The Futures Market and the Development of Financial Markets in Russia

Reforming the Financial System; The Case of Uzbekistan

“…The second reason is the low level of development of the securities market, which serves as a basement role for financial derivatives. Some can argue that there are still currencies and commodities which can be used as a benchmark for derivatives, like the most successful trades in Russia (Iakovlev, Danilov, 1997). However, there are also an additional number of constraints in the case of Uzbekistan leading to the absence of derivatives.…”