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Stock market commission head expects to license several more commodity exchanges by 2021 end
KYIV. Sept 17 (Interfax-Ukraine) – Commodity exchanges, except for the Ukrainian Energy Exchange (UEEX), turned out to be unprepared for the entry into force of the law on the capital market (No. 738-IX on simplifying the attraction of investments and the introduction of new financial instruments), Head of the National Securities and Stock Market Commission Ruslan Magomedov said.
"The law changed the landscape on the commodity market. There were hundreds of commodity exchanges, and now there are one or two," he said at the conference "Prospects and Realities in the Modern Digital World" organized by the Settlement Center, the National Depository and the Professional Association of Capital Markets and Derivatives Participants in Kyiv.
Magomedov said that in order to obtain a license from the National Securities and Stock Market Commission, commodity exchanges must meet certain requirements, in particular, to form the charter capital of UAH 20 million in cash.
According to him, in addition to UEEX, which received a license on June 30 of this year (the day before the law came into force), a number of exchanges submitted documents to the Commission, but their quality was insufficient for a positive decision.
The head of the National Securities and Stock Market Commission predicted that by the end of this year, licenses may be issued to a small number of commodity exchanges.
Magomedov said that attempts to obtain a license using corruption have not been successful, and said that there are already attempts to abolish the norms of laws in this area.
