The Organisation for Economic Co-operation and Development (OECD) recommends that Ukraine establish a single stock exchange in order to build a functional capital market and attract private investment for post-war recovery. The recommendation is outlined in the organization’s latest report.
According to the OECD, Ukraine’s current stock market remains extremely weak and fragmented. Formally, two trading platforms operate in the country — PFTS and Perspektiva — but equity trading on them is virtually absent. In contrast, most comparable countries in Central and Eastern Europe, including Poland, Romania, Bulgaria, and the Czech Republic, operate a single consolidated exchange, which improves market liquidity and efficiency.
The OECD therefore advises merging the existing platforms into a unified centralized exchange infrastructure. Some steps in this direction have already been taken: in July 2025, Ukraine and the European Bank for Reconstruction and Development (EBRD) signed a memorandum of cooperation aimed at creating an integrated exchange structure.
Another recommendation is the creation of a separate growth market for small and medium-sized companies, similar to Poland’s NewConnect and Romania’s AeRO Market, where more than 600 companies are listed. Such platforms allow younger businesses to raise capital under more flexible conditions.
The OECD also recommends reviewing listing requirements, which are currently considered too high for most Ukrainian companies. In 2025, the minimum capitalization threshold for the main market was set at UAH 6 billion (around €125 million) — approximately 20 times higher than the previous level. By comparison, the minimum capitalization in Bulgaria, the Czech Republic, and Romania is about €1 million, while in Poland it is €15 million.
According to the OECD, such high requirements significantly limit access to public capital for mid-sized companies, slowing the development of the stock market.
The state of Ukraine’s equity market remains critical. According to Danylo Hetmantsev, head of the parliamentary finance committee, the market has deteriorated to the point that out of 1,600 public companies, only six are effectively represented on the exchange.
The OECD emphasizes that stock market reform is a priority, but its implementation will require economic stabilization and broader structural reforms.
