Roemer Capital at VII International Conference "Capital Market of the Republic of Uzbekistan"

We were proud to participate in the VII International Conference "Capital market of the Republic of Uzbekistan" held on September 4, 2025, in Tashkent. Our Head of Sales & Trading and Partner, Aleksandr Myulberger, delivered an insightful presentation titled "Uzbekistan Market Opening: An International Investor's Perspective" during the panel discussion.

Uzbekistan’s capital market holds immense potential for global investors. With the right regulatory framework and infrastructure development, we believe Uzbekistan can become a major destination for global capital flows.

Our debt capital markets (DCM) approach represents the most efficient pathway for the comprehensive privatization of state-owned enterprises – a task that the President Shavkat Mirziyoyev expects to be completed by 2026-2027. By facilitating direct access to international capital markets, we enable state enterprises to transition to private ownership while ensuring optimal valuation and transparent price discovery mechanisms.

We are committed to collaborating with Uzbek regulators, market participants, and investors to foster a world-class capital market ecosystem.

Key Insights from Our Presentation

Factors Driving Market Attractiveness for International Investors:

✓ Seamless capital movement in both directions
✓ Currency risk and liquidity management capabilities
✓ Political and legal stability with property rights protection
✓ High growth potential and macroeconomic resilience
✓ Open and substantial market with developed infrastructure
✓ Skilled and accessible workforce
✓ Moderate taxes and minimal bureaucracy

The Three Waves of International Investment:

Our analysis identifies three key investor segments entering emerging markets:

1. Bulge Bracket Investment Banks - Market pioneers focusing on sovereign debt and major privatizations

2. Buy-Side Long-term Investors - Core liquidity providers seeking regional diversification and acceptable risk/return profiles

3. Global Arbitrage and Algorithmic Funds - Market efficiency enhancers providing continuous liquidity

Critical Market Development Priorities:

•      •      Recognition of hedging operations for tax purposes
•      •      Full legal status for derivatives as legitimate financial instruments
•      •      ISDA/GMRA agreement adoption for international standards
•      •      Guaranteed short-term REPO (1-7 days) for bond liquidity
•      •      Guaranteed FX SWAP facilities
•      •      Central counterparty and market-maker agreements

Current Market Gaps in Uzbekistan:

While acknowledging the progress made, we identified key areas requiring attention:

•      •      Strict currency controls limiting capital movement
•      •      Lack of derivative regulation and hedging capabilities
•      •      Restrictions on local investor participation
•      •      Underdeveloped non-resident market access channels
•      •      Absence of REPO and FX swap markets
•      •      Missing market makers and central counterparties

Our Commitment:

Roemer Capital stands ready to support Uzbekistan's capital market development through our comprehensive suite of services:

•      •      REPO operations with competitive rates and flexible terms
•      •      FX trading across all major currencies with up to 2-year terms
•      •      Direct access to global equity and bond markets
•      •      Debt financing markets including rating agency work and Eurobond structuring

Roemer Capital (Europe) Ltd - Connecting global capital with emerging opportunities