UCRFIN Representatives Took Part in the Odesa Financial Forum

UCRFIN Chair of the Board Oleksiy ATROSHCHENKO and the Association’s Director Dr. Oleksandr SAKHARENKO participated in the Odesa Financial Forum, which took part on September 24-25, 2015.

During the Forum the UCRFIN representatives, in particular, have held negotiations with Dmytro SHYMKIV – Deputy Head of the Presidential Administration of Ukraine for administrative, social and economic reforms; Coordinator of the National Reforms Council under the President of Ukraine. During the negotiations the key Association’s tasks and activities have been presented and the main problems encountered by Forex companies in Ukraine, including those resulting from the absence of Forex activities regulation and financial pyramids ban, have been outlined. From its part the Association expressed its readiness to take part in the National Reforms Council work as it pertains to the financial services and derivative financial instruments market development. The UCRFIN initiative was supported by D. SHYMKIV, who, from his part, suggested establishing closer contacts with the leadership of the National Securities and Stock Market Commission, which was responsible for this segment in the Council, and to address all Association’s proposal to it.

During the meeting with Pavlo KOZAK, the Head of the Financial Markets Association affiliate in Ukraine (ACI Ukraine) the situation with the development and adoption of the legislation on derivative financial instruments regulation and financial pyramids ban was discussed. It was decided to maintain permanent working contacts between the associations and to coordinate actions during discussions around changes to the respective legislative framework.

In his evaluation of the event Dr. SAKHARENKO highlighted the highest representation level of the Odesa Financial Forum. The organizers have managed to gather in one venue the management of institutions exerting a decisive influence on the financial system and financial services market development in Ukraine: regulators, international financial organisations, largest banks, stock market players, business associations as well as domestic and foreign experts. This has secured a remarkably high level of the discussion and issues raised.

During the Forum the following problems of Ukraine’s financial system development were discussed:

– macroeconomic and financial situation in Ukraine, current conditions and outlook;

– outlook for economic growth, financial stability and public debt sustainability in Ukraine from the investors’ perspective;

– reforms of the Ukrainian capital market infrastructure;

– developing financial instruments for domestic capital market, fostering local investors’ base;

– OTC market for foreign-exchange, swaps and derivatives, introduction of market standards ISDA / GMRA, The Model Code.

In particular, it was mentioned, that the derivatives market development and adoption of the respective legislation is a key precondition for the financial system stabilization in Ukraine, decreasing risks for financial and credit institutions, institutional and private investors. In the discussion participants’ opinion, on the present stage Ukraine’s there are all necessary conditions for development of the necessary legislative framework as well as for the implementation of international standards and practices of ISDA, ACI and others.

UCRFIN will keep on taking part in such kind of forums in order to extend the cooperation of the Association and its member companies with the regulators, financial services and instruments market participants, to exchange opinions and expertise for creation of the regulatory and information environment favouring the Forex business full-scale development in Ukraine.