MECHANISMS OF FOREIGN STOCK EXCHANGES AND CHARACTERISTICS OF STOCK MARKET INDICES
Keywords:
stock exchange, stock index, financial markets, electronic trading, capital market, investmentAbstract
This scientific article provides an in-depth analysis of the operational mechanisms of foreign stock exchanges and the main characteristics of stock market indices. The study examines the digital transformation of global financial markets, the development of electronic trading systems, and the increasing flow of international capital. It also analyzes the economic significance and calculation methodologies of major indices such as the S&P 500, Dow Jones, and FTSE 100.
References
Black, F., & Scholes, M. (1973). The pricing of options and corporate liabilities. Journal of Political Economy, 81(3), 637–654.
Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. Journal of Finance, 25(2), 383–417.
Hull, J. C. (2022). Options, futures, and other derivatives (11th ed.). Pearson.
O’Hara, M. (1995). Market microstructure theory. Blackwell Publishers.
Shiller, R. J. (2015). Irrational exuberance (3rd ed.). Princeton University Press.
Mishkin, F. S. (2019). The economics of money, banking, and financial markets (12th ed.). Pearson.
Stoll, H. R. (2003). Market microstructure. Financial Markets, Institutions & Instruments, 12(1), 1–42.
World Federation of Exchanges. (2024). Annual statistics guide 2024. https://www.world-exchanges.org
International Monetary Fund. (2025). Global financial stability report. https://www.imf.org
Uzbekistan Ministry of Finance. (2023). Capital market development strategy of Uzbekistan. Tashkent: Government Press.
Central Securities Depository of Uzbekistan. (2024). Annual report on securities market operations. Tashkent.
Asian Development Bank. (2023). Emerging financial markets in Central Asia. Manila: ADB Publications.
S&P Dow Jones Indices. (2024). Index methodology and performance report. https://www.spglobal.com
FTSE Russell. (2024). Equity index methodology guide. https://www.lseg.com/ftse-russell
NASDAQ. (2024). Market structure and trading overview. https://www.nasdaq.com
New York Stock Exchange. (2024). Market data and annual review. https://www.nyse.com






Azerbaijan
Türkiye
Uzbekistan
Kazakhstan
Turkmenistan
Kyrgyzstan
Republic of Korea
Japan
India
United States of America
Kosovo