OREANDA-NEWS. December 24, 2008. In accordance with the Programme on the Intensification of Reforms and Development of Banking System of the Republic of Uzbekistan for 2007-2010 approved in the Resolution of the President of Uzbekistan of 7 November 2007 No. PR-736 "On measures to further develop the banking system and attract idle funds into the banking circulation", a set of measures was developed to scale up the electronic system of stock trading, a part of which envisages the expansion of the network of regional request processing offices.

The National Bank of Uzbekistan for Foreign Economic Activity (NBU) together with Elsis Savdo is working to organize the network of offices for processing requests (OPR) to work on the basis of new program products.

One of the main tasks of the OPR created within the structure of divisions and branches of the bank is to accept client requests for the purchasing and sale of securities. The software support of the OPR allows submitting requests in an online regime. The requests sent, after going through the necessary procedures, are included in the electronic system of off-board trades. If the request is satisfied the client may receive all the papers and information relating to the deal from the OPR to which the request was submitted.

Successful pilot testing of the software for OPR under the Head Department of the NBU in Tashkent demonstrated the real opportunity to create a highly organized, wide, reliable off-board market. There are now offices accepting client requests in all departments and branch offices of the NBU.

Along with the paperwork for the purchase/sale of securities, at the OPR the client may receive high quality consulting services on the listing of requests for the purchasing and sale of securities, be briefed on the operation mode of Elsis Savdo settlement-clearing chamber and the regulation on the OPR.

A distinguishing feature of the organization of purchase and sale of securities through the OPR opened in the bank offices, is not only the convenience of the organization of the deal, but also the opportunity for the owner of funds to choose the most attractive from among the offered banking products, such as deposit, services on investment in securities, and others, as well as an opportunity to transfer savings to a different banking products without stepping away from the cash desk.

The relations between the OPR and the clients are built on contractual basis. A register card is started at the OPRs for the clients. The opening of a "depo" account of the client in the depository and the presentation of a receipt from the "depo" account is a mandatory condition.

Moreover, the legal entities are required to present an evidence of state registration, a letter of attorney from the authorized person, a card with the sample signatures, an order on the appointment of the first and the second persons. Private individuals are required to present a copy of their passport, and open an account with the bank. This format of the package of papers is valid for the clients turning to the OPR for the first time. The following requests may be processed with simple submission of an application (request) for the purchase or sale of securities.