Ukraine needs to consolidate the stock market, the best option is the only universal exchange in a vertical structure with Natsdepozitariya and the Central counterparty, said a member of the National Commission on securities and stock market Dmytro Tarabakin.
“A year ago there were eight stock exchanges, became five, but it’s still four more than it should be,” he said in the Ukrainian financial forum, organized by the investment group ICU in Odessa on September 21-22.
Dmitry Tarabakin said that total operating income of the three major stock exchanges amounted to 11 million UAH, while expenditures – to 27.2 million UAH, and in the case of a single exchange revenues roughly corresponded to the costs.
“What are the problems due to the lack of centralization? – No single place for pricing, one tool have different prices . This is one reason why we do not perceive in the world and in other state bodies, including “the Sandpiper, in which the people picks his shovel,” – said the member of the Commission.
He added that corporate disunity also incurs additional costs for the participants of the exchanges.
Dmitry Tarabakin said that due to the fact that none of the stock exchange does not make money, they do not invest in development, cyber-security and support market makers, which only exacerbates the problem.
“Now have a unique opportunity to sit down and negotiate. Believe that we should have one universal exchange. Ukraine can not afford to support these baby onesies on,” – said a member of the Commission, noting that this consolidation is a global trend.
According to Dmitry Tarabakin, now is absolutely the right time to unite around one idea – vertical structure: Depository Central counterparty exchange. He noted that the current international experience shows that the most efficient model.
A member of the securities Commission added that adoption of the bill on regulated markets will allow then to unite all the exchanges in one universal, which have served and commodity markets, in particular, trades energy, agricultural products.
“This will give the opportunity to invest in a software product in development. Then we will be on the radar of international investors”, – said Dmitry Tarabakin.
He noted that the market has so far failed to consolidate and the market for Depositary institutions: over the year their number only decreased from 234 to 223, and 9 of 11 the departed is derived from the market banks.