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VII International Conference «Capital market of the Republic of Uzbekistan»
September 4, 2025
Tashkent
Hilton Tashkent City (1 Ukchi Street)
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VII International Conference «Capital market of the Republic of Uzbekistan» (04.09.2025)
09:00 - 09:30
Registration, welcome coffee
09:30 - 09:50
Welcoming Addresses
Sergey Lyalin, Founder, Cbonds
Vyacheslav Pak, First Deputy Director, National Agency of Perspective Projects of the Republic of Uzbekistan
Anvar Irchaev, Chairman, National Association of Investment Institutions
09:50 - 11:30
Plenary Session: "Financial Market of Uzbekistan: Trends, Reforms, and Prospects"
Moderator: Sergey Lyalin, Founder, Cbonds
Muhammaddiyor Matchonov, Director Information and Resource Center of the Stock Market, National Agency of Perspective Projects of the Republic of Uzbekistan
Sherali Abduzhabbarov, General Director, Central Securities Depository
George Paresishvili, Chief Executive Officer, RSE Toshkent
Farrukh Khodjaev, Board member, National Association of Investment Institutions
Rashid Usmanov, CEO, Uzbek Republican Currency Exchange
Timur Yadgarov, Chairman of Experts Board, National assessment center
Questions to discuss 
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Regulatory initiatives and changes in 2025;
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Growth in trading volume on the stock market: comparison with 2024;
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Market liberalization for foreign investors;
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IPOs & SPOs of national companies;
11:30 - 12:00
Coffee Break
12:00 - 13:30
Local Bond Market: Annual Review and Upcoming Placement Strategies
Moderator: Odil Musaev, Managing Director, ALKES
Boris Bondar, Head of Investment Banking, Freedom Broker Uzbekistan
Akiljan Chirchikbaev, Deputy Head of Treasury Dept, Ipak Yuli Bank
Rishat Mustafin, General Director, HBCapital
Nikita Gulyaev, CFO, Uzum
Marat Nurmamatov, Deputy CEO, Mortgage refinancing company of Uzbekistan
Questions to discuss
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Domestic market dynamics of corporate and government securities;
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Potential of sovereign Eurobonds and other international issuances;
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Opportunities and barriers to increasing liquidity;
13:30 - 14:30
Lunch
Restaurant City 21, 21th floor
14:30 - 14:50
Cbonds an Essential Platform for Domestic Capital Markets
Sergey Lyalin, Founder, Cbonds
14:50 - 15:50
International Experience in Capital Market Development and Investment Strategies: Opportunities for Uzbekistan"
Moderator: Alisher Djumanov, Founder and Managing Partner, AD Wealth
Anton Andrenko, Director, AVANGARD LEASING
Aleksandr Myulberger, Managing Director, Partner, Roemer Capital Limited
“Uzbekistan Market Opening: An International Investor’s Perspective”
Andrey Milyutin, Senior Housing Finance Consultant, International Finance Corporation (IFC), World Bank Group
Questions to discuss
- Prospects for cooperation with the markets of the CIS, Middle East, and Asia;
- Experience in successful capital market development programs;
- The role of Uzbekistan as a regional financial hub;
15:50 - 16:30
Coffee Break
16:30 - 18:00
Alternative Investment Instruments: How Is the Landscape Evolving?
Moderator: Otabek Nasirov, Chairman, Central Asian Fintech Association
Valeriy Lee, Head of the Department of ecosystem and regulatory framework development of the capital market, National Agency of Perspective Projects of the Republic of Uzbekistan
Ashot Grigoryan, Head of Tokenization Department, Fastex
Madina Nurmatova, Operations officer, International Finance Corporation (IFC), World Bank Group
Questions to discuss
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Prerequisites for the implementation of Islamic finance instruments in the capital market of the Republic of Uzbekistan
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Plans for market digitization
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Trends and prospects in the fintech sector
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Current IT solutions for the financial sector
18:00 - 21:00
Buffet at Restaurant 12
Restaurant 12, Kichik Beshagach St., 40/1 Hotel “The Tower”, Floor 12
Conference participants will be welcomed with a reception at a restaurant located on the 12th floor, offering a panoramic view of Tashkent. Its stylish atmosphere and exquisite cuisine will create the perfect setting for networking and relaxation after the business program
VII International Conference «Capital market of the Republic of Uzbekistan»
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