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28.04.2026
During a working visit to Poland, Oleksii Semeniuk, Chairman of the National Securities and Stock Market Commission, and Arsen Ilin, NSSMC Commissioner, held meetings with representatives of the Warsaw Stock Exchange (WSE) and the National Securities Depository (KDPW).
The focus of the meetings was on key aspects of capital markets: from exchange liquidity to post-trade infrastructure.
During the meeting with the Warsaw Stock Exchange, participants discussed the Exchange’s role in ensuring liquidity and expanding investor participation, as well as tools for attracting new issuers. The WSE is the largest stock exchange in Central and Eastern Europe and plays a key role in the development of the regional market.
Special attention was given to the bond market, particularly the Catalyst platform — the largest segment of debt instruments in the region. More than 500 series of municipal bonds are traded on this market, which is used to finance local communities.
During the meeting with KDPW, the main focus was on the operation of the depository infrastructure and the settlement system.
The discussion focused on DvP (delivery versus payment) mechanisms, which are conducted in central bank money and thus reduce transaction risks. The participants also discussed the clearing infrastructure and the role of a central counterparty (CCP) in risk management and ensuring the settlement of transactions.
Special attention was given to cross-border settlements and cooperation with foreign depositories. KDPW is connected to the infrastructures of 18 foreign markets, including the National Depository of Ukraine.
One of the key topics of the meeting was exploring opportunities to expand this cooperation and ensure operational capability within the framework of this link between the NDU and the KDPW.
The NSSMC is studying the Polish experience with a view to adapting it to the Ukrainian context and improving the efficiency of capital markets.
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