ВОЗДЕЙСТВИЕ ЦЕНТРАЛИЗОВАННОГО ПОРЯДКА ВЫПЛАТЫ ДОХОДОВ ПО ЦЕННЫМ БУМАГАМ НА ЛИКВИДНОСТЬ РЫНКА: ЭМПИРИЧЕСКОЕ ИССЛЕДОВАНИЕ НА ПРИМЕРЕ УЗБЕКИСТАНА

Аннотация

This study examines the impact of the new securities income payment order, implemented in June 2024, on the liquidity of Uzbekistan’s securities market. By analyzing stock market activity data from the first half of 2024 and August 2024, the research evaluates the current market conditions and forecasts potential changes under the new regulatory framework. The paper focuses on key aspects of the new order, such as centralized payments through the Central Securities Depository and the involvement of investment intermediaries. The findings suggest that the new order may enhance liquidity by speeding up payments and reducing operational risks. However, there may be temporary operational delays during the initial phase, which could negatively impact market activity. The study also reviews existing research on the effects of regulatory changes on liquidity in both developed and emerging markets. Unlike previous research, this study emphasizes short-term changes following the introduction of the new order and considers the unique characteristics of Uzbekistan’s market. Practical recommendations are provided to optimize the payment system and further improve market liquidity. Keywords: liquidity, securities, Uzbekistan, Central Securities Depository, payments, regulation. 417 Iqtisodiy taraqqiyot va tahlil, 2024-yil, oktabr www.e-itt.uz