The NSSMC met with representatives of European business in the field of energy trade

The Commissioners took part in an interactive discussion with representatives of the European business community during the regular meeting of the Brussels Energy Club (Belgium), which took place on October 16, 2023.

The regulator was represented at the event by Arsen Ilin, Iraklii Baramiia and Maksym Libanov, Commissioners.

The topic of the discussion was the role of organized commodity markets in ensuring investments in the energy sector of Ukraine. The participants reviewed the operation of the gas and electricity markets, focusing on how energy commodity trading markets continue to function in the midst of war. They also discussed the commodity market reform that is gradually taking place in Ukraine.

«Now the final reform of Ukraine’s commodity markets must take place. The war has slowed its progress, but not stopped it. The NSSMC is working to ensure free access of energy products to exchange platforms and trade on a competitive basis. During the trip, we received a lot of applied information necessary for the realization of this goal. In particular, we studied the existing experience, discussed the prospects for cooperation between Ukrainian and European exchanges, as well as the future of exchange platforms and trade in alternative energy sources», said Arsen Ilin, Commissioner.

«Implementation of the EU legislation in Ukraine is a key step in our rapid development. We are grateful to the EU for its support and the opportunity to learn best practices from our European colleagues. This experience will help us strengthen the legal system, improve standards and ensure more effective implementation of legislation for the benefit of our citizens and businesses», said Maksym Libanov, Commissioner.

«Our trip to the European Union was an important step towards improving Ukraine’s commodity markets. As Commissioners, we focus our efforts on ensuring competitiveness and free access to energy products for Ukrainian and foreign companies. We believe that cooperation with European exchanges and other institutions will help strengthen Ukraine’s energy sector and provide additional resources for development and modernization», said Iraklii Baramiia, Commissioner.

It should be noted that the Ukrainian delegation of the NSSMC spoke at the Brussels Energy Club during a study tour of the regulator’s representatives to Belgium and the Netherlands, which lasted from October 16-20. During the visit, the Commissioners exchanged experience with their European colleagues, reviewed the principles of the EU supervisory system, and discussed opportunities for cooperation and development of domestic markets. The visit took place within the framework of the EU project «Assistance to the National Securities and the Stock Market Commission (NSSMC) in improvement of Ukraine`s energy commodity markets and commodity products organized trading in Ukraine».

Dr. Jan Haismann, the EU Project Leader, noted during the study tour: «We believe that exchange of experience is the best way to increase the necessary expertise. As Ukraine seeks to become an integral part of the Single European Energy Market, it is important that national actors understand how markets function in the EU. By adopting existing EU standards for products, contracts, and market surveillance, Ukraine is preparing to join the European energy market while minimizing complications along the way. Our goal is to help the NSSMC build sustainable commodity markets, and the best way to do that is through effective supervision».

Background information:
The project «Assistance to the National Securities and the Stock Market Commission (NSSMC) in improvement of Ukraine`s energy commodity markets and commodity products organized trading in Ukraine» was launched in Ukraine in April 2021 and will last until May 2024. The project is funded by the European Union.

The aim of the project is to assist the NSSMC in strengthening the regulatory framework, ensuring the development of commodity market instruments, ensuring interaction between regulators and methods of commodity market supervision, taking into account European and international standards and best practices.

This project is funded by the EU and implemented by a consortium led by PwC EU Services with the participation of Correggio Consulting, Integrites, and Kantor Management Consultants.