RESOLUTION OF THE STATE COMMITTEE OF THE REPUBLIC OF UZBEKISTAN ON MANAGEMENT OF THE STATE-OWNED PROPERTY

of July 13, 2006 No. 01/20-f-k

About approval of the Regulations on general requirements to electronic systems of the exchange biddings

According to the Law of the Republic of Uzbekistan "About the exchanges and exchange activities", the resolution of the President of the Republic of Uzbekistan of April 26, 2006 NPP-335 "About Measures for Enhancement of Activities of the State Property Committee of the Republic of Uzbekistan" and the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of February 4, 2003 the State committee of the Republic of Uzbekistan on management of state-owned property decides N66 "About Licensing of Exchange Activities":

1. Approve the enclosed Regulations on general requirements to electronic systems of the exchange biddings.

2. This resolution becomes effective after ten days from the moment of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

 

Appendix

to the resolution of the State Property Committee of the Republic of Uzbekistan of July 13, 2006 No. 01/20-f-k

Regulations on general requirements to electronic systems of the exchange biddings

This Provision according to the resolution of the President of the Republic of Uzbekistan of 26.04.2006 of NPP-335 "About Measures for Enhancement of Activities of the State Property Committee of the Republic of Uzbekistan", the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of 04.02.2003 of N66 "About Licensing of Exchange Activities" establishes the purposes, tasks, the principles of examination of possibility of use of the software automating exchange technologies in the territory of the Republic of Uzbekistan.

I. General provisions

1. This Provision determines general requirements to electronic systems of the exchange biddings.

2. The exchanges which both are already working, and applying for receipt of the license for the right of implementation of exchange activities shall have without fail the functioning electronic system of the exchange biddings meeting the requirements of this provision.

II. Basic concepts and determinations

3. In this Provision the following concepts and determinations are used:

software (further - PS) - the object consisting of programs, procedures, rules, and also if it is provided, accompanying them documentation and data relating to functioning of system of data processing;

electronic system of the exchange biddings (further - ESBT) - the global distributed information system including complex of the software and hardware allowing members of the exchange to participate in the exchange biddings in real time by means of remote access from any geographical point of the republic;

the server - the computer (system) managing certain type of resources of network;

the workstation (terminal) - the computer having the specialized software, being at the member of the exchange and connected to electronic system of the exchange biddings.

III. Requirements to electronic systems of the exchange biddings

4. ESBT shall provide:

functioning in the conditions of local area networks;

functioning in the conditions of corporate computer networks;

the organization, storage and display of information on broker offices, brokers, dealers, clients of broker offices on the basis of communication with databases;

storage and display of information on requests, transactions, results of the biddings, to messages on the basis of communication with databases;

storage and display of information on the basis of the reference books stored in databases;

the organization of work of complex of software through system of the menu supported by short instructions, hints and explanations;

permanent exchange of information between participants of system (irrespective of their mutual physical location) in real time;

to members of the exchange (to brokers, dealers, etc.) work in system out of trade floor of the exchange;

such technology in case of which information entered from any workstation (terminal) immediately became public to all participants connected to electronic system of the exchange biddings;

standardization of information addressing in system, receipt of information (entered from any workstation) to system only on condition of its forming on predefined the exchanges to rules;

forming of required analytical material to do selections on market situation of the separate traded assets (financial instruments, goods, etc.), groups of assets, volumes of turnover, amounts of the demand and supply, quotations, amounts of open interest (unrealized amount), the sizes of lots, to provide process of bystry and easy information search in different criteria.

5. ESBT shall incorporate the automated transaction register on trading sessions (the electronic protocol of the biddings) registering content of the following transactions and data:

opening of the biddings;

closing of the biddings;

identification of the bidder;

time of login of the bidder;

time of leaving the system of the bidder;

time of drawing of the request by the bidder;

time of removal of the request by the bidder;

time of change of the request by the bidder;

time of transaction by the bidder;

name of asset;

quantity of asset in the request;

quantity of lots;

asset price.

Fixing time format - year, month, day, hour, minute, second (with accuracy at least to 0,1 of second).

6. ESBT shall provide strict compliance of reports on the held exchange auction to contents of the transaction journal.

7. ESBT shall provide maintaining the assigned number of the carried-out transaction unique automatically in the transaction journal.

IV. Requirements to the software

8. PS ESBT shall be developed and be operated with use of licensed software.

9. In order to avoid total or partial loss of information and violation of integrity of the PS ESBT databases it shall be constructed so that processing of mistakes of the user, the mistakes arising in case of technical failures and database errors with issue of messages to the user in which the subsequent actions are described was provided.

10. In PS ESBT there shall be module of control of work of programs providing such functions as:

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