Ukraine and Spain discuss pathways for Ukrainian companies to access European capital markets

Madrid, 15 July 2026. A Ukrainian delegation led by Oleksii Semeniuk, Chairman of the National Securities and Stock Market Commission of Ukraine (NSSMC), held a working meeting with representatives of BME (Bolsas y Mercados Españoles), the operator of Spain’s stock exchanges and capital market infrastructure, which has been part of the international SIX Group since 2020. The parties discussed the structure of the Spanish capital market, the process for companies to go public through an initial public offering (IPO), and prospects for future cooperation between the Ukrainian and Spanish securities markets.

“BME is a mature and well-regulated market with a robust clearing and settlement infrastructure. This is exactly the kind of experience Ukraine needs as we introduce securitisation mechanisms and prepare our capital market for post-war recovery. We agreed on practical next steps, including the designation of a contact person to advise on listing matters and the exchange of technical expertise with BME Clearing and Iberclear. This is the first practical step towards enabling Ukrainian companies, particularly in the agriculture and defence technology sectors, to access European capital,” said Oleksii Semeniuk, Chairman of the NSSMC, following the meeting.

Background to the meeting

The meeting took place shortly after the signing of the IOSCO Multilateral Memorandum of Understanding (MMoU), which provides for the gradual removal of restrictions on Ukrainian companies’ access to international capital markets. Ukrainian issuers are already listed on the stock exchanges in Warsaw, Frankfurt, and London (LSE); however, access to the Spanish market operated by BME has not previously been considered. In addition, Ukraine is continuing to develop the regulatory framework for the introduction of securitisation mechanisms (the relevant draft law has passed its first reading) and for the regulation of the virtual assets market, with the legislation expected to enter into force in 2027.

Why it matters

2025 was a record year for BME: the IBEX 35 index reached a new all-time high of over 18,000 points (up 50%), while 17 new companies were listed on the exchange. The Spanish side expressed interest in diversifying its listings and exchanging expertise in new sectors, particularly defence technology (miltech), which are actively developing in Ukraine. For Ukraine, access to a European capital market platform would provide agricultural and defence technology companies with access to a broader pool of institutional and retail investors, while offering Spanish investors new opportunities to invest in Ukrainian assets. The parties also discussed the potential for Ukrainian construction companies to draw on Spain’s SOCIMI model to support post-war housing reconstruction.

What was agreed

· BME confirmed its willingness in principle to consider the dual listing of Ukrainian companies, subject to the resolution of several technical issues, including the establishment of a foreign exchange bridge to enable euro-denominated trading and the compatibility of post-trade infrastructure, including clearing and settlement systems, between the two markets.
· The parties agreed that BME will designate a contact person to provide Ukrainian companies with guidance on the listing requirements applicable to the exchange’s different market segments, including the Main Market, BME Growth, and BME Scaleup.
· BME also expressed its readiness to share the expertise of its market infrastructure entities—BME Clearing, the central counterparty, and Iberclear, the central securities depository—to support Ukraine in the implementation of accounting for securitization instruments; BME previously provided similar support to the Colombian Stock Exchange.
· The format of further interaction was agreed: continuation of the dialogue by e-mail and holding a separate online meeting to determine specific areas of cooperation with the prospect of their consolidation in a bilateral memorandum.

What comes next

Following the meeting, the two sides will identify priority areas for cooperation, ranging from preparing Ukrainian issuers—particularly in the agriculture and defence technology (miltech) sectors—for listing on BME, to exchanging expertise in clearing, securities depository services, and the regulation of virtual assets. The next step is a separate online session to detail the road map, and the lifting of restrictions on the access of Ukrainian companies to international capital markets will pave the way for the practical implementation of agreements.