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UICE intends to expand its activities to trade in goods
KYIV. Sept 28 (Interfax-Ukraine) – PrJSC Ukrainian Interbank Currency Exchange (UICE, Kyiv) plans to expand its activities to trade in goods, the relevant issue was included in the agenda of an extraordinary meeting of shareholders scheduled for October 13.
According to the agenda of the meeting, the UICE plans to add to the list of activities the trade in agricultural raw materials, textiles, timber, fuel, ores, metals, chemicals, industrial equipment, vehicles, etc., the report says.
PrJSC Ukrainian Interbank Currency Exchange, founded in 1993 by a government resolution, is currently part of UICE Group, which also includes Universal Commodity Exchange "Contract House UICE," FTN Monitor Ukraine, and is one of the four registered stock exchanges.
According to the new law on the capital market that came into force on July 1, 2021 (on simplifying the attraction of investments and the introduction of new financial instruments, No. 738-IX), all commodity exchanges must obtain a license from the National Securities and Stock Market Commission. This law, instead of commodity and stock exchanges, introduced the concept of an "organized capital market operator," thereby enabling the UICE and other stock exchanges to directly enter the commodity market.
In such conditions, for example, the Ukrainian Exchange in early September also decided to expand its activities to trade in goods and put up its "subsidiary" commodity exchange for sale.
So far, the first and so far the only commodity exchange that has undergone such a procedure is the Ukrainian Energy Exchange.
Ruslan Magomedov, the head of the National Securities and Stock Market Commission, in mid-September predicted that by the end of this year, several more commodity exchanges may undergo licensing.
