In a statement addressing renewed debate over capital market infrastructure reform, National Securities and Stock Market Commission of Ukraine Chair Oleksii Semeniuk reiterated support for consolidation while restating four safeguards on ownership, access, competition and supervision. Government bill No. 16038 would combine an exchange, the Settlement Center and related infrastructure in a holding company, with a strategic investor selected through competition. The proposal forms part of broader efforts to align Ukraine’s market infrastructure with European Union standards. The state should retain a blocking stake of 25% plus one share, supported by a mandatory shareholders’ agreement and strategic rights written directly into law. Decisions on the location of clearing and settlement, a sale of control or a change in business activities would require state agreement. The infrastructure processes transactions in domestic government bonds, which account for more than 80% of organized market turnover. All exchanges should receive equal, nondiscriminatory access to clearing and settlement on market terms. The holding company should have no exclusive status, leaving the market open to competing exchanges, clearing institutions and platforms. The Commission should be designated in law as the sole supervisor of the holding company and its infrastructure group. A revised bill is being developed jointly by the Commission, parliamentary economic and finance committees, and market participants following an Oct. 20 committee meeting. Further issues for discussion include investor selection criteria covering technology, experience and market development plans rather than capital contributions alone, requirements for other shareholders, and the proportion of shares available for public trading.

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