Starting November 10, the Republican Stock Exchange "Toshkent" will begin calculating a new family of Uzbekistan Prime Index (UPI) indicators consisting of three measures, which will replace the previous UCI index. The reform is intended to simplify comparison of the local equity market with other venues for foreign investors and to make transparent the structure of issuers that drive its dynamics. Only profitable companies with liquid securities will be included in the family, while exchange-traded funds based on it are yet to be created.
Issuers will be able to study the open inclusion criteria in advance and assess their chances of entering the indices. In parallel, the exchange is preparing the Umetryx market data platform: in three stages it will open to investors real-time trading data, company reporting, price history, bond information and stock screening tools.
How the new indices are structured
The family will replace UCI, which until now served as the main benchmark for Uzbekistan's stock market. The venue developed the indices taking international practice into account, which should make market indicators more transparent and easier to compare for foreign investors.
The base UPI weights stocks by issuers' full market capitalization, while UPI FF takes into account only free-float securities. UPI EW assigns equal initial weight to all stocks at each quarterly rebalancing. The three indices share a common calculation base, uniform selection criteria and rebalancing procedure, so they show the influence of the largest companies on the market from different angles. If UPI rises while UPI EW stays flat, it means growth is driven by a few largest issuers.
An issuer will be included in the family only if it shows a profit in its latest published annual report and floats at least 5% of its shares in free circulation. Trading activity, securities liquidity and the length of time they have been on the quotation list also affect selection. The requirements were drawn up taking into account proposals from market participants.
UCI values were previously transmitted to Bloomberg — now data on the three new indices will go there, and Refinitiv (LSEG) and Cbonds have shown interest in them. The UPI family emerged as part of reforms under presidential decree No. UP-254 of December 18, 2025 and with the participation of the National Agency for Prospective Projects (NAPP): the authorities intend to strengthen the capital market's position in international ratings. It should also become the basis for exchange-traded funds (ETFs) that replicate the index composition and allow buying "the whole market" with a single security.
What else is changing in Uzbekistan's capital market
The UPI indices launch against the backdrop of restructuring rules: a draft law on the capital market has passed its first reading in the Legislative Chamber and introduces derivative instruments, sukuk and a central counterparty that reduces the risk of failed trades. Tax incentives may also apply to the income of individual investment funds, which is important for future ETFs based on UPI, but the document has not yet been adopted.
The composition of the indices in 2027–2028 may change noticeably: the authorities are preparing five large state companies for IPO, including Uzbekistan Airways and Uzpromstroybank (SQB). If the issuers show profit after the offering and float enough shares, they will be able to enter UPI, and uniform calculation rules will help foreigners compare them with securities from other markets.
The capital market is growing not only through equities: Kapitalbank will issue $50 million in dollar-denominated bonds with a fixed coupon of 7%, and holders will be less dependent on the som exchange rate. Information about such issues will eventually appear on the Umetryx platform, but there is no collateral for them: if the bank runs into problems, investors will be able to rely only on its solvency.
Cryptalist analysis: The transition to the UPI family with a unified methodology and presence in Bloomberg, Refinitiv and Cbonds is an institutional signal that lowers barriers to entry for global capital into the Uzbek market. The key factor remains the actual filling of the indices with liquid securities and the launch of ETFs, without which the effect of the reform will remain limited. The prospects for 2027–2028 directly depend on the quality of the upcoming IPOs of state companies and the final text of the capital market law.