{'fraction_non_alphanumeric': 0.031203785862170954, 'fraction_numerical': 0.02033422064477965, 'mean_word_length': 4.94244288224956, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
ANALYSIS OF DEVELOPMENT OF THE INFRASTRUCTURE OF THE STOCK MARKET IN UZBEKISTAN AND THE METHODOLOGY OF ITS ESTIMATION

In this scientific article the author analyzed the economic essence and content of the stock market infrastructure, theoretically studied the tasks and functions of the stock market infrastructure and determined the main directions of its formation. In addition, the institutional foundations of the stock market were studied, and its current activities were analyzed from a technical and functional point of view. The factors influencing the development of the stock market infrastructure are determined, and on the basis of various econometric models, the influencing factors on the development of the stock market are revealed. McKinsey & Co.'s matrix evaluation methodology has been improved. and modified to focus on assessing the development of the stock market infrastructure. At the end of the article the author suggests recommendations for the further development of the infrastructure of the stock market in the Republic of Uzbekistan.


Introduction
In the world, one of the key components of the securities market is the stock market. The volume of trade in the global stock market in 2017 will total 65.6 trillion. The major share was in the United States with 36.3% (23.8%), China 10.1% (6.6%), Japan 7.9% (5.2%) Hong Kong 6.3% Greater Britain accounts for 4.6% (3.0). The world's leading market infrastructure structure, as well as Canada, France, Germany, India, and Switzerland, accounted for 51.4 percent, suggests further improvements in stock market infrastructure in Uzbekistan.
One of the pressing issues of modern macroeconomic research is the creation of a fullfledged macroeconomic organization, which is a single state-run organization that monitors the financial market infrastructure and its participants.
Looking at developed countries, corporate securities trading turnover was 115.3 percent in the US compared to GDP, 133.8 percent in Korea and 127.1 percent in Japan. In 2016, the turnover of corporate securities (stocks and bonds) amounted to 14.5 trillion soums, which is 7.3% of GDP. At the same time, the stock market share is 0.2% of GDP.
In Uzbekistan, the stock market directs temporarily free assets of legal entities and individuals to investments and allows them to be transformed into all sectors of the economy. In Uzbekistan, all transactions on the primary and secondary securities market have been accomplished through the electronic trading system of the stock exchange and through the organized and unorganized trade system. However, the full operation of the secondary securities market, the constant announcement of shares value on the stock exchange, the increase of interest and intention to buy shares in the population, the fact that the shares are converted into real securities and the absence of a significant source of income for the stock market, market does not allow for development. Also, the stock market infrastructure in the country is low and does not fully meet the government's macroeconomic and active investment policy requirements. Because, as in the stock market, the main function of the stock market is to attract long-term investments in the provision of temporarily free money resources for legal entities and individuals, in order to ensure sustainable economic growth. These circumstances require the  [7], Sharp U., Aleksander G., Beyli Dj. [10]. The activities of the stock market participants and organizers have not been studied as an infrastructure institution in the research of these scientists.
Insufficient knowledge of the intervention of the state bodies influencing the development of the stock market of Uzbekistan, the lack of adequate perception of the state's ownership of large shareholding packages, insufficient understanding of the population's access to securities and profits, noncirculation of infrastructure bonds, income generation and guarantees, not investigated.
The general aspects of the stock market development, the general aspects of improving the functioning of the securities market are reflected in the research works by I.Butikov, M. Khamidulin, Sh.Shohazamiy, U.Alieva, N.Karimov, F.Mirzaev and others.
At the same time, the lack of adequate scrutiny of the issues of improving the infrastructure of the stock market in the process of modernization of Uzbekistan's economy, increasing the efficiency of the infrastructure of the stock market, improving the efficiency of infrastructure activity in the development of the market, improving the state regulation mechanisms and increasing the role of institutional investors, was selected.

Methodology
In this research, systematic approach, analysis and synthesis, functional and comparative analysis, grouping, forecasting, logical outline of economic processes understanding, expert evaluation, comparison of statistical data and other methods are used.

