Page 21 - 2022 - annual report

Derivatives market

In order to improve the practical skills of the participants of the forex market in carrying out
operations with currency futures contracts, a competition for the best trader in currency futures was
held on the UZCE trading platform from June 6 to 24 of the reporting year, the winners of which were
awarded special UZCE certificates and valuable prizes.
Since October 3, 2022, for the first time in Uzbekistan, trading in currency futures contracts by
the method of a two-way continuous auction has been launched on the “Rhombus derivatives”
platform of UZCE, and the US dollar exchange rate against the soum has been set as their base asset.
The new instrument offered to market participants makes it possible not only to reduce external
and internal risks associated with exchange rate fluctuations, but also to receive income from
exchange rate changes and introduce new derivatives.
In order to increase the trading volume and ensure continuous liquidity, the first market makers –
“Kapitalbank” JSCB and “Ipak Yuli” JSICB started their activities on this market on December 1, 2022.
The tasks of the market maker include ensuring constant daily liquidity in the market,
maintaining a minimum total volume of bilateral quotations for the purchase and sale of a certain
number of futures contracts during trading.
In order to increase the attractiveness of this instrument, currency futures trading participants
were exempted from paying commission fees until May 1, 2023.

HR policy

The HR policy of UZCE is aimed at solving tasks in the following main areas:
ARRO recruitment and motivation of personnel, retention of highly qualified specialists;
ARRO staff training and development;
ARRO improving the corporate culture that promotes the disclosure of the potential of employees,
achieving the best results and implementing the strategic goals of the organization.

Recruitment and placement of staff by professional and personal qualities, the continuity of
knowledge and experience, the determination of personnel capabilities to match a certain position, the
development of a set of measures to increase loyalty and reduce staff turnover are the basic principles of
effective personnel management.

As part of the ongoing HR policy in 2022, work continued on:
ARRO improving the system of incentives and remuneration of employees in proportion to the contribution
made to the development of the UZCE;
ARRO development and stimulation of the HR potential of UZCE, implementation of the Code of Corporate
Culture and Business Ethics;
ARRO development and implementation of HR strategy;

ARRO regular professional development of key employees, including in the field of corporate governance;
ARRO exchange of experience with leading exchanges and financial organizations in the development of
exchange trading

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