Ukraine’s central bank, finance and economy ministries, and the securities regulator, in partnership with the European Bank for Reconstruction and Development (EBRD), this week initiated a blueprint for establishing a modern, unified capital market infrastructure centred on a new, integrated stock exchange, reported Ukraine Business News.

A memorandum of understanding signed in Rome on July 11 formalised the collaboration among the Ministry of Finance, Ministry of Economy, National Bank of Ukraine (NBU), National Securities and Stock Market Commission (NSSMC), and the EBRD. Initial plans include transferring state shares in the National Depository and Settlement Center to the NBU, forming a mixed holding company, and launching the new exchange, which will assume ownership of the settlement infrastructure.

Under the memorandum, the holding company must feature at least a 25% stake held by the state, while the remainder will be sought from strategic international investors via open competitive bids. The U.S.-backed Financial Stability Council and the IMF’s Extended Fund Facility programme also endorse these reforms as part of broader efforts to modernise Ukraine’s financial sector.

Ukraine’s long-dormant capital market has failed to mobilise significant private financing, with only around 1,600 public firms remaining listed — a fraction of pre-war levels. This latest initiative aims to build a liquid, efficient exchange with full integration across trading, clearing, settlement, and securities custody, laying the groundwork to channel both domestic and foreign capital into Ukraine’s reconstruction and economic growth.