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15.07.2019

The National Securities and Stock Market Commission (NSSMC) and the Ministry of Economic Development and Trade of Ukraine  have signed a Memorandum, according to which the agencies will jointly develop in Ukraine a modern model of organized commodity trading that meets the best international standards.

Within the framework of the agreements reached, the Ministry of Economic Development and Trade of Ukraine will support changes to the legislation on the transfer of the functions of state regulation and supervision of the activities of commodity exchanges to the NSSMC.

Maxym Nefyodov, First Deputy Minister of Economic Development and Trade of Ukraine said: "There are about 600 exchanges registered in Ukraine, but this does not at all testify about the developed commodity markets. Using the best international experience, the Ministry of Economic Development and Trade and the NSSMC will promote the development of an effective infrastructure for the transparent trading of commodity assets. It is planned to involve market participants and international partners in the process".

The NSSMC will continue to develop a post-trading capital market infrastructure, which in the future will also be able to be used as an exchange commodity market. In particular, through the legislative introduction of the concept of netting, pre-trading and post-trading systems reporting on operations with underlying assets, introducing procedures for authorizing key infrastructure objects and overseeing their activities to counteract manipulation and other market abuse. The key elements of the new infrastructure of capital markets and commodity markets will be the Central Counterparty, the repository, operators of trading platforms.

"Due to the imperfection of Ukrainian legislation, commodity and financial exchanges have for many years been used mainly for other purposes, causing significant damage to the country's economic interests. It was precisely on the financial markets that pricing was carried out on garbage securities, which were the main means in operations for optimizing taxes, money laundering, and the transfer of capital. Commodity exchanges have often been part of tax evasion schemes or tax optimization. Only by joint efforts of regulators and ministries we will be able to drastically change this situation and create commodity and financial "hubs" that will transparently form the prices for goods produced and consumed in Ukraine", - said Timur Khromaev, Head of the NSSMC.

Recall that the Verkhovna Rada of Ukraine is waiting for the draft Law of Ukraine No. 9035 "On Amending Certain Legislative Acts of Ukraine Concerning Investment Simplification and Introduction of New Financial Instruments", which envisages the creation of a new fully-fledged infrastructure for the commodity exchange market and the establishment of European rules of exchange trading.

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