Financial sector news

The National Bank of Ukraine, the European Bank for Reconstruction and Development, the Ministry of Finance, the Ministry of Economy, Environment and Agriculture, and the National Securities and Stock Market Commission have begun practical implementation of the Memorandum of Cooperation in Support of Integrated Capital Market Infrastructure in Ukraine.

The memorandum was signed on July 11, 2025, during the Ukraine Recovery Conference in Rome, Italy, and is part of Ukraine's commitments under the eighth review of the IMF's Extended Fund Facility program. The signing was preceded by the Financial Stability Council's approval on June 26, 2025, of a plan to implement a target model for capital market infrastructure.
The purpose of the Memorandum is to create a vertically integrated capital market infrastructure that will include a trading platform, clearing, settlement, and depository accounting.

The implementation of the project involves a number of key stages:

• Optimization of the ownership structure and corporate governance of the National Depository of Ukraine and the Settlement Center, including the transfer of some of the powers to manage corporate rights of the state to the National Bank.
  
• Creation of a holding company with the participation of an international strategic investor, international financial organizations, local market participants, and the state.
  
• Formation of a new stock exchange and its acquisition of the status of majority owner of the Settlement Center.
  
• Consolidation of depository services on the basis of the National Depository, which will become the sole central securities depository and will take over the accounting of government bonds. The holding company will hold a minority stake, while the National Bank will hold a majority stake.

The creation of a vertically integrated infrastructure will contribute to:

• long-term stability and development of Ukrainian capital markets;
  
• simplifying market access for international participants;
  
• attracting retail and domestic investment;
  
• enhancing market oversight and transparency;
  
• reducing the time to market for new products and services;
  
• supporting liquidity and stimulating investment in debt and equity instruments.

The Financial Development Committee of the Financial Stability Council will monitor the implementation of the action plan for the introduction of a target model for a vertically integrated capital market infrastructure on a quarterly basis.
The first working meeting of representatives of the signatory institutions was held on August 1, 2025, to discuss the implementation of the Memorandum.

Sincerely,
Information and Analytical Center of the Association of Ukrainian Banks
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