The Ministry of Finance of Ukraine, together with the Ministry of Economy of Ukraine, the National Bank of Ukraine (NBU), the National Securities and Stock Market Commission (NSSMC) and the European Bank for Reconstruction and Development (EBRD), signed a Memorandum of Understanding to cooperate on developing an integrated capital market infrastructure in Ukraine. The initiative is framed around creating a unified set of market services spanning trading, clearing, settlement and securities custody to support a more efficient and transparent capital market. The Memorandum sets out a package of structural measures, including establishing a single holding to consolidate key market infrastructure institutions, with state participation of no less than 25%. It also envisages selecting an international strategic investor through a public tender process, launching a new stock exchange and optimizing governance arrangements for the National Depository and the Settlement Center. The parties described the Memorandum as a pathway to concrete follow-on steps through legislative changes, investor engagement and governance reforms of market institutions.

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