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Marek Dietl, President of the Management Board of the Warsaw Stock Exchange, Elisabetta Falcetti, Regonal Director for Poland and the Baltic States at the European Bank for Reconstruction and Development (EBRD) in Warsaw, and Ruslan Magomedov, Chairman of the National Securities and Stock Market Commission of Ukraine, signed a memorandum of understanding on 6 July 2023. The event took place on GPW’s Trading Floor in the presence of representatives of the Ministry of State Assets, the Ministry of Foreign Affairs, the Ministry of Funds and Regional Policy, the Embassy of Ukraine, BGK, PAIH, PARP, KNF and other institutional partners implementing reconstruction initiatives in Ukraine.
The memorandum of understanding, signed as part of GPW’s project “Reorganisation of the Capital Market in Ukraine”, aims among others to support the integration of the Ukrainian capital market with international capital markets and the development of financial services and products based on international practices and innovative technologies. The cooperation will help to improve price formation and the development of risk hedging mechanisms.
The Warsaw Stock Exchange and Polish investors have for many years watched with great interest the development of the Ukrainian capital market. The MoU signed today takes this relationship to the next level. Not only do we want to share expertise and experience with our friends, but we also aspire to be actively involved in building their mature, developed financial ecosystem based on European standards - said Marek Dietl, President of the Management Board of the Warsaw Stock Exchange.
The memorandum of understanding is the result of in-depth analysis and contacts established to identify areas of cooperation with Ukraine. GPW, together with the EBRD, sees potential in working to support Ukraine in defining a strategy for rebuilding the capital and commodity markets and sharing experience in technology and innovation used in exchange trading.
The signing of this Memorandum today is an important step to strengthen the partnership between the EBRD, the Warsaw Stock Exchange and the Ukraine Securities and Stock Market Commission. As Ukraine prepares for the reconstruction of its economy in the post-war period, it can benefit from establishing deeper linkages with international capital markets to mobilise private sector investment at significant scale. Our goal is to bring international expertise to support the development of these markets and to ensure that transparent and efficient market-based mechanisms, fully aligned with the principles of good governance and regulation, are in place to channel private sector funding to Ukraine in the reconstruction phase The involvement of such a significant and reputable institution as the Warsaw Stock Exchange will undoubtedly aid in achieving this goal - said Elisabetta Falcetti of the European Bank for Reconstruction and Development
The memorandum of understanding provides for the implementation of specific activities, such as the exchange of information, including technical assistance reports, financial forecasts, diagnostic market analyses, regulatory framework assessments, and other technical information on capital market infrastructure development and local financial market development in Ukraine. It is also important to define options for the modalities of potential EBRD and GPW support for the development of Ukraine’s capital market infrastructure.
The signed memorandum of understanding marks another ground-breaking stage in the longstanding and very close collaboration between our financial markets. The Warsaw Stock Exchange serves as an inspiration to us, being a trading floor that has achieved unparalleled success on a scale unseen elsewhere in Central and Eastern Europe over the course of several decades. We aim to harness your knowledge and expertise to ensure a smooth and standards-aligned process of rebuilding, transforming the Ukrainian economy, and integrating it with the European market - emphasized Arsen Ilin, the Commissioner of NSSMC.
A working group will be established by representatives of the signatories to the memorandum of understanding and other stakeholders to support in the development of Ukraine’s capital market infrastructure, including the preparation of an updated diagnostic assessment of Ukraine’s capital markets in the reconstruction phase.
