Ukraine’s government has submitted a bill that could reshape the ownership model of key capital markets infrastructure. The proposal would create a holding infrastructure company in which a foreign strategic investor could hold a controlling stake.
The draft concerns the settlement center and the central securities depository, two institutions that are critical for market operations, clearing and custody. The idea is to bring external capital, technology and governance standards into a segment that remains essential for future investment flows.
Reform of market infrastructure
Under the proposal, the National Bank would transfer shares of the settlement center to the new holding at market value, while also receiving a minimum controlling stake in the central depository. Other shareholders would face ownership limits, except for the holding company and international financial institutions.
The strategic investor would be selected through an open competition. The government would define requirements, while entities linked to aggressor states, sanctions or high-risk financial jurisdictions would be excluded.
For Ukraine, the reform is about more than ownership. A stronger capital markets infrastructure could improve trust, make settlement and custody more predictable, and prepare the market for deeper participation by international investors after stabilization.
