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22.09.2009

Launch of new technologies on the Ukrainian Exchange

September 14, 2009. Today the Ukrainian Exchange launches trading with the use of Central Counterparty technology and a quote-driven market.

Central Counterparty is an intermediary between a seller and a buyer that allows market participants to trade through a party that is a seller to the buyer and a buyer to the seller rather than trading directly with each other. The Central Counterparty technology is widely employed worldwide as it provides anonymity of settlement, eliminates the need to assess risks and open limits for each counteragent, while significantly improves the reliability of the transaction process and execution.

In order to introduce the institute of a central counterparty in Ukraine   a custodian LLC "Ukrainian Central Counterparty" was established, which performs the principal functions of a central counterparty.

Managing director of Dragon Capital, Dmitry Tarabakin, comments: "Interaction between the Ukrainian Exchange and a Central Counterparty will resolve several important issues. It will guarantee anonymity of settlement and give non-residents, who are a significant part of our client base, access to the quote-driven market".

Artemiy Ershov, General Director of IC Troika Dialog Ukraine adds: "The use of a central counterparty technology will allow transactions between two clients of the same trader, which will speed up the settlement and simplify the work of back office departments".

Oleg Tkachenko, the Ukrainian Exchange CEO, points out:" The launch of a central counterparty technology will trigger internet trading, which will provide an inflow of new investors to trade via the on-line market".

On September 14, 2009 the Ukrainian Exchange launched trading on the quote-driven market. A quote-driven market is a market where trades are made through accepting orders submitted without preliminary asset depositing. A quote-driven market is needed to increase the effectiveness of price-formation in less liquid securities for which technologies employed in the order-driven market are not suitable; to attract new players to the market, e.g. those interested in the bonds market and to attract new securities to the exchange quotation lists. There are 63 securities now available for trading on the quote-driven market (25 of the most liquid securities are traded only on the order-driven market).

"The Ukrainian Exchange together with the traders is actively working on market development and is creating those technologies which the markets needs. The launch of the central counterparty technology and a quote-driven market will raise the Ukrainian stock market to a higher level of sophistication", says Roman Goryunov, CEO, RTS Stock Exchange.

"In less than 6 months the Ukrainian Exchange has managed to do what none of the market patriarchs have been able to do since the market began, says Igor Mazepa, Head of the ExchangeCommittee of the Ukrainian Exchange andGeneral Director, Concord Capital Investment Bank.  An order-driven market, DMA and central counterparty technology are the factors that make the Ukrainian market more liquid and civilized and allow the trading technology to meet the highest of world standards".

Dmitry Tarabakin adds: "The biggest achievement of the Ukrainian Exchange over the last 6 months is in succeeding to concentrate most of the market liquidity.  Trades can be executed on various trading floors, but it is the Ukrainian Exchange that is the center of liquidity".

Reference information

JSC "Ukrainian Exchange" went live on March 26, 2009 and has been strengthening its technology leadership  in launching order-driven trading, Internet trading, online index calculation and repo quotations.

For the first six months of trading 750 individual investors were connected to the Ukrainian Exchange gaining access to more than 100 top liquid stocks and bonds.

StockMarketState Commission of Ukraine granted LLC "Ukrainian Central Counterparty" a license of a securities custodian and a dealer on the securities market on August 25, 2009.

For further information, please contact the Public Relations Department at (044) 495-7474.

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