Ukraine

advisable to establish a single independent depository, located on private property, in the form of a unified legal person Interregional Stock Union and the Ukrainian Securities Depositary, with the participation of the National Bank. The statement was made by Director of Economic Growth USAID (U.S. Agency for International Development), Paul Richardson.

Most countries have a single clearinghouse depository, which is mostly owned by the private sector, which carries out its operations there. USAID has always supported such a market approach to the Depository System of Ukraine, - he said.

In doing so, the expert stressed that the NBU is an independent public entity with a solid technical and material base, and its participation in VDTSB /ISF is a key component in ensuring the integrity and transparency of the system.

Richardson also said that USAID considers impractical option of establishing the Central Depository on the basis of the National Depositary of Ukraine because of the low credibility of the market, as well as lack of resources for its development.

To NDU was the best option would require substantial public investment, for which resources are limited. And also, except for changes in the governance structure of the NDU, would require significant effort to build market confidence in order to properly position the NDU as the Central Depository, - explained expert.

USAID representative recalled that in 1999 Ukraine, the International Bank for Reconstruction and Development (World Bank) and the United States signed a Memorandum of Understanding on the establishment of a clearing depositary, which belonged to the participants in the securities market. The validity of the memorandum was to 25 January 2010, but in January 2006 agreement was terminated by the Government of Ukraine to unilaterally, without the support of market participants, as well as USAID and the World Bank.

USAID, together with the World Bank called on the Ukrainian government bodies to support the establishment of a strong, professional and capable player in the form of a unified legal person MFS and VDTSB and entrust it to the desired and the critical role of the Central Depository. joint document setting out our position regarding the establishment of Central Depository , which had already been handed over to state authorities, it contains the recommendation - said Paul Richardson.

Consolidation MFS and VDTSB, according to representatives of international organizations that do not require funding from the state budget, either now or in the future, but will give an important impetus to ensure market stability and sustainable development at a critical moment for the Ukrainian economy.

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