Improving digital technologies in the stock market in Uzbekistan
Lobar Ergasheva
1
, Dilnoza Xaitboyeva
1
and , Gulchehra Erkinova
1
1
Tashkent University of Applied Sciences, Gavhar Str. 1, Tashkent 100149, Uzbekistan
(ergashevalobar577,erkinovagulchehra92,dilnoza.dilnoza.1991)@gmail.com
https://doi.org/10.5281/zenodo.10467732
Keywords:
Digital financial assets, operators of Information system, digital financial assets exchange operator, digital
currency, digital certificate.
Abstract:
This paper of work describes the transition of the stock market to the digital economy in the Republic of
Uzbekistan and its shortcomings. Also, as a result of the rapid development of today's digital economy, it is
written about the improvement of digitization technologies of the stock market of the Republic of Uzbekistan..
1 INTRODUCTION
Today's life is updated with digital technologies. In
the modern world, it is almost impossible to imagine
a person who has not encountered the manifestation
of financial technologies in one way or another.
Digitization is inevitably changing our lives,
gradually covering all areas of human activity and
requiring new rules to adapt to the changing
environment. The most active manifestation of
digitization is often observed in the economy, which
is connected with the active introduction of digital
technologies to the financial market in general, and
the stock market in particular. The stock market
includes a system of monetary relations that ensures
the accumulation, redistribution and investment of
securities in the stock market. Acceleration of the
circulation of funds through the purchase and sale of
securities this creates the need to benefit from the new
technologies of the digital economy. In countries with
developed infrastructure, this process has many
complex and incomprehensible aspects for ordinary
people, in this regard it is necessary to present many
methods and forms to potential investors. For the
general purpose of profit the demand for speeding up
digitization processes in participation is increasing.
At the beginning of our thoughts, the norms for the
trading of securities are determined based on the Law
of the Republic of Uzbekistan dated 03.06.2015 No.
ORQ-387. Also, 2023 On September 11, according to
the decree of the President of the Republic of
Uzbekistan PF-158, the development of digital
technologies until 2030 was determined. We can note
that digital financial assets mean digital rights,
including: There are programs in use today, such as
Meta trader RoboForexMetatrader, MetaEditor. The
degree of complexity of these is high, and it is
required to have certain rights regarding their use, i.e.,
in the relations of buying and selling of valuable
securities. Thus, digital financial assets refer to digital
rights, including:.
Digital
rights
money demands
The right of the
Central Bank to
demand the
transfer of
emission securities
the right to
participate in
capital
Implementation
of the rights of
the central bank
on the issue
2 Materials and Methods
The concept of "digital financial assets": digital
financial assets are called digital rights, including
money claims, the ability to exercise rights on issued
securities, the right to participate in the capital of a
non-state joint-stock company, the right to demand
the transfer of issued securities .
According to the law
on securities, their issuance, accounting and
circulation is carried out only by making entries in the
information system based on the distributed register,
as well as in other information systems. that is:
information about the owner of the data used for
processing located in the databases, the technical
means legally using the database, or the person who
has entered into an agreement with this owner on the
use of the information system. The operator of the
information system must provide the possibility of
deployment. Digital financial asset exchange
operators can be credit organizations, trade organizers
and other legal entities that meet the requirements of
the current legislation of the Republic of Uzbekistan.
The powers of the digital financial asset exchange
operator include:
1) transactions of purchase and sale of digital
financial assets;
2) operations related to the exchange of one type
of digital financial assets
other types of digital financial assets or digital
rights;
3) operations with issued digital financial assets
information systems established in accordance
with foreign legislation;
4) Transactions with digital rights consisting of
digital financial assets;
If we dwell on the concept of digital financial
currency, we can understand it as a ledger of digital
financial assets mentioned above through currencies.
In this, many aspects are digitized in connection with
currency transactions. That is, the value of all
operations performed on that day in soums and
foreign currency is carried out through digital
operators. This means managing the exchange rate of
both local and foreign securities through digital
processes.
Also, today we can enter the stock market with our
savings as our standard of living increases. But the
main concern here is the management of financial
assets. By simplifying the digitization process and
increasing financial literacy, we will be able to
manage digital financial assets in the stock
market.point.
2.1
METHODS OF VALUATION
OF FINANCIAL ASSETS
You need to know which digital stock exchange
to use and choose the most useful software for
managing financial assets. For example, Interactive
Brokers is probably one of the most popular sources.
The American weekly Barron's magazine, published
by the news division of Dow Jones & Company News
Corp, called this platform the best for online
investment.
There are several reasons for this. Interactive
Brokers attracts its clients with low prices per share,
an advanced trading process on the platform, as well
as a very impressive selection of securities for sale
and very low margin rates. Their new product IBKR
Lite can even offer its customers the opportunity to
buy stocks without any commission.
Advantages of Interactive Brokers include a wide
selection of over 18,000 stocks that can be purchased
without transaction fees, a large selection of other
investments, and decent tools to help you do your
research.
You will be able to manage your assets in
the Forex from the comfort of your own home. If you
use Alpari, you should have a personal cabinet as
shown in the picture below:
You will be able to manage your assets in the Forex
market from the comfort of your own home. If you
use Alpari, you should have a personal cabinet as
shown in the picture below:
Picture 1:
Personal account opened in Alpari.
In addition, the main negative is that the
navigation on the website of Interactive Brokers is not
very clear, but this shortcoming can be called very
subjective. If users understand how to invest in
Interactive Brokers, then there is no reason why they
should not choose this online exchange.
If earlier Interactive Brokers was aimed more at
professional investors and traders, now with the
release of IBKR Lite, ordinary people have the
opportunity to invest their money in stocks. Various
types of trades are available to users, including
regular spot purchases, options, futures, mutual funds
and even fixed income instruments. This can be done
at 135 exchanges in 33 countries.
Interactive Brokers also expanded its arsenal for
professional traders and gave them the opportunity to
try IBKR Pro, which differs from IBKR Lite in that it
has more stocks, but each stock with a commission of
$0.005 for. It is noteworthy that in the case of IBKR
Lite and IBKR Pro, the minimum investor deposit is
$0, which means that almost everyone can start their
investment journey. A nice bonus is that if exchange
users are inactive, there is no maintenance fee for
their accounts.
You must enter your account number in our
personal account opened in Alpari. By opening this
account, you will be able to manage your financial
assets using the Metatrader software.
This is a simple operation carried out in the
modern Forex market, which means that digital
technology is used.
Picture 2:
Personal account opened in Alpari.
CONCLUSIONS
All the information given above is working in
the conditions of Uzbekistan, but the lack of
financial literacy is the reason for not being able to
enter the trading process.
In Uzbekistan, the stock market and its
digitization are implemented and controlled by
automatic programs. For effective management of
investments in long-term securities, mobile
applications on a certain scale are becoming the
demand of the time.
ACKNOWLEDGMENTS
What kind of mobile application can we
introduce in the conditions of Uzbekistan today?
For example, we need to create a mobile
application similar to new payment systems. The
application called Trader Uzb should have links
for managing financial assets.
The authors express their gratitude to the
professors of Tashkent University of Applied
Sciences G.E.Erkinova and D.A.Xaitboyeva for
his scientific and practical help in writing this
article.
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