London fond birjasida xavflarni boshqarish tizimi va O‘zbekiston bozori barqarorligi uchun tatbiq etilishi

Аннотация

In this article, the risk management systems of the London Stock Exchange (LSE) are studied in depth, and the possibilities of applying these systems to the stock market of Uzbekistan are extensively analyzed. The LSE is one of the world's largest stock exchanges, and its success depends on high-level risk management mechanisms. The article describes the financial monitoring system, which are important factors in reducing risks, determining the level of capital required from companies and participants, and risk forecasting methods using digital technologies. Among other things, the opportunities related to the implementation of these systems in Uzbekistan were considered, and the ways to increase financial stability by reducing risks and thereby strengthening Uzbekistan's competitiveness in international markets were analyzed. The main goal of the article is to improve the investment environment and further strengthen the national economy through the development of modern systems of risk management in the stock market of Uzbekistan. This study, based on LSE's experience, analyzed the need to modernize monitoring and reporting systems, maintain capital reserves for companies, and create algorithmic risk management systems to ensure economic and financial stability. The approaches presented in the article form the basis for making the stock market of Uzbekistan safer and more efficient, as well as providing additional guarantees to investors. Keywords: London Stock Exchange, risk management system, stock market of Uzbekistan, financial monitoring, capital level, digital technologies, investment environment, international competitiveness, financial stability, risk forecasting. Kirish: Bugungi kunda fond bozorlarida xavflarni boshqarish tizimlari samaradorligi investorlarga ishonchli va barqaror muhit yaratishda muhim rol o‘ynaydi. London fond birjasi (LSE) ushbu sohada ilg‘or tajribaga ega bo‘lib, uning xavflarni boshqarish tizimlari dunyo bo‘ylab boshqa birjalar va moliyaviy institutlar uchun namuna bo‘lib kelmoqda. LSE moliyaviy monitoring tizimlarini rivojlantirish, talab qilinadigan kapital darajalarini belgilash va xavflarni oldindan prognoz qilishda raqamli texnologiyalardan foydalanish orqali barqarorlik va xavfsizlikni ta'minlaydi. 728 “JOURNAL OF SCIENCE-INNOVATIVE RESEARCH IN UZBEKISTAN” JURNALI VOLUME 2, ISSUE 10, 2024. OCTOBER ResearchBib Impact Factor: 9.654/2024 ISSN 2992-8869 O‘zbekiston fond bozori ham rivojlanish jarayonida va investorlar uchun jozibador muhit yaratishga intilmoqda. Shu sababli, LSE tajribasini o‘rganish va uning xavflarni boshqarish mexanizmlarini O‘zbekiston sharoitiga moslashtirish muhim ahamiyat kasb etadi. Ushbu maqolada LSEda xavflarni kamaytirishga qaratilgan choralar, xususan, moliyaviy monitoring tizimlari, kapital zaxiralarining saqlanishi va raqamli texnologiyalarning qo‘llanilishi ko‘rib chiqiladi. Shuningdek, mazkur mexanizmlarni O‘zbekiston fond bozorida tatbiq etish orqali qanday moliyaviy barqarorlikka erishish va xalqaro bozorlarda raqobatbardoshligini oshirish mumkinligi tahlil qilinadi. Mavzuga oid adabiyotlar sharhi. London fond birjasida xavflarni boshqarish va uni boshqa fond bozorlariga tatbiq qilish bo‘yicha ko‘plab olim va tadqiqotchilar tadqiqotlar olib borgan. Ushbu mavzuda olib borilgan tadqiqotlar xavflarni boshqarish tizimlarini samaradorligini oshirish, moliyaviy barqarorlikni ta’minlash va global bozorlarda raqobatbardoshlikni kuchaytirish masalalarini qamrab oladi. Markus Brunnermeier – Brunnermeier xavflarni boshqarish va moliyaviy bozorlarning barqarorligi sohasida taniqli tadqiqotchi hisoblanadi. Uning asarlari, xususan, "Likvidlik inqirozi" kitobi global moliyaviy tizimlarda xavf boshqaruvi va moliyaviy barqarorlikning asosi bo‘lgan xavfsizlik choralariga bag‘ishlangan. U fond bozorlarida xavf tahlilining murakkabliklarini yoritadi va moliyaviy tizimning xavfsizligini oshirish uchun takliflar beradi. Robert Engle – 2003 yilgi Nobel mukofoti laureati bo‘lgan Engle, fond bozorlarida xavf tahlili va o‘zgaruvchanlik (volatilitet) modellariga asoslangan nazariyalar yaratgan. Uning GARCH (Generalized Autoregressive Conditional Heteroskedasticity) modeli xavflarni boshqarish sohasida keng qo‘llaniladi. Bu uslub ayniqsa fond bozorlarida aktivlarning narxidagi o‘zgarishlarni prognozlash va xavflarni nazorat qilishda qo‘l keladi. Hyman Minsky – Minsky xavflarni boshqarish, ayniqsa, moliyaviy barqarorlik va iqtisodiy inqirozlar borasida o‘z tadqiqotlari bilan mashhur. Uning "Minsky Moment" kontseptsiyasi va moliyaviy tizimlar rivojlanishining "barqarorlik paradoksini" yoritadi, bu esa iqtisodiy tizimlarda uzoq muddatli barqarorlikni ta’minlashning muhimligini ta’kidlaydi. Benoît Mandelbrot – Fraktal geometriyani moliyaviy tahlilga kiritgan Mandelbrot o‘zgaruvchanlik va kutilmagan xavflarni modellashtirish usullariga katta hissa qo‘shgan. Uning asarlari xavflarni oddiy statistik tahlil usullari bilan baholashda cheklovlarning mavjudligini 729 “JOURNAL