PFTS and Ukrainian Exchange may soon lose their licenses due to violation of license conditions, in connection with which the regulator, the National Commission for Securities and Stock Market of Ukraine (NCSM), warned market participants about the presence of such a risk and proposed consider possible solutions to the problem, including the creation of a new exchange. Interfax-Ukraine reports this.
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Chairman of the Commission Ruslan Magomedov clarified that back in November 2022, the regulator, in connection with the war, introduced standards for all professional participants, as a compromise, obligated gradually, until November 2023, to keep 50% of their equity capital in “real” money or in government bonds, while before that, according to him, it was formed by “super-liquid receivables.”
Magomedov noted that PFTS and UB did not comply with the requirements for the liquidity standard within the specified period, after which the National Securities and Stock Market Commission, “understanding the subtlety of the fact that the functioning of many professional participants depends on the exchanges,” asked management to develop a mechanism for eliminating this violation.
According to him, the management did not take any specific actions, asking only for an additional year or two to fulfill the requirement, but this is unacceptable.
Magomedov also noted that in relation to the Ukrainian Exchange, in addition to the issue of meeting the standard liquidity, there are also issues of corporate structure, because it risks losing its license in the event of the adoption of bill No. 11037, registered in parliament on February 22 of this year, “On the inadmissibility of the participation of persons associated with an aggressor state in the functioning of capital markets and organized commodity markets.”< /p>
In the event of the closure of two stock exchanges in Ukraine, only one will remain – the Perspective exchange.