The key facts

  • Starting November 10, the Tashkent Stock Exchange is launching three indices — UPI, UPI FF and UPI EW — replacing the previous UCI indicator.
  • To be included in an index, an issuer must have a positive financial result for the year and at least 5% of shares in free float.
  • Index data will be transmitted to Bloomberg; interest from Refinitiv (LSEG) and Cbonds has been noted.

New index family to replace UCI

Starting November 10, the Republican Stock Exchange Tashkent is launching the Uzbekistan Prime Index (UPI) family of indices, which will replace the previously used UCI — the main indicator of the local stock market. The exchange's press service told Spot.uz. The family, developed with international practice in mind, includes three indices that differ in how stock weights are determined: the base UPI is built on the full market capitalization of issuers, UPI FF takes into account the share of freely tradable shares (Free Float), while UPI EW assigns all stocks an equal initial weight with quarterly rebalancing.

Selection criteria and unified methodology

All three indices share a single calculation base, common security selection criteria, and a unified procedure for revising their composition. To be included in an index, an issuer must have a positive financial result for the previous year and place at least 5% of its shares in free float; the securities must also meet trading activity and liquidity criteria. According to the exchange's design, this approach will make it possible to assess the impact of high-capitalization companies on market dynamics from different perspectives, while the indices themselves will 'increase the transparency of market indicators and their comparability for international investors.'

The Umetryx platform and international venues

The launch of the indices is linked to the development of the unified market data and analytics platform Umetryx, which will provide investors in real time with trading data, companies' financial indicators, historical quotes with charts, bond information, and tools for screening and analyzing stocks. The project is being implemented in three stages. Information on all three UPI indices will be transmitted to Bloomberg; the exchange also noted interest from other international platforms, including Refinitiv (LSEG) and Cbonds. The new family is expected to create a methodological foundation for further investment products, including exchange-traded funds (ETF). Earlier, Spot.uz reported that trading in Uzum currency bonds worth $50 million had begun on the exchange.