The activity on the organization of trade in the stock market is the activity of the stock market for the creation of organizational, technological, informational, legal and other conditions for the collection and dissemination of information on offers of securities and other financial instruments and demand for them, conducting regular stock exchanges with securities and other financial instruments, centralized contracting of securities and other financial instruments in accordance with the rules established by such stock exchange, registered them in accordance with the law.

Trading activities in the stock market may include clearing and settlement of financial instruments other than securities.

The stock exchange is formed and operates in the organizational form of a joint-stock company or a limited liability company. It is formed by not less than twenty founders – securities traders who have a license for the right to conduct professional activity in the stock market. The share of one securities trader can not be more than 5 percent of the share capital of the stock exchange.

Members of the stock exchange may be exclusively securities traders who have a license to exercise professional stock market activity and have undertaken to comply with all rules, regulations and standards of the stock market.

The stock market activity is stopped by the National Securities and Stock Market Commission if the number of its members is less than 20. If within six months the acceptance of new members has not taken place, the stock exchange activity is terminated.

The stock exchange has the right to conduct trading activities in the stock market since the receipt of the license of the National Commission on Securities and Stock Market.

A license to conduct professional activity in the stock market – the activity of trading in the stock market can get a stock exchange, which is formed in the organizational form of a joint-stock company or a limited liability company.

In order to obtain a license, the stock exchange must agree with the Commission its statute (except for the case of creation and activities based on the model statute) and, in the established manner, to register its rules.

Before submitting the stock exchange rules to the Exchange Commission, it is necessary to conclude an agreement on clearing and settlement of securities transactions with a person who carries out clearing activities.

The authorized capital of the stock exchange at the date of filing an application for a license must be fully paid in the amount of not less than 15 million hryvnias. The share of one securities trader can not be more than 5% of the authorized capital stock exchange.

The size of the equity capital of the stock exchange that carries out clearing and settlement should be not less than 25 million hryvnias.

The stock exchange can not obtain a license if the share of medium-term or long-term government securities is more than 30 percent of the total amount of its assets.

The stock exchange can not have shares in the statutory (compounded) capital of legal entities, except for the shares in the authorized (accumulated) capital of participants of the depository system, taking into account the limitations provided for by law, auxiliary services, commodity, agrarian, currency exchanges.

The stock exchange can not obtain a license if its assets include non-government securities, except for the shares of the Central Depository, clearing house, settlement center, auxiliary services companies, commodity, agrarian, currency exchanges.

Managing officials of the stock exchange (its separate subdivisions), and at least two employees of each structural unit of the stock exchange directly engaged in the organization of trade, must be certified in the specialty “Organization of trade in the stock market”, but their total minimum number for the stock exchange should make not less than four, and for each separate unit – not less than three.

The head of the applicant must comply with the requirements of the Procedure for the approval of candidates for managers of stock exchanges.

For a complete list of requirements for licensees, see the link below.

The following indicators are used to measure and evaluate the risks of trading activities in the stock market:

NORMAL ACCESSIBILITY OF OWN FUNDS. Calculated as a ratio of the amount of own funds to a value that is 50% of the fixed overhead costs of the institution for the previous fiscal year. Normative value of the standard is not less than 1.

COVERAGE OF OPERATING RISK COVERAGE. It is calculated as the ratio of the size of the institution’s own funds to its operating risk level at 15% of the average positive net income for the three previous financial years. Normative value of the coefficient – not less than 1.

ABSOLUTE LIQUIDITY COEFFICIENT (additionally for clearing and settlement exchanges). It is calculated as the ratio of the cost of highly liquid assets of the institution, which includes cash, their equivalents and current financial investments, to the amount of its current liabilities. Normative value of the coefficient – not less than 0,5.

COEXITY OF COURSES OF CLIENT PARTICIPANTS ‘LIABILITIES (in addition to clearing and settlement exchanges). Calculated as the ratio of the amount of liabilities in cash of the clearing participants on the basis of the clearing of contracts for the purchase and sale of financial instruments (other than securities) concluded on the exchange, the term of execution of which obligations came, to the value of pre-reserved participants cash clearing (provision of obligations) and the size of the guarantee (or other similar purpose) of the fund. Normative value of the coefficient – no more than 0,8.

The stock exchange submits to the public information database of the National Securities and Stock Market Commission on the securities market for the further placement of information on all transactions in issuance securities made by it by the end of the next business day after the date of the transaction. The following information is released:

On concluded (executed) exchange contracts (repos treaties) with equity securities on the stock exchange

  • Code for the Unified State Register of Securities and Stock Market of the Stock Exchange
  • Name of the stock exchange
  • The date on which the information was compiled
  • Date of the transaction (conclusion of the exchange contract)
  • Part of the operation under the REPO agreement: “1” – the first part of the operation under the REPO agreement, “2” – the second part of the operation under the REPO agreement
  • Name of the securities issuer under the transaction
  • Code under the USREOU of the issuer of securities under the transaction
  • Type of financial instrument that is the subject of civil rights under the transaction (in accordance with Guideline 7)
  • International Identification Number of the security
  • Number of securities by transaction
  • The price of securities by transaction

On securities and other financial instruments that are on the trading list of the trade organizer

  • Identification code of the EDRPOU of the organizer of trade
  • Name of the organizer of the trade
  • Date in which the data is stored
  • Identification code of the EDRPOU of the issuer of a financial instrument or identification code from the commercial, judicial or bank registry of the country where the officially registered issuer of securities is a non-resident
  • Name of issuer of a financial instrument
  • Registration code for the Unified Register of Securities (in case of conclusion of a stock exchange contract with securities of collective investment institutions)
  • Classification of a financial instrument (in accordance with Guide 7)
  • Code of classification of a financial instrument (code CFI)
  • International identification number of the security or code of another financial instrument (option information is filled in as “a, b, c”, where “a” is the registration number of the issue option, “b” – option class, “c” – option series)
  • Country of registration of the issuer of the financial instrument (in accordance with Guide 45)
  • Listing level: “1” – the first level of listing, “2” – the second level of listing, “0” – non-listings
  • Stock exchange rate
  • The number of applications submitted by participants in stock exchanges for the purchase of securities or other financial instruments
  • The number of applications submitted by participants in stock exchanges for the sale of securities or other financial instruments
  • Valuable paper is included in the list of those involved in the calculation of the stock exchange index: “1” – yes, “0” – no
  • The last calculated value of the current price of the security during the trading day
Service Fee, uah The term
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