According to the Ministry of Finance of Ukraine, the memorandum envisions the creation of a holding company that will integrate key elements of capital market infrastructure — from exchange trading to clearing and securities depository services. A newly established stock exchange will serve as the centerpiece of this system. Governance of the National Depository and Settlement Center will also be streamlined.
The Ukrainian state will retain at least a 25% stake in the holding’s charter capital. The remaining shares are expected to be sold to a strategic international investor, to be selected through an open competitive process.
The memorandum was signed by Minister of Finance Serhii Marchenko, First Deputy Prime Minister Yuliia Svyrydenko, NBU Governor Andrii Pyshnyi, Acting Chairman of the NSSMC Yaroslav Shliakhov, and EBRD President Odile Renaud-Basso.
The Ministry of Finance noted that the creation of this structure is a strategic step toward developing a full-fledged and liquid capital market in Ukraine — a crucial source of financing for the country’s post-war recovery and economic growth.
The next stages include legislative amendments, the investor selection process, and governance reform of market infrastructure institutions.
Currently, Ukraine’s stock market does not fulfill its core function of attracting broad-based capital into the economy. In December 2024, Danylo Hetmantsev, Chairman of the Parliamentary Committee on Finance, stated that the stock market had deteriorated to the point where only around 1,600 public companies remained in the country.
