Improving the stock market infrastructure in conditions of economic modernization

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Askarjon J. Khujamurodov


The article describes the economic essence of the stock market infrastructure and the main directions of its formation, the scientific and theoretical basis. The foreign experience of the stock market infrastructure and stock exchanges has been studied, and opportunities for their application to the stock market of Uzbekistan have been identified. Analysis of the institutional, technical and functional bases of the stock market, the economic situation in the stock market of the Republic of Uzbekistan. Factors influencing the development of stock market infrastructure were systematized, and analyzes were performed on the autoregressive distributed lag (ARDL) model based on the factors influencing the stock market infrastructure and their complex econometric methods.

The paper also finds that the degree of consolidation varies among different integrated groups of market infrastructure. Economies of scale and scope and positive network externalities inherent in the securities services industry mean that substantial cost savings and increased efficiency can be expected from further integration. The most relevant factors underlying the less advanced areas of integration are likely to be not only persistent cross-border differences in tax regimes, procedures and laws, but also vested interests among users, owners and managers.

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