The National Bank of Ukraine, the European Bank for Reconstruction and Development, the Ministry of Finance, the Ministry of Economy, and the National Securities and Stock Market Commission have begun implementing a memorandum of cooperation. The document aims to establish a new stock exchange in Ukraine, according to the NBU press service.
“It is planned to create a vertically integrated capital market infrastructure, including trading, clearing, settlement, and depository accounting,” the statement reads.
The memorandum was signed, in particular, as part of Ukraine’s commitments following the eighth review of the International Monetary Fund’s Extended Fund Facility program.
It followed the approval on June 26, 2025, by the Financial Stability Council of a plan for the practical implementation of the target model for capital market infrastructure.
Key stages of the project implementation:
- Management optimization: The ownership and management structure of the National Depository of Ukraine and the Settlement Center will be reformed, transferring corporate governance powers to the state.
- Creation of a holding company: With the participation of an international strategic investor, international financial organizations, and the state, a holding company will be established.
- New stock exchange: The holding company will create a new stock exchange and become the majority owner of the Settlement Center.
- Consolidation of depository services: Accounting and servicing of government bonds will be transferred from the NBU to the National Depository, which will function as a single central securities depository.
Expected results:
The creation of such infrastructure will support the long-term development of Ukrainian capital markets, attract investments, and simplify market access for international participants. It is also expected to strengthen oversight, optimize the introduction of new products, and support liquidity.
The Financial Development Committee of the Financial Stability Council will monitor the project’s implementation plan on a quarterly basis.
