A resolution of the Cabinet of Ministers “On measures to introduce futures trading on commodity exchanges and the creation of an electronic logistics trade portal for the transportation of products by road” was adopted.
In accordance with the presidential decrees “On measures to fundamentally improve contractual relations” and “On measures to further introduce market mechanisms in the sale of highly liquid and monopoly goods”, the Regulation on the procedure for conducting futures trading on commodity exchanges was approved.
It provides for trading in futures and settlements between the parties with the formation of market prices for goods; requirements for exchange members and their traders to participate in futures trading; regulation of relations between the client and the member of the stock exchange, as well as the clearing of futures contracts and contract enforcement, and others.
The decree also approved the Regulation on electronic logistics portal for freight transport, which determines procedures:
- registration of customers and carriers on the e-logistics trade portal;
- conclusion of contracts for transportation based on the principles of transparent and competitive bidding;
- exchange of information with the relevant government agencies on the control over the course of trading and price manipulation, as well as monitoring and analysis of freight traffic;
- carrying out settlements under concluded contracts, including advance payments and guarantees for the fulfillment of contractual obligations;
- determination of the obligations of the parties under the terms of the contract;
- identifying unscrupulous carriers, taking measures against them and excluding them from the e-logistics portal.
Starting from January 1, 2022, futures contracts are being introduced at UzEX.
The Antimonopoly Committee of the Republic of Uzbekistan is the authorized body in the field of regulation of commodity derivatives, including trading in futures on commodity exchanges.