Central Asia's securities markets remain small-scale and underdeveloped. Building up well functioning securities markets will be essential to vitalising their economies. This publication contains an overview of securities markets in the region and selected country reports. It provides comprehensive data and analyses of securities markets in the region, updated to April 2005, addressing specifically effective measures to develop securities markets and infrastructure, especially the role of institutional investors and clearing and settlement systems; building investor confidence; and regulation and supervision of securities markets.