The NASDAQ OMX Group, Inc. announced it has signed a Letter of Intent with the National Bank of Ukraine for cooperation to further develop the Ukrainian capital markets, according to the company’s press-release.The two parties have agreed that the development and strengthening of the Ukrainian capital markets will be based on global standards. The aim of the agreement is to increase the visibility, attractiveness and access to Ukrainian securities by increasing the efficiency and liquidity of the Ukrainian capital markets. A key focus will be to create a reliable and well functioning post-trade model, based on NASDAQ OMX technology and settlement systems.
"While the Ukrainian capital market has huge potential, currently it is fragmented and inefficient. Together with NASDAQ OMX, we will work on building the fundamental elements of a securities market infrastructure in order to create an efficient clearing, settlement and depository environment. This will serve as the basis for an attractive and liquid Ukrainian market," said Mr. Volodimir Stelmakh, Governor of the National Bank of Ukraine.
"Working with the National Bank of Ukraine is a wonderful opportunity and we are excited to move forward. NASDAQ OMX is a leading expert in providing post-trading solutions and we are convinced that together with NBU we can create an efficient clearing and settlement infrastructure in Ukraine, based on the best of global standards," said Mr. Magnus Böcker, President of NASDAQ OMX.
Following the signing of the Letter of Intent, NASDAQ OMX and the National Bank of Ukraine aim to develop further cooperation, starting with a review and design study of the Ukrainian stock market and depository system.