Enhancing capital market efficiency and transparency: Ukraine and EBRD signed Memorandum of Understanding

On July 11, 2025, the Ministry of Finance of Ukraine, together with the Ministry of Economy of Ukraine, the National Bank of Ukraine, the National Securities and Stock Market Commission, and the European Bank for Reconstruction and Development (EBRD), signed a Memorandum of Understanding on cooperation in support of an integrated capital market infrastructure in Ukraine.

The signing ceremony took place on the sidelines of the Ukraine Recovery Conference in Rome. The signatories included:

• Sergii Marchenko, Minister of Finance of Ukraine;

• Yuliia Svyrydenko, First Deputy Prime Minister, Minister of Economy of Ukraine;

• Andriy Pyshnyy, Governor of the National Bank of Ukraine;

• Yaroslav Shliakhov, Acting Chair of the National Securities and Stock Market Commission of Ukraine;

• Odile Renaud-Basso, President of the European Bank for Reconstruction and Development.

The Memorandum aims to make Ukraine’s capital market efficient, transparent, and attractive for investors by creating a unified market infrastructure – from trading to clearing, settlement, and securities custody.

This is a strategic step towards building a fully functioning, liquid capital market that can become a source of financing for Ukraine’s recovery and economic growth. 

The Memorandum outlines the following actions:

• Creation of a single holding to consolidate key market infrastructure institutions;

• State participation in the new structure at a level of no less than 25%;

• Engagement of an international strategic investor through a public tender process;

• Launch of a new stock exchange;

• Optimization of the governance of the National Depository and the Settlement Center.

The Memorandum paves the way for concrete steps – through legislative changes, investor engagement, and governance reform of market institutions.