PROSPECTS FOR DEVELOPING BROKERAGE AND UNDERWRITING ACTIVITIES OF COMMERCIAL BANKS IN UZBEKISTAN
DOI:
https://doi.org/10.5281/zenodo.20817586Keywords:
commercial banks, brokerage, underwriting, capital market, Uzbekistan, investment banking, securitiesAbstract
This article examines the current state and development prospects of brokerage and underwriting
activities of commercial banks in Uzbekistan within the context of ongoing capital market reforms. Drawing on data
from the Central Bank of Uzbekistan, the World Bank, Moody’s Rating Agency, and the Tashkent Stock Exchange,
the study identifies structural constraints, quantifies growth dynamics, and proposes policy recommendations to
deepen bank-driven investment banking services. Findings indicate that while the banking sector has expanded
nearly ninefold in nominal asset terms since 2017, its participation in capital market intermediation remains nascent.
The paper argues that the commercialization of brokerage and underwriting functions within banks represents a
critical mechanism for bridging the financing gap between capital-seeking enterprises and institutional investors.
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