Ukraine's National Securities and Stock Market Commission discussed Poland's market infrastructure model with the Warsaw Stock Exchange as Ukraine prepares legislation to establish an exchange and market infrastructure holding company. The discussions examined how Poland's exchange, depository and clearing infrastructure interact, including the state's role in governance. The commission reiterated its support for the proposed Ukrainian holding while identifying the state's ownership stake and management rights as key questions. This follows its earlier backing for legislation to consolidate market infrastructure and attract a strategic foreign investor with safeguards for state interests and market access.

Technology and domestic investment were the other main areas of discussion. The Warsaw Stock Exchange has implemented its own trading system, and the parties explored how that experience could inform modernization of Ukraine's exchange infrastructure. Poland is also preparing to introduce personal investment accounts, similar in concept to those under development in Ukraine, to encourage citizens to invest for the long term. Polish participants identified relatively small pension fund assets, at about 8% of gross domestic product, as a constraint on capital market development. The exchange also addressed the relevance of pension savings and long term investment as sources of domestic capital for Ukraine.

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