiquid. In such cases, exchange trading is generally organized in the form of a continuous auction, which is considered complex.
• In a call market, exchange trading is rarely organized. Due to the market’s low liquidity, the time for submitting applications to participate in securities trading is extended, and almost all securities are traded during the organized exchange session.

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• Chaqiriqli bozor . Fond bozorida bitimlar kamdan kam tuzilsa, sotuvchi va xaridor narxlari oʻrtasida katta farq yuzaga keladi va u birja kotirovkasida spred, deb nomlanadi. Buning natijasida, bitimlardagi narxlar tebranishi yuqori va muntazam xarakterga boʻladi, bunday bozor likvid emas, birja savdolari uzluksiz auksion shaklida tashkil etilishi umuman, murakkab hisoblanadi. Chaqiriqli bozorda birja savdosini tashkil etilishi kam kuzatiladi, bozor likvidligi past boʻlganligi sababli, qimmatli qogʻozlar savdosida qatnashish uchun arizalar tushish muddati uzaytiriladi va tashkil etilgan birja savdosida deyarli barcha qimmatli qogʻozlar savdosi boʻlib oʻtadi.

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Continuous auction(Uzluksiz auksion)

• A broker cannot change an application once it has been submitted; therefore, the time criterion is an important element in a written auction. As a result, the clearing price of the security is determined, and transactions between sellers and buyers are executed at that price.
• Such a situation allows the market to sell large volumes of accumulated financial assets at once. In a liquid market, these “simultaneous sales” may occur several times within a single trading day. Major markets that widely use this simultaneous trading practice include the stock exchanges of Austria, Belgium, Germany, and Israel.
• Such simultaneous trading indicates constant demand and supply for securities, market liquidity, and the possibility of transitioning to a continuous auction.
• In turn, the continuous auction is divided into three types.

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• Broker muqaddam bergan arizasini oʻzgartirishi mumkin emas, shuning uchun vaqt mezoni yozma auksionda muhim element hisoblanadi. Natijada, qimmatli qogʻozning kliring narxi aniqlanadi va shu narxda sotuvchi va xaridorlar bitim tuzadilar.
• Shunday holat bozorni katta hajmda yigʻilib qolgan moliyaviy aktivlarga boʻlgan buyurtmalarni barobariga sotib turadi. Likvid bozorda bunday “barobariga sotishlar” bir birja kunida bir necha marotaba sodir boʻlib turadi. Jahonda barobariga sotish amaliyotidan keng foydalanadigan yirik bozorlar –Avstriya, Belgiya, Germaniya va Isroil davlati birjalaridir.
• Bunday barobariga sotish savdolari – qimmatli qogʻozlarga doimiy talab va taklif, bozor likvidligi, uzluksiz auksionga oʻtish imkoniyati mavjudligini bildiradi. Oʻz navbatida, uzluksiz auksion uch turga ega

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Types of continuous auctions:

• The first type involves the use of the order book, where verbal orders received from brokers are recorded. Then, a clerk (exchange representative) classifies these orders according to the time of receipt and the volume of securities to be purchased.
• The second type is the board auction, in which the two best prices for securities are displayed — the highest price for buying and the lowest price for selling. The market maker (broker) groups incoming orders by price and sets a quoted price for each security.
• The third type of continuous auction is the crowd auction. In this case, traders gather around a clerk (exchange representative) who announces the securities being traded, and they call out their offered prices aloud to find a counterparty.

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Uzluksiz auksion turlari

• Birinchi turi – buyurtmalar kitobidan foydalanish, unga brokerlardan kelib tushgan ogʻzaki arizalar kiritiladi, keyin klerk (birja vakili) arizalarni kelib tushish muddati va qimmatli qogʻozlarni sotib olish hajmi boʻyicha ajratadi.
• Ikkinchi turi – tablo, unda qimmatli qogʻozlarga nisbatan tanlangan eng yaxshi ikkita narx (eng yuqori – sotib olish uchun va eng past – sotish uchun narxlar) koʻrsatiladi. Makler kelib tushgan arizalarni narxlar boʻyicha guruhlaydi va har bir qimmatli qogʻozga kurs taklifini belgilaydi.
• Uzluksiz auksionning uchinchi turi – olomon. Treyderlar faqat savdoga kelib tushayotgan aksiyalarni eʼlon qiluvchi klerk (birja vakili) atrofida toʻplanishadi va kontragentga oʻzlari taklif qilayotgan narxlarni ovoza qilishadi.

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Thank you for your attention

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