Market infrastructure - Ukraine
Institutions and organisation
Established in 1997, on the basis of the Licence granted by the Ukrainian NSSMC, the PFTS Stock Exchange was granted a licence to operate as a stock exchange in June 2006.
PTFS has established itself as the leading exchange for fixed income instruments.
PFTS is regulated by the National Securities and Stock Market Commision (NSSMC).
Ukrainian Exchange (UX)
Established in October 2008, Ukrainian Exchange offers trading in a wide array of financial instruments ranging from cash equities to futures and options. UX markets operate on robust electronic platforms meeting international standard that support direct market access and algorithmic trading.
UX is regulated by the NSSMC.
JrSC Pesrspektyva Stock Exchange
Established in 2008, it is an organisation of trading, diversified settlements, electronic document management, IT for the stock market participants.
Depository of the National Bank of Ukraine (NBU Depository)
Established in 1996, the National Bank of Ukraine acts as central depository for government and municipal securities. NBU operates RTGS – NBU SEP and NBU Depository provides for DVP Model 1 settlement of securities transactions in Central Bank money.
National Depository of Ukraine (NDU)- Central Securities Depository
The National Depository of Ukraine was established in 1999 according to the Law "On National Depositary System and Peculiarities of Electronic Circulation of Securities in Ukraine" to ensure functioning of a single depository record-keeping system.
On 1 October 2013, the National Securities and Stock Market Commission registered CSD GTC submitted by NDU (Commission’s Resolution No. 2092 as of 01.10.2013).
CSD keeps depository records of all eligible securities, except for those, records of which are kept by the National Bank of Ukraine within the terms of reference defined by this Law.
PJSC “Settlement Center “ (SC)
The Settlement Centre (SC) is a central counterparty which operates as a public joint stock company and has a cash account with the National Bank of Ukraine (NBU SEP). It provides for DVP settlement of securities transactions on fully prefunded basis and “repo with risk control”, “swap with risk control” services.
Regulatory structure
National Securities and Stock Market Commission (NSSMC)
Established in 1996, the NSSMC is the principle regulatory body of the securities markets. The NSSMC supervises the securities market, pension funds and asset management companies, grants brokerage, custodian, depository, regulated markets, asset management licences, designates an SRO status, membership of which is mandatory for market participants and certifies new issues. As a part of its supervisory functions, the commission conducts inspections of all market participants.
National Bank of Ukraine (NBU)
The NBU is the central bank of Ukraine and, as regulator, it supervises the commercial banks, insurance companies and other financial companies except those, who operate in capital market. NBU also performs oversight of the financial market infrastructure according to PFMI. The NBU acts as the general agent of the Ministry of Finance for the Treasury bill primary market and depository for all government securities.
The Ministry of Finance
The Ministry of Finance regulates and issues government debt securities and approves Primary Dealership status.
Anti-Monopoly Committee
The State Anti-Monopoly Committee ensures compliance with anti-monopoly legislation to protect the rights of entrepreneurs and consumers.
Tax Administration
The tax administration controls over compliance with tax legislation; approval of regulations on tax issues; preparation and maintenance of the register of taxpayers.