Consolidation of Post-trade Infrastructure and Legal Framework Upgrade



TCRS Number:


Business sector:

Legal reform

Notice type:



TC Com approved

PSD disclosed:

20 Dec 2016

Project Description

In July 2015, the EBRD and representatives of the National Bank of Ukraine (NBU), the National Securities and Stock Market Commission (NSSMC) and the Ministry of Finance (MoF) signed a Memorandum of Understanding (MoU) which identifies key areas where the parties will aim to develop the local currency and capital market. The focus areas include the improvement of capital market infrastructure, including clearing and settlement, the development of new financing instruments for the domestic banking sector and the establishment of a legal and regulatory framework for derivatives.

The Ukrainian Capital Market Infrastructure (CMI) is heavily fragmented and partly inefficient, necessitating a comprehensive review of the CMI. Currently, 10 licensed stock exchanges, 2 CSDs and 1 settlement center exist. In addition, some of the exchanges offer clearing services for derivatives. The NSSMC recognizes that shortcomings exist, and will support this TC project in upgrading the post-trade regulation and infrastructure. The planned TC will build upon the findings of the CMI Development Plan which was developed in the frame of a project financed by the Bank and approved by NSSMC in August 2015.

The “Comprehensive Program of Ukraine Financial Sector Development until 2020” (Strategy 2020) as approved by the NBU, the NSSMC and the Financial Service Regulator (FSR) requires the consolidation and development of stock exchange, payment and clearing infrastructures. Additionally, a presentation by the NBU on the development of the Ukrainian capital markets infrastructure from August 2015 calls for a phased approach resulting in consolidation of the 2 CSDs. Currently the integration of the CSD for Government Securities operated by the National Bank of Ukraine (NBU) into the National Depository of Ukraine (NDU) is planned and it has to be ensured that institutional, operational and IT is ready for such an integration. Bringing Ukraine’s CMI closer to the best European standards in a phased approach is expected to assist Ukraine in developing its capital markets and attracting investment to the economy. EBRD intends to support the capital market development efforts of the NSSMC, the NBU and the Government and the outcome of this technical cooperation project is expected to lead to a consolidation and upgrade of the post-trade environment  in accordance with the reform agenda of the Ukrainian Government.

The proposed TC project, consisting of two separate assignments, aims to fund the work of two experienced international consulting companies specialized on (a) post-trade infrastructure and (b) regulation to assist NSSMC in its capital markets reform activities.

The technical cooperation project is taking place within the EBRD Initiative on Local Currency and Capital Markets Development (LC2). This Bank-wide strategic Initiative aims to identify and support sequenced reforms and policies in EBRD’s countries of operations (COOs) that contribute to local currency and local capital market development. One of the ways that the Bank supports this role is in producing focused studies and providing assistance to developing the local capital market infrastructure, legal and regulatory framework based on international standards and best practices.

Project Objectives

The post-trade environment for financial instruments in Ukraine is improved and consolidated. Legislative basis for the post-trade environment infrastructure/services and development of new financial instruments in Ukraine is improved.

TC Recipient Information

National Bank of Ukraine (NBU), the National Securities and Stock Market Commission (NSSMC), the National Depository of Ukraine (NDU) and the Ministry of Finance of Ukraine(MoF).

Project Cost

€ 487,700.00

Funding Summary

The assignment(s) under the project are expected to be funded through EBRD-managed donor funds.

Any competitive selections for business opportunities relating to this project will be published on the EBRD's website: Consultancy Procurement Opportunities.

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

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Independent Project Accountability Mechanism (IPAM)

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IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.

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