"One Click": calculations are automated with no human factor in place
Tashkent, Uzbekistan (UzDaily.com) -- A team of experts of the Uzbek Republican Currency Exchange (UZCE) has launched an innovative project "One click", which represents a new look at the system of mutual settlements in exchange activities. The launch opens up new prospects for participants of exchange trading on the UZCE, significantly simplifying the process of concluding transactions on the REPO market, and also increasing their efficiency and transparency.
"One click" is a unique system for automating the process of forming and transferring payment documents for transactions concluded on the REPO market of government securities (GS).
Previously, after concluding transactions on the REPO market, the settlement procedure for each transaction took up to 1 hour, and at least 3 people were involved in the process itself. In addition, bidders were faced with the need to prepare numerous documents before sending money for purchased government securities.
Thanks to the "One click" system, the processes have been greatly simplified. The funds of the GS buyer are withdrawn from the correspondent account of the bank automatically, and after confirmation by the UZCE specialists, they are credited to the seller’s account within a couple of minutes.
This facilitates the decision-making process on the part of the bank, increases the speed of transactions and reduces the risk of errors when transferring money.
The figures speak up for themselves – if in the 1-st quarter of 2023 deals totalling 1.87 trillion soums were concluded on the REPO market. According to the results of 9 months of the current year, the volume of transactions increased 24 times relative to the final indicators of the 1-st quarter and amounted to 44.86 trillion soums.
"One click" is part of a large-scale UZCE project to modernize the infrastructure of the GS market. Within the framework of this project, the introduction of new trading opportunities for bidders is also envisaged in the near future, including the introduction of a REPO basket on the UZCE platform in the context of standardized deadlines.
The launch of "One click" is designed to increase the attractiveness and competitiveness of the UZCE exchange markets. With its help, participation in auctions in the UZCE platform becomes easier, faster and more accessible.