Ukraine’s government has submitted a bill designed to open the country’s capital market infrastructure to a strategic foreign investor. The initiative follows earlier cooperation between economic authorities, the central bank, the securities regulator and the European Bank for Reconstruction and Development.
The proposed model would create a holding infrastructure company for capital markets. It is expected to combine key elements of the system: exchange trading, clearing, settlement and securities depository records. In practical terms, this means building a full chain from the trade itself to ownership accounting.
Why infrastructure is the issue
For investors, market infrastructure is not a technical detail. It determines whether transactions are transparent, settlement is reliable and ownership rights are protected. Without that trust, long-term capital for reconstruction and business growth remains limited.
The strategic foreign investor would be selected through a competition, while the state would retain at least a blocking minority. The bill also amends legislation on the central bank, state property management, capital markets and the depository system.
If adopted, the reform could help Ukraine connect domestic and international capital more effectively and create a clearer channel for recovery finance.