Analysis and results
Analyzing the current state of the stock market infrastructure of the Republic of Uzbekistan, the volume of trade turnover at the Republican Stock Exchange " Tashkent  According to the regions, the highest concentration of institutional institutions is in the inclusive structure of the securities market, with Tashkent city taking the first place -37.9%. The next group of provinces, with a share of 5-10%, followed Andijan -9.01%, Tashkent -7.82%, Fergana -6.62%, Kashkadarya -5.47% and Bukhara -5.38% occupied. The regions with 3-5% share in the following group are Samarkand -4.98%, Namangan -4.93%, Karakalpakstan -4.28%. The remaining regions may be included in the low concentration and activity of the last institutions.
It should be noted that the activity of the securities market institutes in Tashkent is characterized by the fact that the quality of activity, in particular, is of the highest quality.
According to the analysis, 85% of the largest companies in the city (including 98% of banking and insurance companies) are all controlled and inspected by the Central Office. The share of investments attracted by the securities market (over 6%) is 27.8%, Tashkent -14.6%, Fergana -11.7%, Khorezm -11.6%, Samarkand -10.9% Namangan region -6.09%. It should be noted that in the rest of the country, investment activity was low, especially in Jizzakh region -0.03%. 85.5% of the total volume of securities turnover fell to Tashkent city and 9.8% to Tashkent region. the rest of the regions accounted for 0-1.2 per cent. It is the same trend that determines the share of Tashkent city in regional commodities (7.52%), ie the role of the securities market in the economy of the region, much more than in other regions.  According to the results of Table 1, the volume of trading in securities for 2009-2017 grew by 23 times. In the volume of sales volumes mainly account for the largest share of primary securities. The share of secondary securities was slightly smaller, with only 56.8% in 2011. In 2009-2017, the average market share was 76.2 and 23.8 percent respectively.
Considering the data given below in Table 4, we can conclude from the analysis results that the role of the securities market in the Tashkent city economy is relatively high compared to other regions. Thus, the national securities market is concentrated mainly in Tashkent. In general, the region has not been fully used by the securities market.
One of the most important tasks of the stock exchange is to attract the financial and stable stock companies of our republic to the exchange listing. At the beginning of 2015, there were 133 companies on the stock quote page, and another 128 companies were added to the list for the year. 2016 year As of January 1, 261 joint-stock companies were included in the stock market quotation. Listing companies on the Stock Exchange include commercial banks, insurance companies, metallurgy, energy, agroindustrial complex, construction materials and oil and gas industry.
According to the stock market listing categories of joint-stock companies can be distributed as follows: joint-stock companies meeting the requirements of category "A" -24, "B" -28, "С" category -177, "Р" -32 . 2016 year Market capitalization of shares of joint-stock companies listed on the stock exchange as of 1 January amounted to 8436 billion soums. As of 1 January 2015, the volume of gross domestic product amounted to 7018.3 billion soums.
Another important indicator in the stock market activity is your listing companies and their circulation.  The region has the highest number of shares in the region -Tashkent city, which is 90.47% of the total volume of trade in Tashkent city by the end of 2017, and 41.9% of concluded transactions accounted for investors in Tashkent. Fergana region is 3.46% of the total turnover.
The volume of the stock market has grown from year to year. The largest growth is observed in 2009 (1.7 times more than in 2008). In 2010, it increased by 1.06 times compared to 2009. The stock market was significantly higher than the OTC market (approximately 28.5 times the primary market in 2010 and 1.56 times on the secondary market).
In the context of a consistent macroeconomic policy of the national economy, the securities market has a steady growth trend. As a result of this tendency, the volume of shares market has been steadily rising. However, despite the small volume of sales turnover, its size has a tendency to grow. However, according to the official World Bank data, the share market share of capitalization to GDP remains unchanged. In our opinion, the national securities market does not fully meet the requirements of the modern macroeconomic policy of the state and the consistent implementation of an active investment policy.
Overall, the share of investments attracted into the economy of the country during the period of 2007-2017 does not exceed 10% of the total volume of investment attracted by the securities market, which means that the results are very low and that the increase in the share of these investments is an urgent problem.
As a result of the influence of several macroeconomic factors on the development of the securities market, as a result of the factors influencing the factors influencing the equity market (economic growth, population savings and annual inflation rate) and the state of the risk, the economy as a whole and the economy as a whole, and gradual development of the macroeconomic policy.  Table 3 shows that the total trading volume of VAT is several times higher than the volume of stock market sales, and declines from year to year. The fact that only 1.7% in 2017 shows that the stock market is not well developed. The share of the stock market in the volume of traded securities of this year is on the average 7%.
The stock exchange is a joint stock market, which is a joint stock market that organizes trading with securities. Attracting large sums of funds for stock exchanges and modernization through joint-stock companies, and newly established joint-stock companies have additional financial resources to implement their investment projects. As a result of creation of the Republican Stock Exchange "Toshkent" in the formation of the securities market in our country and the implementation of trade agreements on the basis of modern technologies, all investors have an opportunity to have a comfortable and open access to the securities market.
The above-mentioned analysis shows that there is a tendency for development on the Uzbek Stock Exchange, but there are a number of problems. Attracting financial and stable stock companies, increasing number of listing companies, increasing the number of circulating instruments and their profitability, liquidity, the development of the secondary securities market, maximizing the tenders, increasing transparency in trading and, most importantly, legal entities and residents of the country , which can turn the stock exchange into cash money in the hands of the public by increasing its trust vix mechanism. Sustainable development of the stock market promotes the development of the securities market and, consequently, the development of the country's economy.

Methodology for assessing the development of the stock market infrastructure
The level of stock market development in Uzbekistan was calculated on the basis of McKinsey & Co. At the same time, the McKinsey & Co. methodology, which evaluates market competitiveness, has been adapted to assess the development of infrastructure. In the methodology used, the level of each indicator was determined based on the nature of the infrastructure and divided into five main categories: undeveloped, lowdeveloped, moderately developed, highly developed and highly developed. In matrix-based method consisting of 5 indicators, each indicator includes a number of factors that are assessed on a 10-point scale. As mentioned above, the indicators of evaluation and indicators of the matrix of investment attractiveness indicators of the McKinsey & Co. methodology indicate that ten indicators, such as information retention, reduction of documents required by issuers and investors, the degree of insurance coverage, the use of marketing methods, the use of electronic document availability, availability of qualified staff, stock market activity, number of issuers, banks' funds etc. zoridaagi activities and the provision of normative-legal documents. (Table 4). Prices were based on surveys and expert assessments from 275 respondents during the survey.