Page 45 - "Green Investments and financial technologies: opportunities and challenges for Uzbekistan" International Scientific and Practical Conference

“Yashil investitsiyalar va moliyaviy texnologiyalar: O‘zbekiston uchun imkoniyatlar va muammolar” mavzusida xalqaro
ilmiy-amaliy anjuman materiallari to‘plami (Toshkent, JIDU, 2025-yil 7-may)

markets has been amply demonstrated in mature financial systems such as those of
the United States, the European Union, and Singapore. These jurisdictions exhibit a
nuanced interplay between innovation, regulation, and institutional capacity,
offering critical insights for developing countries aspiring to modernise their
financial ecosystems.

In the United States, the scale and sophistication of derivatives and structured
finance instruments are matched by a layered regulatory system that supports both
institutional innovation and systemic stability. The EU’s strength lies in its

normative power—particularly its leadership in sustainable finance—where ESG
principles have been institutionalised through policy frameworks such as the EU
Green Deal and MiCA regulation. Singapore, meanwhile, offers a model of agile
regulation and fintech integration, demonstrating how smaller, open economies can
leverage smart governance to attract capital and encourage innovation.

References:

1. Hull, J. C. (2021). Options, futures, and other derivatives (11th ed.). Pearson.
2. Islamic Financial Services Board (IFSB). (2024). Sukuk Market Report 2023.
Retrieved from www.ifsb.org
3. OECD. (2024). Green Bonds: Mobilising the Debt Capital Markets for a Low-
Carbon Transition. OECD Publishing.
4. IFRS. (2024). Definition of a Financial Instrument. International Financial
Reporting Standards Foundation.
5. OECD. (2024). Mobilising ESG Capital: Policy Frameworks and Performance
Indicators. OECD Publishing.
6. Allen, F. slamic Financial Services Board (IFSB). (2024). Global Sukuk Market
Overview. (2007). Understanding Financial Crises. Oxford University Press.
7. Fama, E. F. (1970). Efficient Capital Markets: A Review of Theory and
Empirical Work. The Journal of Finance, 25(2), 383–417.
8. World Bank. (2024). Green Bond Impact Report 2023. Washington, DC.
9. Boston Consulting Group (BCG). (2023). The Future of Tokenisation: Real-
World Assets on Blockchain. BCG Reports.

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