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Prospects For Developing Brokerage And Underwriting Activities Of Commercial Banks In Uzbekistan

Author

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  • Niyozov Zukhur
  • Barnoyev Mirfayoz
  • Yadgarov Avaz

Abstract

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.

Suggested Citation

  • Niyozov Zukhur & Barnoyev Mirfayoz & Yadgarov Avaz, 2026. "Prospects For Developing Brokerage And Underwriting Activities Of Commercial Banks In Uzbekistan," GREEN ECONOMY AND DEVELOPMENT, "Ma'rifat-Print-Media" LLC, Tashkent State University of Economics, vol. 4(6), June.
    • Handle: RePEc:teu:ged000:v:4:y:2026:i:6:id:11296
    DOI: 10.5281/zenodo.20817586
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