Toshkent Stock Exchange replaces UCI with three UPI indices from November 10

The suite includes the UPI, UPI FF, and UPI EW. The exchange developed them jointly with the National Agency for Perspective Projects (NAPP) as part of reforms envisaged by presidential decree No. UP-254 of December 18, 2025, "On additional measures to improve the investment climate in the capital market." The exchange expects the indices to "enhance the transparency of market indicators and their comparability for international investors."

All three indices share a common calculation base, the same rules for stock selection, and regular rebalancing. The only difference lies in how stock weightings are determined. In the UPI, it depends on the issuer's full market capitalization; UPI FF factors in market capitalization adjusted for the free-float share of stocks; and UPI EW assigns an equal initial weight to all securities during each quarterly review.

To be included in the indices, an issuer must show a positive financial performance according to its latest published annual financial statements and have a free float of at least 5%. Trading activity, liquidity, and the length of time the securities have been on the exchange's quotation list are also evaluated.

Data on the new indices, as previously with the UCI, will be transmitted to Bloomberg. Refinitiv (LSEG) and Cbonds have also expressed interest in the suite, according to the exchange. The rollout of the indices is tied to the creation of Umetryx—the exchange's market data and analytics platform, which is scheduled to be launched in three phases. The exchange expects the UPI to provide the methodological foundation for investment products, including exchange-traded funds (ETFs).