Ukraine has taken a major leap toward a modern, transparent capital market. 📈
On 11 July 2025 the National Securities and Stock Market Commission (NSSMC), the Ministries of Economy & Finance, the National Bank, and the EBRD signed a Memorandum of Understanding to build a vertically integrated market infrastructure — from trading and reporting to clearing, settlement, and custody.
Why it matters 🤔
One-stop pipeline ➜ fewer hurdles, faster settlement.
Full transparency ➜ investors track every stage in one system.
Credibility boost ➜ EBRD’s involvement attracts global capital.
“This is a cornerstone for economic recovery,” said NSSMC Commissioner Yaroslav Shliakhov.
Benefits for business & state 🏢💲
Cheaper money: stronger competition pushes funding costs down.
New instruments: bonds, derivatives, IPOs on one platform.
Global standards: T+2 settlement, ISO 20022 messaging.
(EBRD’s total wartime support for Ukraine already tops €7.6 bn ≈ $8.4 bn.)
Next steps 🔜
Launch unified trading & reporting hub.
Merge clearing house and CSD.
Pilot with government bonds, then corporate securities.
Beta-test with brokers and investment banks.
🔮 Possible market outcomes
Bullish 🌟
Market cap triples by 2030.
First domestic IPOs go live on the new exchange.
Base case ⚖️
SME loan rates fall 1–1.5 p.p.
Foreign investors’ share of gov-bonds climbs to 25 %.
Bearish 🐢
Full roll-out slips to 2032 due to regulatory delays.