Яшил иқтисодиёт ва тараққиёт Ҷилди 4 № 6 (2026)
PROSPECTS FOR DEVELOPING BROKERAGE AND UNDERWRITING ACTIVITIES OF COMMERCIAL BANKS IN UZBEKISTAN
Niyozov, Zukhur, Barnoyev, Mirfayoz, Yadgarov, Avaz
Аннотатсия
This article examines the current state and development prospects of brokerage and underwritingactivities of commercial banks in Uzbekistan within the context of ongoing capital market reforms. Drawing on datafrom 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 todeepen bank-driven investment banking services. Findings indicate that while the banking sector has expandednearly 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 acritical mechanism for bridging the financing gap between capital-seeking enterprises and institutional investors.
commercial banks, brokerage, underwriting, capital market, Uzbekistan, investment banking, securities
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