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National bank, Commission on Securities to develope capital market infrastructure jointly

National bank, Commission on Securities to develope capital market infrastructure jointlyThe National Bank of Ukraine (NBU) and the National Commission on Securities and the Stock Market intend to sign a memorandum on cooperation in the development of capital market infrastructure in the near future.

According to the website of the central bank, this document will stipulate the agreements achieved and the main principles on which the reform of the depository, payment and clearing infrastructure will be built.

According to the NBU, the further development of the depository and payment component of the infrastructure will take place on the basis of the National Depository, which will be consolidated with the NBU depository. The development of the clearing section, in turn, will be carried out in accordance with international standards, in particular, with the requirements of the rules of OTC derivatives, central counterparties and trade repositories (EMIR) and the Principles of Financial Market Infrastructure (PFMI IOSCO).

Clearing activities cannot be combined with other activities, in particular, with cash payments on transactions or activities of banking institutions.

In addition, the memorandum will include the removal of a legally established monopoly on clearing activities and the opening of access to the Ukrainian market for foreign clearing institutions.
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