The National Bank of Ukraine (NBU), alongside the European Bank for Reconstruction and Development, Ukraine’s Ministry of Finance, Ministry of Economy, Environment, and Agriculture, and the National Securities and Stock Market Commission, has started implementing a Memorandum to support an integrated capital markets infrastructure in Ukraine. Work is under way on legislative amendments needed to execute the priority stages of the agreed capital markets infrastructure model. The Memorandum sets out the parties’ intention to implement a target operating model for a vertically integrated infrastructure covering trading, clearing, settlement, and depositary recordkeeping. Key implementation stages include optimizing ownership and governance of National Depository of Ukraine PJSC and Settlement Center PJSC, including transferring the state’s corporate rights to the NBU to manage, establishing a holding company involving a reputable international strategic investor selected through a public tender along with international financial organizations, local market participants, and the state or state-owned banks, and having the holding company establish a new Ukrainian stock exchange and become a majority owner in the Settlement Center. The final stage envisages consolidating depository services under the National Depository as a single central securities depository by transferring from the NBU the recordkeeping and servicing of government bond circulation, with the NBU holding a majority stake and the holding company a minority stake. The Financial Stability Council’s Financial Development Committee will monitor progress against the action plan on a quarterly basis. The Memorandum was signed on 11 July 2025 following approval of the practical implementation plan by the Financial Stability Council on 26 June 2025, and the signatories held their first working meeting on 1 August 2025 to discuss implementation procedures.
National Bank of Ukraine 2025-09-04
National Bank of Ukraine launches implementation of memorandum for vertically integrated capital markets infrastructure
The National Bank of Ukraine, with national and international bodies, is implementing a Memorandum to develop integrated capital markets infrastructure. This involves legislative amendments to establish vertically integrated trading, clearing, settlement, and depository recordkeeping. Key steps include optimizing governance of the National Depository and Settlement Center, forming a holding company with international investors, and consolidating depository services under a single central securities depository.