Liquidity quality in the Uzbekistan stock market and improvement of commercial banks' market-making activities

Abstract

Using data from the Republican Stock Exchange “Toshkent” for 2025 and the first half of 2026, the article assesses the quality of liquidity in Uzbekistan’s securities market. It measures how trading volume is split between the main order-book platform and other platforms, how concentrated trading is among a few issuers, and the share of free-float shares. The increase in the number of bank market makers in the domestic foreign exchange market is examined as comparative evidence for the securities market. The article proposes a set of indicators that ties commercial banks’ market-making activity to measurable obligations.