UZSE trading hours, auctions and T+2 settlement

If you place an order with your broker in the evening, nothing happens until the next morning. If you buy a share on Monday, the share and the money change hands later. Both facts come from the way the Republican Stock Exchange «Toshkent» (UZSE) organises its trading day and its settlement cycle. This guide walks through the day on the stock board, explains how orders are matched and shows what happens between your trade and the moment the shares are yours.

All times below are Tashkent time and come from the exchange's own pages, checked on 26 September 2026. The exchange can change its schedule, so treat the trading schedule on uzse.uz as the final word.

Trading days

UZSE trades from Monday to Friday, except public holidays (trading system structure, as of 26 September 2026). There is no weekend session.

The trading day on the stock board, step by step

Shares trade on the STK market. Its main board (called G1) accepts limit and market orders. The exchange's published schedule, as of 26 September 2026, divides the day like this:

1. 09:30, the opening auction starts. The trading system begins collecting buy and sell orders, but no trades happen yet.
2. 10:00, the opening price is set. All the orders collected since 09:30 are matched at one single price, the opening price. Right after that, continuous trading starts.
3. 10:00 to 15:30, continuous trading. The exchange calls this multiple-price trading: each new order that meets an opposite order trades immediately at the price of the order that was waiting.
4. 11:00, negotiated trading opens. On the separate negotiated board (T1 Nego), two parties agree a price and the exchange registers the trade. It accepts limit orders only.
5. 15:30, the closing auction starts. Continuous trading stops and orders are collected again.
6. 16:00, the closing price is set. The collected orders are matched at one single price, and trading ends.

The random end rule

The two auctions can end up to two minutes late. UZSE applies a random end rule to stop price manipulation in the last seconds of an auction (order execution procedure, as of 26 September 2026). During the five minutes before an auction closes, the system records the highest and lowest estimated execution price. If, at the scheduled end, the current estimate differs by more than 5% from those recorded extremes and by more than 1% from the reference price, the auction for that security ends at a random moment within the next two minutes. So an opening auction scheduled for 10:00 may end at any time up to 10:02 for one share while it ends at exactly 10:00 for the others.

Bonds and other boards

Bonds (the BND market) and repo deals (RPO) have a simpler day: continuous trading from 10:00 to 16:00 and negotiated trading from 11:00 to 16:00, with no opening or closing auction in the published schedule.

How orders are matched

UZSE uses price priority first and time priority second:

• For sellers, a lower asking price comes before a higher one. For buyers, a higher bid comes before a lower one.
• At the same price, the order that reached the trading system first is filled first.
• Market orders rank ahead of limit orders on price.

In an auction, all matching orders fill at the one price that lets the most shares change hands. In continuous trading, a trade happens at the price of the waiting order. If you change the price of an order or increase its quantity, its time stamp is reset to the moment of the change, so it moves to the back of the queue at its price (trading system structure, as of 26 September 2026).

A worked example of the opening auction

The numbers here are illustrative only. Suppose that between 09:30 and 10:00 these orders arrive for one share:

• Buyers: 100 shares at up to 10,100 UZS, 200 shares at up to 10,050 UZS.
• Sellers: 150 shares at 10,000 UZS or more, 200 shares at 10,050 UZS or more.

At 10,050 UZS, buyers want 300 shares and sellers offer 350, so 300 shares can trade. At 10,100 UZS, only 100 shares are wanted. At 10,000 UZS, only 150 shares are offered. The price that allows the largest volume is 10,050 UZS, so 300 shares trade at 10,050 UZS, and 50 shares from the second seller stay in the order book for continuous trading.

Limits that shape the day

• Daily price limit. A share cannot trade more than 20% above or below its reference price, which is normally the previous day's closing price, adjusted by the exchange after corporate actions such as a split or a bonus issue.
• Tick size. Prices move in fixed steps that depend on the price level. For example, a share priced between 10,000 and 50,000 UZS moves in steps of 50 UZS, so 10,150 UZS is a valid price and 10,160 UZS is not.
• Trading unit. The minimum order is one share.

All three rules are published in the exchange's trading system structure (as of 26 September 2026).

How long an order lives

An order is valid from the moment it reaches the trading system until it is filled during that day's session. An unfilled order does not roll over to the next day. An order can be corrected or cancelled only while it is still unfilled.

Settlement: what T+2 means

A trade on UZSE is agreed on the trade day (T) and settled two business days later, on T+2. According to the exchange's description of clearing and settlement (uzse.uz, as of 26 September 2026):

• UZSE acts as the central counterparty. Each buyer and seller has an obligation to the exchange, not to each other.
• Obligations are netted per member: for each security, the quantity sold and bought by a member is offset, and so is the cash.
• Settlement follows the DVP3 model: securities and cash move at the same time, on a net basis, at the end of the cycle.
• Members transfer the cash and securities to the exchange's accounts before 10:00 on T+2, and the exchange settles with the receiving members after 10:00 on the same day. The National Bank for Foreign Economic Activity of Uzbekistan (NBU) acts as the cash settlement agent.

Your broker also freezes 100% of the money for a buy order, or 100% of the shares for a sell order, when you place it.

Under the Law on the securities market, rights to a book-entry security pass to the buyer when the credit entry is made on the buyer's depo account (lex.uz, article 37, as of 26 September 2026).

Example: a Thursday trade

Suppose you buy shares on Thursday and Friday is a normal business day. T is Thursday, T+1 is Friday and T+2 is Monday, because Saturday and Sunday are not business days. A public holiday in between pushes settlement one more day.

Why the dates matter for dividends

The exchange sets the ex-dividend date one trading day before the record date, the date on which the list of shareholders entitled to a dividend is fixed. If you buy on or after the ex-date, the purchase does not settle in time to put you on that list. The public payout calendar on Finmind shows upcoming dividend and coupon payments with their dates.

Following the session on Finmind

The public stocks page gives every UZSE share its own page with its latest stored trade and daily closes. With a free Finmind account, the market-wide order book shows the best bid and ask for every security with resting orders during the session. For how orders themselves work, read limit orders vs market orders.

This article is for education only and is not investment advice. Investing in securities involves risk, including the loss of money you invest.